{"id":120,"slug":"2026-08-23-tokenized-stock-peg-by-session","day":"2026-08-23","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-08-23","headline":"The typical tokenized stock holds within 57 bps of its underlying while the US market is open, widening to 124 bps during premarket.","bullets":["premarket: typical symbol median 57 bps, 95th pct 124 bps (11 symbols, 3630 ticks)","overnight: typical symbol median 43 bps, 95th pct 79 bps (11 symbols, 5280 ticks)","afterhours: typical symbol median 31 bps, 95th pct 67 bps (11 symbols, 2640 ticks)","open: typical symbol median 22 bps, 95th pct 57 bps (11 symbols, 4290 ticks)","weekend: typical symbol median 26 bps, 95th pct 50 bps (11 symbols, 6336 ticks)","Figures are per-symbol percentiles aggregated across symbols, so one wide name cannot set the headline.","Outliers excluded from the typical figure: MSTRx (1066 bps during premarket); CRCLx (48657351 bps during overnight); MSTRx (357 bps during afterhours); COINx (184 bps during weekend).","Measured every 5 minutes against the real underlying trade price, not a quote midpoint."],"sample_n":22176,"payload":{"sessions":[{"session":"premarket","symbols":11,"ticks":3630,"typical_p95_bps":124.1,"typical_median_bps":57.1,"widest":{"symbol":"MSTRx","n":330,"p95_bps":1066.095,"median_bps":109.6}},{"session":"overnight","symbols":11,"ticks":5280,"typical_p95_bps":78.7,"typical_median_bps":42.8,"widest":{"symbol":"CRCLx","n":480,"p95_bps":48657350.94499996,"median_bps":155.5}},{"session":"afterhours","symbols":11,"ticks":2640,"typical_p95_bps":66.705,"typical_median_bps":30.9,"widest":{"symbol":"MSTRx","n":240,"p95_bps":356.68999999999994,"median_bps":39.2}},{"session":"open","symbols":11,"ticks":4290,"typical_p95_bps":56.855,"typical_median_bps":22.3,"widest":{"symbol":"CRCLx","n":390,"p95_bps":132.23999999999688,"median_bps":14.8}},{"session":"weekend","symbols":11,"ticks":6336,"typical_p95_bps":49.9,"typical_median_bps":25.8,"widest":{"symbol":"COINx","n":576,"p95_bps":184.1,"median_bps":70.1}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-08-23:\n\npremarket — typical 95th pct 124 bps (11 symbols)\novernight — typical 95th pct 79 bps (11 symbols)\nafterhours — typical 95th pct 67 bps (11 symbols)\nopen — typical 95th pct 57 bps (11 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-08-23-tokenized-stock-peg-by-session","created_ts":1787468402}