{"id":165,"slug":"2026-09-01-tokenized-stock-peg-by-session","day":"2026-09-01","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-09-01","headline":"The typical tokenized stock holds within 51 bps of its underlying while the US market is open, widening to 107 bps during premarket.","bullets":["premarket: typical symbol median 47 bps, 95th pct 107 bps (12 symbols, 3762 ticks)","weekend: typical symbol median 60 bps, 95th pct 87 bps (12 symbols, 6912 ticks)","overnight: typical symbol median 27 bps, 95th pct 75 bps (12 symbols, 5492 ticks)","afterhours: typical symbol median 25 bps, 95th pct 71 bps (12 symbols, 2736 ticks)","open: typical symbol median 23 bps, 95th pct 51 bps (12 symbols, 4446 ticks)","Figures are per-symbol percentiles aggregated across symbols, so one wide name cannot set the headline.","Outliers excluded from the typical figure: MSTRx (392 bps during premarket); MSTRx (378 bps during weekend).","Measured every 5 minutes against the real underlying trade price, not a quote midpoint."],"sample_n":23348,"payload":{"sessions":[{"session":"premarket","symbols":12,"ticks":3762,"typical_p95_bps":106.5,"typical_median_bps":47.475,"widest":{"symbol":"MSTRx","n":330,"p95_bps":392.36000000000007,"median_bps":160.7}},{"session":"weekend","symbols":12,"ticks":6912,"typical_p95_bps":86.5625,"typical_median_bps":60.45,"widest":{"symbol":"MSTRx","n":576,"p95_bps":378.25,"median_bps":131.6}},{"session":"overnight","symbols":12,"ticks":5492,"typical_p95_bps":75,"typical_median_bps":27.45,"widest":{"symbol":"MSTRx","n":481,"p95_bps":206.4,"median_bps":91.7}},{"session":"afterhours","symbols":12,"ticks":2736,"typical_p95_bps":70.69999999999999,"typical_median_bps":24.8,"widest":{"symbol":"MSTRx","n":240,"p95_bps":144,"median_bps":43.5}},{"session":"open","symbols":12,"ticks":4446,"typical_p95_bps":51.05999999999999,"typical_median_bps":23.15,"widest":{"symbol":"COINx","n":390,"p95_bps":90.23999999999995,"median_bps":51.9}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-09-01:\n\npremarket — typical 95th pct 107 bps (12 symbols)\nweekend — typical 95th pct 87 bps (12 symbols)\novernight — typical 95th pct 75 bps (12 symbols)\nafterhours — typical 95th pct 71 bps (12 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-09-01-tokenized-stock-peg-by-session","created_ts":1788246001}