{"id":175,"slug":"2026-09-03-tokenized-stock-peg-by-session","day":"2026-09-03","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-09-03","headline":"The typical tokenized stock holds within 51 bps of its underlying while the US market is open, widening to 125 bps during premarket.","bullets":["premarket: typical symbol median 42 bps, 95th pct 125 bps (12 symbols, 3894 ticks)","weekend: typical symbol median 60 bps, 95th pct 87 bps (12 symbols, 6912 ticks)","overnight: typical symbol median 30 bps, 95th pct 79 bps (12 symbols, 5720 ticks)","afterhours: typical symbol median 28 bps, 95th pct 67 bps (12 symbols, 2832 ticks)","open: typical symbol median 26 bps, 95th pct 51 bps (12 symbols, 4602 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":23960,"payload":{"sessions":[{"session":"premarket","symbols":12,"ticks":3894,"typical_p95_bps":125.35000000000001,"typical_median_bps":42.474999999999994,"widest":{"symbol":"MSTRx","n":330,"p95_bps":392.36000000000007,"median_bps":219.1}},{"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":5720,"typical_p95_bps":78.95,"typical_median_bps":29.9,"widest":{"symbol":"MSTRx","n":484,"p95_bps":200.87499999999994,"median_bps":72.8}},{"session":"afterhours","symbols":12,"ticks":2832,"typical_p95_bps":66.6725,"typical_median_bps":27.674999999999997,"widest":{"symbol":"MSTRx","n":240,"p95_bps":96.815,"median_bps":31.7}},{"session":"open","symbols":12,"ticks":4602,"typical_p95_bps":50.959999999999994,"typical_median_bps":25.525,"widest":{"symbol":"COINx","n":390,"p95_bps":90.81999999999998,"median_bps":49.75}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-09-03:\n\npremarket — typical 95th pct 125 bps (12 symbols)\nweekend — typical 95th pct 87 bps (12 symbols)\novernight — typical 95th pct 79 bps (12 symbols)\nafterhours — typical 95th pct 67 bps (12 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-09-03-tokenized-stock-peg-by-session","created_ts":1788418802}