{"id":180,"slug":"2026-09-04-tokenized-stock-peg-by-session","day":"2026-09-04","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-09-04","headline":"The typical tokenized stock holds within 51 bps of its underlying while the US market is open, widening to 114 bps during premarket.","bullets":["premarket: typical symbol median 46 bps, 95th pct 114 bps (12 symbols, 3960 ticks)","weekend: typical symbol median 60 bps, 95th pct 87 bps (12 symbols, 6912 ticks)","overnight: typical symbol median 33 bps, 95th pct 81 bps (12 symbols, 5796 ticks)","afterhours: typical symbol median 28 bps, 95th pct 67 bps (12 symbols, 2880 ticks)","open: typical symbol median 24 bps, 95th pct 51 bps (12 symbols, 4680 ticks)","Figures are per-symbol percentiles aggregated across symbols, so one wide name cannot set the headline.","Outliers excluded from the typical figure: MSTRx (378 bps during weekend).","Measured every 5 minutes against the real underlying trade price, not a quote midpoint."],"sample_n":24228,"payload":{"sessions":[{"session":"premarket","symbols":12,"ticks":3960,"typical_p95_bps":113.92500000000003,"typical_median_bps":45.875,"widest":{"symbol":"MSTRx","n":330,"p95_bps":322.7,"median_bps":166.7}},{"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":5796,"typical_p95_bps":81,"typical_median_bps":32.6,"widest":{"symbol":"TSLAx","n":483,"p95_bps":210.04999999999998,"median_bps":33.5}},{"session":"afterhours","symbols":12,"ticks":2880,"typical_p95_bps":66.6725,"typical_median_bps":27.95,"widest":{"symbol":"MSTRx","n":240,"p95_bps":124.6,"median_bps":34.5}},{"session":"open","symbols":12,"ticks":4680,"typical_p95_bps":50.63249999999999,"typical_median_bps":24.075,"widest":{"symbol":"COINx","n":390,"p95_bps":92.33999999999996,"median_bps":51.6}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-09-04:\n\npremarket — typical 95th pct 114 bps (12 symbols)\nweekend — typical 95th pct 87 bps (12 symbols)\novernight — typical 95th pct 81 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/2026-09-04-tokenized-stock-peg-by-session","created_ts":1788505202}