{"id":190,"slug":"2026-09-06-tokenized-stock-peg-by-session","day":"2026-09-06","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-09-06","headline":"The typical tokenized stock holds within 49 bps of its underlying while the US market is open, widening to 120 bps during premarket.","bullets":["premarket: typical symbol median 50 bps, 95th pct 120 bps (12 symbols, 3960 ticks)","weekend: typical symbol median 63 bps, 95th pct 99 bps (12 symbols, 6912 ticks)","overnight: typical symbol median 34 bps, 95th pct 82 bps (12 symbols, 5796 ticks)","afterhours: typical symbol median 31 bps, 95th pct 70 bps (12 symbols, 2880 ticks)","open: typical symbol median 25 bps, 95th pct 49 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":119.61500000000002,"typical_median_bps":49.5,"widest":{"symbol":"MSTRx","n":330,"p95_bps":322.7,"median_bps":173.05}},{"session":"weekend","symbols":12,"ticks":6912,"typical_p95_bps":99,"typical_median_bps":62.725,"widest":{"symbol":"MSTRx","n":576,"p95_bps":378.25,"median_bps":95.5}},{"session":"overnight","symbols":12,"ticks":5796,"typical_p95_bps":81.67999999999999,"typical_median_bps":33.5,"widest":{"symbol":"TSLAx","n":483,"p95_bps":210.04999999999998,"median_bps":34.2}},{"session":"afterhours","symbols":12,"ticks":2880,"typical_p95_bps":70.11999999999999,"typical_median_bps":30.65,"widest":{"symbol":"MSTRx","n":240,"p95_bps":124.6,"median_bps":34.8}},{"session":"open","symbols":12,"ticks":4680,"typical_p95_bps":48.71499999999998,"typical_median_bps":24.674999999999997,"widest":{"symbol":"MSFTx","n":390,"p95_bps":90.31,"median_bps":56.5}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-09-06:\n\npremarket — typical 95th pct 120 bps (12 symbols)\nweekend — typical 95th pct 99 bps (12 symbols)\novernight — typical 95th pct 82 bps (12 symbols)\nafterhours — typical 95th pct 70 bps (12 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-09-06-tokenized-stock-peg-by-session","created_ts":1788678002}