{"id":195,"slug":"2026-09-07-tokenized-stock-peg-by-session","day":"2026-09-07","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-09-07","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 65 bps, 95th pct 87 bps (12 symbols, 6912 ticks)","overnight: typical symbol median 33 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: CRCLx (342 bps during weekend); CRCLx (256 bps during overnight).","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":87.425,"typical_median_bps":64.9,"widest":{"symbol":"CRCLx","n":576,"p95_bps":341.8,"median_bps":67.5}},{"session":"overnight","symbols":12,"ticks":5796,"typical_p95_bps":81.94999999999999,"typical_median_bps":32.5,"widest":{"symbol":"CRCLx","n":483,"p95_bps":256,"median_bps":54.8}},{"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 2026-09-07:\n\npremarket — typical 95th pct 120 bps (12 symbols)\nweekend — typical 95th pct 87 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/2026-09-07-tokenized-stock-peg-by-session","created_ts":1788764401}