{"id":200,"slug":"2026-09-08-tokenized-stock-peg-by-session","day":"2026-09-08","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-09-08","headline":"The typical tokenized stock holds within 69 bps of its underlying while the US market is open, widening to 120 bps during premarket.","bullets":["premarket: typical symbol median 49 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 35 bps, 95th pct 85 bps (12 symbols, 5796 ticks)","afterhours: typical symbol median 30 bps, 95th pct 76 bps (12 symbols, 2880 ticks)","open: typical symbol median 27 bps, 95th pct 69 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 (276 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":48.575,"widest":{"symbol":"MSTRx","n":330,"p95_bps":322.7,"median_bps":150}},{"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":84.96499999999997,"typical_median_bps":35.4,"widest":{"symbol":"CRCLx","n":483,"p95_bps":275.8,"median_bps":55.9}},{"session":"afterhours","symbols":12,"ticks":2880,"typical_p95_bps":76.3175,"typical_median_bps":29.8,"widest":{"symbol":"MSTRx","n":240,"p95_bps":144.33999999999995,"median_bps":42.45}},{"session":"open","symbols":12,"ticks":4680,"typical_p95_bps":68.6275,"typical_median_bps":26.525,"widest":{"symbol":"MSTRx","n":390,"p95_bps":166.32499999999985,"median_bps":24.299999999999997}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-09-08:\n\npremarket — typical 95th pct 120 bps (12 symbols)\nweekend — typical 95th pct 87 bps (12 symbols)\novernight — typical 95th pct 85 bps (12 symbols)\nafterhours — typical 95th pct 76 bps (12 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-09-08-tokenized-stock-peg-by-session","created_ts":1788850801}