{"id":205,"slug":"2026-09-09-tokenized-stock-peg-by-session","day":"2026-09-09","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-09-09","headline":"The typical tokenized stock holds within 69 bps of its underlying while the US market is open, widening to 93 bps during overnight.","bullets":["overnight: typical symbol median 47 bps, 95th pct 93 bps (12 symbols, 5760 ticks)","premarket: typical symbol median 38 bps, 95th pct 91 bps (12 symbols, 3960 ticks)","weekend: typical symbol median 65 bps, 95th pct 87 bps (12 symbols, 6912 ticks)","afterhours: typical symbol median 33 bps, 95th pct 71 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: MSTRx (340 bps during premarket); CRCLx (342 bps during weekend).","Measured every 5 minutes against the real underlying trade price, not a quote midpoint."],"sample_n":24192,"payload":{"sessions":[{"session":"overnight","symbols":12,"ticks":5760,"typical_p95_bps":93.27999999999997,"typical_median_bps":47.4,"widest":{"symbol":"CRCLx","n":480,"p95_bps":275.9499999999999,"median_bps":73.5}},{"session":"premarket","symbols":12,"ticks":3960,"typical_p95_bps":91.3,"typical_median_bps":38.025,"widest":{"symbol":"MSTRx","n":330,"p95_bps":339.685,"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":"afterhours","symbols":12,"ticks":2880,"typical_p95_bps":70.875,"typical_median_bps":33.125,"widest":{"symbol":"MSTRx","n":240,"p95_bps":144.33999999999995,"median_bps":39.4}},{"session":"open","symbols":12,"ticks":4680,"typical_p95_bps":68.7,"typical_median_bps":27.325000000000003,"widest":{"symbol":"MSTRx","n":390,"p95_bps":166.32499999999985,"median_bps":23.450000000000003}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-09-09:\n\novernight — typical 95th pct 93 bps (12 symbols)\npremarket — typical 95th pct 91 bps (12 symbols)\nweekend — typical 95th pct 87 bps (12 symbols)\nafterhours — typical 95th pct 71 bps (12 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-09-09-tokenized-stock-peg-by-session","created_ts":1788937202}