{"id":215,"slug":"2026-09-11-tokenized-stock-peg-by-session","day":"2026-09-11","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-09-11","headline":"The typical tokenized stock holds within 69 bps of its underlying while the US market is open, widening to 164 bps during premarket.","bullets":["premarket: typical symbol median 54 bps, 95th pct 164 bps (12 symbols, 3960 ticks)","overnight: typical symbol median 38 bps, 95th pct 93 bps (12 symbols, 5784 ticks)","weekend: typical symbol median 65 bps, 95th pct 87 bps (12 symbols, 6912 ticks)","open: typical symbol median 25 bps, 95th pct 69 bps (12 symbols, 4680 ticks)","afterhours: typical symbol median 29 bps, 95th pct 67 bps (12 symbols, 2880 ticks)","Figures are per-symbol percentiles aggregated across symbols, so one wide name cannot set the headline.","Outliers excluded from the typical figure: METAx (522 bps during premarket); CRCLx (342 bps during weekend).","Measured every 5 minutes against the real underlying trade price, not a quote midpoint."],"sample_n":24216,"payload":{"sessions":[{"session":"premarket","symbols":12,"ticks":3960,"typical_p95_bps":164.4,"typical_median_bps":54.45,"widest":{"symbol":"METAx","n":330,"p95_bps":521.725,"median_bps":54.7}},{"session":"overnight","symbols":12,"ticks":5784,"typical_p95_bps":92.525,"typical_median_bps":37.875,"widest":{"symbol":"CRCLx","n":482,"p95_bps":275.8,"median_bps":71.2}},{"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":"open","symbols":12,"ticks":4680,"typical_p95_bps":68.9325,"typical_median_bps":25.3,"widest":{"symbol":"MSTRx","n":390,"p95_bps":164.12999999999997,"median_bps":24.35}},{"session":"afterhours","symbols":12,"ticks":2880,"typical_p95_bps":66.6775,"typical_median_bps":28.75,"widest":{"symbol":"MSTRx","n":240,"p95_bps":143.5,"median_bps":34.8}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-09-11:\n\npremarket — typical 95th pct 164 bps (12 symbols)\novernight — typical 95th pct 93 bps (12 symbols)\nweekend — typical 95th pct 87 bps (12 symbols)\nopen — typical 95th pct 69 bps (12 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-09-11-tokenized-stock-peg-by-session","created_ts":1789110002}