{"id":220,"slug":"2026-09-12-tokenized-stock-peg-by-session","day":"2026-09-12","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-09-12","headline":"The typical tokenized stock holds within 68 bps of its underlying while the US market is open, widening to 139 bps during premarket.","bullets":["premarket: typical symbol median 58 bps, 95th pct 139 bps (12 symbols, 3960 ticks)","overnight: typical symbol median 31 bps, 95th pct 95 bps (12 symbols, 5784 ticks)","weekend: typical symbol median 63 bps, 95th pct 87 bps (12 symbols, 6912 ticks)","open: typical symbol median 26 bps, 95th pct 68 bps (12 symbols, 4680 ticks)","afterhours: typical symbol median 26 bps, 95th pct 66 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":139.10250000000002,"typical_median_bps":57.525000000000006,"widest":{"symbol":"METAx","n":330,"p95_bps":521.725,"median_bps":73.6}},{"session":"overnight","symbols":12,"ticks":5784,"typical_p95_bps":94.66749999999999,"typical_median_bps":30.85,"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":63.37499999999999,"widest":{"symbol":"CRCLx","n":576,"p95_bps":341.8,"median_bps":67.5}},{"session":"open","symbols":12,"ticks":4680,"typical_p95_bps":68.14249999999998,"typical_median_bps":25.599999999999998,"widest":{"symbol":"MSTRx","n":390,"p95_bps":164.12999999999997,"median_bps":24.4}},{"session":"afterhours","symbols":12,"ticks":2880,"typical_p95_bps":65.86999999999999,"typical_median_bps":25.9,"widest":{"symbol":"MSTRx","n":240,"p95_bps":143.5,"median_bps":30.65}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-09-12:\n\npremarket — typical 95th pct 139 bps (12 symbols)\novernight — typical 95th pct 95 bps (12 symbols)\nweekend — typical 95th pct 87 bps (12 symbols)\nopen — typical 95th pct 68 bps (12 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-09-12-tokenized-stock-peg-by-session","created_ts":1789196401}