{"id":235,"slug":"2026-09-15-tokenized-stock-peg-by-session","day":"2026-09-15","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-09-15","headline":"The typical tokenized stock holds within 45 bps of its underlying while the US market is open, widening to 174 bps during premarket.","bullets":["premarket: typical symbol median 54 bps, 95th pct 174 bps (12 symbols, 3960 ticks)","weekend: typical symbol median 39 bps, 95th pct 118 bps (12 symbols, 6912 ticks)","overnight: typical symbol median 31 bps, 95th pct 104 bps (12 symbols, 5784 ticks)","afterhours: typical symbol median 26 bps, 95th pct 71 bps (12 symbols, 2880 ticks)","open: typical symbol median 20 bps, 95th pct 45 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: METAx (522 bps during premarket); CRCLx (449 bps during overnight).","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":173.6825,"typical_median_bps":54.025,"widest":{"symbol":"METAx","n":330,"p95_bps":521.725,"median_bps":113}},{"session":"weekend","symbols":12,"ticks":6912,"typical_p95_bps":117.67500000000001,"typical_median_bps":39.45,"widest":{"symbol":"MSTRx","n":576,"p95_bps":221.4,"median_bps":57.2}},{"session":"overnight","symbols":12,"ticks":5784,"typical_p95_bps":104.4275,"typical_median_bps":31.05,"widest":{"symbol":"CRCLx","n":482,"p95_bps":448.895,"median_bps":88.8}},{"session":"afterhours","symbols":12,"ticks":2880,"typical_p95_bps":70.51499999999999,"typical_median_bps":26.15,"widest":{"symbol":"CRCLx","n":240,"p95_bps":186.85499999999993,"median_bps":38.650000000000006}},{"session":"open","symbols":12,"ticks":4680,"typical_p95_bps":44.859999999999985,"typical_median_bps":20.325,"widest":{"symbol":"SPYx","n":390,"p95_bps":109.78499999999951,"median_bps":59.5}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-09-15:\n\npremarket — typical 95th pct 174 bps (12 symbols)\nweekend — typical 95th pct 118 bps (12 symbols)\novernight — typical 95th pct 104 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/2026-09-15-tokenized-stock-peg-by-session","created_ts":1789455601}