{"id":250,"slug":"2026-09-18-tokenized-stock-peg-by-session","day":"2026-09-18","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-09-18","headline":"The typical tokenized stock holds within 49 bps of its underlying while the US market is open, widening to 174 bps during premarket.","bullets":["premarket: typical symbol median 60 bps, 95th pct 174 bps (12 symbols, 3960 ticks)","overnight: typical symbol median 44 bps, 95th pct 127 bps (12 symbols, 5772 ticks)","weekend: typical symbol median 39 bps, 95th pct 118 bps (12 symbols, 6912 ticks)","afterhours: typical symbol median 26 bps, 95th pct 63 bps (12 symbols, 2880 ticks)","open: typical symbol median 21 bps, 95th pct 49 bps (12 symbols, 4704 ticks)","Figures are per-symbol percentiles aggregated across symbols, so one wide name cannot set the headline.","Outliers excluded from the typical figure: CRCLx (536 bps during premarket); CRCLx (460 bps during overnight); CRCLx (225 bps during afterhours).","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":174.3200000000001,"typical_median_bps":60.35,"widest":{"symbol":"CRCLx","n":330,"p95_bps":535.5,"median_bps":117.45}},{"session":"overnight","symbols":12,"ticks":5772,"typical_p95_bps":127.45,"typical_median_bps":44.35,"widest":{"symbol":"CRCLx","n":481,"p95_bps":459.6,"median_bps":124.7}},{"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":"afterhours","symbols":12,"ticks":2880,"typical_p95_bps":63.13749999999999,"typical_median_bps":25.75,"widest":{"symbol":"CRCLx","n":240,"p95_bps":224.7,"median_bps":90}},{"session":"open","symbols":12,"ticks":4704,"typical_p95_bps":49.3675,"typical_median_bps":20.775,"widest":{"symbol":"SPYx","n":392,"p95_bps":108.71499999999988,"median_bps":59.7}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-09-18:\n\npremarket — typical 95th pct 174 bps (12 symbols)\novernight — typical 95th pct 127 bps (12 symbols)\nweekend — typical 95th pct 118 bps (12 symbols)\nafterhours — typical 95th pct 63 bps (12 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-09-18-tokenized-stock-peg-by-session","created_ts":1789714801}