{"id":255,"slug":"2026-09-19-tokenized-stock-peg-by-session","day":"2026-09-19","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-09-19","headline":"The typical tokenized stock holds within 49 bps of its underlying while the US market is open, widening to 196 bps during premarket.","bullets":["premarket: typical symbol median 76 bps, 95th pct 196 bps (12 symbols, 3960 ticks)","overnight: typical symbol median 55 bps, 95th pct 127 bps (12 symbols, 5772 ticks)","weekend: typical symbol median 41 bps, 95th pct 118 bps (12 symbols, 6912 ticks)","afterhours: typical symbol median 25 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 (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":196.1875,"typical_median_bps":75.94999999999999,"widest":{"symbol":"CRCLx","n":330,"p95_bps":535.5,"median_bps":183.5}},{"session":"overnight","symbols":12,"ticks":5772,"typical_p95_bps":127.45,"typical_median_bps":55.400000000000006,"widest":{"symbol":"CRCLx","n":481,"p95_bps":459.6,"median_bps":128.6}},{"session":"weekend","symbols":12,"ticks":6912,"typical_p95_bps":117.67500000000001,"typical_median_bps":40.55,"widest":{"symbol":"MSTRx","n":576,"p95_bps":221.4,"median_bps":61.8}},{"session":"afterhours","symbols":12,"ticks":2880,"typical_p95_bps":63.12249999999999,"typical_median_bps":24.75,"widest":{"symbol":"CRCLx","n":240,"p95_bps":224.7,"median_bps":90}},{"session":"open","symbols":12,"ticks":4704,"typical_p95_bps":48.67999999999999,"typical_median_bps":20.549999999999997,"widest":{"symbol":"COINx","n":392,"p95_bps":93.57,"median_bps":51}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-09-19:\n\npremarket — typical 95th pct 196 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/2026-09-19-tokenized-stock-peg-by-session","created_ts":1789801201}