{"id":256,"slug":"2026-09-20-tokenized-equity-exit-liquidity","day":"2026-09-20","project":"markgap","title":"Tokenized equity exit liquidity — 2026-09-20","headline":"Every tokenized equity measured still routes at $100k; the median haircut there is 81 bps.","bullets":["$1k: median haircut 0.7 bps across 12 symbols","$5k: median haircut 4.3 bps across 12 symbols","$25k: median haircut 21.8 bps across 12 symbols","$100k: median haircut 81 bps across 12 symbols","Sell-direction quotes only — a liquidated borrower is a seller, and a buy-side quote would flatter the number.","Only structural \"no route\" responses are counted. Rate limits and upstream errors are excluded, never published as an absent market.","Haircut is the oracle mark minus what a sale of that size would actually realise, measured per symbol and reported as the median across symbols."],"sample_n":48192,"payload":{"byRung":[{"notionalUsd":1000,"symbols":12,"medianHaircutBps":0.7,"noExitSymbols":0},{"notionalUsd":5000,"symbols":12,"medianHaircutBps":4.3,"noExitSymbols":0},{"notionalUsd":25000,"symbols":12,"medianHaircutBps":21.8,"noExitSymbols":0},{"notionalUsd":100000,"symbols":12,"medianHaircutBps":81,"noExitSymbols":0}],"noExit":[],"windowDays":7,"minSweeps":30,"topRung":100000},"x_text":"Tokenized equity exit liquidity, 2026-09-20:\n\n$1k — median haircut 0.7 bps\n$5k — median haircut 4.3 bps\n$25k — median haircut 21.8 bps\n$100k — median haircut 81 bps\n\nAll symbols still route at $100k.\nSell-side quotes. Rate limits excluded, never counted as an absent market.\nhttps://data.ochinimus.app/r/2026-09-20-tokenized-equity-exit-liquidity","created_ts":1789887602}