{"id":421,"slug":"2026-10-23-tokenized-equity-exit-liquidity","day":"2026-10-23","project":"markgap","title":"Tokenized equity exit liquidity — 2026-10-23","headline":"Every tokenized equity measured still routes at $100k; the median haircut there is 103.9 bps.","bullets":["$1k: median haircut 11.4 bps across 12 symbols","$5k: median haircut 15.8 bps across 12 symbols","$25k: median haircut 29.6 bps across 12 symbols","$100k: median haircut 103.9 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":49296,"payload":{"byRung":[{"notionalUsd":1000,"symbols":12,"medianHaircutBps":11.4,"noExitSymbols":0},{"notionalUsd":5000,"symbols":12,"medianHaircutBps":15.8,"noExitSymbols":0},{"notionalUsd":25000,"symbols":12,"medianHaircutBps":29.6,"noExitSymbols":0},{"notionalUsd":100000,"symbols":12,"medianHaircutBps":103.9,"noExitSymbols":0}],"noExit":[],"windowDays":7,"minSweeps":30,"topRung":100000},"x_text":"Tokenized equity exit liquidity, 2026-10-23:\n\n$1k — median haircut 11.4 bps\n$5k — median haircut 15.8 bps\n$25k — median haircut 29.6 bps\n$100k — median haircut 103.9 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/2026-10-23-tokenized-equity-exit-liquidity","created_ts":1792738801}