{"id":425,"slug":"2026-10-23-tokenized-stock-peg-by-session","day":"2026-10-23","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-10-23","headline":"The typical tokenized stock holds within 50 bps of its underlying while the US market is open, widening to 207 bps during premarket.","bullets":["premarket: typical symbol median 60 bps, 95th pct 207 bps (12 symbols, 3960 ticks)","overnight: typical symbol median 56 bps, 95th pct 188 bps (12 symbols, 5760 ticks)","weekend: typical symbol median 35 bps, 95th pct 115 bps (12 symbols, 6912 ticks)","afterhours: typical symbol median 37 bps, 95th pct 98 bps (12 symbols, 2880 ticks)","open: typical symbol median 33 bps, 95th pct 50 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 (733 bps during premarket); METAx (358 bps during afterhours).","Measured every 5 minutes against the real underlying trade price, not a quote midpoint."],"sample_n":24192,"payload":{"sessions":[{"session":"premarket","symbols":12,"ticks":3960,"typical_p95_bps":206.7775,"typical_median_bps":60.099999999999994,"widest":{"symbol":"METAx","n":330,"p95_bps":732.8,"median_bps":50.55}},{"session":"overnight","symbols":12,"ticks":5760,"typical_p95_bps":187.76,"typical_median_bps":55.8,"widest":{"symbol":"METAx","n":480,"p95_bps":491.6,"median_bps":65}},{"session":"weekend","symbols":12,"ticks":6912,"typical_p95_bps":115.15,"typical_median_bps":34.9,"widest":{"symbol":"CRCLx","n":576,"p95_bps":222.275,"median_bps":36.5}},{"session":"afterhours","symbols":12,"ticks":2880,"typical_p95_bps":98.15,"typical_median_bps":36.65,"widest":{"symbol":"METAx","n":240,"p95_bps":358.1549999999998,"median_bps":36.5}},{"session":"open","symbols":12,"ticks":4680,"typical_p95_bps":50.16,"typical_median_bps":32.8,"widest":{"symbol":"SPYx","n":390,"p95_bps":116.84999999999995,"median_bps":57.55}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-10-23:\n\npremarket — typical 95th pct 207 bps (12 symbols)\novernight — typical 95th pct 188 bps (12 symbols)\nweekend — typical 95th pct 115 bps (12 symbols)\nafterhours — typical 95th pct 98 bps (12 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-10-23-tokenized-stock-peg-by-session","created_ts":1792738801}