{"id":435,"slug":"2026-10-25-tokenized-stock-peg-by-session","day":"2026-10-25","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-10-25","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 51 bps, 95th pct 207 bps (12 symbols, 3960 ticks)","overnight: typical symbol median 59 bps, 95th pct 188 bps (12 symbols, 5760 ticks)","weekend: typical symbol median 31 bps, 95th pct 115 bps (12 symbols, 6912 ticks)","afterhours: typical symbol median 36 bps, 95th pct 76 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":51.150000000000006,"widest":{"symbol":"METAx","n":330,"p95_bps":732.8,"median_bps":42.5}},{"session":"overnight","symbols":12,"ticks":5760,"typical_p95_bps":187.76,"typical_median_bps":58.849999999999994,"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":31.45,"widest":{"symbol":"MSTRx","n":576,"p95_bps":247.77499999999998,"median_bps":84.8}},{"session":"afterhours","symbols":12,"ticks":2880,"typical_p95_bps":76.25,"typical_median_bps":35.95,"widest":{"symbol":"METAx","n":240,"p95_bps":358.1549999999998,"median_bps":35.2}},{"session":"open","symbols":12,"ticks":4680,"typical_p95_bps":49.5775,"typical_median_bps":32.550000000000004,"widest":{"symbol":"COINx","n":390,"p95_bps":88.57499999999997,"median_bps":47.55}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-10-25:\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 76 bps (12 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-10-25-tokenized-stock-peg-by-session","created_ts":1792911601}