{"id":485,"slug":"2026-11-04-tokenized-stock-peg-by-session","day":"2026-11-04","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-11-04","headline":"The typical tokenized stock holds within 54 bps of its underlying while the US market is open, widening to 240 bps during overnight.","bullets":["overnight: typical symbol median 63 bps, 95th pct 240 bps (12 symbols, 5616 ticks)","premarket: typical symbol median 56 bps, 95th pct 172 bps (12 symbols, 3960 ticks)","afterhours: typical symbol median 44 bps, 95th pct 136 bps (12 symbols, 2880 ticks)","weekend: typical symbol median 73 bps, 95th pct 118 bps (12 symbols, 7056 ticks)","open: typical symbol median 32 bps, 95th pct 54 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: CRCLx (48946400 bps during overnight); COINx (571 bps during premarket); COINx (426 bps during afterhours).","Measured every 5 minutes against the real underlying trade price, not a quote midpoint."],"sample_n":24192,"payload":{"sessions":[{"session":"overnight","symbols":12,"ticks":5616,"typical_p95_bps":239.89249999999998,"typical_median_bps":62.55,"widest":{"symbol":"CRCLx","n":468,"p95_bps":48946399.7,"median_bps":160.85}},{"session":"premarket","symbols":12,"ticks":3960,"typical_p95_bps":171.88,"typical_median_bps":56.475,"widest":{"symbol":"COINx","n":330,"p95_bps":571.1,"median_bps":95}},{"session":"afterhours","symbols":12,"ticks":2880,"typical_p95_bps":136.39249999999993,"typical_median_bps":44.25,"widest":{"symbol":"COINx","n":240,"p95_bps":426,"median_bps":53}},{"session":"weekend","symbols":12,"ticks":7056,"typical_p95_bps":118.08,"typical_median_bps":72.525,"widest":{"symbol":"MSTRx","n":588,"p95_bps":315.1,"median_bps":201.4}},{"session":"open","symbols":12,"ticks":4680,"typical_p95_bps":53.855,"typical_median_bps":32.475,"widest":{"symbol":"COINx","n":390,"p95_bps":89.17499999999998,"median_bps":45.8}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-11-04:\n\novernight — typical 95th pct 240 bps (12 symbols)\npremarket — typical 95th pct 172 bps (12 symbols)\nafterhours — typical 95th pct 136 bps (12 symbols)\nweekend — typical 95th pct 118 bps (12 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-11-04-tokenized-stock-peg-by-session","created_ts":1793775602}