{"id":490,"slug":"2026-11-05-tokenized-stock-peg-by-session","day":"2026-11-05","project":"pegwatch","title":"Tokenized stock peg quality by market session — week to 2026-11-05","headline":"The typical tokenized stock holds within 56 bps of its underlying while the US market is open, widening to 316 bps during premarket.","bullets":["premarket: typical symbol median 65 bps, 95th pct 316 bps (12 symbols, 3960 ticks)","overnight: typical symbol median 58 bps, 95th pct 209 bps (12 symbols, 5616 ticks)","weekend: typical symbol median 73 bps, 95th pct 118 bps (12 symbols, 7056 ticks)","afterhours: typical symbol median 43 bps, 95th pct 99 bps (12 symbols, 2880 ticks)","open: typical symbol median 30 bps, 95th pct 56 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 (426 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":316.35,"typical_median_bps":65.05,"widest":{"symbol":"COINx","n":330,"p95_bps":571.1,"median_bps":67}},{"session":"overnight","symbols":12,"ticks":5616,"typical_p95_bps":208.58499999999992,"typical_median_bps":57.8,"widest":{"symbol":"CRCLx","n":468,"p95_bps":48946399.7,"median_bps":91.75}},{"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":"afterhours","symbols":12,"ticks":2880,"typical_p95_bps":99.49499999999998,"typical_median_bps":42.8,"widest":{"symbol":"COINx","n":240,"p95_bps":426,"median_bps":49.5}},{"session":"open","symbols":12,"ticks":4680,"typical_p95_bps":55.53749999999999,"typical_median_bps":30.325000000000003,"widest":{"symbol":"COINx","n":390,"p95_bps":91.05499999999999,"median_bps":46}}],"method":"per-symbol percentile, median across symbols"},"x_text":"Tokenized stock peg quality, week to 2026-11-05:\n\npremarket — typical 95th pct 316 bps (12 symbols)\novernight — typical 95th pct 209 bps (12 symbols)\nweekend — typical 95th pct 118 bps (12 symbols)\nafterhours — typical 95th pct 99 bps (12 symbols)\n\nArbitrage holds the peg while the market is open. It widens when it shuts.\nhttps://data.ochinimus.app/r/2026-11-05-tokenized-stock-peg-by-session","created_ts":1793862002}