Methodology: how Chaconne's numbers are calculated

premium = token price ÷ (r̂ × reference stock price) − 1, recorded in basis points (1% = 100 bp). Positive means the token is pricier than the stock; negative (a discount) means cheaper.

r̂ is the accrual factor. For price-tracking tokens (xStocks, bStocks) r̂ is fixed at 1. Total-return tokens (Ondo) roll dividends into the token price, so one token gradually represents more than one share; r̂ is that multiple.

Estimating r̂: for each trading day we take the median token ÷ stock ratio over regular-session snapshots with normal data quality; r̂ is the median of the last 10 daily medians, skipping days that deviate 3% or more from the previous r̂. A newly listed total-return token needs at least 5 trading days to calibrate; until then its premium and net edge are not shown.

If the daily median jumps (log change above 0.02), alerts are frozen for 24 hours and r̂ is reset; above 0.2 the asset is quarantined until reviewed by hand.

• Solana (xStocks, Ondo): first choice is Jupiter's executable quote for a $1,000 buy (USDC to token), used only if it is under 3 minutes old and the $1,000 price impact is 5% or less. Otherwise we use Jupiter's mid price (batch-refreshed every 10 seconds). Quote rate limits mean one full pass of $1,000 quotes over all assets takes about 15 minutes, so many rows show the mid price at any moment; the page labels which one it is.
• X Layer (xStocks): OKX DEX aggregator quotes via the Chaconne Verify service, fetched every 30 seconds; snapshots older than 3 minutes are discarded.
• BNB Chain (bStocks): the price of the deepest pool on DexScreener, refreshed every 30 seconds.
• DexScreener is also a cross-check for Solana; if sources for the same token disagree by more than 1%, the asset is marked degraded. Quotes exclude the platform fee.

• Reference prices are Finnhub US stock quotes, polled continuously from 04:00 to 20:00 New York time on trading days (about 2 minutes per pass) and every 15 minutes on weekends, holidays and overnight. A quote not refreshed for 5 minutes counts as stale.
• Sessions follow New York time: pre-market 04:00–09:30, regular 09:30–16:00, after-hours 16:00–20:00, closed otherwise; holidays and half days follow the NYSE calendar.
• The regular session uses live quotes. Our source has no pre- or after-market prices, so pre-market, after-hours and closed periods use the latest official close, labelled "vs MM-DD close". If that close is two or more sessions old, no premium is computed.
• Spreads while the market is closed reflect expectations for the next open and can gap at the open; they are not risk-free arbitrage.

net edge = −premium − platform fee − price impact (all in basis points). It answers: buying on-chain right now at this size, after the 0.5% platform fee and the price impact of the order, how much cheaper (positive) or pricier (negative) is it than the stock's fair value.

The $1k figure uses the impact of the $1,000 quote and the $10k figure the impact of the $10,000 quote; the platform fee is counted once. If the impact quote is more than 20 minutes old, net edge is not computed and shows "—".

Graded on the 7-day median price impact of a $10,000 buy: A ≤ 0.5%, B ≤ 1.5%, C ≤ 8%, D > 8% or no route most of the time. Probes run about hourly while US markets are open and about every 4 hours when closed, reusing the $1,000 / $10,000 quotes rather than making extra requests.

Only Solana and X Layer tokens are graded today; BNB Chain tokens have no impact probes and no grade, and thin pools there are flagged by pool depth (under $10,000 counts as dust).

• Degraded: premium not computable; |premium| above 20% during the regular session; token sources disagree by more than 1%; stale feed; or a minor jump. Degraded values are greyed out and alerts pause.
• Quarantined: |premium| above 100%; stale reference price; or a major jump. Quarantined values are hidden — better nothing than a possibly wrong number.
• Recovery: three consecutive clean checks step the state down one level; if the only cause was a temporary gap or a briefly stale feed, one clean check is enough.

24-hour volume and pool depth come from DexScreener, summed over every DEX pair where the token is the base token — on-chain DEX trading only, no centralized exchanges. Solana refreshes on a rotation of about 5 minutes, BNB Chain every 30 seconds. X Layer tokens currently have no volume source.

• Issuers and chains: xStocks (Backed) on Solana and X Layer, Ondo on Solana, bStocks (Binance) on BNB Chain.
• Contract addresses are never entered by hand: xStocks must match between Jupiter's verified list and xstocks.com; Ondo must be Jupiter-verified and checked on-chain; bStocks are anchored to the issuer's address and cross-checked across sources; X Layer tokens are checked against OKX's list and on-chain reads.
• The main loop computes premiums every 10 seconds; pages refresh every 15 seconds. Raw snapshots are kept for 7 days; minute and hourly rollups are kept permanently.

• The displayed price is often the mid price rather than the $1,000 executable price (see quote rates above); large orders will fill worse.
• Reference prices can lag by up to one polling pass (about 2 minutes), and there are no pre- or after-market prices.
• A few stock tickers have no reference price yet; their tokens have no premium.
• Total-return tokens show no premium during calibration (about 5 trading days); issuers publish no official accrual multiplier, so r̂ is our estimate from market data.
• The $1,000 and $10,000 impact medians come from quotes taken at different times, so the $10k impact is occasionally lower than the $1k one.
• BNB Chain tokens have no liquidity grade; X Layer tokens have no volume figure.
• The reference price source was down from 2026-08-26 to 2026-09-20; charts leave that period blank.