Closing Bell · tokenized equity on Solana
The anchor switches off in 4d 13h.
The token keeps trading.
The US equity market prices these assets 32.5 hours a week. Solana trades them 168. Right now arbitrage still works. Every weekend the issuer drops maxOrderFiatValue to zero and it stops — observed continuously for 42.1 hours.
- 70.9%
- of volume arrives outside regular session
- 0.689%
- weekend hourly move, against 0.570% in session
- 2,777
- liquidity positions quoting through it
The feed stopped.
The token didn’t.
Pyth holds its last SPY print until the next session, because Pyth cannot publish a price the market isn’t quoting. SPYx keeps trading against that frozen number for another 2.4h.
Every figure here is read back from a measurement or a live feed. Nothing on this page is modelled, and nothing is drawn that was not observed.
Nothing is drawn between the two points because nothing was measured. The issuer is still creating and redeeming — creation and redemption are on, so arbitrage can still pull the token back to NAV.
How to read this. Only two points on this chart were measured: the Pyth equity feed’s last print, and the SPYx implied price right now. No path is drawn between them — we hold no tick series for the token, so inventing a line would be a picture of nothing. The dashed rule is not a price path either: it is the single frozen value the feed keeps reporting, unchanged, with a 503h-old publish_time.
The vertical scale is truncated to a $1.70 range so the two prints separate; the price gap is −$0.71, or −0.092%. The horizontal scale is not truncated, and it is the finding. Through the whole shaded window the issuer holds maxOrderFiatValue: > 0 — creation and redemption are on, so arbitrage can still pull the token back to NAV.
Read this chart as a table
| Series | Value | Timing |
|---|---|---|
| Pyth Equity.US.SPY/USD, last print | $767.91 | 20:00:00 UTC · publish_time frozen 503h ago |
| SPYx implied share price | $767.21 | Now · continuous, create / redeem on |
| Gap between the two prints | −$0.71 | −0.092%, derived |
| Price path between them | not measured | No tick series held, so none is drawn |
| Unpriced window | 506h | 503h elapsed, 2.4h remaining · next print Mon 13:30 UTC |
The week: 168 hours, 32.5 of them priced
One cell = one hour · UTC · week begins Monday
Every hour of the week is one cell, Monday through Sunday, in UTC. The United States regular session prices the underlying from 13:30 to 20:00 on weekdays, so 32.5 of the 168 hours are lit: 14:00 through 19:59 in full, and 13:00 through 13:59 from the half hour onward. The remaining 135.5 hours carry no price at all, and neither Saturday nor Sunday contains a single priced hour.
- Market state
- Closedextended
- Now (UTC)
- 11:06 Mon
- Priced per week
- 32.5 h
- Traded per week
- 168 h
Regular session 13:30–20:00 UTC, weekdays. The half-lit column is 13:00–14:00, priced only from the half hour.
02 / the crowd · measured on chain
2,777 positions will stand in the dark.
Every bar below is a real Raydium CLMM pool holding tokenized equity, sized by how many live liquidity positions sit in it. The US market is closed — for the next 2.4 hours nobody can price what any of them are holding, though the issuer is still creating and redeeming at its full cap.
- 2,777
- liquidity positions
- $16.2M
- across 76 pools
- 23
- pools actually holding positions
- SPYx / USDC660
- SPYx / SOL386
- QQQx / USDC375
- SPYx / USDC200
- SPYx / USDC191
- AAPLx / USDC179
- QQQx / SOL156
- MCDx / USDC142
- STONK / SPYx111
- STRCx / USDC89
Plus 288 further positions spread across 13 smaller pools, not drawn.
The deepest SPYx pool is STONK / SPYx, a memecoin pair. People also provide liquidity to McDonald's stock against FRIES, Coca-Cola against COKE, Apple against TREE. Nobody is holding these as equity exposure.
Position counts are a snapshot taken 2026-09-19, not a live feed.
03 / the asymmetry · 14 days of hourly OHLCV
It moves most when it cannot move at all.
Volume and volatility by US equity session. The weekend row is the finding: hourly movement there exceeds movement during the hours the underlying is actually trading.
| Session | Hours | Volume | Share | Hourly move |
|---|---|---|---|---|
| Regular sessionMARKET | 120 | $19.1M | 29.1% | 0.570% |
| Pre / post marketEXTENDED | 203 | $22.7M | 34.6% | 0.533% |
| OvernightOVERNIGHT | 159 | $11.3M | 17.2% | 0.575% |
| WeekendWEEKEND | 190 | $12.6M | 19.1% | 0.689% |
Coca-Cola cannot move on a Saturday. KOx moves 1.071% per hour on a Saturday, against 0.821% while Coca-Cola is actually trading.
04 / the issuer · full on-chain history
It can take your tokens. It never has.
Both xStocks control authorities, scanned across their complete signature history. 17,688 transactions decoded, zero unresolved.
Can move any holder's tokens at will
1,832 tx · 100% coverage · 2025-06-10 → 2026-09-18
Can halt all transfers and freeze individual accounts
15,856 tx · 100% coverage · 2025-06-09 → 2026-04-29
Ondo issues the same underlying shares on Solana, also Token-2022 with Scaled UI Amount, and takes NO permanent delegate at all. The power is an xStocks choice, not an RWA requirement.
Where SPYx liquidity sits · 20 pools
What the implied price is built from
- SPYx per raw token
- $771.59
- Scaled UI multiplier
- 1.005714560
- Implied share price
- $767.21
- Source
- live
A raw token is worth multiplier shares, so the quote is divided before it is compared to the equity feed.