Methodology

Every number on this site is computed from data we collect ourselves on a fixed schedule and store. Nothing is fetched live when you load a page, and nothing is estimated. Where a number is missing, we show a dash rather than a guess.

Premium and discount

The premium is how far a tokenized share has drifted from the real share price, in basis points:

premium_bps = (token_price / reference_price - 1) x 10000

A positive premium means the token trades rich — above the underlying share. A negative premium means it trades cheap. One basis point is one hundredth of a percent, so +250 bps is +2.50%.

The token price comes from Jupiter's Price API V3, the pricing used by the routing that actually fills trades on Solana. When Jupiter does not return a price for a mint, we fall back to DexScreener and record which source answered, so a later reader can tell a real move from a fallback artefact.

The reference price

The reference price is the real share, and it is either a 15-minute delayed intraday quote or the previous close. Each number on the site says which one it is.

We deliberately do not use a real-time feed. The premium matters most when the US market is closed — that is when a tokenized share has no arbitrage anchor and drifts — and during those hours the correct reference is the previous close regardless of what a real-time feed would cost. Every snapshot also records whether the US market was open at the time, which is what drives the shaded bands on the premium chart.

US market hours are 09:30 to 16:00 Eastern on trading days, 09:30 to 13:00 on half days. Weekends and exchange holidays count as closed. Pre-market and after-hours count as closed too, because the reference price we hold during those windows is a close, not a live quote.

If the reference quote we hold is older than our staleness budget, the snapshot is still written but flagged as stale. We never silently pair a current token price with an old reference and present the result as a live premium.

Liquidity depth

Depth is the number most sites get wrong, usually by reading the size of a liquidity pool and calling it liquidity. Pool size tells you what is deposited, not what you can trade.

Instead, we ask Jupiter for a real, routable quote at a ladder of trade sizes and read the price impact off each response — the same quote a trader would get. The ladder is:

• $1K
• $10K
• $50K
• $100K
• $250K

Every rung is quoted in both directions, buying the token with USDC and selling it back, because buy and sell depth are not symmetric. A token you can buy $100k of but only sell $1k of is not a liquid token.

Depth @ 1%

The headline depth figure is the largest trade size that stays under 1% price impact. We walk the ladder upward and stop at the first size that breaches the threshold, so a thin market that quotes oddly at a larger size cannot inflate the number. We then publish the worse of the buy-side and sell-side figures.

A Depth @ 1% of $0 means even our smallest ladder size moved the price more than 1%. That is not an error — it is the finding. Plenty of tokenized stocks are listed and effectively untradeable, and showing that is part of the point of this site.

Supply, holders, and concentration

Circulating supply and the largest token accounts come from the Solana RPC directly. Holder counts come from the Helius DAS API. On-chain market cap is simply supply multiplied by the token price.

Top-10 concentration is the share of supply held by the ten largest token accounts, not the ten largest owners. Liquidity pools and program-owned accounts appear in that list, and one entity can hold several accounts. Read it as a measure of account concentration, not of beneficial ownership.

Issuer analysis

The backing model, custodian, redemption path, and risk notes on each issuer page are written by hand from the issuer's own documentation and from reading their contracts on-chain. There is no API for any of this. Each issuer page carries the date it was last reviewed, and you should weigh it accordingly.

We also monitor the issuers' contract addresses on a schedule and record when the on-chain state changes. That watcher tells us something changed; it does not classify what changed, and a human reviews every flagged event before we write about it.

Collection schedule and history

• Price and premium: every 15 minutes
• Liquidity depth ladder: every 15 minutes
• Supply and holders: every 6 hours
• Issuer contract state: hourly

We keep 15-minute granularity for 90 days, then compress older data to hourly averages. Charts covering periods older than that are drawn from the hourly series.

What we do not do

We do not execute trades, route orders, hold custody of anything, or accept deposits. We do not offer investment advice, and nothing on this site is a recommendation to buy or sell. The data is delayed, it can be wrong, and you should verify anything you intend to act on.