On-chain market

Tokenized assets and price dislocation

Securities whose ownership or price exists on a blockchain, and the measured gap between the on-chain price and the traditional market price.

Sourcestoken prices: coingecko (free tier)underlying: yahooNOT CONFIGURED (ETH_RPC_URL)NOT CONFIGURED (ETHERSCAN_API_KEY)

Assets tracked

reference records on file

Direct ownership

legal ownership recorded on-chain

Fresh price pairs

of 5 complete pairs

Stale pairs

none currently stale

Verified dislocations

no spread passes all preconditions

Data coverage

5/6

5 verified on-chain

By asset classsynthetic tracking5direct tokenized security1

How to read this

Asset classes are kept strictly separate

direct tokenized securityDirect legal ownership of the security, recorded on-chain
synthetic trackingTracks the price. Not ownership of the underlying security
derivativeA contract referencing the underlying. Not ownership
prediction marketA contract on an outcome. Not a security position
informationalReference data only. Not a tradable position

A spread is called an arbitrage candidate only when every precondition holds: both prices are real and fresh, the assets are economically equivalent (direct ownership), redemption is possible, liquidity data exists, transfer restrictions allow it, and the net spread after fees, gas, slippage, settlement and redemption costs is still positive. Failing preconditions are listed on each asset rather than hidden.

Assets on record

6 total · 1 with direct ownership · 5 with a complete price pair

DIRECT TOKENIZED SECURITY

Exodus Class A Common Stock (digital securities)EXOD (on-chain)

direct tokenized security

On-chain price

No verified price source.

Traditional market price

Not available — no market-data provider configured, or the job has not run.

Price dislocationNO TOKEN PRICE

No spread computed — 1 precondition not met.

Preconditions0/1 met

not met: token price — no verified on-chain price source

Net spread = |price difference| − trading fees (30 bps) − gas ($2) − slippage (25 bps) − settlement ($0) − redemption (20 bps). Computed just now.

Instrument structure

Issuer: Securitize
Underlying: Exodus MovementEXOD
Chain: Algorand
Contract: not verified on-chain yet
Venue: not on record
Ownership: Direct legal ownership of Class A common stock
Settlement: Issuer's Class A shares recorded on-chain by the SEC-registered transfer agent (Securitize)
Redemption: Conversion between on-chain and DTC-eligible book-entry shares via the transfer agent
Jurisdiction: US
Transfer limits: Transfers only between whitelisted (KYC'd) wallets per the transfer agent's controls

Issuer information not yet verified on-chainseeded reference

SYNTHETIC / TRACKING ASSET

Apple xStockAAPLx

synthetic tracking

On-chain price

$333.89

24h volume $7M · liquidity n/a

Observed 2 h ago

Traditional market price

$332.27 USD

market state not reported

Observed 19 h ago

Price dislocationCOMPUTED

Gross: +1.6200 (0.49%)
Costs: 4.5042
Net: -2.8842 (-0.87%)

Preconditions5/6 met

met: both prices real — token and underlying quotes retrieved from live providers
met: prices fresh — within freshness window
not met: economically equivalent — tracker/synthetic exposure: NOT the same instrument as the underlying share
met: settlement / redemption possible — Redemption by eligible (non-US) professional participants with the issuer
met: transfer restrictions considered — Not offered to US persons
met: liquidity data — 24h volume 6925715 USD

Net spread = |price difference| − trading fees (30 bps) − gas ($2) − slippage (25 bps) − settlement ($0) − redemption (20 bps). Computed just now.

Instrument structure

Issuer: Backed Finance
Underlying: not on recordAAPL
Chain: Solana
Contract: not verified on-chain yet
Venue: Kraken xStocks (exchange, non-US) · 24/7
Ownership: Tracker certificate backed 1:1 by underlying shares; holder has no direct shareholder rights
Settlement: On-chain SPL token; issuer holds underlying shares via custodian
Redemption: Redemption by eligible (non-US) professional participants with the issuer
Jurisdiction: Jersey / non-US
Transfer limits: Not offered to US persons

Issuer information price source coingecko:apple-xstockverified 4 d agoseeded reference

SYNTHETIC / TRACKING ASSET

NVIDIA xStockNVDAx

synthetic tracking

On-chain price

$219.76

24h volume $9M · liquidity n/a

Observed 2 h ago

Traditional market price

$218.29 USD

market state not reported

Observed 19 h ago

Price dislocationCOMPUTED

Gross: +1.4700 (0.67%)
Costs: 3.6482
Net: -2.1782 (-1%)

Preconditions5/6 met

met: both prices real — token and underlying quotes retrieved from live providers
met: prices fresh — within freshness window
not met: economically equivalent — tracker/synthetic exposure: NOT the same instrument as the underlying share
met: settlement / redemption possible — Redemption by eligible (non-US) professional participants with the issuer
met: transfer restrictions considered — Not offered to US persons
met: liquidity data — 24h volume 8603325 USD

Net spread = |price difference| − trading fees (30 bps) − gas ($2) − slippage (25 bps) − settlement ($0) − redemption (20 bps). Computed just now.

Instrument structure

Issuer: Backed Finance
Underlying: not on recordNVDA
Chain: Solana
Contract: not verified on-chain yet
Venue: Kraken xStocks (exchange, non-US) · 24/7
Ownership: Tracker certificate backed 1:1 by underlying shares; holder has no direct shareholder rights
Settlement: On-chain SPL token; issuer holds underlying shares via custodian
Redemption: Redemption by eligible (non-US) professional participants with the issuer
Jurisdiction: Jersey / non-US
Transfer limits: Not offered to US persons

Issuer information price source coingecko:nvidia-xstockverified 4 d agoseeded reference

SYNTHETIC / TRACKING ASSET

S&P 500 xStockSPYx

synthetic tracking

On-chain price

$770.57

24h volume $29M · liquidity n/a

Observed 2 h ago

Traditional market price

$764.29 USD

market state not reported

Observed 19 h ago

Price dislocationCOMPUTED

Gross: +6.2800 (0.82%)
Costs: 7.7793
Net: -1.4993 (-0.2%)

Preconditions5/6 met

met: both prices real — token and underlying quotes retrieved from live providers
met: prices fresh — within freshness window
not met: economically equivalent — tracker/synthetic exposure: NOT the same instrument as the underlying share
met: settlement / redemption possible — Redemption by eligible (non-US) professional participants with the issuer
met: transfer restrictions considered — Not offered to US persons
met: liquidity data — 24h volume 29221062 USD

Net spread = |price difference| − trading fees (30 bps) − gas ($2) − slippage (25 bps) − settlement ($0) − redemption (20 bps). Computed just now.

Instrument structure

Issuer: Backed Finance
Underlying: not on recordSPY
Chain: Solana
Contract: not verified on-chain yet
Venue: Kraken xStocks (exchange, non-US) · 24/7
Ownership: Tracker certificate; no direct fund-unit ownership
Settlement: On-chain SPL token backed by ETF shares
Redemption: Redemption by eligible (non-US) professional participants with the issuer
Jurisdiction: Jersey / non-US
Transfer limits: Not offered to US persons

Issuer information price source coingecko:sp500-xstockverified 4 d agoseeded reference

SYNTHETIC / TRACKING ASSET

Tesla xStockTSLAx

synthetic tracking

On-chain price

$365.49

24h volume $5M · liquidity n/a

Observed 2 h ago

Traditional market price

$365.44 USD

market state not reported

Observed 19 h ago

Price dislocationCOMPUTED

Gross: +0.0500 (0.01%)
Costs: 4.7412
Net: -4.6912 (-1.28%)

Preconditions5/6 met

met: both prices real — token and underlying quotes retrieved from live providers
met: prices fresh — within freshness window
not met: economically equivalent — tracker/synthetic exposure: NOT the same instrument as the underlying share
met: settlement / redemption possible — Redemption by eligible (non-US) professional participants with the issuer
met: transfer restrictions considered — Not offered to US persons; KYC at issuer for primary issuance/redemption
met: liquidity data — 24h volume 4591705 USD

Net spread = |price difference| − trading fees (30 bps) − gas ($2) − slippage (25 bps) − settlement ($0) − redemption (20 bps). Computed just now.

Instrument structure

Issuer: Backed Finance
Underlying: not on recordTSLA
Chain: Solana
Contract: not verified on-chain yet
Venue: Kraken xStocks (exchange, non-US) · 24/7
Ownership: Tracker certificate backed 1:1 by underlying shares; holder has no direct shareholder rights
Settlement: On-chain SPL token; issuer holds underlying shares via custodian
Redemption: Redemption by eligible (non-US) professional participants with the issuer
Jurisdiction: Jersey / non-US
Transfer limits: Not offered to US persons; KYC at issuer for primary issuance/redemption

Issuer information price source coingecko:tesla-xstockverified 4 d agoseeded reference

SYNTHETIC / TRACKING ASSET

Backed CSPX Core S&P 500bCSPX

synthetic tracking

On-chain price

$827.49

24h volume n/a · liquidity n/a

Observed 2 h ago

Traditional market price

$827.49 USD

market state not reported

Observed 21 h ago

Price dislocationNO LIQUIDITY DATA

Gross: +0.0000 (0%)
Costs: 8.2062
Net: -8.2062 (-0.99%)

Preconditions4/6 met

met: both prices real — token and underlying quotes retrieved from live providers
met: prices fresh — within freshness window
not met: economically equivalent — tracker/synthetic exposure: NOT the same instrument as the underlying share
met: settlement / redemption possible — Redemption by whitelisted professional investors
met: transfer restrictions considered — Primary market restricted to KYC'd professional investors; secondary transfers permissionless outside the US
not met: liquidity data — no liquidity/volume data

Net spread = |price difference| − trading fees (30 bps) − gas ($2) − slippage (25 bps) − settlement ($0) − redemption (20 bps). Computed just now.

Instrument structure

Issuer: Backed Finance
Underlying: not on recordCSPX.L
Chain: Ethereum
Contract: not verified on-chain yet
Venue: not on record
Ownership: Tracker certificate; no direct fund-unit ownership
Settlement: ERC-20 token backed 1:1 by ETF shares held with a custodian
Redemption: Redemption by whitelisted professional investors
Jurisdiction: Switzerland (DLT Act) / non-US
Transfer limits: Primary market restricted to KYC'd professional investors; secondary transfers permissionless outside the US

Issuer information price source coingecko:backed-cspx-core-s-p-500verified 4 d agoseeded reference

Tokenized-asset data is informational. Synthetic/tracking tokens are not direct equity ownership. Nothing here is investment advice.