Ondo Tokenized Equities · Reference & Methodology

Asset catalog

Symbol	Name	Base Asset	Issuer	Chain	Address	First Seen
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Issuer catalog

Issuer	Tokens Issued	Chains	Coverage Start
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Venue catalog

Venue	Type	Chain	Pools / Pairs	Coverage Start	Source
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Distributor catalog

Distributor	Attribution Method	Coverage Start
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Known gaps + data freshness

Gap / Source	Detail
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Metric definitions — formula stated for each

effective_price

notional / quantity, per trade

slippage

residual of realised fill vs simulated fill

reference_price_at_trade

benchmark sampled at block / trade timestamp

spread

effective spread at venue

execution_cost_bps

side_sign × (eff − ref) / ref × 10000

rfq_vs_clob_bps

realised RFQ fill − simulated CLOB fill, same size and timestamp

price_impact

pool-curve movement for size against reserves / tick liquidity

distributor_markup_bps

total_cost_bps − venue_cost_bps

Benchmark methodology

— reference price source: Yahoo Finance hourly close (free, no API key) - full base-asset universe on Page 3 (no top-N cap; Page 4 stays scoped to its 6-issuer/75-ticker curated sample)
— sampling: once per hour (NYSE session hours only); every trade uses the reference price at or before its own timestamp, not a single once-a-day figure (Sept 2026 migration from daily close - see scripts/generate_page3_sql.py / generate_page4_sql.py)
— market-session handling: still not applicable directly here (this is the reference-price grid, not a display toggle) - see Page 2's separate Market-session toggle for the (calendar-only, no holiday table) intraday shading
— closed-hours coverage: yes - the price during a market-closed gap (night/weekend/holiday) is anchored to Hyperliquid's own real, continuously-traded HIP-3 perpetual price for tickers that have one (~40 of the universe): the last real Yahoo close is carried forward scaled by Hyperliquid's price ratio since that close, causally, hour by hour, no look-ahead. Tickers with no HIP-3 market fall back to log-linear interpolation between the real close going into the gap and the real close coming out of it. Both are a no-op for gaps where the price didn't move much across the close (most nights/weekends); they only change the reference materially when the market actually moved during the gap, which is when a flat hold would otherwise score a genuine overnight/weekend price move as pure benchmark staleness. The interpolation fallback is a look-ahead calculation (it uses the next real bar, not just the last known one) - appropriate for this static historical rebuild, not a pattern for a live/at-trade price; the Hyperliquid-anchored path has no such restriction.

Hyperliquid HIP-3 perpetual prices: used for gap-filling, not as the primary reference

hyperliquid.dex.token_prices_hourly (market_type='perpetuals') carries a real, actively-traded HIP-3 perp market for ~40 of the base assets on this dashboard — genuinely 24/7, hundreds of trades per hour including nights and weekends, with its own outlier-smoothing pipeline already applied upstream. It's used only to fill market-closed gaps in the Yahoo close above, anchored to the last real Yahoo print rather than trusted as a standalone price, since Hyperliquid's synthetic price can carry a small, persistent basis to the real underlying.

An earlier look considered rwa.metrics.perpetual_markets_daily.oracle_price_usd (a daily oracle snapshot) directly as a benchmark and set it aside: some markets showed $0 trading volume alongside a stale price (NVDA: $203.66 with no volume, vs. ~$230.50 on other venues with real volume the same day) — a liveness problem the hourly dex-trades mart doesn't share, since a market with no real trades in an hour simply produces no row for that hour rather than a stale snapshot.

Aggregation rules

— notional weighting: all headline figures notional-weighted, not trade-count-weighted
— percentile method: TBD
— size bucket boundaries: <$1k · $1k–10k · $10k–100k · $100k+
— minimum trade-count threshold per cell: 10 trades in the 24h window (Page 3's size-bucket matrix)