Ondo Tokenized Equities · Reference & Methodology

Makes the numbers defensible for a public surface. Every formula on Page 3 is stated here in full.

Asset catalog

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Symbol	Name	Underlying	Issuer	Chain	Address	First Seen
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Issuer catalog

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Issuer	Tokens Issued	Chains	Coverage Start
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Venue catalog

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Venue	Type	Chain	Pools / Pairs	Coverage Start	Source
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Distributor catalog

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Distributor	Attribution Method	Coverage Start
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Known gaps + data freshness

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Gap / Source	Detail	Last Update	Expected Lag
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Metric definitions — formula stated for each

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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

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— reference price source: TBD (Page 2 open decision)
— sampling: TBD
— market-session handling: TBD
— closed-hours carry-forward: TBD

Aggregation rules

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— 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: TBD (Page 3/4 open decision)