> For the complete documentation index, see [llms.txt](https://ottodata.gitbook.io/ottodata-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://ottodata.gitbook.io/ottodata-docs/concepts/basis-on-chain-vs-nasdaq.md).

# Basis: on-chain vs NASDAQ

## Basis: on-chain vs NASDAQ

### The core mechanic

Robinhood Chain tokenized stocks are priced on-chain by **Chainlink stock feeds**. Two properties make them unusual:

1. **They return a total-return price** — the share price multiplied by the token's `uiMultiplier()`, with dividends reinvested. The on-chain price is therefore slightly above the raw share price, and the difference grows with every dividend.
2. **They freeze outside NASDAQ hours** — there is no heartbeat. The last price of the trading day stays on-chain all night and all weekend.

Meanwhile the tokens themselves trade 24/7 on Hood DEXes. So there are really three prices at any moment:

| Price          | Source                          | Updates                |
| -------------- | ------------------------------- | ---------------------- |
| `chainlink_px` | Chainlink stock feed on Hood    | 24/5, frozen off-hours |
| `ref_last`     | Live NASDAQ reference (Polygon) | Market hours           |
| Pool price     | Uniswap (Hood) pools            | 24/7                   |

### What Otto computes

Every minute, for 32 tickers:

* **`basis_bps`** = `(chainlink_px / (ref_last × implied_mult) − 1) × 10 000` — how far the on-chain price sits from the live NASDAQ reference, adjusted for the total-return multiplier. Positive = token premium.
* **`overnight_bps`** = same, but against the **previous NASDAQ close** — this is the overnight/weekend gap that accumulates while NASDAQ sleeps.
* **`implied_mult`** — the observed total-return multiplier (`chainlink_px / ref price`), read alongside the on-chain `uiMultiplier()`.
* **`oracle_paused`** — the token contract's pause flag, read on-chain every tick.

### Why it matters

* **For traders**: the basis is a measurable dislocation. Overnight moves in the token price anticipate the NASDAQ open; the re-convergence at 9:30 ET is a repeating event.
* **For risk systems**: a frozen oracle + moving pool price = widening [oracle deviation](https://ottodata.gitbook.io/ottodata-docs/concepts/oracle-deviation). Anything that lends or settles against the Chainlink price needs to know how stale it is.
* **For researchers**: nobody else publishes a minutely history of tokenized-stock basis. Otto has it from collection start, queryable per ticker.

### Reading the data

* Live: [`GET /v1/basis/snapshot`](https://ottodata.gitbook.io/ottodata-docs/api-reference/basis)
* History: [`GET /v1/basis/{ticker}`](https://ottodata.gitbook.io/ottodata-docs/api-reference/basis)
* Statistics: [`GET /v1/gaps/summary`](https://ottodata.gitbook.io/ottodata-docs/api-reference/gaps)


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