{
  "data": {
    "schemaVersion": "1.0",
    "id": "metis_0101M03CSKPG1F568J6B",
    "slug": "tslax-trades-36-8bps-above-the-tsla-reference-price-2026-08-15-190120",
    "version": 1,
    "status": "published",
    "category": "market",
    "title": "TSLAx trades +36.8bps above the TSLA reference price",
    "dek": "Token price diverges 36.8bps from the reference equity price.",
    "summary": "TSLAx trades at +36.8bps versus the TSLA reference price. Circulating supply is 229,638.135 tokens (+0% vs the prior observation). Tracked DEX liquidity totals $890,154 across ? pools. The five largest token accounts hold 44.6% of supply (pools and custodial accounts included). 24h DEX volume of $895,802 implies 1.01x turnover of pooled liquidity.",
    "thesis": "The leading signal this cycle is premium divergence (Token price diverges 36.8bps from the reference equity price.) The measurements below are source-verified; interpretation is limited to what the evidence supports.",
    "whyItMatters": "Tokenized equities trade continuously while their reference markets do not. Divergence, liquidity, and activity shifts quantify what that continuous access costs or earns.",
    "assets": [
      {
        "id": "asset_tslax",
        "symbol": "TSLAx",
        "name": "Tesla xStock",
        "assetType": "tokenized_equity",
        "chain": "solana",
        "contractAddress": "XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB",
        "referenceTicker": "TSLA",
        "issuerId": "entity_backed"
      }
    ],
    "entities": [
      {
        "id": "entity_backed",
        "name": "Backed Assets",
        "type": "issuer"
      }
    ],
    "tags": [
      "tslax",
      "solana",
      "market",
      "premium-divergence"
    ],
    "timeWindow": {
      "start": "2026-08-15T07:01:05.527Z",
      "end": "2026-08-15T19:01:01.321Z",
      "observedAt": "2026-08-15T19:01:01.321Z"
    },
    "observations": [
      {
        "id": "obs_price_divergence_1",
        "kind": "price_divergence",
        "statement": "TSLAx trades at +36.8bps versus the TSLA reference price.",
        "metric": {
          "name": "premium_bps",
          "value": 36.8,
          "unit": "bps",
          "baseline": 6.381965545991626
        },
        "occurredAt": "2026-08-15T19:01:01.321Z",
        "evidenceIds": [
          "ev_solana_rpc_2026-08-15T190056221Z",
          "ev_solana_rpc_2026-08-15T190057216Z",
          "ev_jupiter_2026-08-15T190101321Z",
          "ev_jupiter_2026-08-15T190055873Z"
        ]
      },
      {
        "id": "obs_supply_change_2",
        "kind": "supply_change",
        "statement": "Circulating supply is 229,638.135 tokens (+0% vs the prior observation).",
        "metric": {
          "name": "supply_ui_amount",
          "value": 229638.13457574,
          "unit": "tokens",
          "baseline": 229638.13457574,
          "delta": 0
        },
        "occurredAt": "2026-08-15T19:01:01.321Z",
        "evidenceIds": [
          "ev_solana_rpc_2026-08-15T190056221Z",
          "ev_solana_rpc_2026-08-15T190057216Z",
          "ev_jupiter_2026-08-15T190101321Z",
          "ev_jupiter_2026-08-15T190055873Z"
        ]
      },
      {
        "id": "obs_liquidity_level_3",
        "kind": "liquidity_level",
        "statement": "Tracked DEX liquidity totals $890,154 across ? pools.",
        "metric": {
          "name": "liquidity_usd",
          "value": 890154,
          "unit": "USD",
          "baseline": 877896
        },
        "occurredAt": "2026-08-15T19:01:01.321Z",
        "evidenceIds": [
          "ev_solana_rpc_2026-08-15T190056221Z",
          "ev_solana_rpc_2026-08-15T190057216Z",
          "ev_jupiter_2026-08-15T190101321Z",
          "ev_jupiter_2026-08-15T190055873Z"
        ]
      },
      {
        "id": "obs_holder_concentration_4",
        "kind": "holder_concentration",
        "statement": "The five largest token accounts hold 44.6% of supply (pools and custodial accounts included).",
        "metric": {
          "name": "top5_account_share",
          "value": 0.4462674220581151,
          "unit": "ratio",
          "baseline": 0.4462674220581151
        },
        "occurredAt": "2026-08-15T19:01:01.321Z",
        "evidenceIds": [
          "ev_solana_rpc_2026-08-15T190056221Z",
          "ev_solana_rpc_2026-08-15T190057216Z",
          "ev_jupiter_2026-08-15T190101321Z",
          "ev_jupiter_2026-08-15T190055873Z"
        ]
      },
      {
        "id": "obs_volume_context_5",
        "kind": "volume_context",
        "statement": "24h DEX volume of $895,802 implies 1.01x turnover of pooled liquidity.",
        "metric": {
          "name": "volume_24h_usd",
          "value": 895802,
          "unit": "USD"
        },
        "occurredAt": "2026-08-15T19:01:01.321Z",
        "evidenceIds": [
          "ev_solana_rpc_2026-08-15T190056221Z",
          "ev_solana_rpc_2026-08-15T190057216Z",
          "ev_jupiter_2026-08-15T190101321Z",
          "ev_jupiter_2026-08-15T190055873Z"
        ]
      }
    ],
    "evidence": [
      {
        "id": "ev_solana_rpc_2026-08-15T190056221Z",
        "sourceId": "solana_rpc",
        "sourceType": "onchain",
        "title": "TSLAx token supply at slot 439490354",
        "url": "https://solscan.io/token/XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB",
        "publisher": "Solana mainnet (direct RPC)",
        "retrievedAt": "2026-08-15T19:00:56.221Z",
        "dataHash": "sha256:f7dd4d386a12ea0b1f73392c274648fb3de7abe60d68cdf6b493e4e60fe1575c",
        "reliability": "primary",
        "supportsClaimIds": [
          "clm_1",
          "clm_2",
          "clm_3",
          "clm_4"
        ]
      },
      {
        "id": "ev_solana_rpc_2026-08-15T190057216Z",
        "sourceId": "solana_rpc",
        "sourceType": "onchain",
        "title": "TSLAx largest token accounts",
        "url": "https://solscan.io/token/XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB#holders",
        "publisher": "Solana mainnet (direct RPC)",
        "retrievedAt": "2026-08-15T19:00:57.216Z",
        "dataHash": "sha256:ede304d46b0caa5d43edde559cc248fe6f4156d64d96417eba970e394d5dc82d",
        "reliability": "primary",
        "supportsClaimIds": [
          "clm_1",
          "clm_2",
          "clm_3",
          "clm_4"
        ]
      },
      {
        "id": "ev_jupiter_2026-08-15T190101321Z",
        "sourceId": "jupiter",
        "sourceType": "market",
        "title": "TSLAx token price and TSLA reference price",
        "url": "https://lite-api.jup.ag/price/v3?ids=XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB",
        "publisher": "Jupiter price service",
        "retrievedAt": "2026-08-15T19:01:01.321Z",
        "dataHash": "sha256:74b48968994ec25d7c202a63885d19e03f48efc14978048a8217e5ef7ffcaf1b",
        "reliability": "high",
        "supportsClaimIds": [
          "clm_1",
          "clm_2",
          "clm_3",
          "clm_4"
        ]
      },
      {
        "id": "ev_jupiter_2026-08-15T190055873Z",
        "sourceId": "jupiter",
        "sourceType": "market",
        "title": "TSLAx pooled liquidity and 24h volume (DexScreener unavailable)",
        "url": "https://lite-api.jup.ag/tokens/v2/search?query=XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB,Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh,XsoCS1TfEyfFhfvj8EtZ528L3CaKBDBRqRapnBbDF2W",
        "publisher": "Jupiter price service",
        "retrievedAt": "2026-08-15T19:00:55.873Z",
        "dataHash": "sha256:97ec2cde169d6373e7b3ae62cb872c0b137b204711bd1cae74bce10189be46a1",
        "reliability": "medium",
        "supportsClaimIds": [
          "clm_1",
          "clm_2",
          "clm_3",
          "clm_4"
        ]
      }
    ],
    "claims": [
      {
        "id": "clm_1",
        "statement": "TSLAx circulating supply is 229,638.135 tokens, verified against Solana RPC.",
        "type": "fact",
        "evidenceIds": [
          "ev_solana_rpc_2026-08-15T190056221Z",
          "ev_solana_rpc_2026-08-15T190057216Z",
          "ev_jupiter_2026-08-15T190101321Z",
          "ev_jupiter_2026-08-15T190055873Z"
        ],
        "confidence": 0.95
      },
      {
        "id": "clm_2",
        "statement": "TSLAx trades at +36.8bps versus the TSLA reference price ($342.88652501237203 vs $341.63).",
        "type": "calculation",
        "evidenceIds": [
          "ev_solana_rpc_2026-08-15T190056221Z",
          "ev_solana_rpc_2026-08-15T190057216Z",
          "ev_jupiter_2026-08-15T190101321Z",
          "ev_jupiter_2026-08-15T190055873Z"
        ],
        "confidence": 0.9
      },
      {
        "id": "clm_3",
        "statement": "Tracked DEX liquidity is $890,154 with $895,802 of 24h volume across 0 pools.",
        "type": "fact",
        "evidenceIds": [
          "ev_solana_rpc_2026-08-15T190056221Z",
          "ev_solana_rpc_2026-08-15T190057216Z",
          "ev_jupiter_2026-08-15T190101321Z",
          "ev_jupiter_2026-08-15T190055873Z"
        ],
        "confidence": 0.88
      },
      {
        "id": "clm_4",
        "statement": "The positive premium is consistent with net token demand while reference-market arbitrage is constrained; it should compress when primary-market redemption is active.",
        "type": "hypothesis",
        "evidenceIds": [
          "ev_solana_rpc_2026-08-15T190056221Z",
          "ev_solana_rpc_2026-08-15T190057216Z",
          "ev_jupiter_2026-08-15T190101321Z",
          "ev_jupiter_2026-08-15T190055873Z"
        ],
        "confidence": 0.5,
        "falsifiers": [
          "The gap persisting through active primary-market sessions would contradict the arbitrage-constraint reading."
        ]
      }
    ],
    "counterEvidence": [],
    "methodology": {
      "methods": [
        "Direct Solana RPC verification of token supply and largest accounts",
        "Cross-venue aggregation of DEX pools, liquidity, and volume",
        "Token-versus-reference price comparison from an independent price service",
        "Deterministic anomaly detection against stored observation baselines"
      ],
      "transformations": [
        "UTC clock normalization",
        "Raw payload hashing for every source fetch"
      ],
      "comparisonWindow": "Stored observation history for this asset",
      "exclusions": [
        "Sources that failed during collection are recorded, not imputed"
      ],
      "codeVersion": "metis-agent/0.2.0"
    },
    "confidence": {
      "score": 0.64,
      "band": "moderate",
      "rationale": "Confidence is computed from source coverage, cross-venue agreement, baseline depth, and independent verification. This run scored 0.64 (moderate).",
      "factors": [
        {
          "name": "source_coverage",
          "contribution": 0.16,
          "explanation": "2 independent sources fed this cycle."
        },
        {
          "name": "source_outages",
          "contribution": -0.08,
          "explanation": "1 source(s) failed during collection."
        },
        {
          "name": "baseline_depth",
          "contribution": 0.08,
          "explanation": "24 prior observation(s) available as baseline."
        },
        {
          "name": "verification_uncertainty",
          "contribution": -0.02,
          "explanation": "1 claim(s) could not be fully verified."
        }
      ]
    },
    "impact": "notable",
    "limitations": [
      "This object was synthesized by deterministic templates from verified metrics, not a language model.",
      "Reference prices republished by the price service may lag the primary market.",
      "Largest-account concentration includes liquidity pools and custodial accounts; it is not a beneficial-owner distribution.",
      "Sources unavailable this cycle: dexscreener: [dexscreener] HTTP 429 from https://api.dexscreener.com/latest/dex/tokens/XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB."
    ],
    "disclosures": [
      "This is informational research produced by an automated system. It may contain errors, omissions, or delayed data.",
      "Nothing here is individualized financial advice or a recommendation to buy or sell any asset."
    ],
    "relatedResearchIds": [],
    "provenance": {
      "runId": "run_01M03CS0YBX9292GFD",
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          "completedAt": "2026-08-15T19:01:16.489Z"
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      ],
      "sourceSnapshotHash": "sha256:8244bbc005ae8af2598933eb2673f1d041f691f83a0834c59b712dc4b9dab19b",
      "contentHash": "sha256:a6a09acc479f9a89905516815fda47d47e7c388e2fcd3faf4607450da87dbfc6"
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      "publishedAt": "2026-08-15T19:01:20.720Z",
      "updatedAt": "2026-08-15T19:01:20.720Z"
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    "distribution": []
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    "generatedAt": "2026-08-15T21:01:56.067Z"
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