{
  "data": {
    "schemaVersion": "1.0",
    "id": "metis_0101M0488FP8SDJXF2C8",
    "slug": "tslax-trades-48-7bps-above-the-tsla-reference-price-2026-08-16-030119",
    "version": 1,
    "status": "published",
    "category": "market",
    "title": "TSLAx trades +48.7bps above the TSLA reference price",
    "dek": "Token price diverges 48.7bps from the reference equity price.",
    "summary": "TSLAx trades at +48.7bps versus the TSLA reference price. Circulating supply is 229,638.129 tokens (+0% vs the prior observation). Tracked DEX liquidity totals $897,525 across ? pools. The five largest token accounts hold 44.6% of supply (pools and custodial accounts included). 24h DEX volume of $723,853 implies 0.81x turnover of pooled liquidity.",
    "thesis": "The leading signal this cycle is premium divergence (Token price diverges 48.7bps 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": "2026-08-15T15:01:03.584Z",
      "end": "2026-08-16T03:01:00.670Z",
      "observedAt": "2026-08-16T03:01:00.670Z"
    },
    "observations": [
      {
        "id": "obs_price_divergence_1",
        "kind": "price_divergence",
        "statement": "TSLAx trades at +48.7bps versus the TSLA reference price.",
        "metric": {
          "name": "premium_bps",
          "value": 48.7,
          "unit": "bps",
          "baseline": 34.041477152075444
        },
        "occurredAt": "2026-08-16T03:01:00.670Z",
        "evidenceIds": [
          "ev_solana_rpc_2026-08-16T030055736Z",
          "ev_solana_rpc_2026-08-16T030056600Z",
          "ev_jupiter_2026-08-16T030100670Z",
          "ev_jupiter_2026-08-16T030055381Z"
        ]
      },
      {
        "id": "obs_supply_change_2",
        "kind": "supply_change",
        "statement": "Circulating supply is 229,638.129 tokens (+0% vs the prior observation).",
        "metric": {
          "name": "supply_ui_amount",
          "value": 229638.12934325,
          "unit": "tokens",
          "baseline": 229638.12934325,
          "delta": 0
        },
        "occurredAt": "2026-08-16T03:01:00.670Z",
        "evidenceIds": [
          "ev_solana_rpc_2026-08-16T030055736Z",
          "ev_solana_rpc_2026-08-16T030056600Z",
          "ev_jupiter_2026-08-16T030100670Z",
          "ev_jupiter_2026-08-16T030055381Z"
        ]
      },
      {
        "id": "obs_liquidity_level_3",
        "kind": "liquidity_level",
        "statement": "Tracked DEX liquidity totals $897,525 across ? pools.",
        "metric": {
          "name": "liquidity_usd",
          "value": 897525,
          "unit": "USD",
          "baseline": 894068
        },
        "occurredAt": "2026-08-16T03:01:00.670Z",
        "evidenceIds": [
          "ev_solana_rpc_2026-08-16T030055736Z",
          "ev_solana_rpc_2026-08-16T030056600Z",
          "ev_jupiter_2026-08-16T030100670Z",
          "ev_jupiter_2026-08-16T030055381Z"
        ]
      },
      {
        "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": 0.44576698566504375,
          "unit": "ratio",
          "baseline": 0.44576698566504375
        },
        "occurredAt": "2026-08-16T03:01:00.670Z",
        "evidenceIds": [
          "ev_solana_rpc_2026-08-16T030055736Z",
          "ev_solana_rpc_2026-08-16T030056600Z",
          "ev_jupiter_2026-08-16T030100670Z",
          "ev_jupiter_2026-08-16T030055381Z"
        ]
      },
      {
        "id": "obs_volume_context_5",
        "kind": "volume_context",
        "statement": "24h DEX volume of $723,853 implies 0.81x turnover of pooled liquidity.",
        "metric": {
          "name": "volume_24h_usd",
          "value": 723853,
          "unit": "USD"
        },
        "occurredAt": "2026-08-16T03:01:00.670Z",
        "evidenceIds": [
          "ev_solana_rpc_2026-08-16T030055736Z",
          "ev_solana_rpc_2026-08-16T030056600Z",
          "ev_jupiter_2026-08-16T030100670Z",
          "ev_jupiter_2026-08-16T030055381Z"
        ]
      }
    ],
    "evidence": [
      {
        "id": "ev_solana_rpc_2026-08-16T030055736Z",
        "sourceId": "solana_rpc",
        "sourceType": "onchain",
        "title": "TSLAx token supply at slot 439559554",
        "url": "https://solscan.io/token/XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB",
        "publisher": "Solana mainnet (direct RPC)",
        "retrievedAt": "2026-08-16T03:00:55.736Z",
        "dataHash": "sha256:b9f983dc0dfe9f89e164ff8a66583597f6a9f0d21b2e654b4b9b9901cef33552",
        "reliability": "primary",
        "supportsClaimIds": [
          "clm_1",
          "clm_2",
          "clm_3",
          "clm_4"
        ]
      },
      {
        "id": "ev_solana_rpc_2026-08-16T030056600Z",
        "sourceId": "solana_rpc",
        "sourceType": "onchain",
        "title": "TSLAx largest token accounts",
        "url": "https://solscan.io/token/XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB#holders",
        "publisher": "Solana mainnet (direct RPC)",
        "retrievedAt": "2026-08-16T03:00:56.600Z",
        "dataHash": "sha256:c5ab2979604e559edae45d4ba1bf8f94da088fa08c367e1dc8566e360a955bde",
        "reliability": "primary",
        "supportsClaimIds": [
          "clm_1",
          "clm_2",
          "clm_3",
          "clm_4"
        ]
      },
      {
        "id": "ev_jupiter_2026-08-16T030100670Z",
        "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": "2026-08-16T03:01:00.670Z",
        "dataHash": "sha256:4c8c349cc94aff6bae2f131441f405aeafba9221dac47bff2ac776a2e6e86818",
        "reliability": "high",
        "supportsClaimIds": [
          "clm_1",
          "clm_2",
          "clm_3",
          "clm_4"
        ]
      },
      {
        "id": "ev_jupiter_2026-08-16T030055381Z",
        "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": "2026-08-16T03:00:55.381Z",
        "dataHash": "sha256:7676f51b218165ceaaeadc5605bb757bf02ab7d89d9ed29dd422c6379fbf9f4e",
        "reliability": "medium",
        "supportsClaimIds": [
          "clm_1",
          "clm_2",
          "clm_3",
          "clm_4"
        ]
      }
    ],
    "claims": [
      {
        "id": "clm_1",
        "statement": "TSLAx circulating supply is 229,638.129 tokens, verified against Solana RPC.",
        "type": "fact",
        "evidenceIds": [
          "ev_solana_rpc_2026-08-16T030055736Z",
          "ev_solana_rpc_2026-08-16T030056600Z",
          "ev_jupiter_2026-08-16T030100670Z",
          "ev_jupiter_2026-08-16T030055381Z"
        ],
        "confidence": 0.95
      },
      {
        "id": "clm_2",
        "statement": "TSLAx trades at +48.7bps versus the TSLA reference price ($343.2942866237298 vs $341.63).",
        "type": "calculation",
        "evidenceIds": [
          "ev_solana_rpc_2026-08-16T030055736Z",
          "ev_solana_rpc_2026-08-16T030056600Z",
          "ev_jupiter_2026-08-16T030100670Z",
          "ev_jupiter_2026-08-16T030055381Z"
        ],
        "confidence": 0.9
      },
      {
        "id": "clm_3",
        "statement": "Tracked DEX liquidity is $897,525 with $723,853 of 24h volume across 0 pools.",
        "type": "fact",
        "evidenceIds": [
          "ev_solana_rpc_2026-08-16T030055736Z",
          "ev_solana_rpc_2026-08-16T030056600Z",
          "ev_jupiter_2026-08-16T030100670Z",
          "ev_jupiter_2026-08-16T030055381Z"
        ],
        "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_2026-08-16T030055736Z",
          "ev_solana_rpc_2026-08-16T030056600Z",
          "ev_jupiter_2026-08-16T030100670Z",
          "ev_jupiter_2026-08-16T030055381Z"
        ],
        "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_01M0487X9VZD3WQ8DD",
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      ],
      "sourceSnapshotHash": "sha256:62108c1ca1caeec63d48605d475dcc8e07b8561d0d35b104cf88d5e484ed3f8a",
      "contentHash": "sha256:698f53195f46f8e92714c275a7f9c7bcbd4647d7d07aa99f1688ee412daafacb"
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      "publishedAt": "2026-08-16T03:01:19.688Z",
      "updatedAt": "2026-08-16T03:01:19.688Z"
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    "distribution": []
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  "meta": {
    "schemaVersion": "1.0",
    "generatedAt": "2026-08-16T05:11:43.574Z"
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