{
  "schemaVersion": "1.0",
  "id": "metis_0101M029WHKRN59GPVN7",
  "slug": "spcxx-trades-125-5bps-below-the-spcx-reference-price-2026-08-15-085116",
  "version": 1,
  "status": "published",
  "category": "market",
  "title": "SPCXx trades -125.5bps below the SPCX reference price",
  "dek": "Token price diverges -125.5bps from the reference equity price.",
  "summary": "SPCXx trades at -125.5bps versus the SPCX reference price. Circulating supply is 559,998.403 tokens (+0% vs the prior observation). Tracked DEX liquidity totals $1,277,015 across 30 pools. The five largest token accounts hold 85.7% of supply (pools and custodial accounts included). 24h DEX volume of $932,597 implies 0.73x turnover of pooled liquidity.",
  "thesis": "The leading signal this cycle is premium divergence (Token price diverges -125.5bps 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_spcxx",
      "symbol": "SPCXx",
      "name": "SpaceX xStock",
      "assetType": "tokenized_equity",
      "chain": "solana",
      "contractAddress": "Xs3oZwbHvqis4NYcf4YKWmEia2eC84wSiVrcYcTqpH8",
      "referenceTicker": "SPCX",
      "issuerId": "entity_backed"
    }
  ],
  "entities": [
    {
      "id": "entity_backed",
      "name": "Backed Assets",
      "type": "issuer"
    }
  ],
  "tags": [
    "spcxx",
    "solana",
    "market",
    "premium-divergence"
  ],
  "timeWindow": {
    "start": "2026-08-14T20:51:00.662Z",
    "end": "2026-08-15T08:50:56.455Z",
    "observedAt": "2026-08-15T08:50:56.455Z"
  },
  "observations": [
    {
      "id": "obs_price_divergence_1",
      "kind": "price_divergence",
      "statement": "SPCXx trades at -125.5bps versus the SPCX reference price.",
      "metric": {
        "name": "premium_bps",
        "value": -125.5,
        "unit": "bps",
        "baseline": -77.73506033262096
      },
      "occurredAt": "2026-08-15T08:50:56.455Z",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-15T085056002Z",
        "ev_solana_rpc_2026-08-15T085056410Z",
        "ev_dexscreener_2026-08-15T085056420Z",
        "ev_jupiter_2026-08-15T085056455Z"
      ]
    },
    {
      "id": "obs_supply_change_2",
      "kind": "supply_change",
      "statement": "Circulating supply is 559,998.403 tokens (+0% vs the prior observation).",
      "metric": {
        "name": "supply_ui_amount",
        "value": 559998.40318121,
        "unit": "tokens",
        "baseline": 559998.40318121,
        "delta": 0
      },
      "occurredAt": "2026-08-15T08:50:56.455Z",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-15T085056002Z",
        "ev_solana_rpc_2026-08-15T085056410Z",
        "ev_dexscreener_2026-08-15T085056420Z",
        "ev_jupiter_2026-08-15T085056455Z"
      ]
    },
    {
      "id": "obs_liquidity_level_3",
      "kind": "liquidity_level",
      "statement": "Tracked DEX liquidity totals $1,277,015 across 30 pools.",
      "metric": {
        "name": "liquidity_usd",
        "value": 1277015,
        "unit": "USD",
        "baseline": 1274051
      },
      "occurredAt": "2026-08-15T08:50:56.455Z",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-15T085056002Z",
        "ev_solana_rpc_2026-08-15T085056410Z",
        "ev_dexscreener_2026-08-15T085056420Z",
        "ev_jupiter_2026-08-15T085056455Z"
      ]
    },
    {
      "id": "obs_holder_concentration_4",
      "kind": "holder_concentration",
      "statement": "The five largest token accounts hold 85.7% of supply (pools and custodial accounts included).",
      "metric": {
        "name": "top5_account_share",
        "value": 0.8566981453614926,
        "unit": "ratio",
        "baseline": 0.8566981453614926
      },
      "occurredAt": "2026-08-15T08:50:56.455Z",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-15T085056002Z",
        "ev_solana_rpc_2026-08-15T085056410Z",
        "ev_dexscreener_2026-08-15T085056420Z",
        "ev_jupiter_2026-08-15T085056455Z"
      ]
    },
    {
      "id": "obs_volume_context_5",
      "kind": "volume_context",
      "statement": "24h DEX volume of $932,597 implies 0.73x turnover of pooled liquidity.",
      "metric": {
        "name": "volume_24h_usd",
        "value": 932597,
        "unit": "USD"
      },
      "occurredAt": "2026-08-15T08:50:56.455Z",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-15T085056002Z",
        "ev_solana_rpc_2026-08-15T085056410Z",
        "ev_dexscreener_2026-08-15T085056420Z",
        "ev_jupiter_2026-08-15T085056455Z"
      ]
    }
  ],
  "evidence": [
    {
      "id": "ev_solana_rpc_2026-08-15T085056002Z",
      "sourceId": "solana_rpc",
      "sourceType": "onchain",
      "title": "SPCXx token supply at slot 439402299",
      "url": "https://solscan.io/token/Xs3oZwbHvqis4NYcf4YKWmEia2eC84wSiVrcYcTqpH8",
      "publisher": "Solana mainnet (direct RPC)",
      "retrievedAt": "2026-08-15T08:50:56.002Z",
      "dataHash": "sha256:a530d3182025299fc62e27aabca9b21027c742930f92dd2e07f6c40d3a9b46fc",
      "reliability": "primary",
      "supportsClaimIds": [
        "clm_1",
        "clm_2",
        "clm_3",
        "clm_4"
      ]
    },
    {
      "id": "ev_solana_rpc_2026-08-15T085056410Z",
      "sourceId": "solana_rpc",
      "sourceType": "onchain",
      "title": "SPCXx largest token accounts",
      "url": "https://solscan.io/token/Xs3oZwbHvqis4NYcf4YKWmEia2eC84wSiVrcYcTqpH8#holders",
      "publisher": "Solana mainnet (direct RPC)",
      "retrievedAt": "2026-08-15T08:50:56.410Z",
      "dataHash": "sha256:59f367da75eeb63e25e14ea732cd14a9976fa677bb980c28349d62e9a59c85a3",
      "reliability": "primary",
      "supportsClaimIds": [
        "clm_1",
        "clm_2",
        "clm_3",
        "clm_4"
      ]
    },
    {
      "id": "ev_dexscreener_2026-08-15T085056420Z",
      "sourceId": "dexscreener",
      "sourceType": "market",
      "title": "SPCXx DEX pools, liquidity, and volume",
      "url": "https://api.dexscreener.com/latest/dex/tokens/Xs3oZwbHvqis4NYcf4YKWmEia2eC84wSiVrcYcTqpH8",
      "publisher": "DexScreener aggregated venue data",
      "retrievedAt": "2026-08-15T08:50:56.420Z",
      "dataHash": "sha256:d26cf1570067ca92ae1b43eaeaa12dbf7dbf9264c5db4f7cc350d987b0681630",
      "reliability": "high",
      "supportsClaimIds": [
        "clm_1",
        "clm_2",
        "clm_3",
        "clm_4"
      ]
    },
    {
      "id": "ev_jupiter_2026-08-15T085056455Z",
      "sourceId": "jupiter",
      "sourceType": "market",
      "title": "SPCXx token price and SPCX reference price",
      "url": "https://lite-api.jup.ag/price/v3?ids=Xs3oZwbHvqis4NYcf4YKWmEia2eC84wSiVrcYcTqpH8",
      "publisher": "Jupiter price service",
      "retrievedAt": "2026-08-15T08:50:56.455Z",
      "dataHash": "sha256:55bca546cc955b686be9eda6bed723e86dabed2289aad74c832bab28ba37865b",
      "reliability": "high",
      "supportsClaimIds": [
        "clm_1",
        "clm_2",
        "clm_3",
        "clm_4"
      ]
    }
  ],
  "claims": [
    {
      "id": "clm_1",
      "statement": "SPCXx circulating supply is 559,998.403 tokens, verified against Solana RPC.",
      "type": "fact",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-15T085056002Z",
        "ev_solana_rpc_2026-08-15T085056410Z",
        "ev_dexscreener_2026-08-15T085056420Z",
        "ev_jupiter_2026-08-15T085056455Z"
      ],
      "confidence": 0.95
    },
    {
      "id": "clm_2",
      "statement": "SPCXx trades at -125.5bps versus the SPCX reference price ($138.79732328467023 vs $140.5615).",
      "type": "calculation",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-15T085056002Z",
        "ev_solana_rpc_2026-08-15T085056410Z",
        "ev_dexscreener_2026-08-15T085056420Z",
        "ev_jupiter_2026-08-15T085056455Z"
      ],
      "confidence": 0.9
    },
    {
      "id": "clm_3",
      "statement": "Tracked DEX liquidity is $1,277,015 with $932,597 of 24h volume across 30 pools.",
      "type": "fact",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-15T085056002Z",
        "ev_solana_rpc_2026-08-15T085056410Z",
        "ev_dexscreener_2026-08-15T085056420Z",
        "ev_jupiter_2026-08-15T085056455Z"
      ],
      "confidence": 0.88
    },
    {
      "id": "clm_4",
      "statement": "The discount is consistent with net token selling pressure while reference-market arbitrage is constrained; it should close when primary-market creation is active.",
      "type": "hypothesis",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-15T085056002Z",
        "ev_solana_rpc_2026-08-15T085056410Z",
        "ev_dexscreener_2026-08-15T085056420Z",
        "ev_jupiter_2026-08-15T085056455Z"
      ],
      "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": 0.7,
    "band": "moderate",
    "rationale": "Confidence is computed from source coverage, cross-venue agreement, baseline depth, and independent verification. This run scored 0.7 (moderate).",
    "factors": [
      {
        "name": "source_coverage",
        "contribution": 0.24,
        "explanation": "3 independent sources fed this cycle."
      },
      {
        "name": "cross_venue_conflicts",
        "contribution": -0.1,
        "explanation": "1 unresolved cross-source disagreement(s)."
      },
      {
        "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": "material",
  "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."
  ],
  "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_01M029VY0G7FHZ7S22",
    "agentVersion": "metis-agent/0.2.0",
    "modelRecords": [
      {
        "provider": "heuristic",
        "model": "deterministic-templates",
        "purpose": "synthesis",
        "promptVersion": "heuristic-1",
        "completedAt": "2026-08-15T08:51:12.474Z"
      },
      {
        "provider": "heuristic",
        "model": "deterministic-templates",
        "purpose": "verification",
        "promptVersion": "heuristic-1",
        "completedAt": "2026-08-15T08:51:16.303Z"
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    ],
    "sourceSnapshotHash": "sha256:321e66ea8003221733a2c0f4612e1fb592ccd2e49bfa64d44f7666bee85a6335",
    "contentHash": "sha256:94fd65f573c6ba1ac36c8a8014dc956af27831afb46f55f119372668c110925c"
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  "publication": {
    "canonicalUrl": "https://metisagent.co/research/spcxx-trades-125-5bps-below-the-spcx-reference-price-2026-08-15-085116",
    "publishedAt": "2026-08-15T08:51:16.728Z",
    "updatedAt": "2026-08-15T08:51:16.728Z"
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  "distribution": []
}