{
  "schemaVersion": "1.0",
  "id": "metis_0101M03FN5EP44M9R96A",
  "slug": "spcxx-trades-87-4bps-below-the-spcx-reference-price-2026-08-15-195120",
  "version": 1,
  "status": "published",
  "category": "market",
  "title": "SPCXx trades -87.4bps below the SPCX reference price",
  "dek": "Token price diverges -87.4bps from the reference equity price.",
  "summary": "SPCXx trades at -87.4bps versus the SPCX reference price. Circulating supply is 559,998.396 tokens (+0% vs the prior observation). Tracked DEX liquidity totals $771,609 across ? pools. The five largest token accounts hold 85.6% of supply (pools and custodial accounts included). 24h DEX volume of $750,025 implies 0.97x turnover of pooled liquidity.",
  "thesis": "The leading signal this cycle is premium divergence (Token price diverges -87.4bps 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": "2026-08-15T07:51:00.397Z",
    "end": "2026-08-15T19:51:00.853Z",
    "observedAt": "2026-08-15T19:51:00.853Z"
  },
  "observations": [
    {
      "id": "obs_price_divergence_1",
      "kind": "price_divergence",
      "statement": "SPCXx trades at -87.4bps versus the SPCX reference price.",
      "metric": {
        "name": "premium_bps",
        "value": -87.4,
        "unit": "bps",
        "baseline": -102.4713165398047
      },
      "occurredAt": "2026-08-15T19:51:00.853Z",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-15T195056315Z",
        "ev_solana_rpc_2026-08-15T195056771Z",
        "ev_jupiter_2026-08-15T195100853Z",
        "ev_jupiter_2026-08-15T195055849Z"
      ]
    },
    {
      "id": "obs_supply_change_2",
      "kind": "supply_change",
      "statement": "Circulating supply is 559,998.396 tokens (+0% vs the prior observation).",
      "metric": {
        "name": "supply_ui_amount",
        "value": 559998.39601013,
        "unit": "tokens",
        "baseline": 559998.39601013,
        "delta": 0
      },
      "occurredAt": "2026-08-15T19:51:00.853Z",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-15T195056315Z",
        "ev_solana_rpc_2026-08-15T195056771Z",
        "ev_jupiter_2026-08-15T195100853Z",
        "ev_jupiter_2026-08-15T195055849Z"
      ]
    },
    {
      "id": "obs_liquidity_level_3",
      "kind": "liquidity_level",
      "statement": "Tracked DEX liquidity totals $771,609 across ? pools.",
      "metric": {
        "name": "liquidity_usd",
        "value": 771609,
        "unit": "USD",
        "baseline": 774062
      },
      "occurredAt": "2026-08-15T19:51:00.853Z",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-15T195056315Z",
        "ev_solana_rpc_2026-08-15T195056771Z",
        "ev_jupiter_2026-08-15T195100853Z",
        "ev_jupiter_2026-08-15T195055849Z"
      ]
    },
    {
      "id": "obs_holder_concentration_4",
      "kind": "holder_concentration",
      "statement": "The five largest token accounts hold 85.6% of supply (pools and custodial accounts included).",
      "metric": {
        "name": "top5_account_share",
        "value": 0.8564581613298659,
        "unit": "ratio",
        "baseline": 0.8564581613298659
      },
      "occurredAt": "2026-08-15T19:51:00.853Z",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-15T195056315Z",
        "ev_solana_rpc_2026-08-15T195056771Z",
        "ev_jupiter_2026-08-15T195100853Z",
        "ev_jupiter_2026-08-15T195055849Z"
      ]
    },
    {
      "id": "obs_volume_context_5",
      "kind": "volume_context",
      "statement": "24h DEX volume of $750,025 implies 0.97x turnover of pooled liquidity.",
      "metric": {
        "name": "volume_24h_usd",
        "value": 750025,
        "unit": "USD"
      },
      "occurredAt": "2026-08-15T19:51:00.853Z",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-15T195056315Z",
        "ev_solana_rpc_2026-08-15T195056771Z",
        "ev_jupiter_2026-08-15T195100853Z",
        "ev_jupiter_2026-08-15T195055849Z"
      ]
    }
  ],
  "evidence": [
    {
      "id": "ev_solana_rpc_2026-08-15T195056315Z",
      "sourceId": "solana_rpc",
      "sourceType": "onchain",
      "title": "SPCXx token supply at slot 439497557",
      "url": "https://solscan.io/token/Xs3oZwbHvqis4NYcf4YKWmEia2eC84wSiVrcYcTqpH8",
      "publisher": "Solana mainnet (direct RPC)",
      "retrievedAt": "2026-08-15T19:50:56.315Z",
      "dataHash": "sha256:282de8888dc128196981c5caa6e6ab635c28685570f6b517dc702cc65d79b967",
      "reliability": "primary",
      "supportsClaimIds": [
        "clm_1",
        "clm_2",
        "clm_3",
        "clm_4"
      ]
    },
    {
      "id": "ev_solana_rpc_2026-08-15T195056771Z",
      "sourceId": "solana_rpc",
      "sourceType": "onchain",
      "title": "SPCXx largest token accounts",
      "url": "https://solscan.io/token/Xs3oZwbHvqis4NYcf4YKWmEia2eC84wSiVrcYcTqpH8#holders",
      "publisher": "Solana mainnet (direct RPC)",
      "retrievedAt": "2026-08-15T19:50:56.771Z",
      "dataHash": "sha256:0a33196a1a278329bf326d12aa1683484ae8f8a5583ff3645bd26f51054df11e",
      "reliability": "primary",
      "supportsClaimIds": [
        "clm_1",
        "clm_2",
        "clm_3",
        "clm_4"
      ]
    },
    {
      "id": "ev_jupiter_2026-08-15T195100853Z",
      "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": "2026-08-15T19:51:00.853Z",
      "dataHash": "sha256:d1daac1644e5fc77a2ed254d61919160839abd4dd0c0db0974ab95e5edb91ee0",
      "reliability": "high",
      "supportsClaimIds": [
        "clm_1",
        "clm_2",
        "clm_3",
        "clm_4"
      ]
    },
    {
      "id": "ev_jupiter_2026-08-15T195055849Z",
      "sourceId": "jupiter",
      "sourceType": "market",
      "title": "SPCXx pooled liquidity and 24h volume (DexScreener unavailable)",
      "url": "https://lite-api.jup.ag/tokens/v2/search?query=Xs3oZwbHvqis4NYcf4YKWmEia2eC84wSiVrcYcTqpH8,XsueG8BtpquVJX9LVLLEGuViXUungE6WmK5YZ3p3bd1,XsbEhLAtcf6HdfpFZ5xEMdqW8nfAvcsP5bdudRLJzJp",
      "publisher": "Jupiter price service",
      "retrievedAt": "2026-08-15T19:50:55.849Z",
      "dataHash": "sha256:97869f9026b1764e2069765a6820e52d7f462f19deb8fd0a36a3ce06c388f30b",
      "reliability": "medium",
      "supportsClaimIds": [
        "clm_1",
        "clm_2",
        "clm_3",
        "clm_4"
      ]
    }
  ],
  "claims": [
    {
      "id": "clm_1",
      "statement": "SPCXx circulating supply is 559,998.396 tokens, verified against Solana RPC.",
      "type": "fact",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-15T195056315Z",
        "ev_solana_rpc_2026-08-15T195056771Z",
        "ev_jupiter_2026-08-15T195100853Z",
        "ev_jupiter_2026-08-15T195055849Z"
      ],
      "confidence": 0.95
    },
    {
      "id": "clm_2",
      "statement": "SPCXx trades at -87.4bps versus the SPCX reference price ($139.33305671681978 vs $140.5615).",
      "type": "calculation",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-15T195056315Z",
        "ev_solana_rpc_2026-08-15T195056771Z",
        "ev_jupiter_2026-08-15T195100853Z",
        "ev_jupiter_2026-08-15T195055849Z"
      ],
      "confidence": 0.9
    },
    {
      "id": "clm_3",
      "statement": "Tracked DEX liquidity is $771,609 with $750,025 of 24h volume across 0 pools.",
      "type": "fact",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-15T195056315Z",
        "ev_solana_rpc_2026-08-15T195056771Z",
        "ev_jupiter_2026-08-15T195100853Z",
        "ev_jupiter_2026-08-15T195055849Z"
      ],
      "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_2026-08-15T195056315Z",
        "ev_solana_rpc_2026-08-15T195056771Z",
        "ev_jupiter_2026-08-15T195100853Z",
        "ev_jupiter_2026-08-15T195055849Z"
      ],
      "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": "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.",
    "Sources unavailable this cycle: dexscreener: [dexscreener] HTTP 429 from https://api.dexscreener.com/latest/dex/tokens/Xs3oZwbHvqis4NYcf4YKWmEia2eC84wSiVrcYcTqpH8."
  ],
  "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_01M03FMJ5NKD5CBF9M",
    "agentVersion": "metis-agent/0.2.0",
    "modelRecords": [
      {
        "provider": "heuristic",
        "model": "deterministic-templates",
        "purpose": "synthesis",
        "promptVersion": "heuristic-1",
        "completedAt": "2026-08-15T19:51:15.786Z"
      },
      {
        "provider": "heuristic",
        "model": "deterministic-templates",
        "purpose": "verification",
        "promptVersion": "heuristic-1",
        "completedAt": "2026-08-15T19:51:20.341Z"
      }
    ],
    "sourceSnapshotHash": "sha256:50546bf406b8126db622c3185f75ccd3aa006fcfbb716858ab6069569b1201a7",
    "contentHash": "sha256:f07a9387ebc4436e73df03534945e7b6137c95f7b4ba2512b485a7f5b30e1f6d"
  },
  "publication": {
    "canonicalUrl": "https://metisagent.co/research/spcxx-trades-87-4bps-below-the-spcx-reference-price-2026-08-15-195120",
    "publishedAt": "2026-08-15T19:51:20.790Z",
    "updatedAt": "2026-08-15T19:51:20.790Z"
  },
  "distribution": []
}