𝗛𝗔𝗥𝗠𝗢𝗡𝗜𝗖 𝗔𝗚𝗘𝗡𝗧: 𝗧𝗛𝗘 𝗡𝗜𝗚𝗛𝗧 𝗧𝗔𝗣𝗘 On 17 September the SEC opened the door to tokenized US stock trading through onchain liquidity pools. The week before, Vlad Tenev called this the start of a tokenization supercycle. And the number nobody quotes: most of the volume in tokenized equities this year has traded while the exchange that prints their price was shut, with no traditional market maker quoting. Harmonic Depth quotes through that. From today, it writes it down. Every number below is measured by the desk’s own sampler and served at The desk is at 𝟬𝟭. 𝗪𝗛𝗔𝗧 𝗛𝗔𝗣𝗣𝗘𝗡𝗦 𝗪𝗛𝗘𝗡 𝗧𝗛𝗘 𝗘𝗫𝗖𝗛𝗔𝗡𝗚𝗘 𝗦𝗛𝗨𝗧𝗦 A tokenized stock trades every hour. The exchange that prints its price trades six and a half of them. Harmonic Depth is a shared book, one per Stock Token on Robinhood Chain. It quotes around the clock, off the issuer’s last print. 𝟬𝟮. 𝗧𝗛𝗘 𝗧𝗔𝗣𝗘 Every ten minutes the sampler records what the book was quoting, the pool’s own price, and the print it was working from, marked open or shut by the New York clock. → regular hours only: 09:30 to 16:00 New York, the exchange’s own holidays and early closes observed → a quote is the middle of the book’s best bid and best ask → nothing is scored while the exchange is shut. A night in progress is pending, and the page says so 𝟬𝟯. 𝗛𝗢𝗪 𝗔 𝗡𝗜𝗚𝗛𝗧 𝗜𝗦 𝗦𝗖𝗢𝗥𝗘𝗗 At the next open, every quote of the night is measured in basis points from the first print that follows it. The issuer’s own close is measured from the same print. A night quote earns nothing by matching the close it was working from. It earns something only by landing nearer the open than the close did. The tape reports both, every night, whichever way it comes out. 𝟬𝟰. 𝗧𝗛𝗘 𝗔𝗙𝗧𝗘𝗥-𝗛𝗢𝗨𝗥𝗦 𝗪𝗜𝗗𝗧𝗛 While the exchange is shut the book quotes wider, in step with how long the last print has stood. → one times the band at the close → twice the band by twelve hours out, and never more → back to one the moment the exchange opens The band that holds a book still when the pool drifts off the print is untouched. 𝟬𝟱. 𝗧𝗛𝗘 𝗙𝗜𝗥𝗦𝗧 𝗡𝗜𝗚𝗛𝗧, 𝗠𝗘𝗔𝗦𝗨𝗥𝗘𝗗 [To be filled from /api/depth/night after Tuesday’s open.] → book: AAPL against USDG → shut for: __ hours → quotes on the tape: __ → the book at the open: __ bps above/below the opening print → the issuer’s close: __ bps above/below the opening print → nearer to the open: the book / the close 𝟬𝟲. 𝗧𝗛𝗘 𝗥𝗘𝗔𝗗𝗜𝗡𝗚 𝗧𝗛𝗔𝗧 𝗗𝗢𝗘𝗦 𝗡𝗢𝗧 𝗙𝗟𝗔𝗧𝗧𝗘𝗥 𝗜𝗧 A book that quotes through the night can be wrong through the night. On a weekend it works from a Friday print for sixty-five hours, and Monday’s open can land anywhere. The tape will show the nights the close was nearer, and there will be some. It measures where the book quoted. It does not promise where the stock goes. 𝟬𝟳. 𝗪𝗛𝗔𝗧 𝗜𝗧 𝗜𝗦 𝗣𝗥𝗢𝗩𝗘𝗡 𝗧𝗢 𝗗𝗢 Two rules in the bank, checked at every boot and queued to the prover: → the width is one in the session, rises with the closed clock, is exactly two from twelve hours on, and the band drawn from it never narrows and never passes the planner’s ceiling → every quote of a night is scored only against the first print that followed, the close against the same print, and a quote at the open scores zero 𝟬𝟴. 𝗪𝗛𝗔𝗧 𝗜𝗧 𝗖𝗢𝗦𝗧𝗦 Nothing new. A book costs a tenth of what it earns and nothing when it earns nothing. The tape is free to read. 𝟬𝟵. 𝗛𝗢𝗪 𝗧𝗢 𝗥𝗘𝗔𝗗 𝗜𝗧 → the block under the schedule → → on X or Telegram, say “depth AAPL” → Telegram: @HarmonicAgent_Bot 𝗠𝗔𝗧𝗛 𝗜𝗦 𝗧𝗛𝗘 𝗠𝗘𝗖𝗛𝗔𝗡𝗜𝗦𝗠.