Methodology

Every number on this site is measured from the tape, never reported by an issuer. equities.wtf is the market-structure layer for on-chain equity exposure: we capture prints, books, funding, transfers and supply events ourselves, compute every metric from that capture, and publish the misses alongside the hits. No issuer money, no venue money, no paid listings.

How each number is made

24/7 composite: Median of per-venue median prices across every venue printing the name, rolled to 1-minute bars. No venue weighting — reported volume can be washed, so it never weights anything.
Basis / depeg: Signed spread of each instrument vs the latest official reference close, in bps. Spot-backed tokens beyond their threshold are flagged as depegs. Names with no US listing show n/a — undefined, honestly, never zero.
Session hours & countdowns: One NYSE calendar (holidays, half-days, DST-correct), mirrored byte-for-byte between the ClickHouse products, the API (/v1/calendar), and this dashboard. Never a hardcoded weekend check.
Exposure: Spot AUM = on-chain token supply × live price. Perp OI = open notional marked to the tape. CEX token supply cannot be measured, so CEX exposure is NOT summed in — its 24h traded volume is reported separately, labelled as such.
Liquidity: Walked from real order-book snapshots: resting notional within ±5/10/25/50 bps of mid and estimated slippage for a $100k order. Bookless venues simply do not appear — coverage is sparse-honest, never extrapolated from reported volume.
Implied borrow: Perp funding annualized per venue cadence. The implied side only — the tradfi sec-lending baseline is a stated gap until that feed is sourced.
Corp-action forensics: Reference splits from the licensed feed vs each venue's declared on-chain supply events and observed price ratio. A venue that keeps printing at pre-split scale gets a public verdict, not a silent correction.
Tracking error: RMSE / mean / stdev of per-minute basis vs the reference — fidelity over time, not a point-in-time spread. Consistent index-scale bias is flagged (SCALE?), never silently rescaled.
Flows & holders: Mint/burn and supply deltas measured from transfer logs, in exact token units. Holder counts are raw; dust-adjusted holders and concentration are Phase 4 and will be labelled when they land.
Freshness: Every venue's capture lag is itself measured and published (/v1/freshness). Stale venues are flagged in red wherever their numbers appear — nothing on this site is silently frozen.

What we refuse to fakegaps, stated

CEX market cap — we cannot measure CEX token supply, so it is excluded from exposure totals and reported as 24h volume, separately.
Per-venue 24h volume and perp OI on the instrument page — their rollup endpoints are pending; the cells say so instead of guessing.
Sec-lending baseline for implied borrow — an external paid feed we have not sourced; the implied side is published alone.
Dust-adjusted holders — raw counts only until the Phase-4 holders job lands.
Historical basis replay on the heatmap — derivable from rollups but not yet served; the board shows the latest snapshot, timestamped.

Decimals are exact end-to-end: the API emits prices as exact decimal strings and this dashboard renders them verbatim — numbers are used for pixels and derived statistics only. The whole dashboard is a client of the same free public API anyone can hit; there is no private data path.

Methodology