{ "note": "How much Stock Token activity happens outside the US market session, measured by exdate rather than assumed. Each run samples a short window of Transfer logs across all 194 tokens and records its rate and the ET session it fell in; a GitHub Action runs it hourly. The published share is a rate weighted by the clock hours each session occupies in a week, so an uneven sampling schedule biases it less than a pooled count would. Refresh with node scripts/measure-session-share.mjs.", "chainId": 4663, "sessionsAreDefinedIn": "America/New_York", "method": "share = mean transfers/second in a session x that session hours per week, normalised across the five sessions", "notMeasured": [ "Market holidays and half-days are counted as ordinary weekday sessions: no holiday calendar is used.", "Each sample is a window of a few dozen seconds, so it is a sample of its hour and not a census of it.", "Only Transfer logs from the 194 Stock Tokens are counted. A transfer proves custody moved, not that a trade happened; provableTrades is the subset that also moves USDG in the same transaction." ], "firstSampleAt": "2026-09-03T07:48:09.000Z", "lastSampleAt": "2026-09-04T22:19:33.000Z", "sampleCount": 40, "easternHourOfWeekSlotsCovered": 39, "easternHourOfWeekSlots": 168, "minSamplesPerSession": 3, "sufficient": false, "notComputed": [ { "field": "transferShare / provableTradeShare", "reason": "insufficient_session_coverage", "detail": "every session needs at least 3 samples; still short: weekend (0)" } ], "transferShare": null, "provableTradeShare": null, "pooledOffHoursShareOfSampledTransfers": 0.6586, "briefClaim": { "value": 0.46, "text": "the kickoff brief asserts ~46 % of transfers happen outside NYSE hours, weekends included", "source": "kickoff brief, unverified by exdate until this file says sufficient: true" }, "sessions": [ { "session": "pre_market", "label": "pre-market 04:00-09:30 ET", "offHours": true, "hoursPerWeek": 27.5, "samples": 12, "transfersSampled": 41909, "secondsSampled": 486, "transfersPerSecondMean": 86.655, "transfersPerSecondMin": 24.6, "transfersPerSecondMax": 171.789, "provableTradesPerSecondMean": 23.305 }, { "session": "regular", "label": "regular session 09:30-16:00 ET", "offHours": false, "hoursPerWeek": 32.5, "samples": 12, "transfersSampled": 62128, "secondsSampled": 489, "transfersPerSecondMean": 127.078, "transfersPerSecondMin": 59.683, "transfersPerSecondMax": 228.275, "provableTradesPerSecondMean": 29.404 }, { "session": "after_hours", "label": "after-hours 16:00-20:00 ET", "offHours": true, "hoursPerWeek": 20, "samples": 7, "transfersSampled": 37899, "secondsSampled": 280, "transfersPerSecondMean": 135.251, "transfersPerSecondMin": 90, "transfersPerSecondMax": 203.634, "provableTradesPerSecondMean": 36.25 }, { "session": "overnight", "label": "overnight 20:00-04:00 ET", "offHours": true, "hoursPerWeek": 40, "samples": 9, "transfersSampled": 40038, "secondsSampled": 364, "transfersPerSecondMean": 109.963, "transfersPerSecondMin": 37, "transfersPerSecondMax": 165.585, "provableTradesPerSecondMean": 26.781 }, { "session": "weekend", "label": "Saturday and Sunday", "offHours": true, "hoursPerWeek": 48, "samples": 0, "transfersSampled": 0, "secondsSampled": 0, "transfersPerSecondMean": null, "transfersPerSecondMin": null, "transfersPerSecondMax": null, "provableTradesPerSecondMean": null } ], "samples": [ { "observedAt": "2026-09-03T07:48:09.000Z", "session": "overnight", "easternHourOfWeek": 99, "fromBlock": 53252521, "headBlock": 53252920, "windowBlocks": 400, "windowSeconds": 41, "transfers": 1517, "transfersPerSecond": 37, "transactionsMovingAToken": 630, "provableTrades": 464, "provableTradesPerSecond": 11.317 }, { "observedAt": "2026-09-03T08:15:36.000Z", "session": "pre_market", "easternHourOfWeek": 100, "fromBlock": 53268649, "headBlock": 53269048, "windowBlocks": 400, "windowSeconds": 41, "transfers": 1644, "transfersPerSecond": 40.098, "transactionsMovingAToken": 583, "provableTrades": 468, "provableTradesPerSecond": 11.415 }, { "observedAt": "2026-09-03T08:30:20.000Z", "session": "pre_market", "easternHourOfWeek": 100, "fromBlock": 53277269, "headBlock": 53277668, "windowBlocks": 400, "windowSeconds": 41, "transfers": 1421, "transfersPerSecond": 34.659, "transactionsMovingAToken": 484, "provableTrades": 395, "provableTradesPerSecond": 9.634 }, { "observedAt": "2026-09-03T09:25:22.000Z", "session": "pre_market", "easternHourOfWeek": 101, "fromBlock": 53309526, "headBlock": 53309925, "windowBlocks": 400, "windowSeconds": 40, "transfers": 984, "transfersPerSecond": 24.6, "transactionsMovingAToken": 374, "provableTrades": 295, "provableTradesPerSecond": 7.375 }, { "observedAt": "2026-09-03T10:23:22.000Z", "session": "pre_market", "easternHourOfWeek": 102, "fromBlock": 53343563, "headBlock": 53343962, "windowBlocks": 400, "windowSeconds": 41, "transfers": 1246, "transfersPerSecond": 30.39, "transactionsMovingAToken": 459, "provableTrades": 391, "provableTradesPerSecond": 9.537 }, { "observedAt": "2026-09-03T11:19:11.000Z", "session": "pre_market", "easternHourOfWeek": 103, "fromBlock": 53376299, "headBlock": 53376698, "windowBlocks": 400, "windowSeconds": 40, "transfers": 2347, "transfersPerSecond": 58.675, "transactionsMovingAToken": 556, "provableTrades": 450, "provableTradesPerSecond": 11.25 }, { "observedAt": "2026-09-03T12:33:45.000Z", "session": "pre_market", "easternHourOfWeek": 104, "fromBlock": 53419950, "headBlock": 53420349, "windowBlocks": 400, "windowSeconds": 42, "transfers": 3862, "transfersPerSecond": 91.952, "transactionsMovingAToken": 1325, "provableTrades": 1193, "provableTradesPerSecond": 28.405 }, { "observedAt": "2026-09-03T13:22:50.000Z", "session": "pre_market", "easternHourOfWeek": 105, "fromBlock": 53448540, "headBlock": 53448939, "windowBlocks": 400, "windowSeconds": 41, "transfers": 6788, "transfersPerSecond": 165.561, "transactionsMovingAToken": 2108, "provableTrades": 1898, "provableTradesPerSecond": 46.293 }, { "observedAt": "2026-09-03T14:24:08.000Z", "session": "regular", "easternHourOfWeek": 106, "fromBlock": 53483841, "headBlock": 53484240, "windowBlocks": 400, "windowSeconds": 44, "transfers": 6581, "transfersPerSecond": 149.568, "transactionsMovingAToken": 2187, "provableTrades": 1707, "provableTradesPerSecond": 38.795 }, { "observedAt": "2026-09-03T15:24:33.000Z", "session": "regular", "easternHourOfWeek": 107, "fromBlock": 53518684, "headBlock": 53519083, "windowBlocks": 400, "windowSeconds": 41, "transfers": 2447, "transfersPerSecond": 59.683, "transactionsMovingAToken": 688, "provableTrades": 569, "provableTradesPerSecond": 13.878 }, { "observedAt": "2026-09-03T16:24:06.000Z", "session": "regular", "easternHourOfWeek": 108, "fromBlock": 53553106, "headBlock": 53553505, "windowBlocks": 400, "windowSeconds": 42, "transfers": 6072, "transfersPerSecond": 144.571, "transactionsMovingAToken": 1268, "provableTrades": 970, "provableTradesPerSecond": 23.095 }, { "observedAt": "2026-09-03T17:20:04.000Z", "session": "regular", "easternHourOfWeek": 109, "fromBlock": 53585050, "headBlock": 53585449, "windowBlocks": 400, "windowSeconds": 43, "transfers": 5582, "transfersPerSecond": 129.814, "transactionsMovingAToken": 1524, "provableTrades": 1346, "provableTradesPerSecond": 31.302 }, { "observedAt": "2026-09-03T18:27:12.000Z", "session": "regular", "easternHourOfWeek": 110, "fromBlock": 53623609, "headBlock": 53624008, "windowBlocks": 400, "windowSeconds": 42, "transfers": 3034, "transfersPerSecond": 72.238, "transactionsMovingAToken": 1057, "provableTrades": 904, "provableTradesPerSecond": 21.524 }, { "observedAt": "2026-09-03T19:16:46.000Z", "session": "regular", "easternHourOfWeek": 111, "fromBlock": 53652985, "headBlock": 53653384, "windowBlocks": 400, "windowSeconds": 41, "transfers": 4766, "transfersPerSecond": 116.244, "transactionsMovingAToken": 1210, "provableTrades": 1027, "provableTradesPerSecond": 25.049 }, { "observedAt": "2026-09-03T20:20:28.000Z", "session": "after_hours", "easternHourOfWeek": 112, "fromBlock": 53691046, "headBlock": 53691445, "windowBlocks": 400, "windowSeconds": 37, "transfers": 4842, "transfersPerSecond": 130.865, "transactionsMovingAToken": 1774, "provableTrades": 1608, "provableTradesPerSecond": 43.459 }, { "observedAt": "2026-09-03T21:19:32.000Z", "session": "after_hours", "easternHourOfWeek": 113, "fromBlock": 53725600, "headBlock": 53725999, "windowBlocks": 400, "windowSeconds": 40, "transfers": 6121, "transfersPerSecond": 153.025, "transactionsMovingAToken": 1840, "provableTrades": 1389, "provableTradesPerSecond": 34.725 }, { "observedAt": "2026-09-03T22:20:04.000Z", "session": "after_hours", "easternHourOfWeek": 114, "fromBlock": 53761483, "headBlock": 53761882, "windowBlocks": 400, "windowSeconds": 41, "transfers": 3690, "transfersPerSecond": 90, "transactionsMovingAToken": 988, "provableTrades": 836, "provableTradesPerSecond": 20.39 }, { "observedAt": "2026-09-03T23:18:00.000Z", "session": "after_hours", "easternHourOfWeek": 115, "fromBlock": 53795930, "headBlock": 53796329, "windowBlocks": 400, "windowSeconds": 40, "transfers": 5290, "transfersPerSecond": 132.25, "transactionsMovingAToken": 1321, "provableTrades": 1138, "provableTradesPerSecond": 28.45 }, { "observedAt": "2026-09-04T00:54:25.000Z", "session": "overnight", "easternHourOfWeek": 116, "fromBlock": 53853212, "headBlock": 53853611, "windowBlocks": 400, "windowSeconds": 40, "transfers": 2384, "transfersPerSecond": 59.6, "transactionsMovingAToken": 845, "provableTrades": 694, "provableTradesPerSecond": 17.35 }, { "observedAt": "2026-09-04T01:28:27.000Z", "session": "overnight", "easternHourOfWeek": 117, "fromBlock": 53873444, "headBlock": 53873843, "windowBlocks": 400, "windowSeconds": 41, "transfers": 6130, "transfersPerSecond": 149.512, "transactionsMovingAToken": 2113, "provableTrades": 1918, "provableTradesPerSecond": 46.78 }, { "observedAt": "2026-09-04T02:30:08.000Z", "session": "overnight", "easternHourOfWeek": 118, "fromBlock": 53910124, "headBlock": 53910523, "windowBlocks": 400, "windowSeconds": 40, "transfers": 3840, "transfersPerSecond": 96, "transactionsMovingAToken": 1149, "provableTrades": 963, "provableTradesPerSecond": 24.075 }, { "observedAt": "2026-09-04T03:25:31.000Z", "session": "overnight", "easternHourOfWeek": 119, "fromBlock": 53942975, "headBlock": 53943374, "windowBlocks": 400, "windowSeconds": 41, "transfers": 6789, "transfersPerSecond": 165.585, "transactionsMovingAToken": 1471, "provableTrades": 1284, "provableTradesPerSecond": 31.317 }, { "observedAt": "2026-09-04T04:26:22.000Z", "session": "overnight", "easternHourOfWeek": 120, "fromBlock": 53979014, "headBlock": 53979413, "windowBlocks": 400, "windowSeconds": 39, "transfers": 5196, "transfersPerSecond": 133.231, "transactionsMovingAToken": 1224, "provableTrades": 1118, "provableTradesPerSecond": 28.667 }, { "observedAt": "2026-09-04T05:21:41.000Z", "session": "overnight", "easternHourOfWeek": 121, "fromBlock": 54011823, "headBlock": 54012222, "windowBlocks": 400, "windowSeconds": 41, "transfers": 4290, "transfersPerSecond": 104.634, "transactionsMovingAToken": 1173, "provableTrades": 1021, "provableTradesPerSecond": 24.902 }, { "observedAt": "2026-09-04T06:35:24.000Z", "session": "overnight", "easternHourOfWeek": 122, "fromBlock": 54055495, "headBlock": 54055894, "windowBlocks": 400, "windowSeconds": 41, "transfers": 5242, "transfersPerSecond": 127.854, "transactionsMovingAToken": 1318, "provableTrades": 1194, "provableTradesPerSecond": 29.122 }, { "observedAt": "2026-09-04T07:24:18.000Z", "session": "overnight", "easternHourOfWeek": 123, "fromBlock": 54084418, "headBlock": 54084817, "windowBlocks": 400, "windowSeconds": 40, "transfers": 4650, "transfersPerSecond": 116.25, "transactionsMovingAToken": 1246, "provableTrades": 1100, "provableTradesPerSecond": 27.5 }, { "observedAt": "2026-09-04T08:29:43.000Z", "session": "pre_market", "easternHourOfWeek": 124, "fromBlock": 54123211, "headBlock": 54123610, "windowBlocks": 400, "windowSeconds": 38, "transfers": 6528, "transfersPerSecond": 171.789, "transactionsMovingAToken": 2067, "provableTrades": 1836, "provableTradesPerSecond": 48.316 }, { "observedAt": "2026-09-04T09:24:09.000Z", "session": "pre_market", "easternHourOfWeek": 125, "fromBlock": 54155440, "headBlock": 54155839, "windowBlocks": 400, "windowSeconds": 40, "transfers": 5190, "transfersPerSecond": 129.75, "transactionsMovingAToken": 1709, "provableTrades": 1476, "provableTradesPerSecond": 36.9 }, { "observedAt": "2026-09-04T10:22:12.000Z", "session": "pre_market", "easternHourOfWeek": 126, "fromBlock": 54189915, "headBlock": 54190314, "windowBlocks": 400, "windowSeconds": 41, "transfers": 3405, "transfersPerSecond": 83.049, "transactionsMovingAToken": 972, "provableTrades": 770, "provableTradesPerSecond": 18.78 }, { "observedAt": "2026-09-04T11:19:52.000Z", "session": "pre_market", "easternHourOfWeek": 127, "fromBlock": 54224144, "headBlock": 54224543, "windowBlocks": 400, "windowSeconds": 41, "transfers": 4945, "transfersPerSecond": 120.61, "transactionsMovingAToken": 1536, "provableTrades": 1304, "provableTradesPerSecond": 31.805 }, { "observedAt": "2026-09-04T13:21:27.000Z", "session": "pre_market", "easternHourOfWeek": 129, "fromBlock": 54296287, "headBlock": 54296686, "windowBlocks": 400, "windowSeconds": 40, "transfers": 3549, "transfersPerSecond": 88.725, "transactionsMovingAToken": 992, "provableTrades": 798, "provableTradesPerSecond": 19.95 }, { "observedAt": "2026-09-04T14:21:35.000Z", "session": "regular", "easternHourOfWeek": 130, "fromBlock": 54331930, "headBlock": 54332329, "windowBlocks": 400, "windowSeconds": 37, "transfers": 4600, "transfersPerSecond": 124.324, "transactionsMovingAToken": 1182, "provableTrades": 922, "provableTradesPerSecond": 24.919 }, { "observedAt": "2026-09-04T15:21:33.000Z", "session": "regular", "easternHourOfWeek": 131, "fromBlock": 54367469, "headBlock": 54367868, "windowBlocks": 400, "windowSeconds": 41, "transfers": 4756, "transfersPerSecond": 116, "transactionsMovingAToken": 1386, "provableTrades": 977, "provableTradesPerSecond": 23.829 }, { "observedAt": "2026-09-04T16:23:32.000Z", "session": "regular", "easternHourOfWeek": 132, "fromBlock": 54404262, "headBlock": 54404661, "windowBlocks": 400, "windowSeconds": 37, "transfers": 4441, "transfersPerSecond": 120.027, "transactionsMovingAToken": 1006, "provableTrades": 776, "provableTradesPerSecond": 20.973 }, { "observedAt": "2026-09-04T17:18:45.000Z", "session": "regular", "easternHourOfWeek": 133, "fromBlock": 54436992, "headBlock": 54437391, "windowBlocks": 400, "windowSeconds": 40, "transfers": 9131, "transfersPerSecond": 228.275, "transactionsMovingAToken": 2287, "provableTrades": 2008, "provableTradesPerSecond": 50.2 }, { "observedAt": "2026-09-04T18:24:26.000Z", "session": "regular", "easternHourOfWeek": 134, "fromBlock": 54475884, "headBlock": 54476283, "windowBlocks": 400, "windowSeconds": 41, "transfers": 6157, "transfersPerSecond": 150.171, "transactionsMovingAToken": 2018, "provableTrades": 1826, "provableTradesPerSecond": 44.537 }, { "observedAt": "2026-09-04T19:15:27.000Z", "session": "regular", "easternHourOfWeek": 135, "fromBlock": 54506098, "headBlock": 54506497, "windowBlocks": 400, "windowSeconds": 40, "transfers": 4561, "transfersPerSecond": 114.025, "transactionsMovingAToken": 1659, "provableTrades": 1390, "provableTradesPerSecond": 34.75 }, { "observedAt": "2026-09-04T20:20:52.000Z", "session": "after_hours", "easternHourOfWeek": 136, "fromBlock": 54544980, "headBlock": 54545379, "windowBlocks": 400, "windowSeconds": 41, "transfers": 8349, "transfersPerSecond": 203.634, "transactionsMovingAToken": 2522, "provableTrades": 2261, "provableTradesPerSecond": 55.146 }, { "observedAt": "2026-09-04T21:18:35.000Z", "session": "after_hours", "easternHourOfWeek": 137, "fromBlock": 54579262, "headBlock": 54579661, "windowBlocks": 400, "windowSeconds": 41, "transfers": 5235, "transfersPerSecond": 127.683, "transactionsMovingAToken": 1909, "provableTrades": 1632, "provableTradesPerSecond": 39.805 }, { "observedAt": "2026-09-04T22:19:33.000Z", "session": "after_hours", "easternHourOfWeek": 138, "fromBlock": 54615419, "headBlock": 54615818, "windowBlocks": 400, "windowSeconds": 40, "transfers": 4372, "transfersPerSecond": 109.3, "transactionsMovingAToken": 1478, "provableTrades": 1271, "provableTradesPerSecond": 31.775 } ] }