The overnight, written down

US stocks stop. Robinhood stock tokens do not. The Gap is the difference, in basis points, and the two clocks that decide whether that difference can be closed.

What you are looking at

Every name on the board is a listed US stock or ETF that also exists as an ERC-20 on Robinhood Chain. The left number is the last cash print — Yahoo’s regular-market price, or the last close if the floor is shut. The right number is the token, taken from the deepest Uniswap USDG pool Dexscreener reports on that chain. The gap is (token − cash) / cash, in basis points.

Token rich means the overnight tape is above the cash last. Token cheap means it is below. Under eight basis points we call it flat. That is a reading, not a trade.

Two clocks

Cash hours are New York: 09:30–16:00, with premarket and after hours around them. Mint and redeem for the tokens run Monday 02:00 to Saturday 02:00 Europe/Paris, from Robinhood’s own docs. End users can still buy and sell the token when that window is shut. Authorised Participants cannot create or burn it.

So Friday night through Sunday the token is a closed-end book. Weekend volume still prints. Supply does not. When the cash market reopens, the two prices have to meet again. That meeting is the overnight.

On 4 September 2026, tokenized AMC printed about $4.09 against a $2.54 cash last in premarket — a 61% gap — while minting was still constrained. Historical. Not a forecast.

How to read the board

The lead is the widest name right now. The table is the rest, sorted by |gap|, volume, or ticker. 24h vol is token volume, not NYSE. A ticket on a row is a demo: you pick whether the next 09:30 cash print finishes above or below the token you see. It stays in this browser. Nothing is sent on-chain until that is built.

$GAP

One billion on Pons. No team mint. Liquidity locks at graduation. Ticket fees, when they are real, buy $GAP and burn it. Until a contract address is on the board, treat the token as reserved and the board as the product.

What this is not

Not a brokerage. Not the share. Stock Tokens are tokenized debt securities issued by Robinhood Assets (Jersey) Limited. They track economic exposure. They do not confer legal title, votes, or a claim on the company. They are not available to US persons. The Gap is not affiliated with Robinhood Markets, NYSE, or Nasdaq.