Dateline withheldSpotGamma desk
THE PERPS.
SPOTGAMMA RESEARCH  •  VOL. 1  •  SYNTHETIC vs TAPE

Quick answer: Stock tokens can pull collateral. Perps only hit cash if someone hedges there. Copies move attention. Rank uses the max of Inventory (perp OI / cash ADV), New risk (ΔOI / cash volume), and Collateral (Δ official effective supply / ADV). Attention never mixes into those three. Hedge fraction is a scenario (0/25/50/100%), not a measurement.

Authenticate the contract before mapping any token to a U.S. ticker. RHJ Stock Tokens are economic exposure, not shareholder rights.

Classification

theperps.trade never treats every on-chain instrument that mentions a U.S. ticker as the stock. Official RHJ Stock Tokens, equity perpetual futures, and unofficial ticker copies have different mechanics and different cash-market bridges.

Official RHJ Stock Tokens

ERC-20s issued by Robinhood Assets (Jersey) Limited. Economic exposure, not shareholder rights. Represented as 1:1 backed by underlying equity at a U.S. custody partner. Primary subscription is AP-only (BBVI at issuance). Effective share-equivalent = raw token balance × uiMultiplier (ERC-8056). Dividends are reinvested into additional underlying, raising the multiplier.

Strongest mechanical cash-market bridge: Δ underlying collateral ≈ Δ effective Stock Token supply. A secondary-market token buy does not automatically buy cash shares.

Equity perpetual futures

Linear derivatives, no expiry. Long + short = zero net contract supply. Cash impact only if someone hedges externally. Funding is peer-to-peer (positive = longs pay shorts). Lighter uses mark vs index; mark drives liquidations. Index sources can include Chainlink, Stork, Pyth. Venues in this monitor: Lighter and Arcus on / adjacent to Robinhood Chain.

Unofficial / fake ticker tokens

Permissionless copies of names and symbols. No create/redeem bridge. Transmission is attention / ticker-confusion unless the contract authenticates against the RHJ canonical registry. Always authenticate the contract first. These rows never share official columns.

Nasdaq / DTCC tokenization

A different same-rights rail. It is not ingested and must not be conflated with RHJ tokens.

Ranking vs the cash tape

Combined transmission rank is the max of three visible buckets: Inventory (perp OI / cash ADV), New risk (ΔOI / today's cash $ volume, or ADV if today is closed), and Collateral (Δ official effective supply notional / ADV). Carry and Forced are shown but do not enter the default rank. Attention (unofficial ticker volume) is a different mechanism and cannot mix into those three. Missing or stubbed feeds are blank and excluded — not zero.

Event tree (labels, not a score)

  1. Is the token contract canonical RHJ?
  2. Did effective Stock Token supply increase?
  3. Did perp OI increase materially?
  4. Is funding extreme or persistent?
  5. Can a cash / extended-hours hedge execute now?
  6. Did listed stock flow move after the on-chain event?

Worked EXAMPLE — NVDA weekend inventory from the briefing.

  1. 1
    Is the token contract canonical RHJ?
    yesCanonical RHJ Stock Token

    Contract matches the RHJ registry. Economic exposure only — not shareholder rights. AP-only primary (BBVI at issuance).

  2. 2
    Did effective Stock Token supply increase?
    yesPossible new collateral demand

    Effective Stock Token supply rose. Strongest mechanical cash bridge is Δ underlying collateral ≈ Δ effective supply — a secondary DEX buy does not automatically buy cash shares.

  3. 3
    Did perp OI increase materially?
    yesMaterial OI add

    Open interest rose enough to matter. Long+short still nets to zero contract supply — cash impact only if someone hedges externally.

  4. 4
    Is funding extreme or persistent?
    yesFunding extreme / persistent

    Positive funding means longs pay shorts (peer-to-peer). Persistent rich funding raises the cost of carrying long inventory into the cash open.

  5. 5
    Can a cash / extended-hours hedge execute now?
    noCash closed — synthetic 24/7 vs listed dark

    Overnight/weekend: 24/7 perps and tokens keep trading while cash is closed. Inventory can gap into Monday.

  6. 6
    Did listed stock flow move after the on-chain event?
    noNo subsequent listed-stock confirmation

    On-chain prices moved without a matching cash print. Transmission is still hypothetical.