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

Quick answer: A hedge can hit the listed US share when someone buys or sells cash against synthetic inventory; a secondary token trade, a Classic app balance, or a perp book that no one hedges does not automatically move the stock.

Research classification. Not trading advice. Not for US persons. Not the cash stock. Authenticate the contract before mapping any token to a US ticker. See classification / methodology.

Cash hedge

Query: How can a stock token or equity perp move the listed stock?

Where the hedge lands

Cash stock is the listed US share. NYSE / Nasdaq hours apply — regular session, extended hours, overnight, weekend, and US equity holidays. Synthetics can trade when cash is dark. Inventory can gap into the next open. This monitor asks whether a cash or extended hedge can execute now; it does not treat a stale last print as proof that a hedge already printed.

What can hit the listed share

  • RHJ create/redeem. The strongest mechanical bridge for Asset Stock Tokens is Δ underlying collateral ≈ Δ effective Stock Token supply. That path is AP-only.
  • External perp hedge. Lighter and Arcus books net to zero. Cash impact exists only if someone buys or sells the listed share (or an equivalent cash hedge) against that inventory.

Hedge fraction 0/25/50/100% is a scenario shown on the tape, not a measured fill. 25% and 50% are the working range versus cash ADV.

What does not automatically buy the stock

  • A secondary DEX buy of an Asset Stock Token. Token-rich prints can be secondary-market only.
  • A Classic Europe-app balance. Not withdrawable, not on-chain inventory.
  • A Coinbase B20 secondary trade. Separate rail; do not fold its supply into RHJ collateral.
  • An unofficial ticker copy. No create/redeem. Attention only.
  • Perp volume that is churn — open interest that did not add. Long plus short still nets to zero.

How rank uses this

Combined rank is the max of Inventory (perp OI / cash ADV), New risk (ΔOI / today's cash $ volume, or ADV if closed), and Collateral (Δ official effective supply notional / ADV). Carry and Forced are shown and stay out of the default rank. Attention never mixes into those three. Missing feeds stay blank, never zero.

Full event tree and formulas: classification / methodology. Worked name: NVDA.

Sources

theperps.trade methodology (collateral bridge; perp hedge is external; hedge fraction is a scenario; rank buckets; missing feeds blank). Robinhood Chain Stock Tokens docs (AP-only primary).