Why can onchain and traditional prices differ?

A tokenized stock can trade onchain at a different price than the stock's last official close. That gap is real information — but only when you know where each number comes from.

Market hours

US stock markets close at 4pm ET and on weekends; onchain markets never close. News that breaks after hours moves onchain prices while the official price stays frozen at the close, creating a gap until markets reopen.

Liquidity

Onchain pools for tokenized stocks are much smaller than the stock market itself. Thin liquidity means the executable price moves further on each trade, and wide spreads make small gaps meaningless.

Reference feeds are not markets

Chainlink feeds publish a reference price that follows market data 24/5 — they are an oracle, not a venue you can trade on. Arrow labels every number by source and only calls something a premium or discount when it comes from an executable quote or a liquid pool.