{"slug":"usdy-nav-basis","title":"USDY NAV basis, live market price vs official redemption rate","subtitle":"Signed basis between USDY's onchain market price and the redemption price Ondo publishes onchain, in basis points. Tokenized treasuries are the largest RWA segment; this is the live answer to whether the market actually prices the NAV.","category":"RWA","metric":"NAV basis","unit":"bp","status":"live","higherIsBetter":false,"filters":null,"value":10.4795,"leader":{"name":"Orca (Solana)","slug":"orca-solana","value":10.4795},"leaders":[{"name":"Orca (Solana)","slug":"orca-solana","value":10.4795},{"name":"Jupiter route (Solana)","slug":"jupiter-solana","value":10.4795}],"rankings":[{"name":"Orca (Solana)","slug":"orca-solana","ms":{"p50":10.4795,"p90":10.9305,"p99":10.9669,"mean":10.4591},"successRate":92.4306,"sampleSize":1331},{"name":"Jupiter route (Solana)","slug":"jupiter-solana","ms":{"p50":10.4795,"p90":10.9305,"p99":10.9669,"mean":10.4588},"successRate":92.4306,"sampleSize":1331}],"sparkline":[-9.74664,-9.74668,-9.75028,-9.75183,-9.75183,-9.75188,-10.4739,-10.4739,-10.4739,-10.4739,-10.4739,-10.4717,-10.4717,-10.4717,-10.4717,-10.4718,-10.4717,-10.4718,-10.4795,-10.4805,-10.5543,-10.5543,-10.5427,-10.5427,-10.5427,-10.5428,-10.5453,-10.5454,-10.5454,-10.0113,-10.011,-10.0113,-10.0113,-10.0113,-9.91107,-9.91103,-9.91103,-9.91095,-9.91095,-9.9112,-9.9112,-9.9112,-9.91123,-9.91132,-9.91141,-9.91138,-10.9197,-10.9198,-10.9265,-10.9266,-10.9266,-10.9305,-10.9305,-10.9304,-10.9304,-10.9303,-10.9332,-10.9337,-10.9336,-10.9338,-10.9337,-10.9336,-10.9297,-10.9296,-10.9296,-10.9296,-10.9295,-10.9291,-10.9291,-10.9669,-10.9662],"sampleSize":2662,"asOf":"2026-10-13T08:12:08.002Z","freshness":{"asOf":"2026-10-13T08:12:08.002Z","ageHours":0.1,"stale":false},"measured":2,"ranked":2,"headline":"Orca (Solana) and Jupiter route (Solana) both post the lowest NAV basis, tied at 10.5 bps (p50, 24h) across 2 ranked providers.","quote":"Orca (Solana) and Jupiter route (Solana) both post the lowest NAV basis, tied at 10.5 bps (p50, 24h) across 2 ranked providers. Source: OpenChainBench (https://openchainbench.com/benchmarks/usdy-nav-basis).","cite":{"plain":"OpenChainBench. \"USDY NAV basis, live market price vs official redemption rate\". Retrieved 2026-10-13. https://openchainbench.com/benchmarks/usdy-nav-basis","bibtex":"@misc{ocb_usdy_nav_basis,\n  author = {OpenChainBench},\n  title  = {USDY NAV basis, live market price vs official redemption rate},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/usdy-nav-basis},\n  note   = {Retrieved 2026-10-13}\n}","apa":"OpenChainBench. (2026). USDY NAV basis, live market price vs official redemption rate. Retrieved October 13, 2026, from https://openchainbench.com/benchmarks/usdy-nav-basis","ris":"TY  - GEN\r\nAU  - OpenChainBench\r\nTI  - USDY NAV basis, live market price vs official redemption rate\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/usdy-nav-basis\r\nY2  - 2026-10-13\r\nER  - \r\n"},"pageUrl":"https://openchainbench.com/benchmarks/usdy-nav-basis","ogImage":"https://openchainbench.com/api/og/usdy-nav-basis","source":"https://github.com/ChainBench/OpenChainBench/tree/main/harnesses/usdy-nav-basis","methodology":["NAV leg: getPrice() on Ondo's RWADynamicOracle for USDY (0xA0219AA5B31e65Bc920B5b6DFb8EdF0988121De0 on Ethereum), the redemption price the issuer publishes onchain, 18 decimals, read with one eth_call a minute. The Pyth Hermes RR feed served this leg until Hermes put price updates behind a key (2026-08-26).","Market legs, like for like: two executable prices for the same sale of 1,000 USDY into USDC (about $1,150 at the current NAV), quoted by Jupiter's public API (lite-api.jup.ag, keyless), out amount over in amount, fee and route impact included. Orca (Solana) is the quote restricted to the USDY/USDC whirlpool (the deepest genuine USDY pool); Jupiter route (Solana) is the best open route, which on 2026-09-23 filled on Manifest. USDC is taken at $1.00.","The whirlpool's own mid price (decoded from the pool account: sqrtPrice u128 at offset 65, both mints 6 decimals) is exported as usdy_pool_mid_price_usd for reference and charts, not ranked: a pool mid against an executable quote is not a fair comparison (the mid has no fee, the quote does).","Basis: signed, (market - NAV) / NAV x 10000. Negative = the market discounts the NAV. The ranking sorts by the 24h median of the absolute basis; the Signed column shows the live signed value. Every value query is gated on the venue's health flag, so a minute on which a leg failed contributes nothing.","Excluded, verified 2026-07-13: the Arbitrum Camelot USDY/USDC pool holds 232 USDY against 7M USDC, effectively drained, its stale price sitting ~345bps under NAV with near zero volume. Kept out of the ranking as the textbook example of why pool depth gates peg quality; revisited monthly.","Also not measurable, disclosed: OUSG, BUIDL and BENJI are transfer-restricted mint/redeem instruments with no genuine open pools, so no market test of their NAV exists to publish.","USDY is yield accruing: the redemption price rises daily, so a naive USD peg comparison would show permanent drift. Comparing against the live oracle price removes that by construction. One chain: both venues are on Solana, where USDY's open liquidity lives."],"license":"CC-BY-4.0"}