{"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 official Ondo redemption rate published on Pyth, 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":"bps","status":"live","higherIsBetter":false,"filters":null,"value":0.999166,"leader":{"name":"Orca (Solana)","slug":"orca-solana","value":0.999166},"rankings":[{"name":"Orca (Solana)","slug":"orca-solana","ms":{"p50":0.999166,"p90":3.01154,"p99":3.01166,"mean":1.48951},"successRate":38.3333},{"name":"Pyth market composite","slug":"pyth-market","ms":{"p50":13.6279,"p90":15.991,"p99":18.7082,"mean":12.6663},"successRate":99.9479}],"sparkline":[3.01147,3.01147,3.01166,3.01166,3.01157,3.01157,3.01156,3.01156,3.01154,3.01154,3.01142,2.05537,2.05537,2.05537,2.05537,2.05537,2.05537,2.05537,2.05537,2.05537,2.05537,2.05537,2.05537,2.05537,0.999167,0.999167,0.999167,0.999167,0.999167,0.999167,0.999166,0.999166,0.999166,0.999166,0.999166,0.999165,0.999165,0.998808,0.998492,0.994875,0.994853,0.993828,0.993828,0.986267,0.986266,0.966953,0.966953,0.96564,0.96564,0.96541,0.96541,0.96541,0.965436,0.965436,0.939692,0.939692,0.939692,0.939692,0.93973,0.93973,0.93973,0.93973,0.93973,0.93973,0.939748,0.939748,1.23742,1.23742,1.23737,1.23721,1.23721,1.23721,1.23721],"sampleSize":0,"asOf":"2026-07-14T20:24:48.891Z","headline":"Orca (Solana) leads nav basis at 0.0100% (24h avg) on USDY NAV basis, live market price vs official redemption rate.","quote":"Orca (Solana) leads nav basis at 0.0100% (24h avg) on USDY NAV basis, live market price vs official redemption rate. Source: OpenChainBench (https://openchainbench.com/benchmarks/usdy-nav-basis).","cite":{"plain":"OpenChainBench. \"USDY NAV basis, live market price vs official redemption rate\". Retrieved 2026-07-14. 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 2026-07-14}\n}","apa":"OpenChainBench. (2026). USDY NAV basis, live market price vs official redemption rate. Retrieved July 14, 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  - 2026-07-14\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: the Pyth Hermes feed Crypto.USDY/USD.RR (the redemption rate Ondo publishes onchain), fetched keyless. The same Hermes call carries the Pyth USDY/USD market composite, which doubles as a venue row.","Market leg, Orca: the USDY/USDC whirlpool on Solana (~$2.9M, the deepest genuine USDY pool anywhere), price decoded straight from getAccountInfo bytes (sqrtPrice u128 at offset 65, both mints 6 decimals). Keyless against a public RPC.","Basis: signed, (market - NAV) / NAV x 10000. Negative = the market discounts the NAV. The ranking sorts by absolute basis; the sign is the story and both are displayed.","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 rate rises daily, so a naive USD peg comparison would show permanent drift. Comparing against the live RR feed removes that by construction."],"license":"CC-BY-4.0"}