{"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":10.5351,"leader":{"name":"Pyth market composite","slug":"pyth-market","value":10.5351},"rankings":[{"name":"Pyth market composite","slug":"pyth-market","ms":{"p50":10.5351,"p90":20.1511,"p99":24.6851,"mean":13.5601},"successRate":100,"sampleSize":40314},{"name":"Orca (Solana)","slug":"orca-solana","ms":{"p50":20.7438,"p90":21.099,"p99":21.1022,"mean":20.4994},"successRate":69.6317,"sampleSize":40307}],"sparkline":[-24.2193,-24.0946,-23.3453,-23.92,-24.0195,-15.7801,-16.3466,-15.3251,-22.9963,-19.9468,-21.4133,-19.9436,-19.8122,-19.9585,-19.9648,-19.9946,-20.0377,-20.0182,-19.9135,-19.8766,-19.7999,-20.004,-15.7102,-17.6646,-16.405,-17.0986,-16.2743,-13.8567,-15.9904,-16.2861,-15.4168,-15.5294,-15.7172,-15.7382,-15.6694,-16.8283,-8.16183,-8.98293,-9.2618,-9.09912,-8.94878,-8.12497,-8.6637,-8.77428,-8.72429,-7.80031,-9.24849,-8.56178,-9.74861,-8.99895,-8.26208,-8.94913,-8.76194,-8.57527,-8.74933,-8.71886,-8.46206,-8.6384,-8.4618,-8.63157,-7.96185,-9.26118,-8.27381,-7.64384,-8.962,-9.9485,-9.99867,-10.5861,-10.6364,-9.46125,-9.41178,-7.83708,-9.99832],"sampleSize":80621,"asOf":"2026-08-08T12:12:43.696Z","headline":"Pyth market composite leads nav basis at 0.11% (24h avg) on USDY NAV basis, live market price vs official redemption rate.","quote":"Pyth market composite leads nav basis at 0.11% (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 2026-08-08. 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 2026-08-08}\n}","apa":"OpenChainBench. (2026). USDY NAV basis, live market price vs official redemption rate. Retrieved August 8, 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  - 2026-08-08\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"}