USDY NAV basis, live market price vs official redemption rate
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.
TL;DR. As of , 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.
USDY is Ondo's yield-bearing tokenized treasury note, one of the largest RWA tokens by float. Its official value is the redemption rate Ondo publishes (the NAV a redeeming holder receives), but its price on the open market is whatever the pools say. This page measures the gap live: the Orca USDY/USDC whirlpool on Solana (the deepest genuine venue, about $2.9M) and the Pyth market composite, each against the Pyth redemption rate feed, every 60 seconds, keyless on every leg. A persistent negative basis means the market discounts the NAV (liquidity preference, exit friction); a positive one means buyers pay a premium over redemption value. Most tokenized treasuries (OUSG, BUIDL, BENJI) are transfer-restricted and never trade on open pools, so their NAV can never be market-tested; USDY is the rare one where the question is measurable at all.
Methodology
Every 60 seconds the harness reads the Ondo redemption rate and the Pyth USDY/USD market composite from one Hermes call, and the Orca USDY/USDC whirlpool price from one Solana getAccountInfo (sqrtPrice decoded from the account bytes). Basis = (market - NAV) / NAV in signed basis points per venue. No keys, no transactions.
Frequently asked
Does USDY trade at its NAV?
Close to it, with a measurable basis that this page tracks live. At verification the Orca pool sat within a few bps of the redemption rate and the Pyth market composite about 10bps under. A persistent discount reflects exit friction and liquidity preference, not a broken product; the point is that it is now measured instead of assumed.
Why only two venues?
Because genuine USDY liquidity is rarer than the token's float suggests. The Arbitrum Camelot pool is drained and excluded (232 USDY left, price frozen well under NAV), and most other tokenized treasuries never trade openly at all. Two honest venues beat five misleading ones.
What does a negative basis mean?
The market prices USDY under its redemption value. Redeeming through Ondo takes time and has minimums, so sellers who want out now accept a small discount. The size and persistence of that discount is exactly what this bench publishes.
Why is USDY measurable when OUSG and BUIDL are not?
OUSG, BUIDL and BENJI are transfer-restricted: they move between allowlisted addresses and cannot trade on open AMMs, so no market price exists to compare against NAV. USDY circulates freely and has genuine pools, which makes it the one tokenized treasury where the NAV question can be answered by measurement.
Source code github.com/ChainBench/OpenChainBench/tree/main/harnesses/usdy-nav-basis