USDY NAV basis, live market price vs official redemption rate
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.
TL;DR. As of , 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.
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, like for like: the executable price of a 1,000 USDY sale into USDC on the Orca whirlpool (the deepest genuine venue) and on the best route Jupiter finds, each against the redemption price Ondo's own oracle publishes on Ethereum, every 60 seconds, on Solana. 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 USDY redemption price from Ondo's RWADynamicOracle on Ethereum (getPrice, one eth_call) and two executable prices for selling 1,000 USDY into USDC, both quoted by Jupiter's keyless API: one restricted to the Orca whirlpool, one on the best open route. Basis = (market - NAV) / NAV in signed basis points per venue; the table ranks the absolute basis and shows the sign beside it. A leg that fails publishes nothing, so a stale value never sits in the 24h median. Read only, no transactions. Until 2026-08-26 the NAV leg was the Pyth Hermes redemption-rate feed and the market legs a Pyth composite plus the raw Orca pool mid; Hermes now requires a key for price updates and the harness sat on frozen values for a month before the switch on 2026-09-23.
Results: 2 providers ranked by NAV basis (p50, 24h)
| № | Providers | p50 | Signed basis, live | Success |
|---|---|---|---|---|
| 1 | Orca (Solana) | 10.5 bps | -10.9 bps | 90.35% |
| 2 | Jupiter route (Solana) | 10.5 bps | -10.9 bps | 90.49% |
Frequently asked
Does USDY trade at its NAV?
Close to it, with a measurable basis that this page tracks live: Orca (Solana) at 10.5 bps and Jupiter route (Solana) at 10.5 bps from the redemption price Ondo publishes (24h median of the absolute basis). 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 in July 2026, 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