GL-02 · Robinhood Chain · 2026-09-22 · 7 min
Stock perps on Robinhood Chain, against the oracle
Three prices for one share: the perp, the token and the Chainlink feed. How far apart they sit, and why.
On Robinhood Chain one share of Nvidia has three prices at any moment. Lighter lists an NVDA perpetual that settles in USDG. Lighter also lists NVDA/USDG, a spot market for the stock token itself. And Chainlink publishes an NVDA/USD feed on the same chain. This note explains why the three disagree, by how much, and which one to trust at a given hour.
Three prices per share, live
Lighter API and Chainlink on Robinhood Chain
| Stock | Perp mark | Token, per share | Chainlink | Feed age | Perp vs feed | Token vs perp |
|---|---|---|---|---|---|---|
| SPY | … | … | … | … | … | – |
| QQQ | … | … | … | … | … | – |
| NVDA | … | … | … | … | … | – |
| TSLA | … | … | … | … | … | – |
| AAPL | … | … | … | … | … | – |
| AMZN | … | … | … | … | … | – |
| MSFT | … | … | … | … | … | – |
| META | … | … | … | … | … | – |
| GOOGL | … | … | … | … | … | – |
| COIN | … | … | … | … | … | – |
| PLTR | … | … | … | … | … | – |
How the Chainlink feed moves
The feed does not stream. Its operators write a new answer to the chain when the price moves more than a set threshold from the last answer, or when a heartbeat runs out. For every equity feed on Robinhood Chain that Glassy reads, Chainlink's directory lists a 0.5% deviation threshold, a 24 hour heartbeat and a 24/5 schedule: around the clock on weekdays, closed at the weekend.
That design lets the feed sit up to 50 bps away from the market without writing anything. An old answer is expected behaviour. The feed age column above tells you how long ago the last write happened; during a quiet session it can read in hours.
The stock token carries a multiplier
A stock token does not always stand for one share. Lighter's API reports a multiplier for each token market: NVDA/USDG read 1.000775 on 22 September 2026, so one token stood for a little more than one share. To compare the token with the perp, divide the token price by the multiplier:
Skip that step and NVDA shows a phantom premium of about 8 bps between spot and perp, which disappears once you convert. The terminal and the table above use the per-share price.
Basis against the feed
With the perp's mark price and the feed's last answer, the basis in bps is
Read it together with the feed age. A basis of 30 bps with a feed written ninety seconds ago means the perp trades rich. The same 30 bps against a feed that has not moved since the morning measures how far the market went without the feed. Once the gap passes the 50 bps threshold, expect a write soon.
Weekends
The perps trade seven days a week. The feeds and the stocks behind them stop on Friday night. Over the weekend the feed stays flat and the book carries price discovery by itself: news that lands on a Saturday moves the NVDA perp on Lighter while the feed waits for Monday. For those hours the book is the one live price you have, and its spread and depth matter more than usual. The terminal shows both for each stock market, next to the same perp on Lighter's Ethereum instance and, where they list it, Hyperliquid's HIP-3 markets and Aster.
What to watch
- Feed age together with basis. A fresh feed and a wide basis point to a premium in the book.
- Token against perp. Both settle in the same dollar on the same chain, so a gap that lasts is the price of holding one instead of the other.
- The spread on the token book. Stock token books on Robinhood Chain run thinner than the perps, so size costs more there.