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Layered price exposure
A stock-paired coin carries two prices at once. Here is how they combine and what it means for your position.
Two layers
A coin on owned has a stock price (how many shares one coin is worth on its curve) and the stock has a USD price (what one share trades for). Your position in USD is the product of the two:
coin value (USD) = coins held × shares per coin × USD per share
That means two independent things move your balance:
| Layer | Driven by | Example |
|---|---|---|
| Coin vs stock | Buying and selling on the curve or DAMM v2 pool | A wave of buys lifts a coin from 0.0000040 to 0.0000060 NVDAx (+50%) |
| Stock vs USD | The real-world equity market | NVDA rallies 5% after earnings; NVDAx follows |
If both move in your favour, the effects compound. If they move against each other they partly cancel. A coin can be "up" in shares and "down" in dollars at the same time; the chart on every token page can be switched between the two units so you can see which layer is moving.
What rewards are worth
Fees are paid in the stock, so a reward of 0.05 NVDAx is worth whatever 0.05 shares of NVIDIA trade for when you sell or hold it. Rewards do not depend on the coin's price after they are earned: once a fee has been swept to the treasury it is yours in shares, even if the coin later goes to zero.
Stock tokens trade 24/7, markets do not
The US stock market is open roughly 9:30 to 16:00 Eastern on weekdays. xStocks and Backpack Securities tokens trade on Solana around the clock. Outside market hours the token price floats on DEX supply and demand and can drift from the last official close; it tends to snap back when the market reopens. The Stocks page shows market status and the next open for every asset.
Leveraged and unusual assets
Some supported tokens are leveraged ETFs (for example TQQQx, three times the daily Nasdaq-100 move). Coins paired with them inherit that amplified second layer. Treat them accordingly.
Graduation thresholds are fixed in shares
A coin's graduation target is set in shares when its config is created (the share equivalent of $10,000 at that time). If the stock then rises, the coin graduates at a higher USD value; if it falls, at a lower one. owned refreshes configs when the drift exceeds 15%, but a coin keeps the config it launched on. See Graduation.