Research

Analysis written from the archive it sells.

Market structure and engineering, measured rather than asserted. Each post is built from captured source data and closes with SQL you can run locally on a scoped historical export.

EngineeringAug 27, 2026 · 8 min read

Every historical balance API on Robinhood Chain is wrong

Robinhood stock tokens keep raw ERC-20 balances static and express corporate actions through a multiplier. Any historical valuation that skips that term is arithmetically incorrect — and every provider we surveyed skips it. Here is the arithmetic, and the query that demonstrates it.

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Market structureAug 20, 2026 · 7 min read

Four prices, one stock

Every tokenized equity on Robinhood Chain has four prices that disagree by construction. Two are multiplier-adjusted and two are not. Mixing them is the most reliable way to produce a wrong number on this chain — and the spread between them is the signal nobody publishes.

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Market structureAug 13, 2026 · 6 min read

There is no tape

Robinhood Chain has six venues trading the same 200+ instruments and no canonical record of what any of them printed. In equities, the consolidated tape is the thing everyone cites. Here, asking what something traded at has no single answer.

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The research letter

One post a month, built from the archive.

Market-structure analysis and engineering notes, each with the queries to reproduce it. No product announcements, no schedule padding.