The quote is only
half the story.
See what your tokenized stock trade really costs. Uncover the premium hiding between the share price and the price you pay on-chain.
calculations
evidence
premiums
- You pay
- $778.05
- Pool impactYour trade moves the pool price
- $0.30(0.04%)
- Wrapper premiumThe gap above the underlying share
- $4.34(0.56%)
- Real S&P 500 price
- $773.41
Source: Pyth + Jupiter · captured on page load
Reference premiums · 18 Sep 2026. — indicates an unavailable feed.
Look a little closer.
Understand the gap. See the evidence.
Make a more informed trade.
Know your real cost
Choose a stock and trade size. Compare the underlying share price with the price you actually pay.
Open the calculatorSee the guard in action
Explore how a Solana program rejects a fill outside its permitted price band, with public transactions as proof.
Inspect the proofFollow the evidence
Read the investigation into wrapper premiums, including the experiment that challenged our first explanation.
Read the researchat the price you pay.
One trade.
Two different costs.
What is the wrapper premium?
The tokenized stock can trade above or below the underlying share. That difference is the wrapper premium, and it exists before your trade moves the pool price.
How is it different from price impact?
Pool impact measures how far your execution price moves from the pool’s own mid-price. The wrapper premium compares that mid-price with the underlying share. Together, they reveal the full price deviation.
Does Closing Bell execute trades?
The calculator measures prices using Pyth and Jupiter. The proof page separately demonstrates an execution guard on Solana devnet. No wallet is required to explore the data.