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Data & methodology

Markets covers Backpack tokenized stocks. Here is what each number means and what it leaves out.

Tokenized value

An estimate of the Backpack tokens we track, not the value of the underlying companies.

For Backpack, price × minted supply on Solana after burns, including issuer-held tokens. This is a total-supply estimate of tokenized value, not the underlying companies’ market cap. We have not independently verified circulating supply or excluded issuer inventory. Prices can use Backpack’s stock reference; see Prices & supply below.

Missing values are left out, not counted as zero. When no compatible observed pair is available, a display-only estimate may use Backpack’s last stock reference (up to 96 hours old) × freshly checked minted supply (up to 20 minutes old). Supply must have verified units; a price before a known unit adjustment or a conflicting comparable price blocks the estimate. Stock reference estimates retain separate price and supply dates and never qualify holder eligibility or current portfolio valuation. During a delayed update, tokenized value may use a validated price and supply pair observed no more than 15 minutes apart and retained for up to 24 hours. These estimates are marked delayed and keep their original observation times; they are not current trading quotes. Current coverage and observation times are available in the Markets metric help buttons.

Prices & supply

We prefer Backpack’s external stock reference when available. It reflects external stock-market data, not the token’s DEX execution price. Fallbacks use DefiLlama or a tracked DEX pool. Each value keeps its source and observation time.

When a current comparable 24-hour return is unavailable, we can display the most recent valid paired historical stock price and return from Backpack’s completed, traded hourly candles. The older return is shown with its matching close and original date, never attached to a newer price. Each pair compares an actual traded close with a close exactly 24 hours earlier; if no valid pair exists, the change stays unavailable. These dated references can remain visible for up to 96 hours, with their original times. They are not live token quotes and do not enter current portfolio valuation or holder eligibility.

The 24-hour change follows the selected source. Backpack’s fractional return is converted to a percentage and checked against its starting and ending prices when available. It uses a rolling 24-hour window, which can differ from the stock exchange’s daily change. Open a token’s page for its source and timestamp. Prices are observations, not guaranteed buy or sell quotes.

Tracked tokens: the number of tokens in the verified Backpack listings we track. The count follows supported new listings automatically; it does not mean every token has price or volume data.

Supply counts minted units on Solana, including issuer-held tokens. We verify token addresses and decimals. Wallet balances also use verified display-unit adjustments; minted supply and displayed wallet balances can differ.

Issuer comparison

This comparison is not currently published. The prepared view compares Birdeye’s rolling 24-hour USD token turnover for tracked Backpack, xStocks and Ondo tokens on Solana, using the same source and calculation. It excludes other chains and unrelated Ondo lending or yield products.

Each verified mint is counted once within its issuer. A comparison is shown only when every tracked token has a valid observation, collected within one hour, with provider observation times no more than six hours apart and none older than 24 hours. New tracked listings are included in these checks. Missing data is never zero.

Percentages describe the compared tracked tokens, not the entire Solana market. Trades involving two tracked tokens may count on both sides. The view retains source timestamps and does not combine Birdeye turnover with pool totals or issuer issuance and redemption activity.

DEX volume

Birdeye token turnover: market summaries, token rows and token detail pages use Birdeye’s reported rolling 24-hour USD volume. All tracked Backpack tokens refresh in one collection round, approximately every 21 hours at the current token count. A round can take up to 20 minutes; rolling source windows therefore differ slightly. Only a validated round that checks the full token list replaces the previous data, together across summaries and token rows. An explicit unavailable response is excluded from the sum and shown in coverage; it is never zero or an older token value. Failed requests or malformed responses prevent publication of that round. Transient failures get at most two additional attempts, with CU reserved before each retry. A new listing starts a replacement catalog pass; until it completes, the last validated pass can remain visible with the new token excluded and coverage marked incomplete. All provider and collection dates remain unchanged. Removed or changed mint identities invalidate the prior pass. The interval increases as listings grow to stay within the free allowance. Older records from before this policy keep their original source timestamps. “Collected” is when Float retrieved the data. “Oldest source data” is Birdeye’s earliest included observation time, which can remain older after a successful collection. Each figure covers the 24 hours before its source observation, not before page load. Last successful observations can remain for up to 72 hours, with delayed data identified. Missing values remain unavailable.

The 24h volume summary adds those token figures. A trade involving two tracked tokens may appear in both, so this is not a deduplicated market-wide DEX total. Birdeye totals are never added to tracked-pool totals. Coverage and provider filters can differ from other platforms; we do not claim every DEX or trade is covered.

Pool cross-checks: we retain the dollar value traded in tracked pools during each source’s 24-hour window separately. These checks do not fill missing Birdeye values or change the displayed token totals.

Volume selection is separate from pool discovery. We compare pool-level USD observations on the configured 24-hour basis, using current observations before saved ones. DEX Screener and GeckoTerminal provide rolling-volume data; compatible direct venue observations can also be selected. Raydium remains a discovery and identity source, but its day.volume statistic is excluded from volume selection and conflict checks until its differing calculation is reconciled. A direct API is not automatically more accurate.

Our observed inventory also includes Manifest, ZeroFi and HumidiFi through indexers. New venues discovered by those sources remain eligible after the same token-identity checks. We include checked Solana pairs, including Stonkfun pairs where stock tokens are exchanged for newly launched coins. This activity does not necessarily mean investors are buying more stock exposure.

Coverage is partial. Exchange trades, direct issuer trades and quote-based trades outside tracked pools are excluded. Full private market-maker coverage is not verified.

When the source is tracked pools, markets display an observed-volume sum of qualified pool observations. Unresolved pools are excluded, and incomplete coverage is identified beside the market summary and in token details. This observed sum is not a complete DEX total. A market-wide sum counts shared pools once, rather than adding token-row totals. If an update fails, a valid earlier pool observation may remain visible for up to 24 hours with its original timestamp. We check backup sources and retry automatically. Each pool is counted once, even when several sources report it. Open a token’s Sources & timestamps for its coverage status; a displayed volume does not guarantee complete coverage.

We do not apply our own wash-trading filter. Trades made to inflate activity may be included. Sources may use different filters, so totals can differ from other platforms.

If sources disagree by more than 25% and $1,000, or one reports zero while another reports at least $1, we withhold that pool’s volume. A previously active pool reporting zero through an indexer requires a current compatible venue confirmation or agreement from two current indexers. A dash means no reliable amount is available. If only zero-volume observations are known while other pools are unresolved, the display stays a dash rather than suggesting zero total activity. Collection times and source windows can differ; backups do not guarantee complete coverage.

Each pool counts once in the market total. A shared pool can appear under two token rows—do not add those rows together. Updates happen at different times, so the total is not a synchronized live figure.

Holding wallets

Each wallet with a positive balance of a tracked Backpack token counts once, even if it holds several Backpack tokens.

Wallets are not people. One person may use several wallets; exchanges, pools and issuers also hold tokens. Counts come from Solana token accounts and have not been verified against an independent provider.

Checks run daily and are requested again when verified Backpack listings change. Collection runs in the background and can take several minutes. Only a complete count matching the current token list replaces the previous count. Failed or missed checks are retried automatically; the last successful count keeps its original date.

Trends appear after seven observed days. Missing days stay as gaps. A change in tracked tokens starts a new trend. A 30-day percentage needs a real count from 30 days earlier.

Shared charts & portfolios

Charts save Backpack’s external stock-market hourly closes with a post. They are stock references, not token trade prices. Empty hours stay as gaps. Charts do not update after posting. These prices have not been independently cross-checked. The saved time is when Float retrieved the chart, not when the stock last traded.

Portfolio snapshots show estimated value percentages for Backpack tokens in one verified wallet. Other assets and wallets are excluded. No wallet address, quantity or total value is published.

We check holdings when preparing a snapshot and require recent prices and matching units for every included token. Snapshots use Backpack’s external stock prices and freshly checked, adjusted wallet balances. Missing prices, stale data or mismatched units block sharing. Percentages are rounded to one decimal place and saved with the post; they are not investment returns.

Charts prepare when you choose a stock; snapshots prepare when you add one. Portfolio sharing requires your approval before posting. Prepared attachments expire after ten minutes and refresh while the composer remains open. Published snapshots keep their original timestamps. The saved date on a portfolio is its holdings check time; its prices may have been observed earlier.

Trading

New trades are currently paused while we resolve the production RPC issue. Existing order records remain available for recovery.

Trading balance shows funds in the connected wallet’s standard token accounts for this pair. Tokens held in other accounts or locked accounts are excluded. Refresh after moving funds; the order checks your balance again.

Where enabled, trades use Jupiter routes between USDC and verified Backpack tokens. The trading quote is separate from the stock reference chart. You review the minimum received and costs before approving in your wallet.

Float adds no platform fee. Route fees, Solana network fees and token-account costs can still apply. Some tokens or amounts have no supported route.

Signing in proves you control a wallet; it does not approve a trade. Float never asks for your seed phrase. Your wallet address and trade request are sent to Jupiter and Solana RPC to prepare and check the transaction.

Private order records let you check a trade after a connection drops. Float stores your wallet address, order details and transaction signature; these are not added to your public profile. Sign-in lasts 24 hours. Resolved records are eligible for removal after 30 days; unresolved orders are kept for recovery. Blockchain transactions are public and cannot be deleted.

Updates & missing data

A dash means missing data, not zero. Backpack reference prices are scheduled every minute, independently of pool collection; failed responses back off. When needed, hourly history is checked about once an hour per token in rotating groups of at most four per minute. Empty responses never replace a valid price. New verified listings join the same schedule automatically. Minted supply refreshes in rotating groups about every 15 minutes and is considered current for 20 minutes. Pool collections are scheduled about every five minutes. Known-pool updates and new-pool discovery are separate. Discovery uses bounded rotating scans. An independent record of observed pool addresses detects omissions and prioritizes recovery; part of each scan remains reserved for tokens not recently checked. Publication checks verify that collected observations reach the site. Provider limits, indexing delays and scheduler delays can postpone updates. Saved prices and pool figures may remain visible for up to 24 hours while updates run. Wallet counts follow the daily rules above.

The value tooltip separates the latest Backpack check, the oldest included supply check and the oldest value input. A successful check does not make an older price current. If Backpack revises a previously retained hourly candle to zero volume and zero trades, we use the last actual traded close and preserve its original time. An earlier timestamp without that explicit evidence cannot replace a newer reference.

Open a token’s “Sources & timestamps” for its observation times. Saved volume covers the 24 hours before that observation, not necessarily the latest 24 hours.

New Backpack listings are discovered automatically from its official asset list and checked on Solana before appearing in Markets and Add chart. Discovery or pricing delays can leave new listings temporarily unavailable. Other chains and unclear token identities are excluded. Markets covers Backpack only. Anyone can read community conversations. Only verified Backpack holders can post, reply or vote. We do not send your exact wallet balance to market-data sources.

Holding a token does not prove shareholder rights or backing. Voting, dividends, redemption and eligibility depend on the issuer. Membership rules →

Token vs stock volume

The comparison updates once daily after a New York calendar day is complete. Five tokens are selected using the latest available 24-hour Markets volume at collection, then sorted by their matched-day dollar volume. The selection stays fixed for that snapshot; it can differ from the newer rolling 24-hour ranking in the token list. Open Data & methodology on the card for the selection time and next scheduled collection in your local time zone. This is a comparison of selected active tokens, not an exhaustive historical ranking of every token. New verified listings enter the selection automatically. Missing observations are excluded, never assigned zero. Weekly and monthly comparisons need complete matched history and are not available yet; period controls appear when those data are available.

Both sides cover the same completed New York calendar day: midnight to midnight, with daylight saving time respected. Daily collection starts at 09:15 UTC (6:15 PM Korea time), with a recovery run at 12:15 UTC (9:15 PM Korea time); completion can be delayed by the runner or providers. Backpack volume comes from Birdeye historical hourly USD volume. Empty hourly intervals are not synthesized into trades. Token volume is not independently wash-trade filtered.

US stock volume comes from Alpaca’s historical consolidated SIP trade feed. Dollar volume is the sum of eligible trade price × shares, with canceled and incorrect prints excluded and corrected replacements retained. Each displayed stock’s shares and trade count match the provider’s daily totals. This includes reported extended-hour trades across US venues, not only the listing exchange; separate overnight feeds are excluded.

The percentage is Backpack dollar volume divided by US stock dollar volume. Above 100%, it is shown as a multiple. This compares trading activity, not market share. Both bars within a stock use the same dollar scale; scales differ between stocks. The figures are provider-reported and not an independent audit of all trades. They differ from the rolling 24-hour observations elsewhere in Markets. Verified daily comparisons are retained for up to 90 days. Use the date arrows or calendar to inspect a previous trading day; weekends are not replaced with earlier stock volume. On weekends and holidays, zero US stock volume is shown only when the official Alpaca calendar confirms closure and the SIP tape is empty; a ratio is then unavailable. A failed run retains the last verified date and displays an update delay. Collection is quota-bounded and failure is reported by the scheduled workflow; page visits never call data providers.

Trading activity

Dates marked “Recovered UTC day” use Birdeye historical hourly USD volumes for a completed midnight-to-midnight UTC day. Recovery queries the full verified token scope for that day. Empty token histories are disclosed as excluded, not zero. These calendar-day totals are identified separately from rolling snapshots; they do not replace the current market summary or token-list observations.

The latest chart snapshot uses the same observations as the volume summary and token list. Dates follow the latest included source observation in UTC, with its time and coverage shown. Crossing midnight does not turn retained data into a new day. An hourly job saves the newest eligible snapshot for each source day; older observations cannot overwrite newer ones. Earlier records may retain the first snapshot saved before this policy changed. Each bar shows rolling 24-hour volume, not a calendar-day trade total. Do not add adjacent bars to calculate weekly or monthly volume. Different observation times or token coverage can change totals, so snapshot changes are not automatically daily growth. Missing dates remain gaps.

For pool-based composition, each verified pool is counted once. A pool between two tracked Backpack tokens is split equally between those tokens so the contributions add up to the displayed market total. These contributions can differ from an individual token’s volume. Unresolved pools are excluded. For Birdeye, composition uses token turnover; the same trade can appear on both token sides. Different volume bases are never combined into one history.

Sources

Alpaca — historical consolidated US stock trades in the token-versus-stock comparison.

Issuer references

  • Backpack — issuer information and product terms.

Token-specific source records remain on each token’s page.