A tokenized stock on a Saturday is quoting Friday's price into an empty book
The oracle is not stale by its own definition — it reports the last real close, which is what it is for. Nothing else in the stack says the market behind that price will not open for 40 hours.
Tokenized equity markets close. The tokens never do. An agent trading a tokenized stock on Saturday is quoting Friday's price into an empty book, and nothing in its stack tells it so.
The oracle is not stale by its own definition. It is reporting the last real close, which is exactly what it is supposed to report. There is no staleness flag to trip, no error to catch, and no field anywhere in a standard integration that says the market behind this price will not open for another 40 hours.
The depth went home on Friday
The participants who would have quoted against a weekend order are not there. What remains is a thin, unrepresentative book that will absorb size far worse than the same book on Wednesday afternoon — while the position stays fully liquidatable the entire time.
That is why Crifine applies a session penalty to RWA slippage when the underlying venue is closed, and why `market_open` is always present on the result rather than folded silently into the number. You can strip the penalty back out and reason about the raw ladder yourself. You cannot do that if the adjustment is invisible.
Price is not one dimension here
Add redemption windows — the time and cost to convert a tokenized instrument back to cash — and price becomes a genuinely misleading single number. A position worth par that takes 65 hours to realize is not the same asset as a position worth par right now. Time-to-cash is a second dimension, and for RWA collateral it is often the binding one.
Borrowing against a tokenized equity over a weekend combines both problems: a liquidation path that runs through an absent book, and a redemption path that cannot start until Monday. Those belong in separate columns, not one collateral score.