Execution & market hours
When the shares part is swapped instantly, and when it is queued and batched.
Two ways to execute
Stock Tokens track real stocks, so Sheaf only swaps when the real market can back the price.
Instant swap
The shares part is swapped on Uniswap and delivered in the same transaction when both are true:
- the US market is open (NYSE regular session, 9:30 to 16:00 America/New_York, weekdays, excluding holidays);
- the pool price is inside a band around the Chainlink price, for example 1%.
Queue and batch
If either condition fails, the shares part stays in USDG in your queue. At the next market open, the whole queue executes in one batch, at the same price for everyone in it.
The Chainlink price band
The band protects you from a thin or moving pool. Sheaf compares the Uniswap execution price with the Chainlink reference price. If the difference is larger than the band, the swap does not happen; the amount waits for the batch instead.
When the feed is frozen
Outside market hours (nights, weekends, holidays) or when a stock is halted, the Chainlink feed does not update. Sheaf treats a frozen feed as "market closed" and queues.
Summary
| Situation | Result |
|---|---|
| Market open, pool liquid, price in band | Instant swap, same transaction |
| Slippage above the band | Queued, batched later |
| Feed frozen or stock halted | Queued, batched at reopen |
| Stock Token frozen or paused by the issuer | Paid in USDG, receiver notified |
| Payment under $5 | Accumulated until the threshold |