Uniswap v4 hook tokenized equities Robinhood Chain

The market closes at four. The pool never does.

Tokenized stocks trade 24/7. The real stock doesn't. Gapguard charges the base fee while NYSE is open, and while it's closed makes every swap pay for the gap risk it creates — most of all the swaps that push price away from the last close.

NYSE · regular session computed like MarketClock.sol

CLOSED

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Eastern Time

Opens in

§ 01 — The gap

On the weekend of 29–31 August 2026 a memecoin routed its main liquidity against tokenized Hims & Hers on Robinhood Chain. Every dollar of meme demand became a forced bid for the stock wrapper — while the exchange was shut, the issuer couldn't mint, and there was no live price to arbitrage against. And the pools' fees didn't change when the market closed. Nothing priced the gap.

NYSE close$28.84

Onchain print$61.15

+112% premium, gone within hours of minting reopening.

§ 02 — The problem, measured

Most trading happens after the bell.

Not one weekend: every Uniswap v4 pool holding a Robinhood stock token, measured onchain over three weeks that start the morning after the HIMS squeeze.

Largest move while closed · per closure, each stock's main USDG pool, vs its last open-market price

§ 03 — Live pool

Read straight from the chain.

Every 15 seconds: the hook's own clock, the fee it would charge each way, and how far the pool sits from its time-weighted last-close anchor, and what the hook has earned.

Awaiting deployment

Hook says market is—isMarketOpen()

Buy the stock—quoteFee(id, ·)

Sell the stock—quoteFee(id, ·)

Drift from anchor—stock price, from ticks

Last close anchor—anchorTick(id) · time-weighted

Pool tick now—PoolManager.extsload · slot0

The hook, demo pool and tokens go live when script/Deploy.s.sol is broadcast. Addresses are read from web/config.js; until then this panel stays empty on purpose.

Hook revenue

awaiting deployment

The hook's 15% of closed-market surcharges builds up as ERC-6909 claims on the PoolManager. collect turns claims into tokens, distribute books them to the two fixed recipients, withdraw pays out.

Anyone can trigger this — funds only go to the recipients shown. Each step is simulated before you sign.

§ 04 — How it works

Cheap to restore the peg. Expensive to stretch it.

Deployed parameters, from script/Deploy.s.sol. All immutable.

MarketSwap directionBuyer paysSplit

Open Either way. The last-close anchor follows prices that hold during market hours. 0.30% All to LPs. Hook: nothing.

Closed Toward the anchor 0.50% LPs 0.47% · hook 0.03% (15% of the 0.20% surcharge)

Closed Away from the anchor — or either way at zero drift 0.50% + driftmin((|drift| + 50 ticks) × 0.002%, 4.50%) · 0.60% at zero drift · max 5.00% LPs 85% of the surcharge · hook 15%

Closed Any swap ≤ 100 ticksmax price move per swap (~1%) · larger swaps revert Bigger repricing takes several swaps

Everything is an LP fee. The surcharges are set through v4's dynamic fee override before the swap, so they accrue along the swap's path to the liquidity that actually filled it. There's no lump-sum payout for just-in-time liquidity to grab, and quoteFee doesn't depend on swap size.

Splitting doesn't make it cheaper. While closed, one swap can move the price at most 100 ticks. Drift is priced at the midpoint of a full step (distance + 50 ticks), so many small swaps never cost less than one swap at the limit — at most ~0.1% more.

The anchor is time-weighted. Prices that hold during market hours reach full weight after 30 minutes, so a push just before the close barely moves it. Closed-market prices carry no weight.

Base 0.30% · closed surcharge +0.20% · drift 0.002% per tick (≈1 bp of price) of (distance + 50), capped at +4.50% · contract hard cap on base + surcharges 10% · hook's share 15% of the surcharge, taken out of it (LP fee = base + surcharge − hook share; hard cap 20%), booked as ERC-6909 claims, turned into tokens by collect, split 30% protocol / 70% pool operator via pull-based distribute/withdraw. Session 09:30–16:00 ET with US daylight saving; NYSE holidays and 13:00 early closes are computed by rule, so the calendar never expires.

Pool's distance from the anchor before the swap +0.0%

900 ticks · market closed · drift cap reached at 2,200 ticks (≈ +24.6%) · each swap moves ≤ 100 ticks

Toward the anchor 0.50% restores the peg, no drift

Away from the anchor 0.60% pays for the risk it adds

Limits, stated plainly

Size while closed. A closed-market swap that would move the price more than ~1% reverts, and the standard v4 router can't partially fill, so the largest trade is roughly the pool's depth over 1%. Quoters simulate the hook, so aggregators see the revert and route elsewhere. If LPs pull liquidity for the weekend the pool gets thin — that's the point, but it's a real constraint.
Approximate quote. The hook's share is charged on the swap's unspecified amount (the output for exact-input swaps), so quoteFee is off by a hair.
Fixed forever. Unscheduled closures or new NYSE holidays read as open unless listed at deployment. A stock split needs more repricing than the closed-market limit allows until the market reopens.

§ 05 — Weekend replay

Same squeeze. Different winners.

30 one-way buys of 1.6 quote tokens while the market is closed, through two identically-funded pools: a static 0.30% pool and a Gapguard pool. Each buy is routed in ≤100-tick steps. Measured onchain from LP fee growth and the hook's balance, valued in quote tokens at the post-swap price. Per-buy output of forge test --mc ReplaySeries -vv.

Premium over last close: +118.6%+113.6%
LP income: 0.1441.83412.7×
All-in cost to buyers: 0.30%4.43%
Hook revenue: 00.289

Premium over the last close

Cumulative all-in cost to buyers (quote tokens, LPs + hook) · per buy below

Buy 30 of 30

Per-buy data

§ 06 — Safety

Nobody can turn the dial.

No ownerNo admin, no pause, no proxy. Nothing to upgrade, nothing to seize.
ImmutableEvery fee parameter, the unscheduled-closure list and both fee recipients are fixed at construction.
≤ 10%MAX_TOTAL_FEE caps base + surcharges, checked in the constructor.
≤ 20%MAX_SKIM_BIPS caps the hook's share — taken out of the surcharge, never on top and never from the base fee.
≤ 100 ticksWhile closed, maxClosedMoveTicks caps how far one swap can move the price, enforced in afterSwap.
onlyPoolManagerEvery hook callback rejects any caller but the v4 PoolManager; ETH is only accepted from it.
Dynamic feeafterInitialize reverts unless the pool is a dynamic-fee pool.
No LP accessLiquidity permission bits are unset. The hook can't touch positions.
Pull payoutsThe hook's share is booked as ERC-6909 claims; anyone can collect, recipients withdraw. One can't block the other.
No oracleThe session clock runs from block.timestamp: DST, NYSE holidays and early closes by rule. No keeper, no list to expire.
Reviewed ×3Reviewed adversarially three times. Every confirmed finding is fixed and pinned by a test.
Locked demo LPThe demo pool's liquidity sits in an add-only holder: it can never be removed. Demo tokens are worthless by design.