How Afterbell works out what it shows

What you hold

A tokenized stock is not the same thing as a share. What the token gives you depends on who issued it and how it is built. Afterbell shows a plain label and a short summary for each issuer, taken from the issuer's own public documents.

• Each label links to the sources it came from, with the date we last checked them.
• The summary is an editorial reading, not legal advice. The issuer's documents are the source of truth.
• Issuers can change their terms. If the date looks old, read the source first.
• Where an issuer limits who may hold or buy, we show that before you act.

The registry is open. Issuers are in registry/issuers.json and tokens in registry/tokens.json. An entry without a source and a check date does not pass validation, and every mint address is checked on-chain with pnpm registry:check.

Liquidity depth

The depth meter asks Jupiter for three buy quotes: $100, $1,000, and $10,000 of USDC into the token. For each one we compute the effective price, meaning USDC paid per token received.

The impact at each size is how much worse its effective price is than the $100 price. If a bigger order gets a better price, we show 0.

• Deep: under 0.5% at $10,000.
• Medium: under 2% at $10,000.
• Thin: 2% or more at $10,000.

These thresholds are starting values. They were chosen from the slippage range commonly reported for these tokens during US market hours, not fitted to a data set. We will change them as we collect evidence, and this page will change with them.

Why not use Jupiter's own price impact? Some routes quote a firm price from a market maker and report an impact near zero, which would make every token look deep. Comparing effective prices works for every route.

Quotes are cached for about 10 seconds and shared between requests, so many visitors do not multiply the load. A quote is a snapshot. It is not a promise that you will get that price.

US market status

Afterbell works out whether the US market is open on your device. It uses the regular NYSE session, 09:30 to 16:00 New York time on weekdays, and a built-in list of NYSE holidays and early closes.

• The holiday list covers 2026 to 2028. Outside that range we say the hours are unknown rather than guess.
• The tokens trade on Solana around the clock. When the US market is closed, there is no live stock price to anchor to, so the token price follows on-chain demand and can drift from the last stock price.
• We do not show pre-market or after-hours stock prices.

Premium and discount

Premium or discount means how far the token trades above or below the stock it tracks. We show it only when we have a free, licensed source for the stock price. We do not scrape prices from websites.

Right now we have no such source, so the page says “Not available”. A missing number is more honest than a guessed one.

Fees

Before you sign, the review screen lists every cost we know about:

• Network fee: paid in SOL to Solana validators. Neither Afterbell nor Jupiter receives it.
• Afterbell fee: a small fee in basis points (1 bps is 0.01%). It is shown only when Jupiter's own quote confirms that it applies. If the quote does not confirm it, we show 0 and do not charge it. Per Jupiter's published terms, Jupiter keeps 20% of an integrator fee.
• Jupiter platform fee: charged by Jupiter on some routes. Afterbell does not receive it.
• Price impact and slippage: price impact is Jupiter's estimate. Slippage tolerance is the most the price may move against you before the swap is cancelled. Your minimum received is shown.

Ethereum swaps

Tokens listed under “Ethereum” trade through Uniswap v3 on Ethereum mainnet. The rules above apply with these differences:

• Route: a single Uniswap v3 pool. Afterbell asks Uniswap's on-chain quoter for the standard fee tiers (0.01%, 0.05%, 0.3%, 1%) and uses the one that pays the most. A pool with a different fee tier would not be found.
• Depth: measured the same way, with Uniswap quotes. Where the pool cannot fill an order size at all, the page says so instead of showing a number.
• Decimals: read from the token contract when you open the page, not typed into the registry.
• Approval: Uniswap must be allowed to move your tokens. Afterbell asks for the exact amount of that swap, not unlimited access. It is a separate transaction that costs a network fee, and you may see two wallet requests.
• Network fee: paid in ETH to Ethereum validators and estimated from the simulation and the current gas price. It can be high when the network is busy, and a failed swap still costs it.
• Afterbell fee: 0 bps on Ethereum.
• Price impact: not shown on the review screen, because the quoter reports no market reference price. Use the depth meter.
• Checks: the approval and the swap are each run as a read-only call from your address before your wallet is asked to sign. A pass is a check, not a guarantee.

The token list for Ethereum is in registry/evm-tokens.json. Each contract address carries its source and check date. Some of these tokens adjust balances for corporate actions, and how that interacts with a Uniswap pool has not been verified by Afterbell.

Checks before you sign

1. Afterbell asks Jupiter for a quote that includes your wallet address.
2. It runs the transaction as a simulation on Solana. Nothing is sent. If the simulation fails, we say why and you do not sign.
3. Your wallet shows its own approval request. Only you can sign, and Afterbell never sees your keys.
4. The signed transaction goes to Jupiter for sending. If the result is unclear, we check the status on-chain and give you an explorer link.

A passing simulation is a check, not a guarantee. Prices can move between the check and the moment the swap lands.

What Afterbell does not do

• It does not hold your funds, keys, or tokens.
• It does not give investment advice or rate tokens.
• It does not show balances that sit outside a wallet's standard token account. See Help.
• It does not stay available in every region. Where buying and selling are off, you can still read everything.
• It does not yet cover every tokenized stock. A token appears only after its mint or contract address comes from an official issuer source.