Same underlying
- GOLD
- XAUt
- PAXG
- XAUM
- CGO
Multiple tokens can represent the same underlying asset.
CMC RWA data · Real-world asset relative value
Same asset. Different wrappers. One desk call.
Basis Desk finds the liquid on-chain wrapper with the better relative price, then shows the liquidity, historical basis, and market context behind the call.
CMC tells you what tokenized wrappers exist. Basis Desk tells you which wrapper is actually interesting.
Judges: open the live SPY ticket. Today's Wait shows how far the gap is from a Prefer, and the last session that cleared both price gates sits on the same card. The Gold desk is the commodity case. The plan limit is on API feedback.
- Powered by CoinMarketCap RWA API
- RWA-native
- No wallet required
- RWA map
- Underlying identity
- 6 asset types
- Stock through real estate
- rwa_id
- Stable CMC key
- issuer → token
- Who wrapped it
- CMC API
- Quotes and history
Built on CoinMarketCap's RWA data model. Six documented types: stock, ETF, commodity, currency, government security, real estate.
The ticker is not the trade.
Different price
- $4,176
- $4,185
- $4,302
- $4,110
The lowest token price is not automatically the best trade.
Different liquidity
- $17B
- $280M
- $447K
- $7K
A cheap wrapper can simply be an illiquid wrapper.
From CMC data to a desk call
01
Resolve
rwa_id
02
Discover
tokens + issuers
03
Normalize
$/share or $/oz
04
Filter
core of the book
05
Compare
vs reference
06
Check
30d range
07
Call
Trade / Wait / Skip
See the desk think.
Numbers are the evidence. The ticket is the product.
- 1. Liquid reference
- 2. Liquidity trap
- 3. Basis history
- 4. Desk call
- 5. Execution context
Demo
Watch the desk call
Gold, then the equity desks. Same asset, the liquid core, and the Prefer, Skip, or Wait ticket.
One asset. One complete decision.
Illustrative Gold book. The live desk recomputes this from CMC.
- PAXG$4,176.82
- XAUt$4,185.77
- XAUM$4,302.10
- CGO$4,110.40
CGO looks cheapest
The raw sort stops here.
Volume is only $8k/day
Under the floor, and far below the lead book.
Liquidity trap
Cheap is not the trade.
XAUt and PAXG
The core of the book.
About 1 bp
Under the liquid reference.
Inside the 30-day range
Not a fade. The desk waits.
Desk call
Wait
Why Basis Desk
Wrapper-relative pricing
Compare tokenized representations of the same RWA instead of unrelated tokens.
Liquidity-aware
A cheap wrapper below the liquidity floor is treated as a trap, not automatically as an opportunity.
Historical context
A wide spread is not enough. Basis Desk checks whether today's gap is unusual relative to recent history.
CMC-native
RWA mapping, quotes, issuers, metadata and crypto history come directly from CoinMarketCap.
Powered by the CMC RWA stack
- /v5/real-world-assets/map
- /v5/real-world-assets/quotes/latest
- /v5/real-world-assets/market-pairs/list
- /v5/real-world-assets/info
- /v5/real-world-assets/issuers
- /v3/cryptocurrency/quotes/latest
- /v2/cryptocurrency/ohlcv/historical
- 01RWA map
- 02rwa_id
- 03RWA quotes
- 04tokens[]
- 05crypto_id
- 06Price + volume
- 07History
- 08Desk call
Basis Desk is built around CMC's RWA identifier and token relationship model. On the hackathon Startup key, market-pairs/list returns the venue, price, and 24h volume, and omits ±2% depth. The desk lists the venues and leaves the dollar size blank. A rejection with error 1006 is labeled plan-gated and cannot become Prefer.
Know what the number means.
Reference
Liquid-wrapper reference price, not intrinsic NAV.
History
Historical comparison uses daily crypto OHLCV closes.
Execution
Prefer only when the ±2% ask book still leaves the discount after the fill. A missing book stays Wait.
Stop comparing tickers. Start comparing wrappers.
Open Basis Desk and see what the market actually gives you.