The consolidated tape

There is no tape for tokenized equities. So we publish one.

Robinhood Chain has 6 venues trading the same 200+ instruments and no canonical record of what any of them printed. Ask “what did AAPL trade at?” and the honest answer today is “on which venue, adjusted how, in which session?”

AAPL · Premium+142.7bps
300 discountparity+300 premium
Share of notional · illustrative
41%
28%
14%
  • Uniswap41.0%· public AMM
  • Rialto28.0%· propAMM
  • Lighter14.0%· perps
  • Arcus9.0%· perps
  • RFQ5.0%· 0x · 1inch · LiFi
  • Morpho3.0%· liquidations
Why it matters

Fragmented markets are unusable without one

In US equities the consolidated tape is the record every participant cites. It is the reason a market split across a dozen venues is tractable at all.

One canonical order

tape_sequence is monotonic across every venue. Replay the same range twice, or on two machines, and the order is identical. Without that there is no shared record to cite.

One price convention

Every print carries USD per token and USD per underlying share, with the multiplier that converts between them. Nobody has to guess which one they were handed.

One context

Session, underlying-market state, and premium at execution travel with the print. A print from a Sunday overnight session is a different regime from a Tuesday open, and the data says so.

TapeEntry

What a print carries

Every field exists because omitting it produces a wrong answer somewhere downstream.

FieldTypeDescription
tape_sequenceuint64Monotonic across the entire tape. This is the sequencing guarantee that makes it a tape rather than a feed.Two participants replaying the same range get identical order.
priceDecimalUSD per token, corporate-action adjusted.
price_per_shareDecimalUSD per underlying share — price ÷ multiplier.Both representations, always. Publishing one guarantees a class of errors.
multiplierDecimalThe uiMultiplier in force at this print, so the conversion is auditable.
sessionenumREGULAR · PRE_MARKET · POST_MARKET · OVERNIGHT · WEEKEND · HOLIDAY · HALTED
underlying_market_openboolWhether the underlying equity market was trading when this print landed.
premium_bps_at_printDecimalDivergence from the underlying, snapshotted at execution.Recomputing this later from current data is how historical analysis goes wrong.
slippage_bpsDecimalRealized execution cost against the consolidated mid.
paired_leg_assetstring?The counter-leg when a stock leg and cash leg share a transaction — reconstructs an actual trade rather than two transfers.
confirmation_stateenumSEQUENCED → INCLUDED → FINALIZED, plus DROPPED and REORGED.
Latency

Pick your own certainty

Robinhood’s sequencer feed is free, public, and pushes transactions the instant they are sequenced — before block inclusion. No commercial provider on this chain resells it. We consume it, decode it, and stamp every record with where it sits.

A market maker acts on SEQUENCED. A custodian’s books wait for FINALIZED. Same stream, same schema, different tolerance.

SequencedIncludedFinalized

Every sequenced message reaches a terminal state. If one never lands we emit DROPPED; if it is reorganized out, REORGED. Silence is not an acceptable outcome.

Consolidated tape over gRPCtypescript
import { RobinhoodRPC } from "@robinhoodrpc/sdk"; const client = new RobinhoodRPC({ apiKey: process.env.RHRPC_KEY! }); // Backfill then live, through one stream. Reconnect with the// last cursor and delivery continues without a gap.for await (const print of client.tape.stream({  tokenSymbols: ["AAPL", "NVDA"],  fromBlock: 4_200_000,     // omit toBlock to tail indefinitely  includeUnconfirmed: true, // include SEQUENCED})) {  console.log(    print.tapeSequence,    print.tokenSymbol,    print.venue,    print.pricePerShare,    print.session,    print.confirmationState,  );}
Sessions

A 24/7 chain against a 24/5 market

Chainlink's tokenized equity feeds run five days a week. The chain never stops. Prints land while the underlying market is shut — precisely when divergence is widest and price discovery is thinnest.

Regular· underlying openPre-market· underlying openPost-market· underlying openOvernight· underlying closedWeekend· underlying closedHalted· underlying closed

Every OHLCV series published on this chain today silently mixes these regimes. Ours tags each candle, flags any that crosses a boundary, and lets you exclude them with one parameter.

Free, delayed

The delayed tape costs nothing.

Fifteen-minute delay, seven days of history, no card. This is how equities market data has always been distributed, and it works for the same reason: a tape is only canonical if people actually cite it. Real-time access, full history, gRPC and consolidated quotes are the paid tiers.

Start with the tape.

One credential covers RPC, streams, portfolio and the consolidated tape. The delayed feed is free forever.