Pseudonymous developer 0xBeans introduced the Isolated Exposure Tokens concept on October 28, 2026. The proposal suggests splitting a single tokenized stock on the Robinhood Chain into two separate, tradable assets: an OVERNIGHT token and a SESSION token.
The OVERNIGHT token tracks price movements from the market close to the next morning's open, while the SESSION token covers price changes during regular trading hours. Users can deposit one tokenized share to receive both tokens or combine them to redeem the original asset.
Historical data for the SPY ETF shows a significant disparity in returns, with overnight gains totaling 1,105% since 1993 compared to 27% during intraday sessions. Over the past year, SPY returned 13.5% overnight versus 0.7% intraday.
The project currently exists only as a design proposal without live smart contracts or tokens. Implementation would require a mechanism to establish official open and close reference prices to determine payouts and maintain price alignment through arbitrage.
