Introduction
Kavo
Kavo is a Stock Basis Trader on Robinhood Chain. It shows when a Robinhood Stock Token is trading at a premium or a discount to the normalized reference price of the stock it tracks, and lets you trade that difference through existing onchain liquidity.
What Kavo does
A Robinhood Stock Token is meant to track an underlying equity. Onchain supply and demand move independently of the stock market, so the two prices drift apart. That difference is the basis, and Kavo measures that difference against a tradeable quote.
For every listed Stock Token, Kavo puts the following in one place so you can compare prices and review a route:
| Surface | What it tells you |
|---|---|
| Reference price | What one token should be worth, derived from the underlying equity and normalized by the token multiplier. |
| Onchain market price | What the token is actually quoted at on Robinhood Chain right now. |
| Basis | The gap between those two, as a premium or a discount. |
| Route | Which venue and pool can fill the trade, or that none can. |
| Liquidity | How much size the market absorbs before price impact becomes material. |
| Executable quote | The fill you would actually get at your size, not a mid-price. |
Kavo is not a same-token arbitrage scanner
Kavo does not compare one token’s price on one DEX against the same token on another DEX. It compares a Stock Token’s onchain price against the reference price of the underlying stock. That is a different question, and it is the only one Kavo tries to answer.
How to read the terminal
A positive basis means the token is trading above its normalized reference price, a premium. A negative basis means it is trading below it, a discount. Kavo ranks markets by the size of that dislocation and labels the ones that are thin or clearly detached from the equity, so the top of the table prioritizes markets with usable liquidity.
Where no venue can fill an asset, Kavo shows No executable route instead of a price you cannot get.
What Kavo is not
Kavo does not custody funds, does not mint Stock Tokens, and runs no market maker of its own. Every trade is signed by your wallet and settled against liquidity that already exists on Robinhood Chain. The basis Kavo displays is a market observation, not a prediction that the gap will close, and nothing in these docs is investment advice.
Start here
Read How Kavo works for the end-to-end flow, then Basis for the arithmetic. If you want to trade first, go straight to Markets.