Stablecoin arbitrage
A stablecoin promises to be worth a dollar, but it is worth exactly what people pay for it. We show who has drifted from the peg and by how much — measured against a real dollar, not against USDT.
Where each coin sits against the dollar
The centre of the scale is exactly $1.0000. Green is ordinary noise, amber a visible skew, red a depeg — and a depeg almost always has a news story behind it.
Stablecoins and routes
Tap a coin to see the route step by step. The net result is counted from your amount, with the withdrawal fee deducted and the size limit applied.
What the depeg is measured against
The central question of this section. USDT is not itself a dollar, so the anchor comes from where real money sits in an account.
Measured from USDT
Measured from the dollar
How people make money on this
Three ways — and they differ sharply in how reachable they are.
Buy where it is cheaper, move it and sell where it is dearer. The catch is the transfer: at a spread of hundredths of a percent the withdrawal fee eats everything, which is why we subtract it up front.
open to everyoneBuy below the dollar and wait for the peg to return. A temporary demand skew comes back within hours; problems with an issuer reserves never do.
needs patience and an understanding of the causeThe most reliable: the company undertakes to buy the coin back at a dollar. But it needs an account with the issuer, document checks and usually a hundred thousand upwards.
usually closed to an individualWhat the size limit means
That is how many dollars will actually fill at the prices shown, given the size resting at the best quotes in both books. Above it the order walks into the book — and the spread it was all about disappears.
Stablecoin books are dense and the limits usually run into thousands of dollars, but on smaller coins they can be a few hundred.
Which coins are on the list
Only those with a stated 1:1 peg
Each coin carries its issuer, which matters more than it looks: behind one ticker stands a particular company with particular reserves, and a depeg usually starts with news about it.
Deliberately excluded
Yield-bearing wrappers appreciate by design as they accrue interest. Their "deviation" is the holder's income, not a broken peg.
Because the peg works. Hundredths of a percent are the market's normal state, not an opportunity. The section exists to catch the moment something goes wrong and to tell it apart from ordinary noise.
Up to 0.02% is ordinary spread. From 0.02% to 0.1% is a visible skew, usually temporary. Above 0.1% is a reason to find the cause before buying: such a drop almost always has a story behind it.
From Coinbase and Kraken: venues with genuine USD pairs and banking rails. We take the mid of the book on both and average them.
Yes, for the routes our transfer collector covers. For Coinbase and Kraken there is no withdrawal data — those rows carry a question mark rather than an invented number.
Every minute, across the venues we cover.
How to use this
A practical guide to working with the analytical tools, reading the figures and using what the platform offers.
A stablecoin should be worth a dollar, and sometimes it is worth 0.994. How to measure the deviation honestly and when not to wait for the return.
Scams that look like real trades: how the trust is built, why the first profit proves nothing, and what to check in the minute before you press Send.
The gap between buying and selling exists everywhere. Two different spreads people confuse, and why a percentage without a size means nothing.
Methodology and principles of analytical processing
Forming and structuring the data
The analytical system brings disparate market information together into a single structure, accounting for the specifics of trading directions and the individual characteristics of each platform. That keeps the presentation consistent and the key parameters comparable.
Criteria for forming the results
Forming the analytical selection takes into account the completeness, availability and reliability of the source information. Parameters that meet the established processing and confirmation criteria are included in the calculations. Insufficiently substantiated values are not used in the final results.
Currency of the analytical information
The information presented is kept current through regular refreshing and reconciliation of the analytical parameters. How often that happens is determined by the nature of each category of data and the way it is processed.