Stablecoin Depeg Detection
LEIA-ME
API Description:
The Stablecoin Depeg Detection API provides historical monitoring and analysis of potential depegging events for various USD-pegged stablecoins. The API calculates the deviation from the $1 peg based on the specified time range, stablecoin pair, and user-defined threshold. The data is available since February 2024 and has an approximate delay of 20 minutes.
Request Parameters:
| Parameter | Type | Required | Default | Description | Example |
|---|---|---|---|---|---|
pairid |
string | Yes | - | The unique identifier for the stablecoin pair in the format of base-quote. Refer to the list below for full coverage. | usdt-usd |
threshold |
integer | No | 1 | The percentage threshold for identifying a potential depeg event. Defines the percentage deviation from the 1:1 peg to the quote currency. Possible values: 1-99. | 5 |
start |
string | No | 24 hours ago from current time | The start timestamp for the analysis window in UTC timezone. If not provided, data is fetched from 24 hours ago until the most recent available minute. Format: %Y-%m-%dT%H:%M:%S. |
2024-05-14T00:00:00 |
end |
string | No | start + 1 day |
The end timestamp for the analysis window in UTC timezone. If start is provided without end, the default is start + 1 day. If end is provided, start is required. Format: %Y-%m-%dT%H:%M:%S. |
2024-05-15T00:00:00 |
page |
integer | No | 1 | Specifies the page number of the results to retrieve. | 3 |
limit |
integer | No | 200 | Specifies the number of records to return in a single response. | 1000 |
Response:
| Field | Type | Description |
|---|---|---|
pairid |
string | The identifier of the stablecoin pair. |
marketvenueid |
string | The exchange where the depeg occured. |
timestamp |
string | The timestamp of the minute when the potential depeg event occurred. |
threshold |
integer | The percentage threshold value provided by the user in the request |
high |
float | The highest price of the stablecoin pair during the minute when the potential depeg event occurred. |
low |
float | The lowest price of the stablecoin pair during the minute when the potential depeg event occurred. |
vwap |
float | The volume-weighted average price for the minute candlestick. |
volume-weighted-depeg |
float | The percentage deviation from the $1 peg based on the VWAP. |
volume |
float | The total amount of the stablecoin traded during the minute of the depeg event. |
tradecount |
float | The total number of trades executed during the minute of the depeg event. |
Methodology:
The API uses the volume-weighted average price (vwap) to calculate the depeg percentage (volume-weighted-depeg), providing a more accurate reflection of market conditions by considering trade volumes. This approach filters out noise and ensures the analysis is based on significant trading activity. Additionally, the response includes the highest (high) and lowest (low) prices during the minute of the potential depeg event to give context to price fluctuations.
volume and tradecount fields are crucial as they indicate the total amount traded and the number of trades executed, respectively. High volume and trade count during a depeg event suggest significant market activity, which helps validate the event’s importance.
While the Stablecoin Depeg Detection API focuses on identifying potential depeg events based on the VWAP deviation from the $1 peg, additional metrics can be used to analyze potential market manipulation related to these events. The Cross-Market Surveillance API provides advanced techniques to identify irregularities, including:
- Volume Distribution and Volume-Volatility Correlation
- First-Digit Distribution and Benford’s Law Test
- Inconsistencies in VWAP and Buy/Sell Ratio
- Correlation between Time-of-Trade and Buy/Sell Ratio Anomalies
Combining the two APIs allows users to detect depegs and uncover potential wash trading, price manipulation, or other market abuses contributing to these events. Refer to the Cross-Market Surveillance API documentation for detailed description of metrics and methodologies.
Coverage
Below is the list of supported stablecoin pairs:
Stablecoin Pairs with USD Quote (Base - Quote)
| Pairid | Stablecoin Name | Available Exchanges | Data Available Since |
|---|---|---|---|
| usdt-usd | Tether | ascendex, binanceus, bitfinex, bitstamp, coinbase, cryptocom, gateio, gemini, kraken, okcoin | 2024-01-05 05:37:01 |
| usdc-usd | USD Coin | binanceus, bitfinex, bitstamp, gemini, kraken, okcoin | 2024-01-05 05:37:01 |
| busd-usd | Binance USD | binanceus | 2024-01-19 00:37:46 |
| dai-usd | Dai | binanceus, bitfinex, bitstamp, coinbase, cryptocom, gemini, kraken, okcoin | 2024-01-05 05:37:01 |
| pyusd-usd | PayPal USD | bitstamp, coinbase, cryptocom, kraken | 2024-01-05 05:37:01 |
| gusd-usd | Gemini Dollar | bitstamp, coinbase | 2024-01-05 05:37:01 |
| tusd-usd | TrueUSD | binanceus, bitfinex, kraken, okcoin | 2024-01-17 03:40:48 |
| usdk-usd | USDK | okcoin | 2024-01-19 01:07:57 |
| mim-usd | Magic Internet Money | bitfinex, okcoin | 2024-01-18 00:01:16 |
| xai-usd | Xai Stablecoin | cryptocom | 2024-01-18 19:37:42 |
Stablecoin Pairs with Other Stablecoin Quotes
| Pairid | Stablecoin Name | Available Exchanges | Data Available Since |
|---|---|---|---|
| usdt-usdc | Tether/USD Coin | coinbase, kucoin, okx, poloniex | 2024-01-05 05:37:01 |
| busd-usdt | Binance USD/Tether | binance, binanceus, phemex | 2024-01-08 05:37:01 |
| dai-usdt | Dai/Tether | binance, binanceus, bybit, cryptocom, gateio, huobi, kraken, okx, phemex, poloniex | 2024-01-08 05:37:01 |
| usdc-usdt | USD Coin/Tether | binance, binanceus, bitfinex, bitstamp, delta, deribit, gateio, huobi, kraken, kucoin, okcoin, okx, phemex | 2024-01-08 05:37:01 |
| pyusd-usdt | PayPal USD/Tether | bybit, cryptocom, gateio, huobi, kucoin | 2024-01-18 19:37:36 |
| usdp-usdt | Pax Dollar/Tether | binance, gateio, huobi, kucoin, phemex | 2024-01-18 19:32:50 |
| tusd-usdc | TrueUSD/USD Coin | hitbtc, poloniex | 2024-01-18 19:41:31 |
| busd-usdc | Binance USD/USD Coin | phemex | 2024-01-18 19:42:36 |
| dai-usdc | Dai/USD Coin | coinbase, hitbtc, phemex | 2024-01-05 05:37:01 |
Important Note
When analyzing stablecoin depegs and stability, it is crucial to prioritize the pairs with direct USD quotes (e.g., usdt-usd, usdc-usd, busd-usd) as they provide the most accurate representation of the stablecoin’s peg to the US dollar. These pairs should be the primary focus for identifying deviations from the $1 peg and assessing the overall stability of the stablecoin.
While pairs with stablecoin quotes (such as USDT/USDC) can provide additional context and liquidity, they should be treated with caution when assessing depegs, as they compound the potential inaccuracies from both stablecoins deviating from their intended $1 peg. These pairs are best used as supplementary data or for liquidity purposes, but should not be the primary source for analyzing depegs and stability.
