Stablecoin prices and arbitrage
Each dollar stablecoin priced against USDT on 46 exchanges live: deviation from $1 and where to buy and sell.
Depegs now
The median price across exchanges trading $10k or more a day. Within 0.1% of the dollar is on peg; 0.5% or more is a depeg: more than fees and spread explain.
Every stablecoin is within 0.5% of the dollar right now.
| Stablecoin | Median | From $1 | Status | Furthest off |
|---|---|---|---|---|
| USDD/USDT | 0.997950 | −0.20% | off peg | BingX −0.30% |
| FDUSD/USDT | 0.998050 | −0.20% | off peg | Gate −0.21% |
| GUSD/USDT | 0.998450 | −0.16% | off peg | — |
| RLUSD/USDT | 1.0013 | +0.13% | off peg | Binance +0.14% |
| USDT/USD | 0.998710 | −0.13% | off peg | WhiteBIT −0.14% |
| USDS/USDT | 1.0013 | +0.12% | off peg | MEXC −0.19% |
| USDC/USDT | 1.0012 | +0.11% | off peg | WhiteBIT +0.14% |
| USDG/USDT | 1.0011 | +0.11% | off peg | Bitrue +0.16% |
| DAI/USDT | 1.0011 | +0.11% | off peg | — |
| USDE/USDT | 1.0009 | +0.09% | on peg | Kraken +0.12% |
| PYUSD/USDT | 1.0009 | +0.09% | on peg | Bybit +0.10% |
| USDP/USDT | 0.999600 | −0.04% | on peg | HTX −0.04% |
| TUSD/USDT | 0.999670 | −0.03% | on peg | Bitrue +0.04% |
| USD1/USDT | 0.999925 | −0.01% | on peg | P2B −0.03% |
| USDC/USD | 0.999955 | −0.00% | on peg | Bitfinex +0.13% |
Stablecoin prices on every exchange
15 pairs on 43 exchanges.
| Pair | Median | From $1 | Range | Buy → sell | Gap | 24h volume | Exchanges |
|---|---|---|---|---|---|---|---|
| 1.0011 | +11.4 bp | 0.9983 – 1.0013 | Poloniex → WhiteBIT | 0.075% | $2.1B | 38 | |
| 0.9999 | −0.8 bp | 0.9363 – 1.0051 | Bitget → Gate | 0.010% | $222.3M | 24 | |
| 0.9988 | −12.5 bp | 0.9987 – 1.0010 | Bitstamp → Bitfinex | 0.13% | $132.6M | 16 | |
| 1.0013 | +13.5 bp | 1.0011 – 1.0289 | Gate → Binance | 0.010% | $68.1M | 12 | |
| 1.0000 | −0.4 bp | 0.9997 – 1.0012 | Bitstamp → Bitfinex | 0.14% | $40.1M | 10 | |
| 0.9980 | −19.5 bp | 0.9980 – 0.9981 | Gate → Binance | — | $38.7M | 8 | |
| 1.0011 | +11.5 bp | 0.9798 – 1.0186 | Kraken → Gate | 0.010% | $10.5M | 8 | |
| 1.0009 | +8.5 bp | 0.9798 – 1.0309 | Gate → Kraken | 0.030% | $5.8M | 18 | |
| 0.9979 | −21 bp | 0.9962 – 1.0000 | BingX → HTX | 0.24% | $2.9M | 9 | |
| 1.0011 | +11.5 bp | 0.9636 – 1.0012 | MEXC → LBank | 0.29% | $2.3M | 20 | |
| 0.9997 | −3.5 bp | 0.9808 – 1.0004 | Binance → WhiteBIT | 0.010% | $749.9K | 13 | |
| 1.0009 | +8.5 bp | 0.9194 – 1.0011 | Gate → Bybit | 0.070% | $543.8K | 14 | |
| 1.0012 | +12.5 bp | 0.9996 – 1.0027 | — | — | $150.9K | 3 | |
| 0.9984 | −15.5 bp | 0.9984 – 0.9984 | — | — | $104.2K | 1 | |
| 1.0011 | +10.9 bp | 1.0011 – 1.0011 | — | — | $49.1K | 1 |
The gap is before fees and uses only exchanges trading $10k a day or more. Many exchanges trade stablecoin pairs without fees, but moving money between exchanges costs fees and time, so a gap of hundredths of a percent almost never pays.
Stablecoin arbitrage
Price gaps between exchanges are usually hundredths of a percent and rarely pay: a transfer costs money and time. The table above shows where to buy cheaper and sell dearer.
FAQ
- What is a stablecoin depeg?
- A depeg is a stablecoin moving noticeably away from the dollar it tracks. We count a median price across exchanges 0.5% or more off the dollar as a depeg: smaller gaps are explained by fees and spread.
- Why is USDC not exactly 1 USDT?
- Each exchange prices it by its own supply and demand. Hundredths of a percent are normal: moving coins between exchanges costs money, so nobody evens such gaps out.
- Where is a stablecoin cheapest to buy?
- The price table marks, for each pair, the exchange with the lowest ask and the one with the highest bid, among exchanges trading $10k or more a day.