Peg deviation
Peg & stabilityHow far the market price sits from the token's reference value, in percent. USD.NET computes it as (price − peg target) ÷ peg target.
Peg deviation is the percentage gap between a stablecoin's traded price and the value it promises to track — usually one US dollar. A quote of $0.9985 against a $1.00 peg is a deviation of −0.15%.
Small deviations are normal and mostly reflect where the marginal buyer or seller is at that moment: mint/redeem friction, weekend banking hours, or a large market order hitting a thin book. Persistent deviation is a different signal — it means arbitrageurs either cannot redeem at par, or do not believe they will be paid at par.
Direction matters as much as size. A token trading consistently above peg usually signals redemption or minting bottlenecks; a token below peg signals doubt about the reserve, or holders exiting faster than the redemption pipe can absorb.
Why it matters
Deviation is the earliest observable symptom of stress. It moves before attestations, before ratings, and before the issuer publishes anything.
How to read it
- •Under 0.10%: routine market noise.
- •0.10%–0.50%: worth watching, especially if it persists for more than a day.
- •Over 0.50%: treat as a live event — check redemption status and reserve disclosures before adding size.
See it in action
Related terms
A sustained, material break from the reference value — not a momentary wick. Usually defined as trading beyond a threshold (commonly 0.5%) for a meaningful period.
The right to exchange a token for one unit of the underlying with the issuer, and the conditions attached: eligibility, minimum size, fees and settlement time.
The machinery that holds the price at par: fiat redemption, over-collateralised crypto vaults, delta-neutral hedges, or algorithmic supply control.
The size you can trade before moving the price. On USD.NET this is indexed on-chain DEX pool depth containing the asset; centralised order books are not included.