pathprotocol Stablecoin dislocation monitor LIVEconnecting

Mint / redeem dislocation, cross-venue, USD-normalised

Reading the board

Pulling top-of-book quotes from Binance, Kraken and Gate.io, plus on-chain reference mids. Nothing on this page is executed; every figure is labelled LIVE, REFERENCE or SIMULATED.

Dislocation board

LIVE Mid deviation from $1.0000 in basis points, USD-normalised. USDT-quoted pairs are converted through Kraken USDT/USD and carry a second CEX leg. On-chain is a DeFiLlama REFERENCE mid, not an executable quote. Best net = best mint/redeem cycle after the cost model below.

StableBinance vs USDTKraken vs USDGate.io vs USDTOn-chain ref midBest net
Waiting for quotes

Flagged cycles

LIVE quotes, PAPER evaluation. A cycle is flagged when net bps > 0 after every modelled cost. Visible size is the quantity resting at the best price on the side we would hit, nothing deeper.

Waiting for quotes

Cost model

Assumptions, editable. Every board cell, flag and replay figure on this page recomputes from these numbers. Defaults describe an institutional market-maker with issuer-partner rails; Tether redemption is fixed at 10 bps regardless.

Replay, last 30 days

SIMULATED The same rule applied hour by hour to public 1h candles (Binance for USDT-quoted pairs, Kraken for USD-quoted), net of the cost model, with capital locked for the settlement lag. Fills are assumed at the hourly close plus the half-spread. This is a replay, not a track record.

Simulated net PnL-SIMULATED, 30d
Return on capital-on capital, 30d
Cycles taken-capital-constrained
Hours above cost-of pair-hours scanned
Cumulative simulated net PnL, USD. Hover for the value at any hour.

Waiting for candles

StableVenueHoursAbove costCyclesDeployedAvg hourly volBest netSim PnL

Method and limits

The cycle. A discount cycle buys a stable below par at the venue ask and redeems it for $1.00 at the issuer. A premium cycle mints at $1.00 and sells above par at the venue bid. Gross bps is the distance from par; net subtracts taker fee per CEX leg, the issuer fee, funding for the settlement lag, and gas. USDT-quoted venues cost a second leg because the proceeds still have to become dollars, and the conversion uses the live Kraken USDT/USD book.

What is real. Every quote on the board is the current best bid and ask as returned by each exchange's public API, refreshed every 30 seconds through a server-side proxy. The visible size is top-of-book only. On-chain mids come from DeFiLlama and are a reference, not a fill.

What is simulated. The replay assumes the hourly close was hittable at the stated half-spread, caps size by participation and by the per-cycle cap, allocates one pool of capital chronologically across all pairs, and locks each cycle's capital for the lag. It does not model queue position, redemption-window limits, issuer capacity, bank hours, or a venue refusing to sell below par once a large buyer shows up. A persistent discount that survives many well-capitalised market makers is usually priced redemption friction, not free money.

What this is not. A paper monitor. No capital, no custody, no orders. Path is a protocol-intelligence layer; this surface reads the market, it does not trade it.