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USDT vs $1.00 · deviation · daily fix
vs par ($1.00)
Is USDT worth a dollar right now? This index measures how far USDT trades from $1.00 on the US-dollar order books of several exchanges, fixed once a day at noon New York time, with the full archive kept. On most days the answer is yes, within a few hundredths of a cent; the archive exists for the days it isn’t. It is not a solvency rating, not a reserve audit and not a prediction. Sister indices: USDC Peg, India USDT, Korea USDT, Turkey USDT.
| Exchange | Mid ($) | Best bid / best ask ($) | Spread | vs index fix |
|---|---|---|---|---|
| loading… | ||||
Methodology v0.1.0 · DRAFT pending calibration and Owner sign-off. Values marked TO BE SET are filled from calibrate.py after roughly 44 hours of live capture; the version number does not change when they are filled, because filling them does not change how a fix is computed.
The Crypto Times USDT Peg Index (CTPI-USDT-PEG) measures how far USDT trades from $1.00 on the US-dollar order books of several exchanges, once a day, in basis points (1 bp = 0.01%). The reference is par: $1.00 by definition. No exchange rate is involved, so no central-bank or ECB publication affects the number.
What it is not. It is not a solvency rating, not a reserve audit and not a prediction of whether or when the price returns to $1. It measures the market price of the token against one dollar.
What to expect. Close to zero on most days. The archive exists for the days it is not: in a depeg, a public measurement that was already running, with a stated method, is what makes a number citable.
Fix window 11:30–12:30 ET (noon New York time, the dollar’s home market, when US-dollar books are deepest), published at 12:31 ET (16:31 UTC in summer, 17:31 UTC in winter) by a systemd timer with Persistent=true; if the host is off through the window, the timer runs on boot, finds no samples and refuses to publish. No estimate is ever published in place of a missed fix; a missed or late fix is recorded in the corrections log as a publication-timing entry.
Official fixes are computed every day, weekends included (ET). Stablecoin crises often break at weekends, and this index has no exchange-rate input that needs a business day, so every day is a fix day. Public holidays do not pause the index.
par), so the computation and its provenance are identical to the rest of the family; it involves no network call and no data licence.r = venue_mid_usd ÷ 1 — the venue’s dollar price of USDT.r across its samples in the window is the venue observation; the median two-sided dollar depth resting within ±TO BE SET bps of mid (stored bands: 50, 100) is the venue weight.TO BE SET two-sided. Exclusions are recorded in the fix’s provenance with the venue’s would-be value.P. A venue must supply real resting depth, not just a printed price, to move the fix.deviation_bps = (P − 1) × 10,000, carried in the payload as extensions.deviation_bps and, in the family’s field, as premium_pct = (P − 1) × 100.value = P (dollars per USDT), so that value − 1 reproduces the headline exactly from the figure on the page.An official fix requires at least TO BE SET eligible venues, a recorded par reference (written by the collector on every pass) and no existing official fix for that time. Officials are immutable once written; restatements go only through governance tooling and appear in the corrections log.
two_venue_aggregate; high_venue_dispersion when venue observations differ by more than TO BE SET bps; insufficient_venues on indicative fixes only.
Candidate venues at launch: Kraken, Coinbase, Bitstamp and Gemini (Gemini’s USDT/USD book confirmed on 23 September 2026). Bitstamp’s public book is returned in full; if it is large, Bitstamp is sampled every 5 minutes outside the fix and sync windows (every minute inside them) to bound storage, and the constituents list states each venue’s interval. Constituent status is set from measured order-book depth during calibration and reviewed against the family venue policy; the venue-status line and the per-exchange table state, every day, which venues the number includes and why any is excluded.
Between fixes the page shows a 5-minute indicative reading computed with the same aggregation, against par. Past 15 minutes without a usable sample the live block shows STALE rather than a stale number. Indicative readings are never part of the daily fix series.
Besides the daily fix, the engine records one reading a day at 12:00 UTC — the same moment for every index in the family (08:00 ET in summer, 07:00 ET in winter) — computed exactly as above over 11:55–12:05 UTC, against par. It exists so that a future composite can combine markets observed at the same instant. It is not this index’s official value and is never part of its fix series; a day on which it cannot be computed is recorded as INVALID with its reason. Around that window the collector samples every 60 seconds whatever the local hour. The series is published at /v1/sync on the engine host.
The methodology version changes only when the way a fix is computed changes — never for display, documentation or the filling of calibration values above. Package versions are separate.
Calendar: once official fixes are switched on, one is computed every day, weekends and public holidays included — stablecoin crises often break at weekends, and this index has no exchange-rate input that needs a business day. No change to how each fix is computed. Official fixes remain switched off.
Methodology text: Bitstamp’s full-book replies are bounded by sampling every 5 minutes outside the fix and sync windows if they are large, rather than dropping Bitstamp. No change to how the fix is computed. Official fixes remain switched off.
Venue discovery (run 23 September 2026): Kraken and Coinbase answered as documented; Gemini’s USDT/USD book was confirmed and Gemini is enabled as a fourth candidate. Bitstamp refused the test from India, where it is blocked, and is re-checked from the index’s New York server before install. Official fixes remain switched off.
Index created on the CTPI family engine as one of its first two indices with no exchange-rate leg: USDT/USD order books (Kraken and others) measured against par, $1.00 by definition; noon-ET fix published 12:31 ET; the deviation reported in basis points; the family’s synchronized reading recorded daily at 12:00 UTC. Official fixes remain switched off ([fix].official_enabled = false) until calibration values are set from live data and the methodology is signed; the daily timer stores indicative (shadow) fixes meanwhile.
No corrections, restatements or publication-timing entries yet. Entries are added here, inside this document, never on a separate page: a missed or late fix is recorded as a publication-timing entry; a change to a published value is a restatement, with the old value, the new value, the reason and the date.
| Date | Type | Fix date | Detail |
|---|---|---|---|
| none recorded | |||