ChainBench · Flotapponnier · Jun 9, 2026 · Jun 9, 2026
@@ -57,7 +57,8 @@ abstract: |
 methodology:
  - "Sources per stable, USDC: Binance USDC/USDT (USDT-anchored, secondary), Kraken USDCUSD, Bitstamp usdcusd. USDT: Kraken USDTUSD, Bitstamp usdtusd. FDUSD: Binance FDUSDUSDT (USDT-anchored, secondary). USDe: Binance USDEUSDT (USDT-anchored, secondary). DAI: Curve 3pool `get_dy` forward (USDC → DAI) and reverse (DAI → USDC)."
  - "Cadence: 5 seconds for CEX REST tickers, 12 seconds for Curve `get_dy` on-chain (matches Ethereum block time). Per-venue samples are grouped into 60-second buckets for the liquidity-weighted median aggregation."
- - "Aggregation: per-minute liquidity-weighted median across USD-quoted venues (`Quote = QuoteUSD`). Weight is 24 h USD volume estimate. The aggregated price drives `peg_deviation_bps` and `peg_deviation_bps_histogram`; the percentile metric is computed on this series, not on raw per-venue samples."
+ - "Aggregation: per-minute liquidity-weighted median across USD-quoted venues (`Quote = QuoteUSD`). Weight is 24 h USD volume estimate. The aggregated price drives `peg_deviation_bps` (per-minute median, retained for backward compatibility) and `peg_deviation_bps_histogram`."
+ - "Primary headline: `peg_deviation_worst_bps` — the per-minute MAX |price − $1.00| across every venue sample in the 60-second bucket, in basis points. The leaderboard ranks stables on `quantile_over_time(0.99, peg_deviation_worst_bps[24h])`. Switching from per-minute median to per-minute max surfaces the sub-minute depeg wicks (e.g. a 5-second print to $0.92 on one venue) that the median would smooth into invisibility — matching the OHLC convention used by every TradFi reference rate. The companion gauges `peg_minute_min_bps`, `peg_minute_open_bps` and `peg_minute_close_bps` expose the full bar shape so consumers can reconstruct the within-minute distribution."
  - "Cross-venue gap (OCB-only number): `max(price across USD-quoted venues), min(price)`, per minute, in basis points. Surfaces the windows where Coinbase quotes $1.0003 while Kraken quotes $0.9978. Stored as `peg_cross_venue_gap_bps`."
  - "USDT-anchored secondary metric: Binance USDC/USDT, FDUSD/USDT and USDE/USDT are exposed on `peg_deviation_usdt_anchored_bps{venue}` separately so the USD-anchored primary leaderboard is not contaminated by USDT's own peg deviation."
  - "Time outside band: total seconds in the trailing 24 h during which the per-minute aggregated price fell outside [0.995, 1.005] (±50 bps). Split into `peg_time_below_peg_24h_seconds` (< 0.995) and `peg_time_above_peg_24h_seconds` (> 1.005) because Circle redemption only clears above-peg, so the direction tells you which failure mode is active."
@@ -94,7 +95,12 @@ prometheus:
 # Real metrics emitted by the stablecoin-peg harness:
 # peg_raw_price{stable, venue, quote} gauge
 # peg_aggregated_price_usd{stable} gauge
-# peg_deviation_bps{stable} gauge
+# peg_deviation_bps{stable} gauge (legacy median)
+# peg_deviation_worst_bps{stable} gauge (PRIMARY, per-minute MAX)
+# peg_minute_max_bps{stable} gauge
+# peg_minute_min_bps{stable} gauge
+# peg_minute_open_bps{stable} gauge
+# peg_minute_close_bps{stable} gauge
 # peg_deviation_bps_histogram{stable} histogram
 # peg_cross_venue_gap_bps{stable} gauge
 # peg_cross_venue_gap_bps_histogram{stable} histogram
@@ -118,39 +124,39 @@ providers:
  tag: Circle, USD-redeemed primary, audited on Kraken + Bitstamp
  formula: "Median |aggregated_price − $1.00| in bps, where aggregated_price is the per-minute liquidity-weighted median of USDCUSD ticks on Kraken and Bitstamp."
  queries:
- p50: quantile_over_time(0.50, peg_deviation_bps{stable="usdc"}[24h])
- p90: quantile_over_time(0.90, peg_deviation_bps{stable="usdc"}[24h])
- p99: quantile_over_time(0.99, peg_deviation_bps{stable="usdc"}[24h])
- mean: avg_over_time(peg_deviation_bps{stable="usdc"}[24h])
+ p50: quantile_over_time(0.50, peg_deviation_worst_bps{stable="usdc"}[24h])
+ p90: quantile_over_time(0.90, peg_deviation_worst_bps{stable="usdc"}[24h])
+ p99: quantile_over_time(0.99, peg_deviation_worst_bps{stable="usdc"}[24h])
+ mean: avg_over_time(peg_deviation_worst_bps{stable="usdc"}[24h])
  success: avg_over_time(peg_source_health{stable="usdc"}[24h])
  sample_size: sum(increase(peg_source_call_total{stable="usdc"}[24h]))
- series: peg_deviation_bps{stable="usdc"}
+ series: peg_deviation_worst_bps{stable="usdc"}
 
  - slug: usdt
  name: USDT
  tag: Tether, dominant CEX pair currency, audited on Kraken + Bitstamp
  formula: "Median |aggregated_price − $1.00| in bps, where aggregated_price is the per-minute liquidity-weighted median of USDTUSD ticks on Kraken and Bitstamp."
  queries:
- p50: quantile_over_time(0.50, peg_deviation_bps{stable="usdt"}[24h])
- p90: quantile_over_time(0.90, peg_deviation_bps{stable="usdt"}[24h])
- p99: quantile_over_time(0.99, peg_deviation_bps{stable="usdt"}[24h])
- mean: avg_over_time(peg_deviation_bps{stable="usdt"}[24h])
+ p50: quantile_over_time(0.50, peg_deviation_worst_bps{stable="usdt"}[24h])
+ p90: quantile_over_time(0.90, peg_deviation_worst_bps{stable="usdt"}[24h])
+ p99: quantile_over_time(0.99, peg_deviation_worst_bps{stable="usdt"}[24h])
+ mean: avg_over_time(peg_deviation_worst_bps{stable="usdt"}[24h])
  success: avg_over_time(peg_source_health{stable="usdt"}[24h])
  sample_size: sum(increase(peg_source_call_total{stable="usdt"}[24h]))
- series: peg_deviation_bps{stable="usdt"}
+ series: peg_deviation_worst_bps{stable="usdt"}
 
  - slug: dai
  name: DAI
  tag: MakerDAO, audited via Curve 3pool get_dy (on-chain only)
  formula: "Median |dai_price − $1.00| in bps, derived from Curve 3pool get_dy forward (USDC → DAI) and reverse (DAI → USDC) every 12s over 24h."
  queries:
- p50: quantile_over_time(0.50, peg_deviation_bps{stable="dai"}[24h])
- p90: quantile_over_time(0.90, peg_deviation_bps{stable="dai"}[24h])
- p99: quantile_over_time(0.99, peg_deviation_bps{stable="dai"}[24h])
- mean: avg_over_time(peg_deviation_bps{stable="dai"}[24h])
+ p50: quantile_over_time(0.50, peg_deviation_worst_bps{stable="dai"}[24h])
+ p90: quantile_over_time(0.90, peg_deviation_worst_bps{stable="dai"}[24h])
+ p99: quantile_over_time(0.99, peg_deviation_worst_bps{stable="dai"}[24h])
+ mean: avg_over_time(peg_deviation_worst_bps{stable="dai"}[24h])
  success: avg_over_time(peg_source_health{stable="dai"}[24h])
  sample_size: sum(increase(peg_source_call_total{stable="dai"}[24h]))
- series: peg_deviation_bps{stable="dai"}
+ series: peg_deviation_worst_bps{stable="dai"}
 
 # FDUSD and USDe are USDT-anchored stables with no deep USD-quoted
 # venue, so they have no signal on the primary `peg_deviation_bps`

@@ -184,6 +184,48 @@ func (a *Aggregator) closeMinuteLocked(closedMinute time.Time) {
  pegDeviationBps.WithLabelValues(stable).Set(devBps)
  pegDeviationHist.WithLabelValues(stable).Observe(devBps)
 
+ // OHLC pass: compute open/high/low/close on the per-minute
+ // |price-1| series across every venue sample in the bucket,
+ // in chronological order. The median we computed above is
+ // what the bench reports as the "typical" value within the
+ // minute; the high (worst) is what a depeg detector or a
+ // stress-aware integrator needs to see. A 5-second print to
+ // $0.92 is invisible in the median, undeniable in the high.
+ var (
+ firstTime, lastTime time.Time
+ firstDev, lastDev float64
+ maxDev float64
+ minDev = math.MaxFloat64
+ haveAny bool
+ )
+ for _, samples := range byVenue {
+ for _, s := range samples {
+ dev := math.Abs(s.price-1.0) * 10000
+ if !haveAny || s.receivedAt.Before(firstTime) {
+ firstTime = s.receivedAt
+ firstDev = dev
+ }
+ if !haveAny || s.receivedAt.After(lastTime) {
+ lastTime = s.receivedAt
+ lastDev = dev
+ }
+ if dev > maxDev {
+ maxDev = dev
+ }
+ if dev < minDev {
+ minDev = dev
+ }
+ haveAny = true
+ }
+ }
+ if haveAny {
+ pegDeviationWorstBps.WithLabelValues(stable).Set(maxDev)
+ pegMinuteMaxBps.WithLabelValues(stable).Set(maxDev)
+ pegMinuteMinBps.WithLabelValues(stable).Set(minDev)
+ pegMinuteOpenBps.WithLabelValues(stable).Set(firstDev)
+ pegMinuteCloseBps.WithLabelValues(stable).Set(lastDev)
+ }
+
  // Cross-venue gap = max - min in bps. Only meaningful with
  // ≥2 venues in the same minute.
  if len(venuePrices) >= 2 {

@@ -42,7 +42,56 @@ var (
 	pegDeviationBps = promauto.NewGaugeVec(
  prometheus.GaugeOpts{
  Name: "peg_deviation_bps",
- Help: "Current absolute deviation from $1.00 in basis points, computed from the per-minute aggregated price. Drives p99 over 24h via quantile_over_time.",
+ Help: "Per-minute median absolute deviation from $1.00 in basis points (legacy headline, retained for backward compatibility). The new primary leaderboard ranks on peg_deviation_worst_bps which captures the per-minute MAX, not the median.",
+ },
+ []string{"stable"},
+	)
+
+	// THE new primary headline. Per-minute MAX deviation across
+	// every venue's samples within the bucket — surfaces the worst
+	// case the bench observed during the minute. A 5-second depeg
+	// to $0.92 is invisible in the median (which averages it with
+	// 11 healthy samples in the same minute) but pops out in this
+	// gauge. Matches what TradFi reference rates publish as the
+	// "high" of an OHLC bar. Methodology recommendation from
+	// Coinpaprika data team.
+	pegDeviationWorstBps = promauto.NewGaugeVec(
+ prometheus.GaugeOpts{
+ Name: "peg_deviation_worst_bps",
+ Help: "Per-minute MAX |price - $1.00| across every venue sample within the bucket, in basis points. Captures sub-minute depeg wicks that the median smooths away. Primary leaderboard metric.",
+ },
+ []string{"stable"},
+	)
+
+	// Companion OHLC gauges for the same per-minute bucket. open
+	// and close are deviation in bps of the first / last sample;
+	// max and min are the bucket's extremes. Together they expose
+	// the bar shape that a single median value collapses.
+	pegMinuteMaxBps = promauto.NewGaugeVec(
+ prometheus.GaugeOpts{
+ Name: "peg_minute_max_bps",
+ Help: "MAX |price - $1.00| in bps observed within the most-recently-closed 60s bucket across all venues. Identical to peg_deviation_worst_bps; exposed under both names for legibility.",
+ },
+ []string{"stable"},
+	)
+	pegMinuteMinBps = promauto.NewGaugeVec(
+ prometheus.GaugeOpts{
+ Name: "peg_minute_min_bps",
+ Help: "MIN |price - $1.00| in bps observed within the most-recently-closed 60s bucket across all venues. Floor of the bar.",
+ },
+ []string{"stable"},
+	)
+	pegMinuteOpenBps = promauto.NewGaugeVec(
+ prometheus.GaugeOpts{
+ Name: "peg_minute_open_bps",
+ Help: "|first_sample_price - $1.00| in bps for the most-recently-closed 60s bucket. Open of the bar.",
+ },
+ []string{"stable"},
+	)
+	pegMinuteCloseBps = promauto.NewGaugeVec(
+ prometheus.GaugeOpts{
+ Name: "peg_minute_close_bps",
+ Help: "|last_sample_price - $1.00| in bps for the most-recently-closed 60s bucket. Close of the bar.",
  },
  []string{"stable"},
 	)