leg_rates

tech.ensotrade/ensotrade · Verify this server

What it costs, right now, to move USD into and back out of the stablecoins the crypto venues quote in — and how much can be moved before the book runs out. Use for "what does USDT conversion cost", "is USDC or USDT cheaper to hold", "how much can I convert at once", "what is the USDT basis". No coin involved: this is the currency leg on its own. Returns per-market cost in and out, the cheapest venue for each direction, aggregate capacity, and how far each stablecoin is trading from 1.0000. `where_to_convert` IS THE ACTIONABLE PART: the cheapest and dearest conversion venue and the bp/USD penalty between them. Measured at 13.5x-17x on USDT and 27.7x on USDC, and the winner ROTATES with size because these books are shallow enough that the usual winner runs out — Kraken wins to $2.5M and loses to Bitfinex at $5M. CAPACITY IS THE PART THAT SURPRISES PEOPLE. The USD/stablecoin books are thin relative to the coin books they feed, so a size that walks a coin book comfortably can exhaust the currency book outright. `size_exceeds_capacity` is a hard wall, not a cost. par_offset_bp is NOT charged as a cost — a desk that buys and later sells the same stablecoin is flat to it. Do not add it to the round-trip figure. `notional_usd` = the size to price. Requires an EnsoTrade Pro API key.