Vol. I · DAIWednesday, September 2, 2026← The ledger

DAI

Dai, issued by Sky (MakerDAO), claims to be worth one dollar. Across 4 exchanges it trades at $0.9985−15.4 bp, with the exchanges disagreeing by ±13.5 bp.

The deviation exceeds both the 0.05% noise floor and the exchanges' own disagreement. This one is printed on the wire.

The exchanges

every quote for DAI, and its distance from the consensus/v1/peg/DAI
ExchangeQuoteFrom consensusStatus
Binance.US0.98500−134.8 bpset aside
Coinbase0.99981+13.5 bpagrees
Gemini0.99711−13.5 bpagrees
Kraken1.00837+99.2 bpset aside

set aside: further than 0.35% from the provisional median — quoting a different market, and named rather than dropped

Where it sits

DAI against the other 11 coins in the ledger/v1/peg
−30 bp−20 bp−10 bp$1.00+10 bp+20 bp+30 bpthe other 8: USDE · USDT · USDS · GUSD · USDC · USDG · PYUSD · RLUSDDAIPYUSD on bitstamp, −4.98% — set asideUSDG on gemini, −1.69% — set asideDAI on binance.us, −1.35% — set asideTUSD, +2.50% — single quote, unverifiedDAI on kraken, +0.99% — set aside

each coin at its consensus price · the grey band is how far its exchanges disagreedvermilion: outside its own band and above the noise floor — printed on the wirequotes set aside are shown off the ends, at their true distance in the label