Peerlytics dataset
Sellers cashing out USDC on Peer received median rates 0.0% to 4.5% over mid-market
In the 30 days to 8 October 2026, sellers on 13 Peer protocol routes received median rates from 0.0% to +4.5% over mid-market across 4,818 completed fills, before payment-app fees; on the largest route, Venmo USD, the median was +1.6%. Sellers set their own rates, so these are past fills, not a quote.
Updated Mid-market: ECB reference rates Download CSV
By route
| Route | Median vs mid-market | Middle 50% | At or below mid | Fills | Sellers | USDC volume | Signal to fulfil | Galleon Delegate |
|---|---|---|---|---|---|---|---|---|
| Venmo USD | +1.6% | 0.0% to +2.5% | 32% | 1,140 | 289 | 285.8k | 1.5m · p90 12.4m | 0% |
| Revolut EUR | +0.7%† | -0.1% to +1.9% | 31% | 905 | 124 | 221.9k | 2.4m · p90 11.1m | 3.0% |
| Wise USD | +1.8% | 0.0% to +2.0% | 36% | 542 | 72 | 169k | 2.6m · p90 13.4m | 0.9% |
| Cash App USD | +3.1% | 0.0% to +5.5% | 28% | 748 | 78 | 146k | 1.7m · p90 13.3m | 0% |
| Wise EUR | +2.2% | +0.4% to +3.6% | 16% | 502 | 58 | 124.1k | 2.7m · p90 12.1m | 4.2% |
| Revolut USD | 0.0% | 0.0% to +1.9% | 62% | 336 | 81 | 84.4k | 2.3m · p90 7.7m | 3.6% |
| Revolut GBP | +0.4% | -0.1% to +2.0% | 31% | 177 | 48 | 56.4k | 2.0m · p90 7.6m | 1.7% |
| PayPal USD | 0.0% | 0.0% to +3.0% | 53% | 170 | 24 | 23k | 6.3m · p90 50.8m | 0% |
| Wise AUD | +3.8% | +2.6% to +4.5% | 6.7% | 45 | 10 | 15.5k | 3.8m · p90 13.1m | 0% |
| Chime USD | +4.5% | +2.0% to +5.0% | 18% | 73 | 15 | 14.7k | 2.2m · p90 9.3m | 0% |
| Wise GBP | +4.1% | +2.7% to +5.0% | 12% | 65 | 13 | 12k | 2.8m · p90 14.8m | 0% |
| PayPal EUR | +0.2% | -0.3% to +1.7% | 45% | 71 | 16 | 7.9k | 4.9m · p90 27.0m | 1.4% |
| Alipay CNY | +0.5% | +0.2% to +2.2% | 4.5% | 44 | 15 | 596.4 | 6.5m · p90 28.4m | 0% |
† References disagree by 0.25 percentage points or more. Against exchangerate-api daily rates recorded by the ZKP2P indexer, the median is +1.0% for Revolut EUR.
Not enough independent data
These routes had completed fills in the window but did not meet the publishing rules, so no figures are shown. Each route is listed under the first rule it missed; the CSV lists every reason.
Method
- What is measured
- Each completed fill's conversion rate: the fiat amount per USDC that the seller, or the seller's rate manager, set and the buyer locked when signalling the intent. The buyer pays that rate times the USDC amount directly to the seller, so it is the seller's gross fiat per USDC before payment-app fees, withdrawal costs and tax.
- Mid-market reference
- Each fill is compared with the European Central Bank euro foreign exchange reference rates for its signal date in UTC, converted to a rate per US dollar. Weekend and holiday signals use the previous business day's rate. USD routes use 1.00 per USDC. The premium is the conversion rate divided by the reference rate, minus one.
- Window
- Fills fulfilled from 9 September 2026 to 8 October 2026 (UTC). The dataset is recomputed once a day.
- Statistics
- The median and middle 50% (25th to 75th percentile, linear interpolation) of the premium, with each fill counted once regardless of size; the share of fills priced at or below mid-market; and the median and 90th percentile onchain time from intent signal to fulfilment.
- Publishing rules
- A route is published only with at least 20 completed fills, at least 10 distinct seller wallets, no single seller above 50% of its USDC volume, and a dated reference rate for every fill. Other routes are listed without figures.
- Reference check
- Route medians are also computed against exchangerate-api daily rates recorded by the ZKP2P indexer. Routes where the two medians differ by 0.25 percentage points or more are marked †.
- Galleon Delegate
- Galleon Labs operates Peerlytics and the Delegate vault, a rate manager that sets prices for deposits delegated to it. The Galleon Delegate column shows the share of each route's fills it priced.
- Source
- Peer protocol (formerly ZKP2P) intents on Base, read from the protocol indexer. Only route aggregates are published: no wallet addresses, payment handles or per-deposit rates.
Before using these figures
- These figures aggregate completed Peer protocol fills. They are not a quote or an offer, sellers set their own rates, and past fills do not predict future fills.
- Figures are gross: payment-app fees, withdrawal costs and tax are not deducted.
- Distributions are uneven. Many fills clear exactly at par or at an oracle rate, so medians often sit on round values, and a few fills clear far from mid-market. Medians and interquartile ranges are shown because such outliers do not move them.
- Some fills clear at or below mid-market; the table shows the share for each route.
- Signal-to-fulfil time measures onchain protocol steps. It is not how long a seller waits for fiat, which depends on the payment app.
- The reference rate is a once-daily fixing, so intraday market moves are not captured.
- A listed route records observed protocol activity. It is not permission to use a payment account: provider policies differ, Wise currently prohibits P2P crypto-sale receipts, PayPal may require preapproval, and Zelle support depends on the bank.
- Indexed data can lag the chain.
Citation and use
Cite as: Peerlytics, “Peer protocol seller rates by route”, 30 days to 8 October 2026, https://peerlytics.xyz/explorer/seller-rates. Free to cite and reuse with attribution and a link to this page. Peerlytics does not provide financial advice or execute trades.