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Midmarket is the mid rate the maker prices from, in USD per coin; Spread is the distance of the firm quote’s price from it, in basis points, for buying the coin with USDC and for selling it. Sizes are on Trade sizes and limits.

What you pay

There is no subscription, no minimum volume and no charge for quotes you do not fill. Because a quote is a signed order, the rate you see is the rate you get: no re-pricing between the quote and the fill, no slippage tolerance to set. The quote carries referenceRate (the midmarket rate it was priced from) and sellAmount/buyAmount (the exact amounts), so the spread of every quote can be checked.

Midmarket rates

The midmarket rate is the one the maker actually prices from. It is not the same source for every currency: where a coin trades at par with its fiat and the live markets for it are not yet wired in (EUR, CAD, SGD) the rate comes from a public Chainlink FX feed on Base. Where order books trade the coin or its currency around the clock (GBP), or where the dollar stablecoin trades at a premium or discount in the local market (IDR, TRY) so that the interbank rate is not a price anyone can trade at on chain, the rate is read from those markets. reference.source on each level says which: chainlink or api.

EURC

XSGD

IDRX

TGBP

TRYB

CADC

WBRL

WMXN

WARS

Reading it from the API

reference.rate is the midmarket rate, reference.source its kind (chainlink or api), reference.at its time. No key is needed; the machine-readable form is documented at GET /v1/levels.