I love that there’s 8 Billion Tethers but USD/USDT volume on Kraken, one of only two places to trade Tethers for dollars, almost never cracks a Million.
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That’s because people convert to BTC and then sell that for USD. The fact that USD/USDT pairs have low volume means nothing
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So I agree there's very low USDT/USD exchange volume and lots of BTC/USDT + BTC/USD volume. But it's kinda weird! There's a ton of OTC USDT/USD volume. I'm surprised that e.g. ftx.com/trade/USDT/USD doesn't trade more.
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Like here's a weird fact: FTX has both OTC and spot markets for BTC/USD and USDT/USD. As it turns out most of the USDT/USD on FTX trades OTC, but a lot of the BTC/USD trades spot. Not sure why people choose one or the other.
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Depends on the direction and size--but part of that is *because* we see a ton of demand OTC for it and not much on-market.
Right now e.g. I think you'd be better off selling USDT on the book and buying USDT OTC but it's just a few bps in either direction.
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IMO
you are getting a better rate OTC via the books.
especially when its more than a couple Ks.
when arbing stable coins that matters a lot.
Thats from yesterday all via ftx's OTC desk
you just have to find the most profitable route.
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Yeah that's prob true for size right now