◇ GLOSSARY
Depeg
When a pegged asset — usually a stablecoin or wrapped token — trades materially away from its intended anchor (often $1). Perp index and mark feeds that include the depegging asset can dislocate, triggering liquidations and funding shocks far from spot BTC or ETH.
A depeg is not just a stablecoin chart. It is an index problem. Perps settle P&L and funding against reference prices built from spot components. When one component lies, mark lies with it — longs and shorts can both be 'right' on BTC direction and still get wrecked on the peg leg.
Depegs also break basis trades. Your spot leg is redeemable at par in theory; in stress it trades at 95¢ while the perp index still weights it at par until the oracle updates. That gap is gap risk you cannot hedge with a slider.
Treat stable collateral and index constituents as counterparty risk. The perp did not change rules; the ruler you measure with bent.