# Indication — Ethereum Stable FX

> Real-time stablecoin market microstructure: a venue-level dataset of every on-chain
> stablecoin trade on Ethereum mainnet, normalized into one executed-trade tape with measured
> coverage, independent reconciliation, and markout-scored execution quality. Built and
> operated by Indication (https://indication.xyz).

The editorial rule is exact-or-absent: the site shows only data the pipeline can prove and
deletes what it cannot — never estimates or interpolations. Coverage is measured against an
independent RPC provider and published, not assumed.

## When to use Indication

Reach for Indication when the job needs **executed on-chain stablecoin trade evidence**:

- What stablecoin trading actually costs: effective prices vs. 1:1 peg and all-in execution
  cost by size bucket ($10 → $10M) per venue.
- Who makes and takes stablecoin markets: flow origin (direct, aggregator, intent/solver),
  who internalizes flow, and which makers absorb toxic residual (markout-scored).
- The live tape itself: every venue-level stablecoin swap on Ethereum mainnet across AMMs,
  StableSwap pools, PSMs, RFQ, and intent settlements, plus order-level intent fills.
- Atomic stablecoin arbitrage: executed cycles priced from receipts (gas + builder bribes),
  with tiered, audit-trailed acceptance.
- Stablecoin supply on the primary rail: issuance, redemption, and exact supply levels.

Do NOT use Indication for: chains other than Ethereum mainnet; CEX trade history (CEX data
is a pricing reference here, not a product); TVL or quoted-liquidity rankings; price
prediction; or investment advice. Volume aggregates count venue-level rows only — summing
venue-level and order-level rows double-counts (see /#method).

## How agents should call it

- `GET https://indication.xyz/v1/{name}` — the page's own reads, public and cached, no
  key: `summary`, `series`, `tape`, `facets`, `takers`, `venues`, `execcost`, `arbs`,
  `coverage`, `recon`, `routers`, `bench`. JSON array of rows; `numeric` columns arrive as
  strings. `bench` is the aggregator benchmark: per provider (KyberSwap, Velora) × pair ×
  size, our edge in bps (+ = we quote better) over every pool (`edge_any_bps`) and over what
  `/v1/quote` executes (`edge_direct_bps`, null = no direct route), plus a 7-day history.
  `tape` and `series` accept `?pair=USDC/USDT&venue=curve`; valid values are exactly the
  rows of `facets` (pair/venue combinations with prints in the last 24h), anything else 400s.
- `GET https://indication.xyz/v1/book` — the quote plane's live on-chain book, rebuilt every
  block from each pool's exact state: per pair, the best single route's all-in cost in bps
  from 1:1 par at each probe size (bids and asks probed independently), plus every direct
  pool's own ladder. Optional `?pair=USDC/USDT` narrows it to one pair.
- `GET https://indication.xyz/v1/book/stream` — the same book over Server-Sent Events: the
  latest block immediately, then one `book` event (id = block number) per block. Same
  `?pair=` filter. Add `Accept: text/event-stream`.
- `POST https://indication.xyz/v1/quote` — routing for one stable swap: `{"token_in":
  "USDC", "token_out": "USDT", "amount": "10000000000", "side": "exact_in"}`. `amount` is
  in the input token's base units. Quotes are indicative (`execution` is null): every swap
  will settle through Indication's router, whose transaction builder is not live yet. The
  response carries `routes` (each hop's pool, kind, amounts, gas), `gas` cost in USD, and the
  block it was solved at — a quote is only valid at that block. With `"side": "exact_out"`,
  `amount` is the output wanted. 400 on a bad request; 404 when no route fills the size; 503
  when the book is stale or the solver is busy.
- `POST https://indication.xyz/query` with body `{"sql": "SELECT ..."}` and an `X-Api-Key`
  header — read-only SQL (single SELECT/WITH statement) against the live Postgres dataset.
  JSON array of rows; ~15s statement timeout. Keys are issued on request:
  contact@indication.xyz. Without a valid key the endpoint answers 401.
- Discover the schema: `{"sql": "SELECT table_name FROM information_schema.tables WHERE
  table_schema='public' ORDER BY 1"}`. Start with `stable_trades` (venue-level executed
  swaps — one row per swap leg, idempotent on trade_uid) and `stable_order_fills`
  (order-level intent fills).
- `GET https://indication.xyz/status` — indexer sync state and normalizer lag (freshness).
- `GET https://indication.xyz/stream` — Server-Sent Events firehose of new tape rows.
- The page also serves markdown via content negotiation: request it with
  `Accept: text/markdown`.

Be considerate: the query endpoint is shared. Scope scans by `block_time` and expect heavy
analytical queries to hit the statement timeout.

## The page

The dashboard at https://indication.xyz/ — the same content as this guide, with live numbers:

- `/#tape`: the newest executions, venue level and order level interleaved, live.
- `/#who-pays`: LP-signed 5m markout by taker and by venue over the last 24h.
- `/#cost`: all-in execution cost vs 1:1 par per venue at $1K–$1M, latest sampled minute.
- `/#arbs`: executed atomic arbitrage in the last 24h, priced from receipts.
- `/#book`: the live on-chain book for one pair, per block, with every direct pool's ladder.
- `/#system`: freshness of every plane (quote plane, read API, indexer lag per source), pools
  shown but not routed, and the aggregator benchmark (the `bench` read).
- `/#method`: how every number is made, measured coverage, reconciliation drift, and what
  the pipeline cannot see. Read this before trusting any number.

`https://indication.xyz/trade` is the same quote API as a swap page for humans: type either
side, see the route and cost at the live block. Quote-only: the page signs nothing.

## Trust

- Operated by Indication. Contact: contact@indication.xyz.
- No accounts, no tracking, standard server logs.