Pegana tracks JupUSD's peg continuously and publishes a verifiable receipt for every state change. Jupiter USD (JupUSD) last traded at - against an intrinsic value of -.
JupUSD is a delta-neutral synthetic dollar. Its peg is maintained by a hedged basis position rather than a cash collateral pool, so a funding-regime shift is a distinct risk from a reserve shortfall. Pegana computes JupUSD’s intrinsic value from its peg mechanism and compares it against the best executable market quote. The spread is smoothed, classified against JupUSD’s own calibrated thresholds with hysteresis, and every state change emits a public receipt that anyone can re-derive byte-for-byte with the open-source methodology crate.