cbBTC/USD price feed
cbBTC is Coinbase's wrapped bitcoin, launched in 2024 and already one of the busiest forms of BTC on-chain. Dozens of pools stand behind its price, clearing billions of dollars in a typical week, with Base at the heart of its young story.
Aggregate on-chain rate: hourly view of the last 4 weeks. The API itself updates block by block. Request API access
Book composition · auto-observed
No single pool dominates this book at the moment; the weight is spread across pools on several chains.
The young giant
Most bitcoin wrappers earned their liquidity over many years. cbBTC compressed that arc: issued by Coinbase in September 2024, backed one-to-one by coins in its custody, it reached a multi-billion dollar supply within its first years and kept going. Whatever else changes in the wrapper landscape, the growth itself is a market fact.
The design is the familiar custodial one, a company holding the coins plus issuing the token, so the interesting part is not the mechanism. It is what the market did with it: built some of the deepest, busiest spot markets bitcoin has on-chain, in record time.
That makes this feed less a niche wrapper page than a reading of where bitcoin's on-chain spot activity concentrates today. The composition below is large, spread over several ecosystems, refreshed continuously.
Where the trading floor stood up
cbBTC's market stood up fastest on Base, Coinbase's own network, where some of the busiest bitcoin venues on-chain came to live. Bitcoin does not have one trading floor on-chain; at times this has been the closest thing to it.
The legs are what a main market looks like: direct dollar pools next to Ether pairs next to crosses into the older wrapper world. Where a pool quotes the pair in dollars outright, the rate arrives in one step; the other legs resolve through their own measured markets first.
There is a geographic story in that mix, kept factual here: liquidity has stood up an entire bitcoin marketplace on a two-year-old L2; the feed weighs it exactly as heavily as the market does.
A book that churns
Volume is the headline number here: billions of dollars clear through these pools in a typical week, against depth in the tens of millions on either side of the mid. This is a book that turns over constantly, the opposite shape of the parked collateral books elsewhere in the bitcoin family.
For a feed, churn is a gift. A rate computed from pools that trade all day is being tested by real counterparties at every computation; stale readings have nowhere to hide in a market this active.
The tail does the rest: smaller pools on other networks keep the reading checked across ecosystems.
Who runs on this rate
Perpetuals plus margin desks
BTC-margined books need a bitcoin rate from markets that clear real size; this composition is where that happens on-chain.
Market makers on Base
The floor's own reference: a computed rate from the venues where cbBTC inventory actually turns.
Treasuries holding cbBTC
A dollar mark from cbBTC's own pools, not a proxy from another wrapper's market.
Where the cbBTC market lives
Active cbBTC/USD pools per chain, as observed by the feed on 2026-10-27.
cbBTC in the catalog
13 pairs, each computed from its own pools with the same methodology:
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