cbETH/USD price feed

cbETH is Coinbase's liquid staking token. Deposit ETH into Coinbase staking, receive cbETH in return, keep a claim on the underlying stake while the token itself stays free to move. Rewards do not arrive as extra tokens. They accrue inside the conversion rate, the published value that states how much staked Ethereum one cbETH represents. In normal operation that rate moves one way: upward, in discrete updates that an oracle role writes to Coinbase's token contract as validator rewards accumulate. Between updates it holds still.

That design places cbETH in the same family as wstETH rather than stETH: a non-rebasing wrapper whose balance stays constant while its value grows. It also settles the question searchers ask most often: cbETH is not the same as Ethereum. It is a claim on staked Ethereum plus its accumulated rewards, wrapped by Coinbase, tradable anywhere the token is listed.

A note on yield, since cbETH searches circle around APY: on this token the yield is not a payout to track separately. It is the slope of the conversion rate. Staking rewards, net of Coinbase's commission, compound into how much stake each token represents. A cbETH position can sit untouched in a wallet for a year yet claim measurably more Ethereum at the end of it, which is why the price of the token carries the yield story inside it.

Usually yes. The reason is mechanical: each cbETH represents more than one ETH of stake because the conversion rate has been accruing rewards since the token launched. Converters answer this question with a bare ratio. The more useful number sits next to it: the market rate, what buyers actually pay for cbETH in its pools, read against that rising conversion value.

The two rarely match exactly. When exit liquidity is confident, the market rate hugs the conversion rate. When it is not, cbETH trades at a discount, as it did through the months before Ethereum enabled withdrawals, when unstaking was still a promise rather than a function. That spread is a live redemption-confidence signal. A market-rate feed puts it where a risk engine can watch it move, tick by tick.

The chart above is the market leg of that comparison: the on-chain rate, aggregated across the pools in the live cbETH composition, liquidity-weighted, with manipulation filters applied before publication. Read it against the conversion rate Coinbase publishes and the spread falls out on its own: premium, parity or discount, visible at any moment rather than reconstructed after the fact.

cbETH is unusual among liquid staking tokens: it trades on Coinbase's own order books plus in decentralized pools at the same time. Both markets are real. The centralized leg carries retail flow; the on-chain leg is where lending markets, vaults plus structured products actually settle cbETH collateral.

This feed prices the on-chain leg. Every active venue in the composition is a decentralized pool, which makes the number a direct read on the market where on-chain liquidations happen. For desks that already consume centralized exchange data, a DEX-native cbETH rate is a complement: the same asset, observed where the on-chain risk actually lives.

The composition tells a geography story. cbETH grew up in two places at once: on Ethereum mainnet, where the token was born, plus on Base, Coinbase's own layer 2, where much of its on-chain trading found a home. Which side carries more of the feed's weight is decided by the pools rather than by this page: the composition is recomputed as liquidity moves, so the current split is always the observed one. Venues on other networks sit in continuous evaluation; each one enters the weighting only once its liquidity justifies a place in the number.

However the mix stands in a given week, the method is constant: quotes that are not dollars resolve through their own measured markets before the USD rate forms. Depth ships with every response, so the thickness of each leg is visible rather than assumed.