Getting started

Overview

What Ferry does, and the three things you can do with it.

Ferry converts one stablecoin into another on Solana at the Pyth FX rate. You pay in your currency and the recipient receives theirs: in the same transaction up to $10,000, at the next fixing above it.

What you can do

• Send across currencies. Pay in USDC and the recipient receives EURC, or the other way round. The amount they receive is fixed before you sign. Start with the Quickstart.
• Move a large amount at a fixing. Transfers worth more than $10,000 wait for the next fixing, every 5 minutes, where opposite orders cross each other at one Pyth price. See The fixing.
• Provide liquidity. Deposit a stablecoin into its pool. Your shares are counted in that currency and grow with the pool's earnings. See Currency pools.

How a price is set

Every pair prices at Pyth's FX rate, plus a spread that starts at 8 basis points:

rate   = Pyth(A/B)
spread = base + k × imbalance + c × confidence

The spread widens when the two pools drift from their target weights or when Pyth's confidence interval widens. Rates and the spread takes it term by term.

Where to go next

• New to Ferry: Quickstart, then Send a payment.
• Sending more than $10,000: Send a large transfer.
• Providing liquidity: Provide liquidity.
• Every number in one place: Parameters.