Accepted answer
At 30 °C it can show up as either, and which one depends entirely on whether the product still elutes under the main peak. Purity is a ratio of areas, so a degradant only costs purity if the method resolves it. Content is a mass against a standard, so a degradant costs content whenever the parent is consumed — resolved or not. Backbone amide bonds cleave, so every product is shorter than the parent and the mass ladder they leave behind is the evidence that it happened. That is why the two measurements are not interchangeable and why an unchanged purity figure after an excursion to 30 °C is weak evidence: the method may simply be integrating the degradant along with the parent and reporting the sum as one peak.
The relevant point is that a mass shift of plus one dalton is deamidation and plus sixteen is oxidation, so degradation is often visible in a mass spectrum if anyone looks.
Deamidation converts asparagine or glutamine to the corresponding acid via a succinimide intermediate, adding one dalton. It is base-catalysed, accelerates above neutral pH and is the dominant aqueous pathway for many peptides.
Light exposure matters for tryptophan-containing sequences and for anything with a chromophore. Amber vials and a closed box are free mitigations.
Deamidation via the succinimide intermediate is well characterised, with sequence-dependent rates highest for asparagine-glycine motifs.
Sequence decides which pathways are even available. Check the residues.