QUOTE(Noni @ Dec 18 2021, 08:23)

extremely rare, don't expect a peerless any time soon if you only have 15 legendary
https://ehwiki.org/wiki/Equipment_Prefixes#QualityThat data can't be correct. It'd imply you'd get a peerless every 2.5 legendaries.
It should be (to my knowledge):
Mag: 0.5% on equip drop
Leg: 0.25% on equip drop
Peer: 0.0001% on equip drop (?)
The base drop chance for peerless would change according to difficulty, on pfudor 0.001%. The only one actually doing that.
On top of that would come the multiplier for difficulties. 6 in case of pfudor, so:
Mag: 3%
Leg: 1.5%
Peer: 0.006%
That is my.. educated guess, based on mostly my mag drops. The easiest to use, as they are the most common. But especially with peerless I'm uncertain. Those things are so rare, it's hard to get a good grasp of them. With these numbers, it'd mean you'd get one on average every ~16666 equip drops, aka every ~416k enemies defeated (effectively less due to last round in Arena and REs having higher droprates).
Looking at my first peerless drop, it feels strangely right to me, but it's literally just my first and only one I have. Not exactly enough to make statistics. And with this rarity, I think good statistics would be hard to make for everyone.
So basically. Peerless is REALLY REALLY rare and magnificents are twice as common as legendaries. That much should be correct.