Accepted answer
At 40 °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. A stereocentre inverts. Identical mass, identical formula; only a chiral method or a peptide map with a chiral digestion sees it at all. That is why the two measurements are not interchangeable and why an unchanged purity figure after an excursion to 40 °C is weak evidence: the method may simply be integrating the degradant along with the parent and reporting the sum as one peak.
The short version: water enables most of it, oxygen enables oxidation, surfaces enable adsorption, and agitation enables aggregation.
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.
Aggregation is physical: peptides unfold at air-liquid interfaces and associate. Shaking maximises that interface, which is why swirling and shaking produce visibly different outcomes on the same vial.
Deamidation via the succinimide intermediate is well characterised, with sequence-dependent rates highest for asparagine-glycine motifs.
At dilute concentrations, suspect adsorption before you suspect chemistry.