Debunk is a Counter Trap Card.
Trap Cards are normally Set first and can be activated on a later turn, often in response to an action.
On the current TCG and OCG Forbidden & Limited lists tracked here, Debunk is Unlimited.
YGOPRODeck lists Debunk for these formats: Duel Links, Common Charity, TCG, OCG, Master Duel.
A listed print of Debunk appears in Extreme Victory (EXVC-EN076) at Super Rare rarity.
Among markets shown on this page, the lowest listed snapshot for Debunk is about $0.89 on Amazon (prices change frequently).