Commands

Type anywhere to reach the command line. Keys 1–7 switch functions, / jumps to the filter, Esc goes back.

What it measures

premium(ccy, venue) = USDT price in ccy / official ccy-per-USD − 1

The kimchi premium (Upbit KRW-USDT vs the won rate) applied to every currency with a USDT market: exchange order books where they exist, Binance P2P for the rest (about 85 fiats).

Forward cycle · USDT at a premium

USD → buy USDT on a US venue (ask) → send → sell locally (bid) → local fiat
 ▲                                                                   │
 └──────── remittance partner wires it back at FX mid − remit cost ◀──┘

Reverse cycle · USDT at a discount

USD → remit to local fiat → buy USDT locally (ask) → send → sell on a US venue (bid) → USD

Columns

Premium% / Discount%

Gross edge of the local price against the USD price of USDT, before any fee.

Net% · Net $

What the cycle returns on the notional after every cost in the panel.

BE remit%

The most your remittance partner can charge, all-in, for the cycle to break even.

Caveats

• Top of book only. A $100k sale moves thin books; depth is not modelled.
• The remittance leg is priced at the official daily mid minus your cost assumption, not a live partner quote.
• Not modelled: settlement time, KYC and outbound limits, capital controls, tax.
• Where a parallel FX market exists, the premium mostly measures that gap, not an arbitrage.
• P2P quotes depend on payment method and size; books wider than the spread limit are dropped.