Live Kimchi Premium: Upbit vs Binance

The kimchi premium is how much more expensive a coin is on Korean exchanges, priced in Korean won (KRW), than on global exchanges after converting to KRW, expressed in %. Here, Upbit KRW market prices are compared with Binance USDT prices × the official KRW/USD reference rate (European Central Bank). A positive value means Korea trades at a premium; a negative value (a "reverse premium") means Korea trades at a discount.

The Tether premium is how much Upbit's KRW price for USDT exceeds the exchange rate. Because global prices are converted assuming 1 USDT = 1 USD, the portion of the kimchi premium equal to the Tether premium reflects the cost of bringing dollars into Korea, and the rest is the markup on the coin itself.

The kimchi premium widens when Korean buying is stronger than abroad, and narrows or flips to a discount when Korean traders sell first. Korean exchanges limit overseas transfers and withdrawals, so the premium is hard to capture as arbitrage profit. This is a reference snapshot, not investment advice.

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