Live P2P Radar Capture: 4/10/2026, 2:00:06 p. m.
USDT/VES reference Bs. 978.99
Buy USDT Bs. 978.99
Sell USDT Bs. 952.01
BCV Bs. 871.37
Premium vs BCV 12.35%
P2P spread 2.83%
Observed offers 259
Verify current data in P2P Radar
The PitbullChain radar captured the market at 18:00 on October 4, 2026. USDT P2P appeared at Bs. 978.99 as a purchase reference and Bs. 952.01 as a sale reference. From there come the two figures that repeat in all the groups: 12.35% premium vs the BCV dollar (Bs. 871.37) and a 2.83% spread.
Neither of these is the actual cost of trading. One measures a gap against an official rate that is not executable in P2P. The other combines two different benchmarks into a single figure. The actual cost is found in the order book: it shows how much USDT is available at each price, through which bank, and with what limit per listing.
📊 Breaking down the day's figures
Premium. The calculation is straightforward: (978,99 − 871,37) ÷ 871,37 = 12,35%. This measures the gap between the P2P market and the official rate; it is not a commission or a transaction cost. One detail to note: in the same dataset, the opportunities module reports an alternative premium reading of 10,8%. The difference is not a market error; it comes from using a different calculation baseline. The takeaway: when someone quotes “today's premium,” pin down the source and the time.
Spread. The 26,98 Bs between 978,99 and 952,01 comes to 2,83%. It sounds like a hefty toll. But that figure is not what you pay when you cross an order: it is the distance between two benchmarks drawn from different sources and times. Measured at the same time, the order book shows a very different gap: 0,62 Bs between the best ask and the best bid, or 0,06%.
📈 The order book: 974,90 versus 974,28
The actual order book looked like this:
• Best ask (USDT for sale): Bs. 974,90 on other platforms, with 69,31 USDT available.
• Best bid (buying USDT): Bs. 974,28 on Binance, with 68.425,84 USDT across three listings.
• Mid-price: Bs. 974,59.
• Spread: Bs. 0,62 (0,06%).
Expressed as a premium: measured using executable prices, the ask implies 11,88% above the BCV rate, and the bid 11,81%. In other words, the headline figure of 12,35% is around half a percentage point higher than what can actually be traded in the order book. There is another significant gap: the radar's buy reference (978,99) is 4,09 Bs above the actual best ask (974,90), a difference of 0,42%. At that point, we're dealing neither with a premium nor a spread, but with an informational benchmark that does not always match the best live order.
🔎 Understanding the 63,86% imbalance
The order book had 34 offers on each side, but their volumes differed widely:
• Bid side (buying USDT): 405.102,38 USDT.
• Ask side (selling USDT): 89.344,04 USDT.
• Reported imbalance: 63,86%.
It is worth clarifying what that 63,86% means. It can be reproduced using the order book data as follows: (405.102,38 − 89.344,04) ÷ (405.102,38 + 89.344,04). It is a net imbalance, not the proportion of buy-side volume. That proportion is 81,9% of the total. These are two ways of describing the same thing: demand for USDT is 4,5 times deeper than supply at the current price.
The practical consequence is asymmetric. The best bid can absorb 68.425,84 USDT without moving a single bolívar. The best ask, by contrast, is a showcase of just 69,31 USDT, with a maximum limit of 69,31. If someone needs 3.000 USDT, they exhaust that first level in the first stretch and move to the second, at Bs. 975,99, with 3.112,67 USDT available. The weighted average price for that trade: around Bs. 975,96, about 0,11% worse than the advertised price. This is my own illustrative calculation, and it shows the point: the best price is not always the price at which a trade executes.
💰 Bank comparison: not all listings are equal
Bank or method Listings Avg. buy Avg. sell Spread Score
Banesco 32 Bs. 976,64 Bs. 972,05 0,47% 99
Pago Móvil 22 Bs. 977,72 Bs. 970,06 0,79% 72
Other method 14 Bs. 976,28 Bs. 970,46 0,60% 60
Mercantil 6 Bs. 977,17 Bs. 973,50 0,38% 48
Two takeaways. First: Banesco does not have the tightest spread — Mercantil does, at 0,38% — but it has the most listings (32) and accounts for 32,3% of the displayed liquidity. Second: Pago Móvil, with 22 listings, has the widest spread in the group (0,79%) and the highest average buy price (Bs. 977,72 compared with Banesco's Bs. 976,64). That difference of 1,08 Bs is 0,11%: small per trade, significant at volume.
📖 Read the full article: https://pitbullchain.com/noticias/como-se-forma-el-spread-del-usdt-p2p-prima-libro-y-bancos
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📊 Live rates and analysis at https://pitbullchain.com
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