The double spread in P2P USDT: 3.54% on the radar and 0.01% in the order book

Live P2P Radar Snapshot: 7/10/2026, 8:00:13 a.m.
 USDT/VES reference Bs. 1,009.27
 USDT buy Bs. 1,009.27
 USDT sell Bs. 974.80
 BCV Bs. 873.87
 Premium vs. BCV 15.49%
 P2P spread 3.54%
 Offers observed 224
 Check current data on Radar P2P
There are two ways to look at the same market, and in this snapshot from October 7, 2026, at 12:00 UTC, they tell different stories. PitbullChain’s aggregated radar reports a 3.54% spread between the P2P USDT buy and sell prices: ₮1,009.27 and ₮974.80. The actual order book—that is, the best executable prices—shows ₮999.82 at the best ask and ₮999.70 at the best bid: a difference of ₮0.12, equivalent to 0.01%.
The gap between 3.54% and 0.01% is not a calculation error. It’s the distance between an average of posted listings and an order book with specific prices, amounts, and limits. Understanding it changes how you read the market before trading P2P in Venezuela.
📊 Two spreads, two layers of the same market
The first data point is an aggregate of listings. The second is a book quote. Both are true, but they measure different things:
• P2P Radar: buy at ₮1,009.27 and sell at ₮974.80. Spread of ₮34.46 (3.54%).
• Real order book: best ask at ₮999.82 and best bid at ₮999.70. Spread of ₮0.12 (0.01%). Mid price: ₮999.76.
• Official reference: the BCV dollar is at ₮873.87. The radar’s premium over the BCV is 15.49%.
• Parallel (Binance P2P): ₮999.80, with a 0.05% spread.
• Listing volume: the semaphore counts 244 active offers; the order book aggregate reports 224 listings.
 A detail helps you read the gap. The middle of the book (₮999.76) is practically stuck to the parallel price, and, according to our calculation, sits around 14.41% above the BCV. Meanwhile, the radar sell price (₮974.80) is only 11.55% above the BCV, while the buy price (₮1,009.27) is 15.49% higher. Then the aggregated spread of 3.54% comes from combining two extremes that belong to different sides of the market—not from a real simultaneous entry and exit cost.
📈 Why the gap exists
• The radar summarizes the best published buy price and the best published sell price in listings. Those prices come from different merchants, with different payment methods, amounts, and limits, and they don’t necessarily match each other.
• Liquidity is spread across multiple payment methods. Mobile Payment and “Other method” concentrate 47.5% of the total, with spreads of 0.94% and 1.25%. That pushes the aggregated average upward.
• The order book only shows the best available orders on Binance and other platforms. Its quotes can be very close (0.01%) because they are specific orders, not the overall market price.
• That 0.01% is fragile. In the best ask there are 105.23 USDT in a single order; in the best bid, 8,000 USDT. For medium or high amounts, the relevant price isn’t the quote—it’s the level where you can actually execute.
🔎 Banking map: where the liquidity is and where the spread is
The bank table in the screenshot shows a useful pattern: the methods with more liquidity are not the ones with the tightest spreads. These are the measurable data:
 Method or bank Listings Spread Liquidity Score Payment Mobile 33 0.94% 23.4% 86 Other method 34 1.25% 24.1% 86 Banesco 23 0.99% 16.3% 81 Banco de Venezuela 14 0.39% 9.9% 59 BANK 10 0.39% 7.1% 54 Mercantil 8 0.38% 5.7% 51 Provincial 5 Not calculable 3.5% 47 PaymentMobile (variant) 4 Not calculable 2.8% 46 Two readings. First: Payment Mobile and “Other method” add up to 47.5% of liquidity with spreads of 0.94% and 1.25%. Second: Banco de Venezuela, BANK, and Mercantil operate with spreads of 0.39%, 0.39%, and 0.38%, but they only gather 14, 10, and 8 listings respectively. Provincial shows 5 listings and 3.5% liquidity, even though its record is only on the sell side (₮998.67), so with the available data we can’t calculate a complete spread.
 Banesco sits in the middle: 23 listings, 16.3% liquidity, and a spread of 0.99%. It’s the entity with the largest weight among those that are neither Payment Mobile nor “Other method”.
📖 Read the full article: https://pitbullchain.com/noticias/el-doble-spread-del-usdt-p2p-3-54-en-el-radar-y-0-01-en-el-libro
https://public.bnbstatic.com/image/pgc/20261007/81d6ff4b38c74f02ba054ba9b3c8cb92.jpg
📊 Live rates and analysis at https://pitbullchain.com
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