Kimchi Premium Calculator: Separate FX from the USDT Basis

The Korean, or kimchi, premium compares a Korean won quote with an overseas quote converted into won. A positive value means the Korean quote is higher; a negative value means it is lower. The result depends on the conversion rate used.

Using Upbit BTC/KRW, Binance BTC/USDT and a USD/KRW reference, the overseas benchmark is BTC/USDT × USD/KRW. The dollar-based premium is (Korean quote ÷ benchmark − 1) × 100. The USDT/KRW view below reflects local tether pricing and is a separate comparison; sites may define the displayed premium differently.

For example, if the Korean BTC quote is ₩106,500,000, BTC/USDT is 75,000, USD/KRW is ₩1,400 and USDT/KRW is ₩1,410, the dollar benchmark is ₩105,000,000 and the premium is +1.43%. The tether-based benchmark is ₩105,750,000, leaving the Korean quote +0.71% above it. These are illustrative inputs, not live prices.

Align quote timestamps. A reference FX rate is not an executable conversion price, and local tether pricing also reflects supply and order-book conditions. Fees, slippage, withdrawal restrictions and transfer time matter, so a negative premium alone does not establish risk-free arbitrage.

Compare several assets and the USDT/KRW versus USD/KRW gap. That can help separate a coin-specific price difference from broader won or tether demand. See the market page for live domestic and overseas quotes.