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On September 3, 2026, the Venezuelan foreign-exchange market showed a 22.82% gap between the BCV official rate (804.81 Bs/USD) and the USDT price on the P2P market (988.44 Bs). This difference is not just a curious data point: it is a symptom of how the official reference and the one built by thousands of person-to-person transactions in real time coexist—and sometimes clash. What is the exact gap and how is it calculated? Fact: According to data verified by Radar P2P at 18:00 UTC on September 3, 2026, the official exchange rate of Venezuela’s Central Bank (BCV) is 804.81 Bs/USD. On the P2P market, the purchase of USDT is agreed on average at 988.44 Bs. Calculation: The difference between these two references is 183.63 bolivars. To obtain the premium, divide that difference by the official rate and multiply by 100: (988.44 − 804.81) ÷ 804.81 × 100 = 22.82%. Interpretation: That means anyone buying USDT on the P2P market pays a markup of almost 23% versus the official exchange rate. This gap is not new in Venezuela, but its magnitude reflects expectations and frictions that the official dollar does not capture. Recent evolution: the official rate accelerates, but it doesn’t catch up Public BCV records show an upward trend in recent days. According to the BCV itself, the exchange rate is a weighted average of the bank exchange desks [1]. Based on the available references: August 21: 779.95 Bs/USD [3] August 24: 784.66 Bs/USD [8] September 1: 798.33 Bs/USD [4] September 3: 804.81 Bs/USD [2] Between August 21 and September 3, the official rate rose by 3.18%. However, the P2P USDT quote has also moved, and the spread with the BCV has remained the same or widened. The acceleration of the official reference has not closed the gap; in fact, the current 22.82% premium implies the parallel market continues discounting additional depreciation of the bolívar. What does the P2P market say beyond the average? Fact: In Binance’s order book, the USDT buy offers (those selling bolivars) show a better price of 983.00 Bs, while the sell offers (those receiving bolivars) start at 937.65 Bs [Radar P2P data]. The volume of buy orders vastly exceeds that of sell orders, with an imbalance of 70.62%. Interpretation: This suggests there are more people wanting to sell bolivars (demand for USDT) than people wanting to sell USDT. This buying pressure naturally pushes the price up, widening the gap with the BCV. In addition, the spread between the USDT P2P buy and sell prices is 24.22 Bs (2.51%). A high spread usually indicates thin or dispersed liquidity or volatility, and in this case it adds to the yellow light that Radar P2P assigns to the market: “Moderate caution,” with a specific warning for an elevated spread. The parallel dollar and USDT: do they move together? Fact: The parallel dollar, according to the Binance P2P reference, is 982.94 Bs/USD, very close to the USDT P2P price. However, USDT shows a 22.82% premium versus the BCV—just a fraction higher than the parallel rate (which would be 22.13%). Interpretation: The closeness between the parallel rate and USDT suggests that the market no longer distinguishes between “cash dollar” and “crypto-dollar” in terms of the gap with the BCV. The difference is minimal compared with the spread both have versus the official rate. For traders, this means the real reference for the bolívar is not the BCV rate, but the one set by supply and demand on the P2P platforms. Background factors: liquidity, banks, and access The data shows that the banks with the most P2P offers are Banesco, Pago Móvil, and Banco de Venezuela, with a total of 289 active offers at the time of the snapshot. Liquidity is sufficient in several banks, but book depth is uneven: there are large order walls at 983–985 Bs, which can act as temporary support or resistance. Pago Móvil and Banesco account for more than 40% of the offers. Banco de Venezuela, Mercantil, and Provincial show better spreads, but fewer transactions. 86% of the offers are on exchanges like Binance and other platforms, reinforcing the role of international platforms as price setters. Interpretation: The 22.82% gap is not an accident. It reflects a fragmented market where the official rate is an accounting or tax reference, but not one that balances real supply and demand for foreign currency. The preference for USDT as a “store of value” asset exerts pressure on the parallel exchange rate, and the BCV appears to be lagging behind. Final considerations The gap between the BCV and USDT P2P should be read as a thermometer: if it widens, it suggests more pressure on the bolívar; if it narrows, it may indicate that the official exchange-rate process is gaining ground or that demand for hedging is falling. But it’s necessary to reiterate: this analysis is strictly for informational purposes. No rate can be taken as a recommendation to buy or sell. The Venezuelan market is subject to regulations, controls, and counterparty risks that each operator must evaluate using their own tools. Radar P2P, for example, provides calculators and comparators so users can check the best option based on their bank, exchange, and amount. In the end, 22.82% is not an arbitrary number. It is the result of the interaction between BCV exchange-rate policy, confidence in the bolívar, and the real dynamics of the P2P market, where Venezuelans set their own rate… at least for now.

On September 1, 2026, data from PitbullChain’s P2P Radar for P2P registered a premium of more than 20% for USDT against the BCV. The P2P exchange rate for buying stood at 960.65 bolivars per USDT, while the BCV closed at 798.33 bolivars per dollar. The currency gap widened to 162.32 bolivars, equivalent to a 20.33% premium. This behavior matches the pattern seen in recent weeks: demand for USDT in Venezuela continues to push the peer-to-peer market upward. According to Ecoanalítica estimates, the country trades around 44 million US dollars per day in USDT via Binance P2P [2], highlighting the weight of this market in the local economy. What do premium and spread mean? Premium is the percentage difference between the USDT price in the P2P market and the BCV official exchange rate. A value of 20.33% indicates that those buying USDT on Binance P2P pay more than an additional fifth in bolivars compared with the official dollar. On the other hand, spread is the distance between the USDT buy price and the sell price. The P2P Radar recorded a spread of 34.31 bolivars per USDT, equivalent to 3.70%. This widening gap makes the operation more expensive and forces you to compare prices before acting. Binance P2P order book: buyers in control The aggregated Binance P2P order book, reflected by PitbullChain, shows a clear imbalance in favor of buying. Demand levels concentrate 594,438.32 USDT across 38 buy offers, while the sell (ask) side barely reaches 110,349.15 USDT across 32 posts. That means the buy volume is five times the sell volume. The calculated imbalance is 68.69%, computed as (buy - sell) / (buy + sell). In practice, there are many more users willing to sell bolivars to get USDT than users selling their crypto to exit into bolivars. The highest buy price (bid) is at 947 bolivars per USDT, while the best sell price (ask) is at 949.71 bolivars. This creates a spread of 2.71 bolivars (0.29%) at the first level of the order book, though the session’s weighted average spread is much wider. P2P traffic light in “moderate caution” PitbullChain’s P2P traffic light, which combines liquidity scores, spread, market depth, and banking availability, remains yellow with a score of 67 out of 100. The status is “moderate caution.” The traffic light components show a market with high liquidity (95 points) and good banking availability (95), but with an elevated spread (20 points) and moderate depth (45). This means there is enough money in the market, but executing a trade can be costly if you don’t compare across banks and exchanges. PitbullChain recommends three specific actions in this scenario: Compare prices across exchanges before locking in a trade. Check the bank, counterpart reputation, and counterparty limits. Review the Order Book tool to identify the best prices based on the amount. Banks with more activity and better spreads The P2P Radar data identifies Banesco, Pago Móvil, and Banco de Venezuela as the methods with the highest presence in active offers. Banesco leads with 24.3% of liquidity, followed by Pago Móvil (21.7%) and another method (18.3%). Looking at spread by bank in the capture period: Banesco: spread of 0.90% between the average buy price (951.67) and sell price (943.20). Pago Móvil: spread of 1.26% (buy at 954.52 and sell at 942.63). Banco de Venezuela: spread of 0.49%, one of the lowest. BANK: spread of 0.48%. Within the order book, the banks that appear most frequently in offers are Banesco, Banco de Venezuela, and Pago Móvil. The platform other platforms are also present in this market, with offers in Pago Móvil and other methods. Context: demand keeps growing The current gap is not an isolated case. In June 2026, the bolívar crisis triggered increased USDT demand on Binance P2P [8], and the trend remains. A Digital Finance report also noted that Binance’s P2P market reached levels close to BCV foreign-currency sales [4], confirming that the exchange has become a reference point for the exchange rate in Venezuela. The 20% premium over the BCV is a sign of bolivar scarcity—or, more precisely, a strong preference for holding dollar-denominated assets. As long as the BCV maintains its currency-sales policy at a slower pace than internal demand, the P2P price will continue to work as a thermometer of the real market. Practical close We are in a scenario with a wide spread and a buyer imbalance. For anyone needing to trade USDT in Venezuela, the recommendation is to use tools such as the P2P calculator and the bank comparator offered by PitbullChain. It’s not advisable to execute a buy without checking the sell price, nor to sell without verifying the best bid in the order book. The data in this report was captured at 14:00 UTC on September 1, 2026 (10:00 a.m. in Venezuela) and corresponds to a snapshot of the market at that minute. Prices change quickly in P2P; therefore, the information presented here is a starting point, not an investment recommendation.