Live P2P Radar Capture: 11/9/2026, 6:00:16 a. m.
USDT/VES reference Bs. 974.69
Buy USDT Bs. 974.69
Sell USDT Bs. 927.79
BCV Bs. 832.49
Premium vs BCV 17.08%
P2P spread 5.06%
Offers observed 178
Check current data on P2P Radar
**Context data.** The screenshot corresponds to September 11, 2026, 10:00 UTC. The USDT/VES P2P radar showed a buy at 974,689 Bs and a sell at 927,7892 Bs: a spread of 46,8998 Bs, equivalent to 5,055%. At the same time, the aggregated order book showed a best ask at 962,79 Bs and a best bid at 960,01 Bs: 2,78 Bs difference, 0,29%. All of this piece lives in the distance between that 5,06% and that 0,29%.
There are two numbers that sound similar but mean different things: the indicator spread and the executable spread. Confusing them leads to poorly calibrated decisions, especially when the traffic light is yellow.
## Radar vs order book: 5.06% vs 0.29%
**Fact.** The aggregated indicator reports buy at 974.689 Bs and sell at 927.7892 Bs. The order book reports the best ask at 962.79 Bs (1 ad, 1,045 USDT, Banco de Venezuela) and the best bid at 960.01 Bs (1 ad, 14,478.91 USDT, Provincial). Average book price: 961.40 Bs.
**Fact.** Binance medians in the same window: buy 959 Bs (best 958.11; 10 ads) and sell 962.8 Bs (best 963; 10 ads). That is, the range where trades actually cross is 958–963 Bs, not 927–975 Bs.
**Interpretation.** The radar’s 5.06% is not a two-way price: it’s the distance between the highest end of one side and the lowest end of the other, aggregating banks, payment methods, and exchanges into a single number. The order book’s 0.29% is a two-way price: what it costs to cross the spread now, using the best visible offers.
**Illustrative calculation** (arithmetic, not an operational suggestion): selling 100 USDT at 927.7892 Bs yields 92,778.92 Bs; at 960.01 Bs yields 96,001 Bs. Difference: 3,222.08 Bs, 3.47%. In the other direction, buying 1,000,000 Bs at 974.689 Bs yields 1,025.97 USDT; at the ask of 962.79 Bs yields 1,038.65 USDT. That’s 12.68 USDT more, 1.24%.
## The 17.08% premium: 15.44% comes from the BCV–parallel gap
**Calculation.** BCV at 832.4883 Bs. USDT at 974.689 Bs: difference of 142.2007 Bs, 17.08%. Parallel dollar at 961.02 Bs (buy 959.86 / sell 962.18; own spread of 0.24%): difference versus BCV of 128.5317 Bs, 15.44%. And USDT versus the parallel: 13.669 Bs, 1.42%.
**Verification.** The decomposition is multiplicative and closes almost exactly: 1.1544 × 1.0142 = 1.1708, i.e., 17.08%. The residual is minimal.
**Cross-check corroboration.** The euro behaves the same: BCV EUR at 968.06734453 Bs and parallel euro at 1,133.43 Bs yield a premium of 17.08%. If the premium were a USDT-only phenomenon, it would not replicate in EUR.
**Interpretation.** The 17.08% premium is, essentially, an FX gap between the official rate and the market rate. The USDT-specific component is marginal (1.42%). This matters for reading headlines: when it says “USDT is going up,” many times what is moving is the gap, not the token.
**Context of previous days.** Reports from September 7, 8, and 9, 2026 mentioned premiums above 18% and 19% with spreads close to 3.27% [1][2][7], and BCV was around 814 Bs on September 8 [3]. These are different dates: they serve as trend reference, not as a direct comparison to today’s snapshot.
## Spread by bank: 1.33% in Banesco, 2.28% in “Another method”
The spread is not a property of the complete market; it’s specific to each combination of payment method and counterparty. Here are the aggregated bank data:
Bank / method Spread Ads Score Liquidity
Banesco 1.33% 31 96 26.1%
Pago Móvil 1.80% 28 80 23.5%
Another method 2.28% 23 70 19.3%
Banco de Venezuela 0.62% 13 59 10.9%
Mercantil 0.68% 7 49 5.9%
BANK 0.69% 7 49 5.9%
Provincial n/a 3 45 2.5%
PagoMovil n/a 2 43 1.7%
**Data note.** In Provincial and PagoMovil, only one side of the price appears, which is why their spread cannot be calculated and is not reported.
**Interpretation.** The lowest spread in the table (Banco de Venezuela, 0.62%) is not automatically the best option: it brings 13 ads and 10.9% of liquidity. Banesco combines 1.33% with 31 ads, 26.1% liquidity, and a score of 96. “Another method” is the most expensive in spread (2.28%) with relevant liquidity (19.3%), an easy detail to overlook when filtering by speed rather than by cost.
## Depth: 150,607 USDT on buy versus 133,571 on sell
**Fact.** The order book accumulates 150,607.43 USDT on the buy side (32 ads) and 133,571.13 USDT on the sell side (33 ads). Total: 284,178.56 USDT. The imbalance is 5.99% in favor of demand. In total there are 178 ads and the presence of Binance and other platforms.
**Relevant fact.** The first buy level absorbs 14,478.91 USDT at 960.01 Bs, close to 10.8% of the total depth on that side. The first sell level only offers 1,045 USDT at 962.79 Bs, a mere 0.78% of the side. The top part of the book is not symmetrical.
**Calculation.** Buying 10,000 USDT forces you to go from 962.79 → 964 Bs and averages 963.41 Bs, just 0.06% above the best ask. Selling 10,000 USDT fills completely at the first bid, at 960.01 Bs.
**Interpretation.** A 5.99% imbalance is moderate: it does not describe an imbalanced market or a run. What it does describe is a thin first sell line that can be exhausted quickly and push the ask by a few bolivars, while the buy side can tolerate large tickets at the first level.
## Traffic light 69: spreadScore 20 is the weak link
The traffic light for USDT/VES is at 69, yellow status, “moderate caution.” The breakdown is more informative than the final number:
- **spreadScore: 20** — the weakest component on the board.
- depthScore: 45 — depth in the mid zone.
- premiumScore: 75 and externalSignalScore: 60 — moderate external signals.
- volatilityScore: 80.
- liquidityScore: 95, bankAvailabilityScore: 95, exchangeHealthScore: 95, freshnessScore: 100.
**Interpretation.** The yellow status does not come from lack of liquidity or lack of bank availability: it comes from spread and depth. A market with 95 liquidity and 20 spread is a market with counterparties available but with dispersed prices. That’s where the order book matters more than the indicator.
## Practical close: three checks before trading
- **Look at the order book, not just the indicator.** The spread of 5.06% is aggregated; the executable today was 0.29%. If you’re going to move a large ticket, check how many levels you need to walk through and at what average price.
- **Filter by bank and method, not by rate alone.** Banesco (1.33%, 31 ads, score 96) and Pago Móvil (1.80%, 28 ads) have different profiles from “Another method” (2.28%). Provincial and PagoMovil do not allow spread calculation with the current data.
- **Check limits and reputation.** In the book, you’ll find minimums of 5.71 USDT and maximums of 23,500 USDT within the same price range. The real limit of your counterparty matters as much as the published rate.
**Limits of this analysis.** The figures come from a single snapshot (11/09/2026, 10:00 UTC) and the timestamps of the indicator and the order book differ by seconds. The radar spread combines sides and methods, so it is not directly comparable to the bid-ask spread. There isn’t enough data in the snapshot to estimate executed volume, commissions, or settlement times by bank.
_Educational and informational content. This is not financial advice or a recommendation to buy or sell._
## Sources consulted
- Venezuela’s USDT P2P: premium over BCV exceeds 18%, spread is 3.27% - Binance — 9/9/2026
- Today USDT vs BCV premium exceeds 19%: spread and liquidity analysis - Binance — 7/9/2026
- BCV dollar price today, September 8: the quote surpassed 814 bolivars - El Estímulo — 8/9/2026
- USDT P2P reaches 970 bolivars and expands its premium versus BCV to 19.1% - Binance — 8/9/2026
## Verify before trading
Check current rates, banks, and updated depth in PitbullChain’s tools.
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**Notice:** educational and informational content. This does not constitute financial advice or a recommendation to buy or sell.
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