USDT P2P spread: from 5.17% in the headline to 0.16% in the order book

 Live P2P Radar capture: 23/9/2026, 6:00:07 a. m.
 USDT/VES reference Bs. 984.81
 Buy USDT Bs. 984.81
 USDT to buy, Bs. 936.44
 BCV Bs. 853.50
 Premium vs BCV 15.39%
 P2P spread 5.17%
 Observed offers 165
 Check current data on P2P Radar
 Anyone who checks the aggregated USDT P2P average in Venezuela on September 23 comes across an impressive figure: Bs. 984.81 to buy and Bs. 936.44 to sell, a spread of 48.37 bolívares, equivalent to 5.17%. But if someone instead looks at the order book depth, they see something very different: better ask at Bs. 964, better bid at Bs. 962.50, spread of 1.50 bolívares, which is 0.16%. Both numbers are true and measure different things. The error is in treating them as equivalent.
📊 Two thermometers for the same market
 The percentage of offers (titulares) is a range metric: it comes from comparing the highest published price to buy USDT with the lowest published price to sell it, regardless of the size of those offers or how many merchants are behind them.
 The order book spread is a depth metric: it measures the real distance between the best live sell offer and the best live buy offer at that instant, in the core where trades cross. With the September 23 capture at 10:00 UTC (06:00 in Venezuela), that core is quoting at 964 / 962,50 Bs, with an average price of 963,25 Bs.
 The difference between 5,17% and 0,16% is not a mystery or a calculation error. It’s the result of mixing extremes with the core.
📈 Where does the 5,17% come from: atypical offers from other platforms
 The upper end of the range is set by other platforms. At the selling levels there are ads at 970,56; 974,50; 974,99; 975; 984,90 and, at the top, 993,99 Bs with 724,91 USDT split across 2 ads. That’s the price that pulls the buy average up to 984,81 Bs.
 The lower end of the headline range also doesn’t reproduce in the visible depth: the selling reference marks 936,44 Bs, but the lowest bid listed in the book is 941,03 Bs, also on other platforms. The aggregated range stretches on both sides with references that the book doesn’t confirm with volume.
 The decisive detail is the weight. The 724,91 USDT published at 993,99 Bs represent less than 0,3% of the book’s visible demand (266.261,78 USDT). A small ad at an off-range price can move an aggregated percentage, but it doesn’t move the price where most of the market trades.
 The same happens with the 974,50 to 975 Bs levels, which add up to less than 700 USDT among all of them, and with the low buys from other platforms (955; 954,20; 952; 951,50; 950,11 and 941,03 Bs), well below the main bids block, concentrated between 960 and 962,50 Bs.
🔎 What truly holds the price: depth and merchants
 The order book shows three things the headline hides:
• Volume per side: 266.261,78 USDT in bids versus 88.782,03 USDT in asks. There’s almost three times more published buying intent than selling.
• 49,99% imbalance: the difference between both sides is equivalent to almost half of the book’s total volume, the imbalance metric the Radar reports.
• Concentration in a few ads: levels like 961,50 Bs (86.523,56 USDT across 2 ads), 960,20 Bs (33.990,07), and 959 Bs (36.573,04) support a large part of the buy side. On the sell side, the standout levels are 967,8 Bs (15.000 USDT), 967,9 Bs (10.826,59), and 968 Bs (9.975,29), with 966,40 Bs (8.184,44) as an intermediate step.
 Translation: the 0,16% spread rests on a handful of large merchants operating mainly on Binance. If one of those ads is removed, the best quote changes in minutes and the percentage moves without anything extraordinary happening.
💰 Banks: where the liquidity is and where the spread opens
 The bank-by-bank comparator helps you view the same market through another lens. Here are today’s data:
 Banco or Ads Spread method
 Banco de Venezuela 23 0,71%
 BANK 17 0,73%
 Mercantil 4 0,96%
 Banesco 23 1,59%
 Pago Móvil 24 2,85%
 Other method 24 3,30%
 BNC Banco Nacional 1 no purchase data
 The Pago Móvil and Other method blocks group offers with high prices, similar to those published by other platforms, and that’s why their spread widens to 2,85% and 3,30%. Banks such as Banco de Venezuela, BANK, Mercantil, and Banesco trade with spreads below 2%, in line with the book’s core.
🛡️ BCV, parallel, and premium: the other axis of the analysis
📖 Read the full article: https://pitbullchain.com/noticias/spread-p2p-de-usdt-del-5-17-del-titular-al-0-16-real-del-libro
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📊 Live rates and analysis at https://pitbullchain.com
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