Live P2P Radar Capture: 25/9/2026, 4:00:10 p. m.
USDT/VES reference Bs. 968.25
Buy USDT Bs. 968.25
Sell USDT Bs. 944.07
BCV Bs. 855.66
Premium vs BCV 13.16%
P2P spread 2.56%
Observed offers 98
Verify current data in P2P Radar
Summary: the reference spread of the P2P Radar (24.18 Bs; 2.56%) and the spread of the aggregated order book (47.40 Bs; 4.91%) describe the same trading day, September 25, but they do not measure the same thing. The difference between them—23.22 bolívares, or 2.35 percentage points—is explained by the imbalance in depth (1,248,477 USDT on buy vs. 136,466 USDT on sell) and by the real availability of counterparties according to the bank. This analysis is not an operating recommendation.
📊 Two spreads, two methodologies
The P2P Radar summarizes the market in two reference prices: 968.25 Bs on the buy side and 944.07 Bs on the sell side. Subtracting them gives 24.18 Bs, i.e., 2.56%. It’s a useful reference average to quickly orient yourself, not a quote someone will honor.
The aggregated order book does something else: it goes through the real offers published on other platforms and Binance and takes the two extremes. The result was a 47.40 Bs spread, 4.91%.
P2P Radar indicator Order book
Higher price 968.25 Bs (buy reference) 965.10 Bs (bestBid, Binance)
Lower price 944.07 Bs (sell reference) 917.70 Bs (bestAsk, other platforms)
Spread 24.18 Bs · 2.56% 47.40 Bs · 4.91%
Mid price Not published 941.40 Bs
The gap between the two numbers is 23.22 Bs. It’s not a calculation error: they’re two different thermometers.
📈 Where does the 23.22 bolivar gap come from
Three measured facts explain almost everything:
• The book’s sell extreme (917.70 Bs) comes from a single offer on other platforms with 507.53 USDT available and limits of 50.75 to 507.53 USDT. One ad doesn’t define the market.
• The buy extreme (965.10 Bs) is an ad on Binance with 3,065.97 USDT and Provincial and BBVABank banks.
• They’re on different platforms. The 4.91% spread mixes an ask from other platforms with a bid from Binance; no person executes both extremes at the same time. It measures dispersion across venues, not a route.
Translated to bolívares: the 917.70 Bs from the book are 50.55 Bs below the Radar buy reference (5.22%), and the 965.10 Bs are 21.03 Bs above the sell reference (2.23%). That’s why the big number feels far away when you reach the payment screen.
🔎 Depth 80/20: the side that holds the price
The depth metric is the most revealing part of the screenshot. The book measured 1,248,477.11 USDT offered on the buy side versus 136,466.51 USDT on the sell side. The reported imbalance is 80.29%, and the ratio between both sides is 9.15 to 1.
There is a detail that changes the read: 34 buy ads versus 40 sell ads. That is, there are more selling ads than buying, but the buying volume is nine times greater. Fewer hands, much more money.
My own calculation from the book: about 932,372.60 USDT of that buy-side depth (≈74.7%) is at levels where no declared Venezuelan bank is indicated, published on other platforms. A single block at 961.00 Bs concentrates 876,423.60 USDT—around 70% of all the measured buy volume. An 80% imbalance sounds like strong pressure, but if your rail is Pago Móvil or Banesco, much of that volume isn’t an accessible counterparty for you.
On the sell side, the segment where blocks with a declared bank do appear is between 965.59 and 966.50 Bs: 4,066.91 USDT and 5,640.20 USDT with Banesco; 20,764.60 USDT split between Mercantil and Banesco; 13,627.06 USDT with Banesco; 39,636.30 USDT with Mercantil. That’s where the price most people end up paying lives.
💰 The chosen bank moves the final price
The bank comparator from the same screenshot orders availability like this:
Bank Score Ads Spread published Liquidity
Banesco 90 22 5.89 Bs (0.61%) 19.3%
Pago Móvil 89 26 4.74 Bs (0.49%) 22.8%
Banco de Venezuela 71 16 Not published 14.0%
Mercantil 57 9 Not published 7.9%
Provincial 46 3 Not published 2.6%
Banesco with score 90 and 22 ads isn’t a coincidence: it shows up repeatedly in the book’s large blocks. Provincial, with score 46 and only 3 ads, has a much smaller universe of counterparties; if that’s your only rail, the 2.56% from the Radar could theoretically sit there and not in your operation. The score measures relative availability, not convenience.
📖 Read the full article: https://pitbullchain.com/noticias/usdt-ves-al-25-s-el-spread-de-2-56-no-es-el-que-ejecutas
https://public.bnbstatic.com/image/pgc/20260925/d8a95631718742ce9e6bdc3bbe4c8c18.jpg
📊 Live rates and analysis at https://pitbullchain.com
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