Kimchi Premium
Real-time Bitcoin price gap between Korean exchanges and Binance
Upbit₩117,607,000
$78,521.93
Binance
₩118,228,172
$78,936.66
Live Kimchi Premium
-₩621,172
-$414.73
USD/KRW
₩1,497.8
USDT/KRW
₩1,489.8
-₩7.9
-0.53%
What is the Kimchi Premium?
The Kimchi Premium is the price difference between Bitcoin on South Korean exchanges (Upbit, Bithumb) and global exchanges like Binance. Named after the Korean dish, it reflects the premium Korean investors pay due to capital controls and limited access to overseas exchanges.
How Is It Calculated?
Why Does It Happen?
- •Restricted access to overseas exchanges — Korean residents face barriers using foreign crypto platforms
- •Capital controls — South Korea limits foreign currency flows, preventing quick arbitrage
- •Concentrated domestic demand — Bull markets drive Korean investors to buy heavily on local exchanges
- •KRW liquidity — Direct KRW-to-BTC trading amplifies price distortions
Historical Context
The kimchi premium first gained global attention during the 2017–2018 bull market. It reached an all-time high of approximately 54% on January 8, 2018, when Bitcoin surged to its then-record price and demand on Korean exchanges far outpaced supply. During the 2021 bull market, the premium climbed again to around 20%. The typical pattern: it expands in bull markets and shrinks or turns negative (inverse premium) in bear markets.
Frequently Asked Questions
What does a high Kimchi Premium mean?▾
A high Kimchi Premium signals strong Bitcoin demand from Korean investors versus global markets, often indicating bullish sentiment and market overheating in South Korea.
Can you arbitrage the Kimchi Premium?▾
Theoretically yes, but South Korea's foreign exchange regulations, transfer limits, and exchange restrictions make practical arbitrage extremely difficult.
What is a negative Kimchi Premium?▾
A negative (reverse) Kimchi Premium occurs when Korean exchange prices fall below global prices, typically during bear markets or when Korean selling pressure is unusually high.
Where can I check the Kimchi Premium in real time?▾
Coinugget provides real-time Kimchi Premium data based on Upbit prices, updated every few seconds via WebSocket.
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