PREMIUM METHODOLOGY
Why the premium changes with the FX basis
Why Kimchi Premium changes when you use official USD/KRW versus the Korean USDT/KRW rate, with formulas and practical interpretation.
Every Kimchi Premium number depends on the denominator used to convert offshore prices into KRW. CoinWOW defaults to independent USD/KRW × USDT/USD, preserving Korea's own Tether premium inside the total market gap.
Official USD/KRW basis
Premium = Korea KRW price ÷ (global USDT price × USDT/USD × USD/KRW) − 1
This answers how expensive the Korean KRW market is versus the conventional dollar market.
Local USDT/KRW basis
USDT-basis gap = Korea coin price ÷ (global coin USDT price × Korea USDT/KRW) − 1
This removes Korea's Tether premium and isolates the extra coin-specific gap relative to local USDT.
Neither basis is universally correct. They answer different questions: total Korea-vs-dollar premium versus coin-specific gap after accounting for the local Tether rate.
Premium Lens
Switch both bases instantly on the live Kimchi Premium scanner. The WOW Index remains on the official-FX basis for consistency across versions.