MERL kimchi premium: Upbit & Bithumb vs Binance
How much more (or less) MERL costs on the Korean exchanges Upbit and Bithumb than on Binance: the KRW price converted to USDT at the Korean USDT/KRW price, against the Binance USDT perpetual price. The same snapshot and USDT/KRW rate as the kimchi premium table, refreshed every minute.
On Bithumb, MERL last traded at ₩41.600, which is $0.03056 at Upbit's ₩1,361.4 per USDT, against $0.03095 on Binance: a 1.27% discount. In other words, ₩1,000,000 spent on MERL on Bithumb buys about ₩1,012,900 worth at Binance prices, so it is cheaper to buy in Korea than abroad right now. That is below Bithumb's volume-weighted premium of -0.19% across 66 coins, so MERL is cheaper in Korea than the typical coin. MERL ranks #112 of 135 by Korean 24h trading value (₩682.0M).
MERL on Upbit and Bithumb vs Binance
as of 16:12 UTC · premium vs USDT| Venue | KRW price | USD equivalent | Binance price | Premium | KRW 24h volume |
|---|---|---|---|---|---|
| Upbit | not shown: under ₩500.0M traded in 24 h, not listed, or excluded | ||||
| Bithumb | ₩41.600 | $0.03056 | $0.03095 perp | -1.27% | ₩682.0M |
USD equivalent = KRW price ÷ ₩1,361.4, Upbit's own KRW-USDT price, so the premium is vs USDT, not vs the bank dollar rate. Binance price: the USDT perpetual MERL/USDT market. MERL is #112 of 135 coins by combined Upbit + Bithumb 24h volume (₩682.0M).
MERL kimchi premium history
Recording since 29 Sep 2026 for the top 20 coins by Korean 24h volume plus BTC, ETH, XRP and SOL; MERL gets a chart after a day among them.
Data: Upbit and Bithumb public ticker APIs, and Binance prices from this site's live feed, refreshed about once a minute. Green means Korea pays more than Binance, red less. Every coin is on the kimchi premium table. Not financial advice.
MERL kimchi premium FAQ
What is the MERL kimchi premium today?
MERL trades at a 1.27% discount on Korean exchanges against Binance right now (Bithumb -1.27%). The figure refreshes about once a minute from the Upbit and Bithumb public tickers.
How is the MERL kimchi premium calculated?
The MERL KRW price on Upbit or Bithumb is divided by the Korean USDT price in won (₩1,361.4 on Upbit now) and compared with the MERL price on Binance ($0.03095, USDT perpetual): premium = KRW price ÷ USDT/KRW ÷ Binance price − 1. A venue counts only when it traded at least ₩500.0M of MERL in the last 24 hours.
Can you arbitrage the MERL kimchi premium?
Not easily. Korean exchanges take won only from verified local bank accounts and South Korea limits moving won abroad, which is why the gap can last. Transfers take time, an exchange can suspend MERL deposits or withdrawals, and the premium can close before a transfer lands. Nothing here is financial advice.