OpenRate Research
Everything we've learned about P2P crypto in India
108 articles on tax, regulation, exchange specifics, payment rails, arbitrage, and how to avoid the scams that show up on every UPI receipt screenshot.
USDT arbitrage in India: how it works in 2026
Buying USDT cheap on one venue and selling at a premium on another nets 30-80 paise per USDT in 2026 — narrower windows than 2022 but still workable at scale.
How to read the P2P order book like a pro
The displayed top-of-book is just the tip. Reading depth, ad sizes, and merchant tier reveals what the real spread is for your trade size.
Why is USDT more expensive in India than USDINR? (2026 premium explained)
The India premium on USDT sits at 5-10% over USDINR — driven by LRS capital controls, the 30% VDA tax, and merchant capital costs. Currently USDT/INR ≈ ₹95-96.
Why is the P2P rate different from the rate on Google or Coinmarketcap?
Google shows the global USDT/USD spot rate. P2P shows the local INR rate including premium. Both are 'real'; they answer different questions.
What's the best time to buy USDT on P2P?
Tightest spreads at 9-11 PM IST when peak Indian liquidity overlaps merchant competition. Mornings can be wider but offer Asian arbitrage windows.
What is slippage in P2P and how do I avoid it?
Slippage = the price difference between the ad you saw and the price you actually paid. Caused by ad changes, depth, and rapid market moves.
Fixed-price vs floating-price ads — which is better?
Floating ads track an index and move with the market. Fixed ads lock the price. Most merchants run floating; understanding both helps you read the market.
What causes the P2P spread to widen suddenly?
Spreads widen on volatility, news catalysts, merchant inventory imbalance, or bank-side AML pressure. Each leaves a different signature on the order book.
Three working P2P arbitrage strategies in India
Cross-venue, cross-fiat, and merchant-recovery arbitrage — each with different capital and timing demands. Here's the playbook.
How does OpenRate's P2P price compare to other trackers?
Most trackers pull only one venue or use stale snapshots. OpenRate aggregates 9 venues at 30-second freshness — here's why that matters.