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P2P Arbitrage from ScratchLesson 4 of 11
Lesson

How to Find the Spread: Step by Step in P2P.Army Tools

Setups are not guessed — they are found in data. We show how to check the market for your currency in P2P.Army tools in a few minutes: from free price and spread pages to the order book builder and signals. Screenshots use the rupee as an example.

Published11 min read
A magnifying glass over a glowing order book of green and red bars, with the gap between them highlighted in gold
Illustration: P2P.Army, AI-generated (Leonardo, GPT Image 2).

The taker spread is the gap between the price you can sell at (best bid) and the price you can buy at (best ask). The maker spread is the gap between your own sell and buy ads. Below is the order in which professionals check the market. It is the same for any currency; the screenshots show the Indian rupee.

Step 1. An overview of your currency’s market

Open the list of currencies and pick yours. Its page shows average prices by exchange, the number of ads, activity and popular payment methods. In a minute you see where the liquidity is and where prices stand out (lesson 2).

Step 2. Prices by payment method

On the prices page choose the exchange, your currency and USDT — for example, Binance, INR, USDT. The table shows the best BUY and SELL section prices for each method. In the “Calculate percentage from rate” field you can enter your own rate — for example, the price you bought USDT at — and see the spread to it right away.

Fig. 1. USDT/INR prices on Binance P2P for each method: the best price in the BUY and SELL sections, Activity 24H and the number of ads. Enter your own rate to see the spread to it.Screenshot: p2p.army, 10/30/2026Open source

Step 3. Maker spread by method

Example: USDT/INR spreads on Binance by method, TOP-1
MethodBUY section, ₹SELL section, ₹Spread
UPI103.00104.40-1.34%
Digital eRupee103.99104.40-0.39%
Paytm105.48104.40+1.03%
Google Pay105.95103.93+1.94%
PhonePe104.50103.93+0.55%
IMPS103.00104.40-1.34%
Bank India104.50104.40+0.10%
Source: P2P.Army, Binance USDT/INR spreads, October 30, 2026, 01:20 UTC. Spread = (BUY section − SELL section) / SELL section.
Fig. 2. USDT/INR spreads on Binance by method: the gap between the best ads in the BUY and SELL sections — a guide for makers. TOP-1 values include anomalous ads too.Screenshot: p2p.army, 10/30/2026Open source

A positive spread is a guide for makers: you can sell USDT for more than you buy. A negative spread in TOP-1 mode most often means an anomalous top ad: TOP-1 takes the single best price, even if a new account posted it. TOP-3, TOP-5 and TOP-10 average several best ads and smooth such outliers — they are available on a plan.

Step 4. The order book builder: ad by ad

The order book builder (P2P plan) shows two sides next to each other: for example, USDT sellers on one exchange on the left and buyers on another on the right, both with the same method. A spread is calculated for each pair of ads, and you see limits, number of orders and the counterparty’s completion rate.

Fig. 3. Order book builder (P2P plan): INR, Binance on the left, Bybit on the right, UPI on both sides. Left: USDT sellers (where you buy); right: buyers (where you sell).Screenshot: p2p.army, 10/30/2026Open source
Fig. 4. Binance (sellers) and Bybit (buyers) UPI books without filters: the top row shows a +6.22% spread, but that seller has a single completed order. Rows like this should be cut by counterparty-history filters.Screenshot: p2p.army, 10/30/2026Open source
Example: best USDT/INR UPI prices from counterparties with 100+ orders and a 95%+ completion rate, ₹
ExchangeBuy USDTSell USDT
Binance104.99103.93
Gate104.94103.52
Bybit106.50109.00
Bitget106.99102.80
HTX107.53102.20
KuCoin109.45101.82
OKX—100.61
Source: P2P.Army order book builder, October 30, 2026, around 01:10 UTC. Without the filter, the top rows on Bybit and HTX showed ₹90.99 and ₹115 from accounts with 5 and 7 trades.

With the filter the picture is more honest. A Bybit bid of ₹109 from an account with 164 trades looks like a setup, but the screenshot shows the entry ticket: the minimum trade in that ad is ₹5 lakh, about 4,600 USDT. Always open the ad and read its terms before trading; how to calculate a full cross-exchange setup is lesson 9.

Step 5. Taker signals

Signals (P2P plan) compare ads across exchanges with the best price of your payment method and send to Telegram those where the spread is above your threshold. Set your currency and method, the counterparty’s minimum orders and completion rate, the amount range and the percentage.

Fig. 5. Taker signals (P2P plan) for INR with the UPI method and a filter of 100+ orders and a 95%+ completion rate. The percentage is the potential spread to the best price of your method; check every signal manually.Screenshot: p2p.army, 10/30/2026Open source

Frequently asked questions

How does the maker spread differ from the taker spread?

The taker spread is the gap between the best other people’s sell and buy ads: the taker pays it. The maker spread is the gap between your own ads: the maker earns it but waits for fills.

Do P2P.Army tools work for my currency?

P2P.Army tracks nine P2P exchanges and every currency traded on them. Open the list of currencies, pick yours and check which exchanges and payment methods have ads.

Which P2P.Army tools are free?

Currency, price and spread pages (TOP-1 mode), the P2P exchange rating and the converter are free. The order book builder, taker signals, SWIFT, International Currencies and TOP-3/5/10 modes are part of the P2P plan.

Sources

  1. 1.
    P2P.Army: USDT/INR spreads on Binance P2P
    P2P.Army10/30/2026official
  2. 2.
    P2P.Army: USDT/INR prices on Binance P2P
    P2P.Army10/30/2026
  3. 3.
    P2P.Army: P2P order book builder
    P2P.Army10/30/2026
  4. 4.
    P2P.Army: taker signals
    P2P.Army10/30/2026
  5. 5.
    P2P.Army: P2P statistics by currency
    P2P.Army10/30/2026
Tags:#P2P arbitrage#spread
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About the author

Antonio Merkle — crypto expert, arbitrage trader and P2P.Army author

Crypto expert, arbitrage trader and investor

Crypto expert and hands-on crypto arbitrage trader, investor and software developer with over 20 years of experience. On the P2P.Army blog he covers exchange news, P2P and cross-exchange arbitrage.

  • Crypto arbitrage
  • P2P arbitrage
  • Cross-exchange arbitrage
  • Crypto exchanges
  • Investing
  • Software development
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