How the P2P Market Works: Exchanges, Ads, Merchants, Makers and Takers
Before looking for setups, you need to understand the market for your currency: which exchanges trade it, where there are more ads and live trades, and why prices on different platforms differ by several percent.
A currency’s P2P market is every ad in that currency on every exchange. It is uneven: one platform often collects almost all liquidity, while others serve smaller and more specific audiences. This determines where you buy and sell, how fast your ads fill and how real the prices in tables are.
Who trades: merchants, makers and takers
Most ads are posted by merchants — professional participants with a long trade history, often with a verified merchant badge. They are makers: they keep buy and sell ads and live on the spread. Regular users usually act as takers: they pick a ready ad and trade immediately.
The P2P.Army order book builder has filters for “Only merchants”, number of orders and completion rate — the first tool for screening out random and risky counterparties (lessons 4 and 7).
P2P markets in different countries
| Currency | Country | Ads | Activity 24H | Exchanges | Leader by ads |
|---|---|---|---|---|---|
| RUB | Russia | 2,919 | 401,250 | 5 | Bybit (70%) |
| PKR | Pakistan | 3,051 | 385,433 | 9 | Binance (63%) |
| VES | Venezuela | 3,599 | 376,065 | 8 | Binance (85%) |
| NGN | Nigeria | 4,533 | 314,360 | 7 | Bybit (55%) |
| UAH | Ukraine | 2,680 | 306,735 | 9 | Binance (53%) |
| IDR | Indonesia | 2,424 | 217,047 | 9 | Binance (38%) |
| VND | Vietnam | 3,129 | 175,846 | 9 | Binance (50%) |
| INR | India | 7,671 | 173,798 | 8 | Binance (83%) |
| ARS | Argentina | 1,779 | 129,780 | 9 | Binance (59%) |
| COP | Colombia | 1,435 | 124,461 | 9 | Binance (56%) |
| PHP | Philippines | 2,052 | 95,367 | 9 | Binance (39%) |
| SAR | Saudi Arabia | 1,755 | 73,362 | 9 | Binance (59%) |
| BDT | Bangladesh | 2,566 | 72,418 | 8 | Binance (74%) |
| EGP | Egypt | 1,225 | 57,225 | 9 | Binance (41%) |
| KES | Kenya | 1,823 | 39,105 | 9 | Binance (50%) |
USDT P2P Activity 24H: the 15 most active currencies
Chart data
| Activity 24H | |
|---|---|
| RUB | 401250 |
| PKR | 385433 |
| VES | 376065 |
| NGN | 314360 |
| UAH | 306735 |
| IDR | 217047 |
| VND | 175846 |
| INR | 173798 |
| ARS | 129780 |
| COP | 124461 |
| PHP | 95367 |
| SAR | 73362 |
| BDT | 72418 |
| EGP | 57225 |
| KES | 39105 |
The leaders differ. For the ruble and the naira Bybit has the most ads, and there are no Binance ads in these currencies in the data. For the rupee and the bolívar, by contrast, Binance holds over 80% of the market. And for the Indonesian rupiah and the Philippine peso no exchange holds even 40%. So the first step in any country is to open your currency’s page and see where the trades happen.
Why prices differ between exchanges
Take the rupee. On KuCoin the average USDT buy price was ₹110.82, on Binance ₹104.59. A gap of over 6% persists because each exchange has its own audience, payment methods and market depth. But look at activity: KuCoin’s rupee Activity 24H is 3,048, Binance’s 133,867. A high price on a thin market does not mean someone will quickly buy your USDT at it. How to work with such gaps is lesson 9.
The P2P exchange rating
The P2P exchange rating on P2P.Army is based on real ads volume and Activity 24H, with protection against inflated volumes. It shows the overall picture across all currencies; for your currency, use its page.
Frequently asked questions
Which exchange has the most P2P ads?
It depends on the currency. According to P2P.Army on October 30, 2026, 83% of rupee ads are on Binance, Bybit leads for the ruble and the naira, and for the Indonesian rupiah and the Philippine peso the market is split between several exchanges. Check your currency’s page.
Why is USDT more expensive on one exchange than another?
Each exchange has its own audience, payment methods and liquidity. On a thin market prices can stay higher, but there are fewer trades — selling at a high price takes longer.
What does Activity 24H mean?
It is a P2P.Army index: the number of ads plus the number of changes in their volume over a day. The higher it is, the more alive the market and the faster ads fill.
Sources
- 1.P2P.Army: P2P statistics by currencyP2P.Army10/30/2026official
- 2.P2P.Army: P2P exchange ratingP2P.Army10/30/2026
- 3.P2P.Army: INR statistics on P2P exchangesP2P.Army10/30/2026
About the 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
