Coinbase Premium Index: Coinbase vs Binance
The Coinbase premium is the gap between the price on Coinbase (US dollars), where US institutions trade, and on Binance (USDT), the largest global exchange. A positive premium points to strong US buying, a negative one to US selling.
Bitcoin trades 0.006% ($5.43) below Binance on Coinbase, against a 7-day average of -0.032%. Ethereum trades 0.024% ($0.63) below Binance on Coinbase, against a 7-day average of -0.035%. A negative premium means Coinbase buyers pay less than the global USDT market, which usually goes with US selling.
Coinbase premium: live and averages
percent · 24h, 7d, 30d: averages of hourly closesBTC Coinbase premium history
Hourly · Coinbase BTC-USD vs Binance BTCUSDT · since Jan 1, 2019Not recorded Chart: TradingView Lightweight Charts™
ETH Coinbase premium history
Hourly · Coinbase ETH-USD vs Binance ETHUSDT · since Jan 1, 2019Not recorded Chart: TradingView Lightweight Charts™
Method. Premium = (Coinbase BTC-USD (or ETH-USD) price − Binance BTCUSDT (or ETHUSDT) spot price) ÷ Binance price, in percent; the dollar figure is the plain price gap. Live values compare Coinbase's last trade (polled every 15 seconds) with the live Binance spot price; the averages and charts use hourly closes. No USDT/USD adjustment: Coinbase quotes US dollars and Binance USDT, so USDT trading off its one-dollar peg (usually by a few hundredths of a percent) is part of the number. Green means Coinbase pays more than Binance, red less.
Data: Coinbase Exchange public market data and Binance spot prices. Compare with the kimchi premium (Korea vs Binance) and the perp vs spot basis. Not financial advice.
Coinbase premium FAQ
What is the Coinbase premium index?
The Coinbase premium is the gap between the Bitcoin price on Coinbase, the largest US exchange, in US dollars and the price on Binance, the largest global exchange, in USDT. Coinbase is where many US institutions and ETF-related flows buy and sell, so a positive premium is read as strong US demand and a negative one (a discount) as US selling or weak demand.
How is it calculated here?
Premium = (Coinbase BTC-USD price - Binance BTCUSDT price) / Binance BTCUSDT price, in percent; the USD gap is the plain difference. The same for ETH-USD and ETHUSDT. Live values use the last Coinbase trade (polled every 15 seconds) and the live Binance spot price; the averages and charts use hourly closes.
Is the premium adjusted for USDT vs USD?
No. Coinbase quotes in US dollars and Binance in USDT, and this page does not convert between them, as most Coinbase premium indexes do. When USDT trades slightly above or below one dollar, that difference (normally a few hundredths of a percent) is part of the number shown.
Where does the data come from?
From the exchanges' own public market-data APIs: Coinbase Exchange tickers and hourly candles, and Binance spot prices and hourly klines. The hourly history is recorded since Jan 1, 2019, and the same series is free as JSON from /api/coinbase-premium/history. Nothing here is financial advice.