What this section is for
An ordinary P2P route is one coin: buy USDT on one exchange, sell it on another. A triangle adds a step in the middle. You buy one coin on P2P with your currency, swap it for another on spot and sell the second one on P2P back into the same currency. The section works out what comes back in your currency.
There are four coins: USDT, USDC, BTC and ETH. The spot swap happens on one of the P2P exchanges: the one you bought on, the one you sell on, or a third one, which means two moves.
The «Several currencies» tab looks for cycles that start and end in one currency in one account and pass through other currencies: P2P, coin swaps on spot, and bank exchange at the bank's own buy and sell rates (Monobank, PrivatBank). A central bank rate is never a step: nobody deals at it. A cycle has at most four steps, or six if you choose.
How to read a row
- Loop — the path of coins and exchanges.
- Buy on P2P, Spot swap, Sell on P2P — the three legs: exchange, price, the ad's limits, the swap fee and the move between exchanges where one is needed.
- You get back is what comes back in your currency; Net is the difference from what you put in.
- Age — how many seconds ago the prices were read. A price older than 100 seconds, or legs more than a minute apart, are marked ⚠. Such a loop is shown, but it never becomes the best and is not counted as gaining.
Separate marks say where a number did not come from the exchange: «not in the fee table: 0.1 % taken» and an unknown network fee, which is then counted as zero.
Filters
- Currency — out of eighty-nine. It is not picked by country; with no choice it is USD.
- Amount — what you put in. Every ad in the loop must take it. With the field empty, the loop takes 100 USDT at the median USDT buy price.
- Payment method — one on both P2P legs. The money leaves and comes back to one account: where the method's name states a country, that country must match too.
- Moves — «No move» (all three steps on one exchange), «With a move» (the coin travels over an open network) or «All».
- Include off-market ads, Gains only and the choice of exchanges.
What the result includes
The ads are the ones on P2P rates, with the same filters: prices more than 5 % from the venue's median are dropped, the amount must be within the ad's limits, and payment methods are matched by name. Ads more than 4 % from the currency's median are left out, as on the P2P routes page.
The spot swap walks the exchange's book: the full book while it is under a minute old, else the size at the best price. The swap fee is the taker fee. When the coin moves between exchanges, the cheapest open network both share is taken, with its withdrawal fee. A move within one exchange, from the P2P account to the spot one, needs no network and no fee.
What we do not show
- Loops the spot book's size cannot fill.
- Loops whose two ads do not take your payment method as one account.
- Ads outside the shared price band across all exchanges: they count on no page.
- Repeats of Bitget's book on Toobit: that liquidity is counted once, under Bitget.
What to check before a trade
- The row's age. A triangle lives as long as the fastest of its three prices.
- The limits of both ads and your amount in each currency.
- The transfer network and its fee on the exchange itself before you withdraw.
- The merchants on both P2P legs and the scam schemes: a triangle has two trades with people, not one.
Frequently asked
How is this different from triangular arbitrage? The triangular section works out three swaps on one exchange's spot market. Here two legs out of three are P2P trades for ordinary money.
What does «= routes» mean? A cycle of P2P trades on one coin is the product of the route spreads in each currency, nothing new. What can make a cycle new is marked on its step: another coin, a move between exchanges, a bank exchange.
Why did a loop disappear? P2P and spot prices change all the time, and a loop with a stale leg is never the best. Each venue's ads are read once a cycle, every 45 seconds.