Turkey premium

What a lira buyer pays for the asset above or below the global dollar price at the official exchange rate, in basis points. Green above zero: Turkey pays more than the world. Red below zero: Turkey pays less.

Last 24 hours shown. A Terminal membership opens 7 days, 30 days and the full daily history, with zoom.

The score is a fixed, published reading of the index: 50 means lira buyers pay the world price. The bands do not move with history, so a 70 today means what a 70 meant on day one.

Once 30 daily closes exist the page also shows where today sits inside the index's own history.

price is the median mid of eligible books. OK needs three eligible venues, PROVISIONAL two; with fewer the price is null and stays null.

3 eligible venue(s) are regional brands whose independence from a global book is not proven.

What each exchange answered this minute: best bid and ask, spread, quote notional within ±50 bps of its own mid, and why it did or did not count.

* book ends inside ±100 bps; depth is a floor

Sources: the public REST order books of BtcTurk, Bitlo, CoinTR, OKX TR, Binance TR, Bybit TR, KuCoin TR (USDT pairs only) and Bitexen. No API keys, no trading, one request at a time per venue with our own user agent; a 403 or 429 pauses that venue, never the others. Paribu, WhiteBIT TR and Gate TR are recorded as pending until their local book contract is documented.

A book is eligible when both sides exist, prices are positive and sorted, the best bid is below the best ask, the spread is within 50 bps (30 bps on USDT-TRY), the book is fresher than 90 seconds and its mid is within 150 bps of the median of the other venues. Depth below 50,000 TRY (1,000 USDT) per side within ±50 bps is flagged thin but not excluded in this version.

The reference price is the median of eligible mids. Three eligible venues give OK, two give PROVISIONAL, fewer give null. Regional brands of global exchanges (OKX TR, Binance TR, Bybit TR, KuCoin TR) count as observed and eligible, and the number of such venues is published as pools_unverified because their independence from the global book is not proven.

Premium in basis points: for TRY pairs 10,000 × (local TRY price / (USDT-TRY reference × Binance global USDT price) − 1); for USDT-TRY 10,000 × (USDT-TRY reference / ECB USD/TRY fix − 1), a daily reference; for USDT pairs 10,000 × (local / Binance global − 1). A premium is a price gap, not an executable arbitrage: it ignores fees, transfer time and withdrawal limits.

Turkey Premium Index: 10,000 × (BTC-TRY reference / (Binance global BTCUSDT × ECB USD/TRY) − 1), the same construction as the Kimchi premium. It splits into a dollar leg (USDT-TRY reference against the ECB rate) and a crypto leg (the asset against USDT-TRY and the global price); (1 + index) = (1 + dollar leg) × (1 + crypto leg). The crypto leg is small by construction because USDT-TRY and the USDT pairs trade on the same venues; most of the information is in the dollar leg. ETH has the same index; for USDT the index is the dollar leg.

Score: a fixed piecewise-linear reading of the BTC index with anchors −300 → 0, −100 → 20, −25 → 40, 0 → 50, +25 → 60, +100 → 80, +300 → 100, clamped outside. Regimes are the five 20-point bands. The ECB rate is a daily fix: between two fixes the lira's own drift, usually a few basis points a day and more over a weekend, sits inside the reading, which is why the neutral band is ±25 bps wide. The score is computed from the index and never stored; a change of anchors changes the method version.

Two USD/TRY references: the ECB daily fix, which the index and both legs are measured against, and an intraday USD/TRY market quote read every minute beside it. The fix is published once each working day and not at all on Saturday and Sunday, while the Turkish books keep trading, so over a weekend the index measures how far the lira has moved since Friday's fix as much as any premium. The live quote sets the reference state of each minute: fresh when the FX market is open and the quote is younger than 30 minutes; carried when the FX market is closed (Friday 22:00 to Sunday 22:00 UTC) or the live source has been down for less than 24 hours of open FX market, and the last quote is used; stale when it is older than that. The score is published on fresh minutes only; on carried and stale minutes it is null with the reason, the page says since when the reference is carried, and every daily close records how many of its minutes were fresh. The neutral band is unchanged.

Storage: one row per venue, pair and minute with the top 20 levels, recorded since 2026-09-17; the index minute series recorded since 2026-09-17; daily summaries alongside; no recorded row is deleted. Method version 2026-09-17.2 (index and score added; prices and premiums unchanged from 2026-09-17.1); a change in thresholds is versioned and never rewrites published values.