Upbit KRW vs. global USD
The Korea Premium,
on-chain.
한국 프리미엄, 온체인으로.
The gap between Upbit's won price and the global dollar price moves every day. All of Korea watches it. Nobody can trade it. KIMP turns it into a market, natively on GIWA.
Preview the trading interface- BTC+34 bps24h +38
- ETH+31 bps24h +34
- XRP+36 bps24h +39
- SOL+38 bps24h +44
- DOGE−0 bps24h −40
What is the kimp김프란?
One number every Korean trader watches.
The kimchi premium, 김치 프리미엄, or simply 김프, is how much more an asset costs on Upbit in won than on global markets in dollars. Capital controls and a closed on-ramp keep the gap open.
It runs to +6% when retail piles in and turns negative when it panics. Arbitrage is slow, capped and manual. Until now, the premium could be watched but not traded.
Definition
kimp = (PUpbit KRW ÷ USDKRW) ÷ Pglobal USD − 1
Expressed in basis points. 100 bps = 1%.
BTC premium, last 30 days
Range −138 bps to +182 bps
Daily close (00:00 UTC). Upbit KRW price converted at the ECB USD/KRW reference rate, interpolated between daily fixings, against the median of available global venues (Binance, Coinbase, OKX). Off-chain preview.
Kimp Index김프 지수
The premium, live.
Computed from public Upbit, Binance, Coinbase and OKX prices and a USD/KRW mid. At mainnet the same number is published on-chain every minute.
BTC Kimp Index · 비트코인 김프Premium · 김프
+34bps
+0.34% versus global · 24h +38 bps
Orange above chrome: Upbit pays a premium over the world. Orange below: a discount, the reverse premium traders call 역프. The gap moves with the live index.
Open the Kimp Index
Product상품 구성
An index, a contract, a pool.
Three pieces, each simple on its own. Together they make the kimchi premium a market anyone can take a side in.
- 01
Kimp Index
A per-asset premium in basis points for BTC, ETH, XRP, SOL and DOGE. Published on-chain every minute by bonded reporters. The median of their reports is the index. Proven deviation is slashed.
- 1,440 updates a day
- Median of bonded reports
- Upbit Oracle as primary source when live
- 02
Kimp Contracts
Weekly cash-settled contracts on the index. Go long or short the premium, fully collateralized, with up to 5x. P&L is notional × Δbps / 10,000. Every Friday at 08:00 UTC the series settles on a 1-hour TWAP.
- Long or short the premium
- Up to 5x at launch
- ETH and USDC collateral
- 03
Kimp Pool
One LP vault is the counterparty to every contract. Dynamic fees lean against skew to keep open interest balanced. Per-asset caps bound the risk. LPs earn 50% of protocol fees.
- Counterparty to every trade
- Skew-aware dynamic fees
- 50% of protocol fees
- Assets indexed
- 5
- Index updates / day
- 1,440
- Settlement TWAP
- 1h
- Max leverage
- 5x
- Open interest
- —
- at mainnet
- Pool NAV
- —
- at mainnet
Kimp Guard김프 헤지
Hedge the premium you already hold.
An arbitrageur who moved BTC to Upbit to sell into a premium is exposed while the transfer clears. Short the kimp in the meantime. If the premium collapses, the position pays. Market makers hedge KRW inventory the same way.
Worked example
- Position
- Short premium, BTC
- Notional
- 50,000 USD
- Margin
- 25,000 USD at 2x (Verified Lane)
- Entry
- +400 bps
- Premium collapses to
- +50 bps
- Δ in the short's favour
- 350 bps
P&L = 50,000 × 350 / 10,000
Before 0.05% open and 0.02% settlement fees
+$1,750
Why GIWA왜 기와인가
Built where the premium lives.
KIMP deploys natively on GIWA on mainnet day. Gas is paid in ETH.
- 01
Built by Upbit's operator
GIWA is an Ethereum L2 on the OP Stack, built by Dunamu, the operator of Upbit, with the Optimism Foundation. The premium forms on Upbit. Its market belongs next to it.
- 02
Dojang
Upbit Korea issues attestations on-chain. KIMP reads a single boolean, isVerified, to open the Verified Lane. KIMP writes no personal data on-chain.
- 03
Flashblocks
1-second blocks and preconfirmations in about 200 ms. Orders feel like an exchange and settle like a chain.
- 04
KRW stablecoin
GIWA plans a KRW stablecoin. KIMP adds it as collateral as soon as it exists, so the premium can be traded in the currency it is quoted in.
Chain facts from docs.giwa.io. GIWA mainnet is under development; its date is to be announced by GIWA.
Verified Lane인증 레인
A lane for Upbit-verified addresses.
Addresses with a Dojang Verified Address attestation get a parallel market with higher limits, an opt-in leaderboard of up.id names and sybil-proof rewards. Everything else stays permissionless.
| Open lane | Verified Lane | |
|---|---|---|
| Max leverage | 3x | 5x |
| Max notional / asset | $25,000 | $250,000 |
| Leaderboard | — | up.id names |
| Trading rewards | — | Sybil-proof |
| Access | Any address | Dojang Verified Address |
$KIMP토큰
Fair launch. Fixed supply. Fees to stakers.
$KIMP bonds the reporters who publish the index, earns 30% of protocol fees when staked, is bought back and burned with another 20%, and governs the protocol. It launches on GIWA mainnet day with no presale.
- Fair launchOn GIWA mainnet, launch day. No presale.60%600,000,000
- Kimp Pool & reporter incentives4-year emission20%200,000,000
- TreasuryGovernance-controlled, 12-month cliff15%150,000,000
- Contributors12-month cliff, 36-month vest5%50,000,000
Community커뮤니티
One channel. @KimpGiwa on X.
Mainnet day, official contract addresses and launch details are announced there and in the docs, and nowhere else. There is no Discord and no Telegram.
Trade the spread everyone watches.
Contracts, pool and staking open at GIWA mainnet. The index preview is live today.