It's the price at which traders buy and sell USDT (Tether) directly with each other for Indian rupees on a P2P (peer-to-peer) marketplace, settled over UPI, IMPS or bank transfer. Because it's set by live supply and demand between Indian users — not by a bank — it usually differs from the official USD/INR forex rate.

Indian demand for stablecoins consistently outstrips easy supply, and on/off-ramping through banks carries friction and risk for sellers. That demand pushes the P2P price a few percent above the forex rate — the gap is called the 'USDT premium'. The premium widens when buying pressure is high and narrows when sellers compete.

P2P prices come from individual buyers and sellers trading directly (with the exchange acting as escrow). SPOT prices come from an exchange's own order book. For INR settlement, P2P is the rate most Indian users actually transact at, which is why this dashboard ranks P2P first and uses P2P rates to pick the best buy and best sell.

It changes minute to minute. The dashboard above continuously compares Binance, Bybit, WazirX, ZebPay, CoinDCX and KuCoin and highlights the best P2P buy and sell price live, so you can route to whichever exchange is cheapest right now instead of guessing.

Buying, selling and holding crypto is not banned in India, and P2P trading on registered exchanges is widely used. It is, however, taxed and largely unregulated — always use an exchange's official escrow, verify counterparties, and keep records of every transaction for tax filing.

Crypto gains are taxed at a flat 30% with no deductions, and a 1% TDS applies on transactions above the threshold. You can estimate your liability with our TDS / Tax Calculator before you trade.