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Coinbase premium.
See how unusual it is.

Compare Coinbase’s USD spot price with Binance’s USDT market. See the premium itself, and how unusual it is against its recent history, calculated directly from the two exchanges.

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COINBASE × BINANCE

Put the premium in context

BTC — COINBASE PREMIUM Z-SCORE

1D CLOSES · 30D ROLLING BASELINE · THROUGH — UTC

BASELINE
Above rolling meanBelow rolling meanBTC price · Coinbase USD±2σ reference

Z-score shows distance from the recent average. SD means standard deviation, or usual variation. +2σ means two SD above average; −2σ means two below.

Matching Coinbase and Binance 1D closes…

AWAITING SPOT DATACOINBASE USD / BINANCE USDT · CLOSED CANDLES ONLY
What do Z-score and SD mean?

Z-score tells you how far the premium is from its recent average, measured in standard deviations.

SD (standard deviation) measures how much the premium usually varies. +2σ means two SD above average; −2σ means two SD below. σ is the symbol for SD, and pp means percentage points.

A positive Z-score can occur while the raw premium is negative: the premium is simply higher than its recent average. The 30D baseline means 30 days in either candle interval.

30D PREMIUM Z-SCOREσ
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30 days of consecutive observations required

RAW PREMIUM INDEX%
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100 × (Coinbase USD ÷ Binance USDT − 1)

BTC · COINBASE USD$
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Matching Binance close: — USDT

30D PREMIUM MEANμ
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Variation (SD): —

/ 02   HOW IT’S CALCULATED

Same period.
Two spot markets.

The standard Coinbase premium compares the USD market on Coinbase with the USDT market on Binance. We build this chart from their public spot candles, with no Glassnode dependency.

PREMIUM INDEX & ROLLING Z-SCOREPremium = 100 × (Coinbase USD / Binance USDT − 1)Z = (Premium − rolling mean) / rolling σ

The 30-day baseline uses 30 consecutive 1D observations, including the latest completed candle. σ uses population standard deviation.

01 / MATCH THE CLOSES

Aligned spot prices

Daily mode compares completed UTC days. For 4H mode, four complete Coinbase hourly candles form each UTC four-hour period, matched to Binance’s native 4H candle. Only a complete set of hours is used; the two exchanges can make their last trade at slightly different moments. Candle timestamps on the chart mark the period’s start.

02 / STANDARDIZE THE GAP

Compare with recent history

The rolling Z-score measures distance from the premium’s own recent mean. A positive value is not necessarily a positive raw premium. The ±2σ lines are reference levels, not buy or sell signals.

03 / KEEP THE LIMITS VISIBLE

Quote and coverage effects

USDT is treated as one USD; any dollar depeg affects this comparison. Missing dates are not filled. A gap restarts the baseline warmup, and zero variance produces no Z-score. Different sampling and lookbacks can differ from other providers.

Sources: Coinbase Exchange candles and Binance spot klines. Premium definition: CryptoQuant’s Coinbase premium guide. Premiums and Z-scores are calculated by CryptoCanvas, independently of those providers.