Definition
The Kimp Index is a signed, per-asset measure of the kimchi premium in basis points, finalized on-chain on GIWA every 60 seconds.
The Kimp Index measures the kimchi premium for a single asset. It answers one question: how much more, or less, does this asset cost on Upbit in KRW than on global markets in USD, after converting at the prevailing exchange rate. The answer is expressed in signed basis points and finalized on-chain every minute.
What the index measures#
For each listed asset the index compares three inputs:
- The last trade price of the asset's KRW market on Upbit.
- The median USD price of the same asset across three global venues.
- A mid-market USDKRW reference rate.
The Upbit price is converted to USD with the FX reference and divided by the global price. The result, minus one, is the premium. The full formula and a worked example are in Formula and worked example.
Properties#
| Property | Value |
|---|---|
| Assets at launch | BTC, ETH, XRP, SOL, DOGE |
| Unit | Basis points (1 bps = 0.01%) |
| Sign | Signed; positive is a premium, negative is a reverse premium (역프) |
| Update frequency | Every 60 seconds, 1,440 epochs per day |
| Aggregation | Median of valid reporter submissions |
| Quorum | 5 reports per asset per epoch |
| On-chain contract | KimpIndex, fed via KimpReporterRegistry |
| Staleness threshold | 5 minutes without a finalized update triggers reduce-only |
One index per asset#
Each asset has its own index. BTC, ETH, XRP, SOL and DOGE premiums often move together, because they share a common driver in Korean retail demand and KRW flows. They are not identical. Liquidity, listing events and deposit or withdrawal suspensions on individual assets can open asset-specific spreads. Keeping separate indices lets contracts on each asset track the premium that actually applies to it.
Why basis points#
Premium moves that matter to traders are usually tens to hundreds of basis points. Publishing in bps keeps the on-chain value an integer, avoids fixed-point ambiguity in contracts, and makes P&L arithmetic direct: a position's P&L is its notional times the change in bps divided by 10,000.
Why signed#
The premium is not always positive. In periods of stress Upbit prices can fall below global prices. Korean traders call this 역프, the reverse premium. The index carries the sign, and contracts are defined on the signed value. A move from +50 bps to −80 bps is a change of −130 bps and settles as such.
What the index is not#
- It is not a price of any asset. It is a ratio between two prices of the same asset.
- It is not an Upbit product. Upbit prices are an input. KIMP is not affiliated with Dunamu or Upbit.
- It is not tradable by itself. Exposure to it is obtained through Kimp Contracts.
Lifecycle of one value#
- 1At each 60-second epoch, every active reporter computes the index for each asset from the sources.
- 2Each reporter submits one signed report per asset to KimpIndex through KimpReporterRegistry.
- 3The contract takes the median of valid reports once quorum is reached. See Sampling and median.
- 4The finalized value becomes the mark for open positions and a sample for settlement TWAP.
- 5For 30 minutes after finalization anyone can dispute it. See Dispute rules.