Argentina
Argentina has two dollars. The official one is the BCRA's A3500 wholesale reference rate. The other is what a dollar costs where people can actually buy one, and the crypto exchanges that sell USDT for pesos print it every minute. HWAN lists the gap between them as a weekly market, with the same contract, collateral and settlement as the Korea markets.
The settlement value
S = ( median of Binance USDTARS and Bitso usdt_ars, 24-hour average ending at expiry )
/ ( BCRA A3500 of the expiry day ) - 1
- The 24-hour average uses each venue's 1-minute closes, 1,440 per venue: the Binance kline close and the Bitso bucket
last_rate. A minute without trades carries the last close forward, and the two venues are averaged minute by minute. - Expiry is Friday 20:00 UTC, 17:00 in Buenos Aires (
ARGENTINA_EXPIRY_SECOND_OF_DAY = 72_000in the program), after the BCRA has published the day's A3500. - The A3500 is the BCRA's statistics series 5 for the expiry date. On a bank holiday the BCRA publishes none, and the rate used is the latest one before that date. Which case applies is known once the BCRA publishes a later day, so a report after a holiday waits for it.
- The arithmetic is exact and shared with Korea:
computeIndexinengine/sdk/kimchi-index.ts, run bynode keeper/keeper.ts index-ar <YYYY-MM-DD>.
Sources anyone can query
| Leg | Endpoint |
|---|---|
 Binance USDT/ARS | https://data-api.binance.vision/api/v3/klines?symbol=USDTARS&interval=1m |
 Bitso USDT/ARS | https://api.bitso.com/v3/ohlc?book=usdt_ars&time_bucket=60 |
 BCRA A3500 | https://api.bcra.gob.ar/estadisticas/v4.0/monetarias/5 |
Binance is read from data-api.binance.vision, Binance's public market-data host. It serves the same candles as api.binance.com, byte for byte, and answers from every region, including the ones api.binance.com refuses.
How the program tells the two indexes apart
The market address is derived from the expiry alone, and the program accepts three times of day. A market expiring at 16:00 UTC settles on the Korea index, one at 17:00 UTC on the India index, and one at 20:00 UTC on the Argentina index. Keepers, arbiters and the app all read the index from the expiry's time of day.
Band and size
- The gap has sat between 3.7% and 8.7% over the last six months and moved at most 2.3 pp in a week. Weekly markets open with a band 10 pp wide around the current gap.
- The open-interest cap is $200,000 per market. It comes from the cheapest way to hold the index 1 pp off for a whole settlement day, which is to hold Binance alone 2 pp off its fair price while everyone else trades against it. Binance trades about $1 million of USDT on a typical weekday and Bitso about $4 million, and the cap keeps a manipulator's possible gain under a tenth of that cost. The cap grows with their volume.