I still don't understand how Korea can be so completely out of whack with the rest of the market.
Foreign exchange controls.
Meaning? They cant get their money out?
Meaning it isn't cut and dry arbitrage--hurdles exist to make your gains nonexistant or delayed or even negative. You'd have to investigate the exact controls involved and adjust your expectations accordingly.
https://en.wikipedia.org/wiki/Foreign_exchange_controlsStill, one would think it would be a little disconcerting to be paying around $200 more for an asset that is much cheaper elsewhere in the world. (Though I guess if you can be sure that your particular market/exchange is immune from arbitrage, then it doesn't much matter.)
Also it would seem to be self reinforcing. The fact that currency controls are so bad that there can exist an arbitrage like that is evidence that they should be willing to pay more in order to get out of that hot garbage.