Ok, I wasn't sure. So, an 8 drives RAID-Z3 will have a 1.56 % misalignment overhead (32 * 3 / 5 = 19.2; 32 + 19.2 = 51.2; next multiple of 4 = 52; (52 - 51.2) / 51.2 = 1.56 %). There's also a 1.6 % metadata overhead to add.
Now 5 * 4 TB = 20 TB = 18.19 TiB. With the 3.2 % total overhead we lose 0.57 TiB so the available space should be 17.62 TiB.
So actually you're right, there's space missing here, 1.6 TiB to be exact. What is the used space in the GUI? Is this pool brand new? Do you have any jails? snapshots?
NB: with my 8x 3 TB RAID-Z3 I have 13.1 TiB available in the GUI for 13.20 TiB calculated so the calculation is definitely right for an 8 drives RAID-Z3.
The available space in the GUI include all the overheads and assume recordsize = 128 k so even when you change it to 1 M the available space will not change (however the used space will diminish).