Bullish has two types of Index Prices:

Index Price Type Definition Units Source
Broad-market Benchmark Index Price Tracks the performance of an entire market or a market sector through a basket of assets.

Unitless

Note: Assumed to be a USD value when used as the underlying for a perpetual market

Provided by CoinDesk Indices, Inc., a provider of digital asset indices that is an affiliate of Bullish
Individual Asset Index Price The consensus price of a given asset across a number of regulated and/or high-volume exchanges. USD Computed by Bullish with the methodology outlined below

Index Price Methodology

Bullish’s Index Price is recalculated for each asset every 5 seconds. Each asset is individually assessed to determine which markets on which exchanges to use as inputs.

We start by calculating the median of various external and internal market prices in addition to the previously calculated Index Price. When calculating the median, input prices are excluded if they are not deemed to be live or are deemed to have diverged from the median of all input prices (see table below for divergence criteria). If necessary the prices are converted from that market’s quote asset to USD using the quote asset’s current Index Price. Once the final median is obtained, Bullish then applies an exponentially weighted moving average (“EMA”) and publishes the updated Index Price. The half-life of the moving average also depends on the asset tier, shown below.

Type Divergence Threshold EMA Half-life
Tier 1 - Stablecoins (USDC, USDT) +/- 1% 30 seconds
Tier 2 - BTC, ETH +/- 5% 5 seconds
Tier 3 - All other +/- 10% 5 seconds

Note: Values are subject to change without notice.

Please reach out to our Customer Support for details of the current Index Price constituents.

Index Price Methodology for Broad-market Benchmarks

Please visit the CoinDesk Indices website for details on the methodology.

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