The Equity Perps index price on BitMEX consists of three weighted components: traditional finance (TradFi) prices, tokenised stock prices, and BitMEX order book. This weighting applies during and outside US market hours. If any constituent becomes unavailable, the remaining sources form the index price proportionally.
Unlike most platforms that rely on tokenised stock prices, BitMEX mostly incorporates real time TradFi stock prices to offer a robust underlying price. A typical weighting: 90% TradFi data (Pyth, Chainlink), 9% tokenised spot prices (xStocks from CEX), 1% BitMEX order book.
| Component | Example Weight | Description |
|---|---|---|
| TradFi prices | 90% | Prices from traditional financial markets and data providers like Pyth and Chainlink. |
| Tokenised stock prices | 9% | Prices from tokenised stock platforms trading the same underlying |
| BitMEX order book | 1% | The mid-price derived from the BitMEX Equity Perps order book |
Does the index change between US market hours and after-hours?
Yes. The index price composition adapts by weighting the remaining, non stale, data sources. Outside US main trading hours, our index is composed of tokenised spot prices and the BitMEX order book. If all components are stale, the index defaults to the median of the BitMEX order book’s bid, ask, and last prices. This design ensures that no single point of failure can halt price discovery. The index adapts automatically to available data sources.
Why is TradFi weighted at 90%?
Traditional finance prices are the most liquid and widely referenced benchmark for the underlying equities. The 90% weighting ensures the index tracks real-world stock prices as closely as possible. The supplementary 9% tokenised stock and 1% order book components provide redundancy and additional data points.