The FX Perps index price on BitMEX consists of two weighted components: traditional finance (TradFi) prices and the BitMEX order book. This weighting applies during and outside FX market hours. If any constituent becomes unavailable, the remaining sources form the index price proportionally.
BitMEX mostly incorporates real time TradFi prices to offer a robust underlying price. A typical weighting: 99% TradFi data (Pyth, Chainlink), 1% BitMEX order book.
| Component | Example Weight | Description |
|---|---|---|
| TradFi prices | 99% | Prices from traditional financial markets and data providers like Pyth and Chainlink |
| BitMEX order book | 1% | The mid-price derived from the BitMEX FX Perps order book |
Does the index change between traditional market hours and after-hours for FX Perps?
Yes. The index price composition for FX Perps adapts by weighting the remaining, non stale, data sources. Outside traditional main trading hours, our index is composed of 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 99%?
Traditional finance prices are the most liquid and widely referenced benchmark for the underlying equities. The 99% weighting ensures the index tracks real-world stock prices as closely as possible. The supplementary 1% order book components provide redundancy and additional data points.