Kaiko Digital Asset Rates.

Trusted and reliable single-asset rates, administered by Kaiko Indices.

Rates Rulebook – Documentation – Benchmark Statement

Expert Administration
Governed by Kaiko Indices, a BMR-compliant benchmark prices and indices provider.
Comprehensive Coverage
Reliable rates for a wide range of digital assets
Intraday and End-of-Day
Disseminated in real-time, with daily fixings London, Singapore, NYC.
Rules-based and Independent
Robust filtering for liquidity, outlier-resistant, time-weighting, and more
FOREX Converted Rates
Kaiko rates integrating TP ICAP FOREX conversions for trusted valuation in multiple currencies.

Reference Rates

Cryptocurrency reference rates for financial professionals seeking the broadest coverage.

Benchmark Reference Rates

BMR-compliant reference rates built with a rigorous construction methodology and expert governance.

Custom Rates

Clean and trustworthy reference rates, built specifically for your use case.

Browse Coverage of Our Rates

Exchange Vetting

Before any rates are computed, Kaiko applies a rigorous exchange vetting mechanism using our extensive due diligence.

Reference Rate

Basic Vetting

Not be on a sanction list

Minimum one basic vetted exchange

Benchmark Reference rate

Full Vetting

Not be on a sanction list

At least 5 years of operation

In a stable and open country

Regulated by a government body

Strong KYC/AML controls

Maintain trading policies

Provide cold storage

Offer API & Websocket

Offer live & historical trade data

Minimum three full vetted exchanges

Liquidity Optimization

Focusing on liquidity coverage rather than absolute volume.

If more than five exchanges pass the preliminary vetting and trade the relevant pair, a liquidity optimization process takes place in order to select the best combination of five. It is defined as the combination generating the fewest occurrences of empty publications (zero-volume buckets) for the relevant pair. By doing so, Kaiko’s rates mitigate the risk of having time periods without any trades data feeding into it.

Calculation Methodology

Outlier-resistant and manipulation-resistant.

The considered time window is split into equal time partitions. All trades from selected exchanges are pooled together and a volume-weighted median is picked for every partition. The final rate is calculated as a time-weighted average of all median prices. This highly mitigates the risk of incorporating outliers into the calculation.

Example with 4pm fixing on BTC USD:

Documentation