Reference Rates

Crypto

Compliant prices for all major cryptocurrencies and tokens.

Built for crypto markets

Kaiko’s crypto Reference Rates deliver compliant, institutional-grade pricing for digital assets. Published continuously up to every second, and with three daily fixings at 4PM local time in London, New York, and Singapore, they provide reliable 24/7 price discovery, meeting the always-on requirements of global crypto markets.

As the only independent and registered benchmark administrator for digital assets, Kaiko Indices administers regulated crypto rates built to the highest institutional requirements for derivatives settlement, ETF/ETP NAV calculation, structured product issuance, and on-chain financial applications.

Continuous 24/7 On-chain Price Discovery
Access real-time regulated crypto rates updated every 5 seconds, delivered on-chain 24/7 to ensure uninterrupted coverage across perpetual futures, tokenized products, and on-chain applications.
Flexible Institutional Delivery
Available on-chain via Kaiko’s oracle across multiple blockchains, through real-time streaming, and institutional-grade APIs, enabling seamless integration into both on-chain and off-chain products.
Globally Recognized and Independently Governed
Kaiko is an independent EU BMR-registered benchmark administrator under AMF supervision, IOSCO-compliant, and SOC 2 Type 2 certified, meeting the highest compliance requirements for institutional product issuance across global markets.

around-the-clock tokenized crypto rates available on-chain

Kaiko delivers institutional-grade crypto reference rates on-chain 24/7, bringing compliant digital asset pricing directly to decentralised networks. Available across leading blockchains including Arbitrum, Canton, and Hyperliquid, rates are published continuously, enabling always-on perpetual futures markets, tokenized products, and collateral management applications.

Distributed via Kaiko’s purpose-built oracle infrastructure, and developed for regulated financial market participants, each on-chain crypto rate is designed to be:

Outlier-resistant

A Volume-Weighted Median methodology, combined with a time-weighted average, filters erroneous price data at source using only executed trades from centralized spot exchanges.

Auditable By Design

Exchange composition, calculation methodology, and historical rates are fully transparent and verifiable on demand, with complete rulebook documentation publicly available.

Independently Governed

Administered by Kaiko Indices, a globally recognized and regulated index provider, ensuring each rate meets the highest regulatory standards for institutional and on-chain use.

access real-time crypto rates via api and streaming

Available 24/7, Kaiko’s crypto reference rates integrate directly into your trading systems, risk models, and financial products via institutional-grade APIs and real-time gRPC streaming. Updated every 5 seconds, each rate delivers reliable, low-latency pricing with the critical transparency, consistency, and accuracy required.

Daily fixing rates at London, New York, and Singapore sessions support derivatives settlement, custody valuation, and audit requirements, while historical rate data supports backtesting, model calibration, and compliance reporting.

Featured Crypto Rates

Kaiko BTC Benchmark Reference Rate

The Kaiko BTC Benchmark Reference Rate (KK_BRR_BTCUSD) provides a continuously published, EU BMR-compliant benchmark for Bitcoin against the US Dollar. Calculated using a Volume-Weighted Median and time-weighted average across up to five vetted centralized spot exchanges, updated every 5 seconds and with daily fixings at London, New York, and Singapore sessions, this rate is trusted by leading derivatives venues, ETF administrators, and on-chain protocols for settlement, NAV calculation, and real-time valuation.

Kaiko ETH Benchmark Reference Rate

The Kaiko ETH Benchmark Reference Rate (KK_BRR_ETHUSD) provides a continuously published, EU BMR-compliant benchmark for Ethereum against the US Dollar. Calculated using a Volume-Weighted Median and time-weighted average across up to five vetted centralized spot exchanges, updated every 5 seconds and with daily fixings at London, New York, and Singapore sessions, this rate is trusted by leading derivatives venues, ETF administrators, and on-chain protocols for settlement, NAV calculation, and real-time valuation.

Explore Our Crypto Rates

FAQ

What makes Kaiko crypto Reference Rates different from standard crypto price feeds?

Kaiko crypto Reference Rates are formally governed benchmarks produced under a defined, auditable methodology by an EU BMR-registered administrator, designed for settlement, valuation, and institutional product issuance. Unlike standard crypto reference price data, which typically aggregates raw trade or order book data without regulatory oversight, Kaiko’s regulated crypto rates are calculated using only executed trades from rigorously vetted centralized spot exchanges, with no order book data used. The result is a single, independently governed rate that is BMR-compliant, IOSCO-aligned, and suitable for use as crypto settlement rates in derivatives contracts, ETF NAV calculation, structured products, and on-chain financial applications.

How are Kaiko’s crypto Reference Rates calculated?

Kaiko crypto Reference Rates use a Volume-Weighted Median (VWM) combined with a Time-Weighted Average Price (TWAP) methodology. The calculation window is split into equal time partitions, with each partition subject to a volume-weighted median — the price at the 50% cumulative volume mark — which is outlier-resistant by design. A time weighting is then applied, giving greater weight to the most recent partitions, before a final time-weighted average is calculated across all partitions. Exchange constituents are selected quarterly through a three-stage vetting process covering regulatory compliance, liquidity, data reliability, and security, with up to five exchanges contributing to each Benchmark Reference Rate.

How are Kaiko’s crypto Reference Rates delivered on-chain?

Kaiko regulated crypto rates are delivered on-chain 24/7 via the Kaiko Data On-Ramp, a purpose-built oracle infrastructure developed for regulated financial market participants. Available across all leading blockchain networks including Arbitrum and Canton, rates are published directly to smart contracts with hourly price updates available by default and instant updates available on request. Kaiko’s blockchain-agnostic approach means crypto reference price data can be delivered to any EVM-compatible network, with additional non-EVM chains available on request.

How can I access Kaiko’s crypto Reference Rates?

Kaiko crypto Reference Rates are available via multiple delivery methods. The crypto reference rate API and crypto rates API both support real-time gRPC streaming and institutional-grade REST endpoints, available 24/7 for direct integration into trading systems, risk models, and financial products. Oracle delivery brings rates on-chain via the Kaiko Data On-Ramp. Rates are also distributed via Bloomberg Terminal (ticker: KKMD), Deutsche Börse Market Data + Services, and private network connectivity including BT Extranet and Bloomberg BPIPE. Historical crypto reference price data is available for backtesting, model calibration, and audit requirements.