Reference Rates

ETFS

Reference Rates for the world’s leading Exchange Traded Products.

Built for etf markets

Kaiko’s ETF Reference Rates enable institutional-grade NAV calculation and provide the pricing benchmarks required by the world’s leading Exchange Traded Products. With real-time dissemination at up to one-second intervals and scheduled daily fixings at 4PM across New York, London, and Singapore, Kaiko’s ETF Reference Rates form the price discovery and fund valuation backbone required by ETP issuers, fund administrators, and other authorized participants.

These rates are replicable, transparent, and compliant, meeting the highest institutional requirements for product issuance and regulatory reporting. Delivered on-chain via oracle (24/7) or off-chain via API (24/7), each rate is designed to support the growing crypto ETP ecosystem.

Continuous 24/7 Price Discovery
Access institutional-grade ETF reference rates published around the clock, with real-time updates every five seconds and daily fixings anchored at New York, London, and Singapore.
Oracle & API Delivery
Accessible via blockchain oracle and institutional-grade APIs, Kaiko’s ETF rates integrate directly into both on-chain and off-chain fund structures without friction.
Trusted, Independent & Compliant
Backed by a fully independent benchmark administration framework, Kaiko’s ETF rates are built to satisfy the compliance requirements of regulated issuers worldwide.

ETF REFERENCE RATES, DELIVERED ON-CHAIN

Kaiko’s regulated ETF reference rates are available on-chain around the clock, bringing independently governed fund pricing directly to decentralized networks. With continuous on-chain publication across Arbitrum, Canton, and Hyperliquid, Kaiko’s ETF rates give tokenized fund structures, on-chain collateral management workflows, and digital asset fund applications the always-on pricing infrastructure required.

Deployed via Kaiko’s dedicated oracle infrastructure and built to the governance standards of regulated financial markets, every on-chain ETF rate is designed to be:

RESISTANT TO MANIPULATION

A Volume-Weighted Median combined with a time-weighted average draws exclusively from executed trades on vetted centralised spot exchanges, ensuring erroneous price data is filtered before it reaches on-chain fund structures.

FULLY TRANSPARENT AND VERIFIABLE

Exchange composition, fixing methodology, and complete rate history are fully transparent and verifiable on demand, with publicly available rulebook documentation supporting on-chain audits and regulatory review.

REGULATED AND INDEPENDENTLY ADMINISTERED

Administered by Kaiko Indices, a registered benchmark administrator supervised by the AMF, each rate carries the regulatory standing required for on-chain ETF structures, tokenised fund products, and digital asset collateral applications.

Access ETF reference rates via API

Built for continuous operation, Kaiko’s ETF rates connect directly to fund administration systems, risk models, and financial products through institutional-grade API infrastructure, available 24/7. With a five-second publication cadence, each rate provides the low-latency reliability that ETF operations require. Historical data access extends that infrastructure further, enabling backtesting, model calibration, and full audit traceability for teams building and managing ETP products.

Featured ETF Rate

Kaiko Bitcoin New York Reference Rate

The Kaiko Bitcoin New York Reference Rate (KK_BRR_BTCUSD_NYC) provides a USD-denominated benchmark reference rate for the spot price of Bitcoin, calculated over a one-hour observation window anchored at the New York 4pm close. Designed for ETF issuers, fund administrators, and authorized participants operating in US-listed structures, this rate provides the standardized, independently governed valuation anchor that spot Bitcoin ETPs require for daily NAV calculation, intraday iNAV dissemination, and creation/redemption pricing.

Explore Our ETF Rates

FAQ

What is a Kaiko ETF Reference Rate?

A Kaiko ETF Reference Rate is a formally governed, independently administered benchmark price for a cryptocurrency asset, designed specifically for use in Exchange Traded Product (ETP) structures. Published by Kaiko Indices, a benchmark administrator registered under the EU Benchmarks Regulation (BMR) and supervised by the AMF, these rates serve as the official valuation anchors for daily NAV calculation, intraday iNAV dissemination, and creation and redemption pricing for ETFs and ETPs.

How are Kaiko ETF Reference Rates calculated?

Kaiko ETF Reference Rates use a Volume-Weighted Median (VWM) combined with a Time-Weighted Average Price (TWAP) methodology. The calculation window is divided into equal-size time partitions. Each partition is assigned a volume-weighted median, calculated as the price at the 50th percentile of cumulative trade volume, which is outlier-resistant by design. A time weighting is then applied, assigning greater weight to the most recent partitions, before a final TWAP is calculated across all partitions. Only executed trades from vetted centralised spot exchanges are used. No order book data is incorporated.

What is an iNAV and how does Kaiko calculate it?

An Indicative Net Asset Value (iNAV) is a continuous, intraday estimate of a fund’s per-share value, updated throughout the trading day. Kaiko’s iNAV service publishes a continuous rate reflecting the weighted price of a fund’s underlying assets per share, updated every five seconds.. This enables listing exchanges and authorized participants to monitor fund value in near real-time throughout the trading day, rather than relying solely on the end-of-day NAV.

How do I access Kaiko ETF Reference Rates?

Kaiko ETF Reference Rates are available 24/7 via institutional-grade REST and gRPC streaming APIs, integrating directly into fund administration systems, risk models, and financial products. On-chain delivery is available via the Kaiko Data On-Ramp. Distribution is also available via Bloomberg Terminal, Deutsche Börse Market Data + Services, and private network connectivity via BT Extranet and Bloomberg BPIPE. Historical rate data is available for backtesting, model calibration, and audit requirements.