BitMEX indices are composite, meaning that they are calculated using a number of data sources. BitMEX currently has 16 data sources: Binance, Bitfinex, BitMEX, Bitstamp, Bybit, Coinbase, Cryptodotcom, Gateio, Huobi, Itbit, Kraken, Kucoin, LBank, Lido, OKX, Poloniex.

Aiming to be representative of the underlying asset’s market consensus price, each BitMEX index is calculated as a weighted average of the Last Price for each constituent exchange. Index prices are calculated and published every 5 seconds. The index weights are shown in the table below. The constituents and index weights are reviewed and updated on a quarterly basis. Changes will be announced on the BitMEX website, on the BitMEX blog and via the BitMEX RSS feed, with three weeks notice before implementation. The BitMEX “NEXT” indices will be published at that time to track the hypothetical price of the indices with the new weights.

BitMEX Index Weights, assuming no constituent exchanges have been excluded due to Index Protection Rules, applicable from 31 March 2023 at 12:00:05 UTC. For current weights incorporating any exclusions refer to the relevant Composite Index Breakdown.

USD Index Family

	Binance	Bitfinex	BitMEX	Bitstamp	Bybit	Coinbase	Gateio	Huobi	Itbit	Kraken	Kucoin	LBank	OKX
.BADA	⤇49.03%	-	-	-	-	27.70%	-	-	-	3.28%	⤇7.77%	-	⤇12.22%
.BAPT	⤇100.00%	-	-	-	-	-	-	-	-	-	-	-	-
.BAVAX	⤇61.25%	-	-	-	-	23.55%	-	-	-	-	⤇7.25%	-	⤇7.95%
.BAXS	⤇84.36%	-	-	-	-	5.18%	-	⤇2.54%	-	-	-	-	⤇7.92%
.BBCH	-	-	-	-	-	88.60%	-	-	3.40%	8.00%	-	-	-
.BBLUR	-	-	-	-	⤇14.29%	14.29%	⤇14.29%	⤇14.28%	-	14.28%	⤇14.28%	-	⤇14.29%
.BBMEX	-	-	⤇100.00%	-	-	-	-	-	-	-	-	-	-
.BBNB	⤇91.60%	-	-	-	-	-	-	-	-	-	⤇5.53%	⤇2.87%	-
.BCRO	-	-	-	-	-	51.29%	⤇8.70%	-	-	-	⤇40.01%	-	-
.BDOGE	⤇56.21%	-	-	-	-	19.75%	-	-	-	-	-	⤇8.09%	⤇15.95%
.BDOT	⤇51.19%	-	-	-	⤇4.37%	10.35%	-	⤇2.83%	-	4.62%	⤇6.29%	⤇5.23%	⤇15.12%
.BEOS	-	17.08%	-	-	-	82.92%	-	-	-	-	-	-	-
.BETH	⤇47.42%	-	-	-	⤇5.01%	27.10%	⤇3.62%	-	-	-	⤇3.83%	-	⤇13.02%
.BFLR	-	-	-	-	-	-	⤇25.00%	-	-	25.00%	⤇25.00%	-	⤇25.00%
.BGMT	⤇84.28%	-	-	-	-	2.59%	-	-	-	-	-	-	⤇13.13%
.BGMX	⤇16.67%	-	-	-	⤇16.67%	-	⤇16.66%	⤇16.67%	-	-	⤇16.66%	-	⤇16.67%
.BKLAY	⤇86.30%	-	-	-	-	-	-	-	-	-	-	-	⤇13.70%
.BLINK	⤇50.21%	-	-	-	-	25.55%	-	⤇3.08%	-	-	⤇5.10%	⤇4.64%	⤇11.42%
.BLTC	⤇50.64%	-	-	-	-	16.45%	-	⤇2.84%	-	-	⤇5.45%	-	⤇24.62%
.BLUNA	⤇35.80%	-	-	-	-	-	⤇16.97%	⤇10.46%	-	-	⤇14.90%	-	⤇21.87%
.BNEAR	⤇73.29%	-	-	-	-	-	-	⤇3.31%	-	-	⤇7.62%	-	⤇15.78%
.BSOL	-	3.41%	-	-	-	96.59%	-	-	-	-	-	-	-
.BTRX	-	34.61%	-	-	-	-	-	-	-	65.39%	-	-	-
.BUSDC	-	-	-	4.75%	-	-	-	-	-	95.25%	-	-	-
.BUSDT	-	25.27%	-	-	-	21.05%	-	-	-	53.68%	-	-	-
.BXBT	-	6.82%	-	6.90%	-	75.90%	-	-	-	10.38%	-	-	-
.BXRP	-	12.87%	-	78.88%	-	-	-	-	-	8.25%	-	-	-
.BARB	⤇12.50%	-	-	-	⤇12.50%	12.50%	⤇12.50%	⤇12.50%	-	12.50%	⤇12.50%	-	⤇12.50%

^{⤇ Requires Conversion Index}

USDT Index Family

	Binance	BitMEX	Bybit	Coinbase	Gateio	Huobi	Kraken	Kucoin	LBank	OKX
.BADAT	49.03%	-	-	⤇27.70%	-	-	⤇3.28%	7.77%	-	12.22%
.BAPET	61.99%	-	-	⤇11.77%	-	7.89%	-	-	-	18.35%
.BAPTT	100.00%	-	-	-	-	-	-	-	-	-
.BAVAXT	61.25%	-	-	⤇23.55%	-	-	-	7.25%	-	7.95%
.BBCHT	41.83%	-	-	⤇13.21%	6.63%	6.34%	-	-	11.29%	20.70%
.BBLURT	-	-	14.29%	⤇14.29%	14.29%	14.28%	⤇14.28%	14.28%	-	14.29%
.BBMEXT	-	100.00%	-	-	-	-	-	-	-	-
.BBNBT	91.60%	-	-	-	-	-	-	5.53%	2.87%	-
.BCROT	-	-	-	-	17.86%	-	-	82.14%	-	-
.BDOGET	56.21%	-	-	⤇19.75%	-	-	-	-	8.09%	15.95%
.BDOTT	51.19%	-	4.37%	⤇10.35%	-	2.83%	⤇4.62%	6.29%	5.23%	15.12%
.BDYDXT	61.39%	-	-	-	4.00%	3.78%	-	4.45%	2.93%	23.45%
.BEOST	45.94%	-	8.85%	-	-	4.33%	-	4.70%	-	36.18%
.BETHPOWT	-	-	7.45%	-	-	12.29%	-	5.06%	-	75.20%
.BETHT	47.42%	-	5.01%	⤇27.10%	3.62%	-	-	3.83%	-	13.02%
.BETHWT	-	-	6.84%	-	-	12.95%	-	3.74%	-	76.47%
.BFLRT	-	-	-	-	25.00%	-	⤇25.00%	25.00%	-	25.00%
.BGMTT	84.28%	-	-	⤇2.59%	-	-	-	-	-	13.13%
.BGMXT	16.67%	-	16.67%	-	16.66%	16.67%	-	16.66%	-	16.67%
.BKLAYT	86.30%	-	-	-	-	-	-	-	-	13.70%
.BLINKT	50.21%	-	-	⤇25.55%	-	3.08%	-	5.10%	4.64%	11.42%
.BLTCT	50.64%	-	-	⤇16.45%	-	2.84%	-	5.45%	-	24.62%
.BLUNAT	48.96%	-	-	-	5.08%	3.00%	-	11.45%	-	31.51%
.BMATICT	77.73%	-	-	-	-	-	-	10.35%	-	11.92%
.BMKRT	50.37%	-	-	⤇25.71%	-	9.10%	-	4.52%	-	10.30%
.BSOLT	53.70%	-	-	⤇26.24%	-	-	-	9.51%	-	10.55%
.BSRMT	-	-	-	-	-	26.29%	-	-	-	73.71%
.BTRXT	59.38%	-	-	-	3.57%	10.91%	-	-	13.21%	12.93%
.BUSDCT	-	-	-	-	-	22.75%	44.39%	8.07%	12.46%	12.33%
.BXBTT	97.18%	-	-	-	-	-	-	-	-	2.82%
.BXRPT	69.75%	-	-	-	-	3.55%	-	7.74%	4.63%	14.33%
.BARBT	12.50%	-	12.50%	⤇12.50%	12.50%	12.50%	⤇12.50%	12.50%	-	12.50%

^{⤇ Requires Conversion Index}

XBT Index Family

	Binance	Bitfinex	Bitstamp	Coinbase	Cryptodotcom	Huobi	Kraken	Kucoin	LBank	OKX
.BADAXBT	90.48%	-	-	2.91%	-	-	-	-	-	6.61%
.BBCHXBT	76.33%	-	-	-	6.41%	-	-	-	-	17.26%
.BEOSXBT	61.45%	-	-	16.60%	-	5.13%	-	-	-	16.82%
.BETHXBT	58.54%	3.27%	-	3.85%	-	-	-	4.16%	26.09%	4.09%
.BLTCXBT	74.91%	-	-	5.58%	-	-	3.44%	-	-	16.07%
.BTRXXBT	75.98%	9.71%	3.40%	-	-	2.69%	-	-	-	8.22%
.BXRPXBT	50.10%	-	-	-	-	8.25%	-	-	-	41.65%

EUR Index Family

	Binance	Bitfinex	Bitstamp	Coinbase	Kraken
.BXBTEUR	35.62%	13.29%	11.11%	14.87%	25.11%

Yield Index Family

	Lido
.BETHYLD	100.00%

The BitMEX index weights will be updated next on 30 June 2023 at 12:00:05 UTC.

Update Schedule

The weights for BitMEX indices will be updated immediately after each quarterly futures expiry, with updates based on three months of constituent exchange volume data. The date range for data will be from 00:00 UTC on the first day of the month for the expiring quarterly future to 00:00 UTC on the first day of the month for the next quarterly future.

For example, at 12:00:05 UTC on 25 December 2020, updated weights will be used to calculate the BitMEX indices. These weights will be announced on 4 December 2020 and will be based on constituent exchange volume data from 00:00 UTC on 1 September 2020 to 00:00 UTC on 1 December 2020. These weights will apply to the BitMEX “NEXT” indices from 4 December 2020.

The BitMEX “NEXT” indices (eg. .BXBT_NEXT) will display the hypothetical index prices with the new weights. These index prices will line up with the normal index prices once the announced weights are live (ie .BXBT_NEXT and .BXBT will have the same price).

“NEXT” indices are not used for valuation or settlement, they are used to display hypothetical index prices with new weights before implementation.

BitMEX “NEXT” Index Weights, assuming no constituent exchanges have been excluded due to Index Protection Rules, last updated on 2 March 2023. For current weights incorporating any exclusions refer to the relevant Composite Index Breakdown.

These “NEXT” index weights are computed using three months of constituent exchange volume data from 00:00 UTC on 1 December 2022 to 00:00 UTC on 1 March 2023.

USD Index Family - NEXT

	Binance	Bitfinex	BitMEX	Bitstamp	Bybit	Coinbase	Gateio	Huobi	Itbit	Kraken	Kucoin	LBank	OKX
.BADA_NEXT	⤇49.03%	-	-	-	-	27.70%	-	-	-	3.28%	⤇7.77%	-	⤇12.22%
.BAPT_NEXT	⤇100.00%	-	-	-	-	-	-	-	-	-	-	-	-
.BAVAX_NEXT	⤇61.25%	-	-	-	-	23.55%	-	-	-	-	⤇7.25%	-	⤇7.95%
.BAXS_NEXT	⤇84.36%	-	-	-	-	5.18%	-	⤇2.54%	-	-	-	-	⤇7.92%
.BBCH_NEXT	-	-	-	-	-	88.60%	-	-	3.40%	8.00%	-	-	-
.BBLUR_NEXT	-	-	-	-	⤇14.29%	14.29%	⤇14.29%	⤇14.28%	-	14.28%	⤇14.28%	-	⤇14.29%
.BBMEX_NEXT	-	-	⤇100.00%	-	-	-	-	-	-	-	-	-	-
.BBNB_NEXT	⤇91.60%	-	-	-	-	-	-	-	-	-	⤇5.53%	⤇2.87%	-
.BCRO_NEXT	-	-	-	-	-	51.29%	⤇8.70%	-	-	-	⤇40.01%	-	-
.BDOGE_NEXT	⤇56.21%	-	-	-	-	19.75%	-	-	-	-	-	⤇8.09%	⤇15.95%
.BDOT_NEXT	⤇51.19%	-	-	-	⤇4.37%	10.35%	-	⤇2.83%	-	4.62%	⤇6.29%	⤇5.23%	⤇15.12%
.BEOS_NEXT	-	17.08%	-	-	-	82.92%	-	-	-	-	-	-	-
.BETH_NEXT	⤇47.42%	-	-	-	⤇5.01%	27.10%	⤇3.62%	-	-	-	⤇3.83%	-	⤇13.02%
.BFLR_NEXT	-	-	-	-	-	-	⤇25.00%	-	-	25.00%	⤇25.00%	-	⤇25.00%
.BGMT_NEXT	⤇84.28%	-	-	-	-	2.59%	-	-	-	-	-	-	⤇13.13%
.BGMX_NEXT	⤇16.67%	-	-	-	⤇16.67%	-	⤇16.66%	⤇16.67%	-	-	⤇16.66%	-	⤇16.67%
.BKLAY_NEXT	⤇86.30%	-	-	-	-	-	-	-	-	-	-	-	⤇13.70%
.BLINK_NEXT	⤇50.21%	-	-	-	-	25.55%	-	⤇3.08%	-	-	⤇5.10%	⤇4.64%	⤇11.42%
.BLTC_NEXT	⤇50.64%	-	-	-	-	16.45%	-	⤇2.84%	-	-	⤇5.45%	-	⤇24.62%
.BLUNA_NEXT	⤇35.80%	-	-	-	-	-	⤇16.97%	⤇10.46%	-	-	⤇14.90%	-	⤇21.87%
.BNEAR_NEXT	⤇73.29%	-	-	-	-	-	-	⤇3.31%	-	-	⤇7.62%	-	⤇15.78%
.BSOL_NEXT	-	3.41%	-	-	-	96.59%	-	-	-	-	-	-	-
.BTRX_NEXT	-	34.61%	-	-	-	-	-	-	-	65.39%	-	-	-
.BUSDC_NEXT	-	-	-	4.75%	-	-	-	-	-	95.25%	-	-	-
.BUSDT_NEXT	-	25.27%	-	-	-	21.05%	-	-	-	53.68%	-	-	-
.BXBT_NEXT	-	6.82%	-	6.90%	-	75.90%	-	-	-	10.38%	-	-	-
.BXRP_NEXT	-	12.87%	-	78.88%	-	-	-	-	-	8.25%	-	-	-
.BARB_NEXT	⤇12.50%	-	-	-	⤇12.50%	12.50%	⤇12.50%	⤇12.50%	-	12.50%	⤇12.50%	-	⤇12.50%

^{⤇ Requires Conversion Index}

USDT Index Family - NEXT

	Binance	BitMEX	Bybit	Coinbase	Gateio	Huobi	Kraken	Kucoin	LBank	OKX
.BADAT_NEXT	49.03%	-	-	⤇27.70%	-	-	⤇3.28%	7.77%	-	12.22%
.BAPET_NEXT	61.99%	-	-	⤇11.77%	-	7.89%	-	-	-	18.35%
.BAPTT_NEXT	100.00%	-	-	-	-	-	-	-	-	-
.BAVAXT_NEXT	61.25%	-	-	⤇23.55%	-	-	-	7.25%	-	7.95%
.BBCHT_NEXT	41.83%	-	-	⤇13.21%	6.63%	6.34%	-	-	11.29%	20.70%
.BBLURT_NEXT	-	-	14.29%	⤇14.29%	14.29%	14.28%	⤇14.28%	14.28%	-	14.29%
.BBMEXT_NEXT	-	100.00%	-	-	-	-	-	-	-	-
.BBNBT_NEXT	91.60%	-	-	-	-	-	-	5.53%	2.87%	-
.BCROT_NEXT	-	-	-	-	17.86%	-	-	82.14%	-	-
.BDOGET_NEXT	56.21%	-	-	⤇19.75%	-	-	-	-	8.09%	15.95%
.BDOTT_NEXT	51.19%	-	4.37%	⤇10.35%	-	2.83%	⤇4.62%	6.29%	5.23%	15.12%
.BDYDXT_NEXT	61.39%	-	-	-	4.00%	3.78%	-	4.45%	2.93%	23.45%
.BEOST_NEXT	45.94%	-	8.85%	-	-	4.33%	-	4.70%	-	36.18%
.BETHPOWT_NEXT	-	-	7.45%	-	-	12.29%	-	5.06%	-	75.20%
.BETHT_NEXT	47.42%	-	5.01%	⤇27.10%	3.62%	-	-	3.83%	-	13.02%
.BETHWT_NEXT	-	-	6.84%	-	-	12.95%	-	3.74%	-	76.47%
.BGMTT_NEXT	84.28%	-	-	⤇2.59%	-	-	-	-	-	13.13%
.BGMXT_NEXT	16.67%	-	16.67%	-	16.66%	16.67%	-	16.66%	-	16.67%
.BKLAYT_NEXT	86.30%	-	-	-	-	-	-	-	-	13.70%
.BLINKT_NEXT	50.21%	-	-	⤇25.55%	-	3.08%	-	5.10%	4.64%	11.42%
.BLTCT_NEXT	50.64%	-	-	⤇16.45%	-	2.84%	-	5.45%	-	24.62%
.BLUNAT_NEXT	48.96%	-	-	-	5.08%	3.00%	-	11.45%	-	31.51%
.BMATICT_NEXT	77.73%	-	-	-	-	-	-	10.35%	-	11.92%
.BSOLT_NEXT	53.70%	-	-	⤇26.24%	-	-	-	9.51%	-	10.55%
.BSRMT_NEXT	-	-	-	-	-	26.29%	-	-	-	73.71%
.BTRXT_NEXT	59.38%	-	-	-	3.57%	10.91%	-	-	13.21%	12.93%
.BUSDCT_NEXT	-	-	-	-	-	22.75%	44.39%	8.07%	12.46%	12.33%
.BXBTT_NEXT	97.18%	-	-	-	-	-	-	-	-	2.82%
.BXRPT_NEXT	69.75%	-	-	-	-	3.55%	-	7.74%	4.63%	14.33%
.BARBT_NEXT	12.50%	-	12.50%	⤇12.50%	12.50%	12.50%	⤇12.50%	12.50%	-	12.50%

^{⤇ Requires Conversion Index}

XBT Index Family - NEXT

	Binance	Bitfinex	Bitstamp	Coinbase	Cryptodotcom	Huobi	Kraken	Kucoin	LBank	OKX
.BADAXBT_NEXT	90.48%	-	-	2.91%	-	-	-	-	-	6.61%
.BBCHXBT_NEXT	76.33%	-	-	-	6.41%	-	-	-	-	17.26%
.BEOSXBT_NEXT	61.45%	-	-	16.60%	-	5.13%	-	-	-	16.82%
.BETHXBT_NEXT	58.54%	3.27%	-	3.85%	-	-	-	4.16%	26.09%	4.09%
.BLTCXBT_NEXT	74.91%	-	-	5.58%	-	-	3.44%	-	-	16.07%
.BTRXXBT_NEXT	75.98%	9.71%	3.40%	-	-	2.69%	-	-	-	8.22%
.BXRPXBT_NEXT	50.10%	-	-	-	-	8.25%	-	-	-	41.65%

EUR Index Family - NEXT

	Binance	Bitfinex	Bitstamp	Coinbase	Kraken
.BXBTEUR_NEXT	35.62%	13.29%	11.11%	14.87%	25.11%

The next update for BitMEX “NEXT” index weights will be on 9 June 2023.

Example Index Calculation for .BXBT_NEXT

On 2 February 2020 at 00:00 UTC the Last Prices on the constituent exchanges were:

	Bitstamp	Bittrex	Coinbase	Gemini	Itbit	Kraken
Last Price	9377.17	9384.336	9380.18	9380.6	9378	9377.1

These Last Prices are multiplied by the weights to give

	Bitstamp	Bittrex	Coinbase	Gemini	Itbit	Kraken
Last Price	9377.17	9384.336	9380.18	9380.6	9378	9377.1
Weight	10.61%	2.53%	52.30%	6.89%	4.21%	23.46%
Last Price x Weight	994.918	237.424	4905.834	646.323	394.814	2199.868

The sum of Last Price x Weight across all constituents was 9379.181.

The sum of Weights across all constituents was 100%.

So the .BXBT_NEXT price was 9379.181 / (100%) = 9379.18 (rounded to nearest USD cent).

Index Calculation Methodology

BitMEX index is calculated as a weighted average of the Last Price for each constituent exchange. Index prices are calculated and published every 5 seconds. For indices with constituent(s) that require a Conversion Index, the Last Price for the constituent is calculated by taking the product or quotient of the Source Price and the Conversion Index Price, depending on the denominators of the index and the source.

Example index calculation with Conversion Index

The following .BADAT example is for illustration purpose only:

	Binance (ADAUSDT)	Huobi (ADAUSDT)	Kraken (ADAUSD)
Source Price	0.170990	0.171003	0.170913
Conversion Index	Not Required	Not Required	.BUSDT
Conversion Index Price	Not Required	Not Required	1.00072
Conversion Factor	1	1	1.00072
Last Price = Source Price / Conversion Factor	0.170990	0.171003	0.170790
Weight	72.26%	24.66%	3.08%

So the .BADAT price will be (0.170990 x 72.26%) + (0.171003 x 24.66%) + (0.170790 x 3.08%) = 0.170987.

Index Weight Methodology

The BitMEX index weights are computed using volume data obtained directly via API connection from each of the constituent exchanges listed above. Proprietary mechanisms are used to identify malformed and anomalous data, which is discarded. The index weight calculation removes constituents with insufficient trade volume.

For the avoidance of doubt, and in accordance with BitMEX Terms of Service, HDR Global Trading Limited (operator of the BitMEX trading platform) accepts no responsibility for the accuracy of any volume (or other) data received from any exchange and used to calculate the value of any BitMEX index and excludes all liability for any claimed losses arising in connection with its calculation and publication of any such index.

For further information see the individual index and index weights pages, linked in the tables above.

Index Protection Rules

BitMEX uses several methods to maintain reliable connections to the constituent exchanges. As a fallback the following tests and actions are used:

1 If a constituent exchange is unresponsive, the previous price is used.

2 If a constituent exchange’s price is unchanged for 15 minutes, the constituent is removed from the index until it is operational. This rule will not apply to FX indices which may be unchanged during traditional market closing hours.

3 (a) For indices with 3 or more constituents: if a constituent price differs from the median constituent price for that index by 10% or more, it is excluded from the index calculation.

3 (b) For indices with only 2 constituents: if a constituent price differs from the median constituent price for that index by 5% or more, the last calculated index price will be used. The index is updated once its price differs from the median by less than 5%.

3 (c) For an index with only 1 constituent: if the constituent price is 10% away from the last calculated index price, the last calculated index price will be used. The index is updated once the constituent price differs from the last calculated index price by less than 10%.

4 Excluded constituents are added back to their indices when one of the following conditions has been met for a continuous 15 minute period.

4 (a) For indices with 1 or more remaining active constituents, excluding the use of last calculated index price in 3 (c) above, the excluded constituent is within 2% of the median of the remaining active constituents’ prices;

4 (b) For indices with 1 remaining active constituent, using last calculated index price per 3 (c) above, or no remaining active constituents, the excluded constituent is within 10% of the index price.