Price Indices

Mark price

Mark price is determined by the risk-based pricing. The risk engine calculates solvency premia using the Entropic Value-at-Risk (EVaR) measure. Premia reflect the marginal risk contribution of positions by accounting for the exchange’s net exposure, volatility forecasts, and imbalances across markets. The mark price is derived by adjusting the index price with these risk premia, ensuring that trades are priced in a way that maintains system solvency. Positions that increase systemic risk are priced at a premium, while those that reduce risk may receive discounted execution.

This price is stable and manipulation-resistant due to our liquidity guarantee, a mechanism made available by : (1) the AMM’s capital, which serves as the first-loss buffer, accumulated from premia and funding fees; (2) LPs who provide secondary backstop liquidity through call-spread payoffs, with capped downside; and (3) dynamic pricing which automatically discourages risky position growth. These guarantees are enforced through zkSNARK-verified computations that ensure solvency conditions are met at all times.

Index price

Index price is calculated using a depth-weighted median of Binance, OKX, and Bybit. During volatile periods, price bands will activate to prevent Mango-style manipulation attacks. Index price is used to calibrate the risk model and calculate funding payments. For more details on funding can be found [link to Funding section].

Market Cap Dominance Perpetual Prices

For market cap dominance perpetuals like BTC Dominance, the price represents the percentage share of the included tokens’ total market cap relative to the entire crypto market cap, rounded to four decimal places using half-up rounding, i.e.

price = 100 * (market cap of included tokens / total crypto market cap)

Symbol	Tokens Included
BTC.D-PERP	BTC
STABLE.D-PERP	USDT, USDC, DAI, USDe
OTHERS.D-PERP	LINK, AVAX, XLM, TON, SHIB, HBAR, SUI, BCH, DOT, HYPE, LTC, DAI, USDe, UNI

Market cap is calculated as price * circulating_supply where each token's circulating supply is retrieved from CoinMarketCap and updated on a daily basis.

Because nearly 95% of the total crypto market cap is dominated by the top 25 tokens by market cap, we only track the real time market caps of these top tokens and approximate the total crypto market cap by adding a constant representing the rest of the total market cap.

The top 25 tokens used in the total crypto market cap calculation is:

• BTC, ETH, USDT, XRP, BNB, SOL, USDC, DOGE, TRX, ADA, LEO, LINK, AVAX, XLM, TON, SHIB, HBAR, SUI, BCH, DOT, HYPE, LTC, BGB, DAI, USDe, UNI

Note that currently LEO and HYPE are not tracked due to the fact that there is no reliable price feed yet.

Index Perpetual Prices

Vest currently offers one index perpetual VC-PERP which tracks the total market cap of the following VC-backed tokens:

• EIGEN, BERA, GRASS, INIT, IO, BABY, LAYER, VANA, ALT, MANTA

The price for VC-PERP is the total market cap of the above tokens suitably normalized by a divisor and rounded down to 2 decimals:

price = market cap of included tokens / divisor

The divisor is used to maintain index continuity when constituents change and to keep the index value within a reasonable range.

Vest may update the token constituents of any perpetual product from time to time to better reflect the target market. Changes will be made with the aim of preserving price continuity and will be communicated with reasonable notice whenever possible.