> For the complete documentation index, see [llms.txt](https://docs.bbx.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bbx.com/business/on-chain-perpetual-trading/bbx-index-price.md).

# BBX Index Price

**1. Overview**

The RWA Index is a set of real-time price indices based on multi-source data aggregation, designed to provide users with a fairer and more robust price reference for Real World Assets.

The core concept of this index is: by simultaneously collecting quote data from multiple independent trading platforms and applying a scientifically calibrated statistical algorithm to filter outliers and perform weighted aggregation, it produces a composite price indicator that better reflects actual market conditions.

**2. Data Sources**

The RWA Index is calculated based on real-time quotes from the following four independent data sources:

| Data Source         | Description                              |
| ------------------- | ---------------------------------------- |
| Ondo                | Provides on-chain RWA asset trading data |
| XStocks             | Provides real-time market quote data     |
| BBX Token           | Provides real-time market quote data     |
| Interactive Brokers | Provides real-time market quote data     |

The multi-source design ensures that the index will not be distorted by anomalous quotes from any single platform, improving data reliability and quote fairness.

**3. Index Calculation Methodology**

**3.1 Data Cleaning & Validation**

Before calculation, the system performs strict validation on each data source:

* Data Completeness: Quotes must contain valid price information; data with missing key fields will be excluded.
* Numerical Validity: Quotes must be correctly parseable as valid numbers; data with format anomalies will be filtered out.

Only data sources that pass all of the above validations will participate in the index calculation.

**3.2 Core Algorithm: Median-Constrained Average Method**

The RWA Index employs a three-step aggregation algorithm: 'Median + Deviation Constraint + Equal-Weight Average.' This method retains the reference value of each platform's quotes while effectively suppressing the impact of anomalous quotes on the index.

**Step 1: Calculate the Median**

Sort all valid data source quotes in ascending order and take the middle value as the median. If the number of sources is even, take the arithmetic average of the two middle values. The median serves as the reference baseline for the 'market consensus price.'

**Step 2: Deviation Constraint (±3%)**

Using the median as the baseline, set a reasonable fluctuation range of ±3%. Any quote exceeding this range will be automatically clipped to the boundary value. This mechanism effectively prevents an anomalous quote from any single platform (e.g., an instantaneous extreme price deviation) from having an outsized impact on the final index.

**Step 3: Equal-Weight Average**

Compute the equal-weight average of all constrained source quotes — each valid source carries the same weight in the final result. For example:

| Number of Valid Sources | Weight per Source | Formula                                 |
| ----------------------- | ----------------- | --------------------------------------- |
| 2                       | 50%               | (Price₁ + Price₂) ÷ 2                   |
| 3                       | 33.3%             | (Price₁ + Price₂ + Price₃) ÷ 3          |
| 4                       | 25%               | (Price₁ + Price₂ + Price₃ + Price₄) ÷ 4 |

**3.3 Calculation Example**

Suppose at a given moment, the four data sources provide the following closing quotes for an asset:

| Data Source         | Quote (USD) |
| ------------------- | ----------- |
| Ondo                | 100.50      |
| XStocks             | 101.20      |
| BBX Token           | 100.80      |
| Interactive Brokers | 108.00      |

Calculation Process:

* Sort: 100.50, 100.80, 101.20, 108.00
* Median = (100.80 + 101.20) ÷ 2 = 101.00
* Deviation constraint range: 101.00 × 97% = 97.97 ; 101.00 × 103% = 104.03
* Interactive Brokers quote 108.00 exceeds the upper bound; clipped to 104.03
* Final Index = (100.50 + 101.20 + 100.80 + 104.03) ÷ 4 = 101.63

Through this algorithm, Interactive Brokers's anomalously high price of 108.00 is effectively suppressed, preventing any single platform's quote from unduly inflating the index.

**4. Degradation & Fault-Tolerance Mechanism**

The RWA Index has a robust degradation-handling capability, ensuring stable index service even when some data sources are unavailable.

**4.1 Multi-Source Degradation Strategy**

| Available Sources | Handling                                                                                     | Index Status           |
| ----------------- | -------------------------------------------------------------------------------------------- | ---------------------- |
| 4                 | Full three-step aggregation algorithm                                                        | Normal                 |
| 2–3               | Aggregation executed with available sources                                                  | Degraded               |
| 1                 | Uses the previous minute's index price; falls back to the single source if no history exists | Single-Source Degraded |
| 0                 | Index calculation paused for that minute                                                     | Paused                 |

**4.2 Fault-Tolerance Principles**

* Minute-Level Isolation: A calculation failure in a single minute does not affect index calculations at other time points.
* Data Source Independence: An anomaly in one data source does not affect the normal participation of other sources.
* Transparent Traceability: Each minute's calculation result includes the number of active sources and calculation status, enabling users to assess data quality.

**5. Index Display Metrics**

The RWA Index provides users with the following core metrics:

| Metric             | Description                                                                    |
| ------------------ | ------------------------------------------------------------------------------ |
| Current Price      | The most recent calculated index price                                         |
| Today's Open       | Opening price of the first minute candle of the current trading day            |
| Today's High / Low | Highest and lowest prices from intraday minute candles                         |
| Previous Close     | Closing price of the last minute candle from the prior trading day             |
| Price Change       | Current Price − Previous Close                                                 |
| Change %           | (Price Change ÷ Previous Close) × 100%                                         |
| Active Sources     | Number of data sources currently participating in the index calculation (0–4)  |
| Calculation Status | Current operational state: Normal / Degraded / Single-Source Degraded / Paused |

**6. Index Status Descriptions**

Users can use the index status to assess the current reliability of the data:

| Status                 | Meaning                                                                                             |
| ---------------------- | --------------------------------------------------------------------------------------------------- |
| Normal                 | All data sources are participating; index reliability is highest                                    |
| Degraded               | Some sources are missing; index is still aggregated from multiple sources; reliability remains high |
| Single-Source Degraded | Only 1 source remains; historical price smoothing is applied; reliability is lower                  |
| Paused                 | No available data sources; index updates are suspended; monitor for status changes                  |

**7. Algorithm Design Philosophy**

**7.1 Why Multi-Source Aggregation?**

A single data source may exhibit bias due to insufficient liquidity, system failures, or market microstructure differences. Multi-source aggregation significantly reduces the impact of any single platform's pricing deviation on the index, providing a more representative price reference.

**7.2 Why a ±3% Deviation Constraint?**

The ±3% deviation constraint is a reasonable threshold calibrated to the characteristics of the RWA market. It allows for normal price differences between platforms (e.g., supply and demand variations across venues) while effectively filtering out clearly anomalous quotes — striking a good balance between sensitivity and robustness.

**7.3 Why Equal-Weighting instead of Weighted?**

The RWA Index assigns equal weight to all valid data sources rather than weighting them by trading volume or other factors. This is because the RWA market is still in its early stages of development, and trading volumes across platforms may fluctuate significantly. Equal-weighting avoids introducing additional uncertainty from less stable weighting metrics.

**Disclaimer**

The RWA Index is provided as a market price reference only and does not constitute any investment advice. The accuracy of the index depends on the quality and availability of underlying data sources. Users should conduct comprehensive due diligence from multiple sources before making any trading decisions.