Data quality · Spot crypto pairs
Crypto, checked outside our venues.
Pairs are compared with regulated fiat-USD venues that are deliberately outside the aggregation. The stablecoin basis is published, not hidden.
BTCUSD against the reference
One sample per second across the run.
Headline measurements
Measured, not asserted.
22k matched samples across 19 names, one per second.
Price fidelity
3.15bp
Median midpoint deviation from the selected multi-venue consensus, symbol balanced.
How is this measured?
- Definition
- Median across symbols of each symbol's median |TickerLayer mid − reference mid| / reference mid × 10,000.
- Reference
- selected multi-venue consensus
- Aggregation
- Per symbol first, then the median of per-symbol medians so active names cannot dominate.
- Window
- 25 minutes, sampled every 1 s
- Universe
- crypto-core-20 v1, 19 of 20 symbols
- Samples
- 22k matched samples
- Method
- crypto-consensus-v1
Tracking after basis
0.76bp
Tracking error once the run-wide basis of +3.11 bp between stablecoin and fiat liquidity is removed.
How is this measured?
- Basis
- Median signed deviation over the whole run. Published, not hidden.
- Definition
- Median across symbols of median |deviation − symbol basis|.
- Window
- 25 minutes, sampled every 1 s
- Universe
- crypto-core-20 v1, 19 of 20 symbols
- Samples
- 22k matched samples
- Method
- crypto-consensus-v1
Tail deviation p95
4.91bp
Within 2 bp in 22.6% of samples. The references disagree by 1.34 bp between themselves.
How is this measured?
- Definition
- Median across symbols of each symbol's 95th percentile absolute deviation.
- Dispersion
- Median absolute difference between the reference sources at the same sample; the natural floor of any measured deviation.
- Window
- 25 minutes, sampled every 1 s
- Universe
- crypto-core-20 v1, 19 of 20 symbols
- Samples
- 22k matched samples
- Method
- crypto-consensus-v1
REST and WebSocket agree
100.0%
Same quote on both interfaces across 149 checks.
How is this measured?
- Definition
- A REST quote compared with WebSocket frames received within ±1.5 s of the request; exact when bid and ask are identical to one of them.
- Cadence
- One check every ten seconds, symbols rotating through the universe.
- Window
- 25 minutes, sampled every 1 s
- Universe
- crypto-core-20 v1, 19 of 20 symbols
- Samples
- 22k matched samples
- Method
- crypto-consensus-v1
Distribution
Where the deviation actually lands.
Every matched sample by absolute deviation. Threshold shares are symbol balanced.
Distribution of absolute deviation
Share of all matched samples in basis points.
- under 0.5 bp3.6%
- 0.5 to 1 bp3.7%
- 1 to 2 bp13.1%
- 2 to 5 bp72.3%
- over 5 bp7.3%
Threshold alignment
Symbol balanced share of samples within each band.
- Within 1 bp8.8%
- Within 2 bp22.6%
- Within 5 bp90.0%
- p99 absolute deviation7.74 bp
Signed basis over the run: +3.11 bp. TickerLayer sat above the reference on the median sample, which for this market reflects the difference between stablecoin-quoted and fiat-only liquidity. Tracking error after removing that single documented offset: 0.81 bp median, 3.70 bp p95.
Venue range
Where TickerLayer sits among the venues.
Reference venue dispersion
2.00bp
Median spread between the lowest and highest reference venue midpoint; p95 8.03 bp.
Inside venue range
20.6%
Samples where the TickerLayer midpoint sat between the lowest and highest reference venue.
Signed basis
+3.11bp
Median signed deviation over the run: stablecoin-quoted liquidity against fiat-only venues.
Universe detail
Every symbol in the universe.
One row per name in the benchmark universe, with the figures a customer would compute from the same feed.
| Symbol | Samples | Median dev bp | p95 bp | Signed bp | Within 1 bp | Within 2 bp | Spread bp |
|---|---|---|---|---|---|---|---|
| BTCUSD | 1,485 | 3.23 | 4.12 | +3.23 | 0.1% | 0.2% | 0.00 |
| ETHUSD | 1,485 | 3.36 | 4.25 | +3.36 | 0.1% | 0.3% | 0.04 |
| SOLUSD | 1,485 | 3.61 | 4.69 | +3.61 | 0.0% | 0.9% | 0.99 |
| XRPUSD | 1,485 | 2.64 | 3.98 | +2.64 | 1.8% | 18.7% | 0.72 |
| ADAUSD | 905 | 3.05 | 5.27 | +3.05 | 4.9% | 17.6% | 4.69 |
| DOGEUSD | 1,485 | 2.02 | 3.81 | +2.02 | 11.1% | 49.4% | 1.17 |
| AVAXUSD | 1,485 | 2.93 | 4.51 | +2.93 | 1.8% | 18.1% | 1.29 |
| LINKUSD | 1,485 | 3.15 | 4.65 | +3.15 | 1.0% | 12.3% | 0.85 |
| DOTUSD | 1,365 | 2.26 | 7.36 | +1.81 | 26.6% | 48.0% | 9.04 |
| LTCUSD | 1,484 | 3.72 | 5.05 | +3.72 | 0.0% | 2.8% | 1.91 |
Freshness and consistency
Delivery, agreement, reproducibility.
Timing is kept apart from price fidelity on purpose.
Delivery transit p95
280ms
Publish timestamp to client receive; p50 under 50 ms.
Update cadence
305ms
Median gap between consecutive frames per symbol on the public stream.
REST vs WebSocket exact
100.0%
149 checks, midpoint gap p95 0.00 bp.
Settled bars reproducible
100.0%
92 one-minute bars re-fetched later; close unchanged in 100.0%.
Reference model
Selected multi-venue consensus
The reference midpoint is the median of up to three regulated fiat-USD spot venues that do not feed TickerLayer.
Universe
20 large-cap USD pairs listed on the reference venues.
Reference
Median of up to three regulated fiat-USD venues outside the aggregation.
Session
Continuous market; the window is published with every figure.
Benchmark run
One run behind every figure.
We keep measuring and publish each run as it lands.
- Benchmark run
- TLQ-CRYPTO-20260910-0845
- Methodology
- crypto-consensus-v1
- Universe
- crypto-core-20 v1, 19 of 20 measured
- Observation window
- Sep 10, 2026, 08:45 to 09:10 UTC
- Window length
- 25 min, sampled every 1 s
- Matched samples
- 22k
- Published
- Sep 10, 2026, 09:10 UTC
Benchmark results describe observed behaviour under the stated methodology during the published window. They are not a guarantee of future performance and not a service level agreement unless separately agreed in writing. These comparisons evaluate TickerLayer quotes against selected market references during the stated observation window. They do not imply exchange affiliation, endorsement, or certification.
Frequently asked questions
Why exclude the venues TickerLayer already aggregates?
Comparing a feed with its own inputs proves little. The reference venues are chosen because they are outside the aggregation.
What is the basis figure?
The median signed gap between TickerLayer and the fiat-USD consensus over the run. It reflects the price difference between stablecoin-quoted and fiat-quoted liquidity.
Is the reference the true price of bitcoin?
No single number is. The reference is a documented consensus of selected venues, the most defensible comparison for a fragmented market.
Why does the chart say basis adjusted?
The reference line is drawn with the published basis applied so the tracking error is visible. The basis itself is shown next to the chart, never hidden.
Which crypto pairs are benchmarked?
A fixed, versioned universe of twenty large-capitalization USD pairs listed on the reference venues. Pairs are never chosen because they score well.
Does crypto data run 24/7?
Yes. Runs can start at any time and the observation window is published with every figure.