Data quality · Perpetual futures
Perpetuals, checked outside our venues.
The composite quote is compared with large perpetual venues that are deliberately outside it. The premium between venues is published, not hidden.
BTCUSDT against the reference
One sample per second across the run.
Headline measurements
Measured, not asserted.
34k matched samples across 24 names, one per second.
Price fidelity
0.87bp
Median midpoint deviation from the independent 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
- independent 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
- perps-core-24 v1, 24 of 24 symbols
- Samples
- 34k matched samples
- Method
- perps-consensus-v1
Tail deviation p95
2.05bp
Within 2 bp in 79.5% of samples. The references disagree by 1.74 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
- perps-core-24 v1, 24 of 24 symbols
- Samples
- 34k matched samples
- Method
- perps-consensus-v1
Within 5 bp of the reference
99.9%
Within 2 bp in 79.5% of samples, symbol balanced.
How is this measured?
- Definition
- Share of one-second samples per symbol with absolute deviation at or under the threshold, averaged across symbols.
- Window
- 25 minutes, sampled every 1 s
- Universe
- perps-core-24 v1, 24 of 24 symbols
- Samples
- 34k matched samples
- Method
- perps-consensus-v1
Quoted spread, TickerLayer vs reference
1.00vs 1.22 bp
Median bid to ask spread over the run, in basis points of the midpoint. A measurement, not a ranking.
How is this measured?
- Definition
- (ask − bid) / mid × 10,000 per sample, median over the run, for TickerLayer and for the reference.
- Window
- 25 minutes, sampled every 1 s
- Universe
- perps-core-24 v1, 24 of 24 symbols
- Samples
- 34k matched samples
- Method
- perps-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 bp32.0%
- 0.5 to 1 bp22.3%
- 1 to 2 bp26.0%
- 2 to 5 bp19.7%
- over 5 bp0.1%
Threshold alignment
Symbol balanced share of samples within each band.
- Within 1 bp53.5%
- Within 2 bp79.5%
- Within 5 bp99.9%
- p99 absolute deviation4.08 bp
Venue range
Where TickerLayer sits among the venues.
Reference venue dispersion
3.69bp
Median spread between the lowest and highest reference venue midpoint; p95 12.30 bp.
Inside venue range
76.9%
Samples where the TickerLayer midpoint sat between the lowest and highest reference venue.
Signed basis
+0.24bp
Median signed deviation over the run: funding and premium differences between perpetual 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 |
|---|---|---|---|---|---|---|---|
| BTCUSDT | 1,489 | 0.20 | 0.62 | +0.10 | 99.1% | 100.0% | 0.01 |
| ETHUSDT | 1,489 | 0.49 | 1.41 | +0.49 | 84.8% | 98.5% | 0.04 |
| SOLUSDT | 1,489 | 0.63 | 1.36 | +0.61 | 82.0% | 99.2% | 0.93 |
| XRPUSDT | 1,489 | 0.37 | 1.67 | -0.37 | 81.3% | 97.1% | 0.84 |
| BNBUSDT | 1,489 | 1.54 | 2.48 | +1.54 | 14.6% | 80.9% | 0.80 |
| DOGEUSDT | 1,489 | 0.61 | 1.82 | +0.61 | 68.1% | 97.9% | 1.22 |
| ADAUSDT | 1,489 | 0.99 | 4.21 | -0.99 | 51.5% | 72.3% | 5.07 |
| LINKUSDT | 1,489 | 0.39 | 1.33 | +0.16 | 87.7% | 98.9% | 1.82 |
| AVAXUSDT | 1,489 | 0.72 | 1.66 | -0.65 | 72.5% | 98.5% | 1.54 |
| LTCUSDT | 1,489 | 1.57 | 2.71 | +1.57 | 26.1% | 72.6% | 2.18 |
Freshness and consistency
Delivery, agreement, reproducibility.
Timing is kept apart from price fidelity on purpose.
Update cadence
265ms
Median gap between consecutive frames per symbol on the public stream.
REST vs WebSocket exact
99.3%
149 checks, midpoint gap p95 0.00 bp.
Settled bars reproducible
100.0%
91 one-minute bars re-fetched later; close unchanged in 100.0%.
Reference model
Independent multi-venue consensus
The reference midpoint is the median of up to four large perpetual futures venues that do not feed the TickerLayer composite.
Universe
24 USDT-margined contracts: crypto, metals, crude oil, US shares and ETFs.
Reference
Median of up to four perpetual venues outside the composite.
Session
Contracts trade around the clock; 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-PERPS-20261021-1250
- Methodology
- perps-consensus-v1
- Universe
- perps-core-24 v1, 24 of 24 measured
- Observation window
- Oct 21, 2026, 12:50 to 13:15 UTC
- Window length
- 25 min, sampled every 1 s
- Matched samples
- 34k
- Published
- Oct 21, 2026, 13:15 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.
Perpetual futures are leveraged derivatives, not the underlying asset: no ownership, dividend or shareholder rights attach to a contract, and its price can move away from the underlying, most of all while the underlying market is closed. TickerLayer publishes calculated composite data only. It does not list, offer, broker or clear any contract, and it is not affiliated with, sponsored or endorsed by any issuer, index provider, fund manager, company or trading venue named or referenced in the data.
Frequently asked questions
Why compare with venues outside the composite?
Comparing a feed with its own inputs proves little. The reference venues are chosen because the composite does not use them.
Is the reference the official price of a contract?
No. Each venue sets its own mark and index. The reference is a documented consensus of selected venues, the most defensible comparison for a contract that trades in many places.
Why can the composite sit outside the venue range?
The composite and the reference draw on different venues. When venues disagree by a basis point or two, the composite midpoint can sit just outside the reference range while still tracking it closely.
Which contracts are benchmarked?
A fixed, versioned universe of 24 USDT-margined contracts: large crypto, gold, silver, platinum, crude oil, seven large US shares and two broad US ETFs. Contracts are never chosen because they score well.
Do share contracts trade when the stock market is closed?
Yes. Perpetuals trade around the clock, so a run can fall outside the hours of the underlying market. The window is published with every figure.
Are the numbers a guarantee?
No. They describe observed behaviour during the published run under the stated methodology.