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

# Index Price

The Index Price refers to the price of the underlying asset in the spot market. It is an aggregate price based on data from multiple exchanges and Pyth. The index price is calculated every second. 

The exchanges used for aggregation include: Coinbase, Binance, OKX

Oracle Protocol: Pyth Network 

For BTC-denominated currency pairs, the system multiplies the OKX BTC-USD index to convert to the US dollar price. 

To ensure that index fluctuations remain within a normal range, the system invalidates exchanges where the latest transaction price or trade volume has not been updated for a specific time. If an exchange price deviates by more than 3% from the median price of all exchanges, it will be adjusted to either median \* 0.97 or median \* 1.03. 


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