Reference rates

Use a reference rate when the same underlying market appears on more than one venue or rolls from one contract into the next. Adjacent combines those source prices into one series and reports the spread between them.

Rates use the same 0-100 percent scale as market prices. They give you one series to chart, compare, and pass to another system.

What the rate tells you

The rate is the combined value of its source markets. Its spread shows how far those source prices are apart. A small spread means the sources are close. A large spread tells you to inspect the individual markets before treating the rate as a single signal.

The source list includes each market's contribution and weight. Use it to explain the rate or compare the venues behind it.

For volume_weighted_average, each source's effective weight is its configured or roll weight multiplied by its cumulative contract or share count: Σ(price_i · weight_i · count_i) / Σ(weight_i · count_i). Event-contract (claim-price) rates and NTI sleeve rates use volume alone: Σ(price_i · count_i) / Σ(count_i). On those rates, sources[].weight is that source's share of in-print volume; a source that did not enter the print keeps its catalog weight and omits latest_price. Other supported methods are simple_average and median.

Choose volume_weighted_average when trading volume should affect the result. Choose simple_average when each source should count equally. Choose median when you want the middle source price and less sensitivity to an outlier.

Set ADJ_TOKEN to an API key before running these examples. See Authentication.

Find a rate

1curl -H "Authorization: Bearer $ADJ_TOKEN" "https://api.adjacent.markets/api/v1/rates"

Read a rate

The response includes the source markets, their weights, and recent price changes.

1curl -H "Authorization: Bearer $ADJ_TOKEN" "https://api.adjacent.markets/api/v1/rates/adj_redp"

Track a rate over time

1curl -H "Authorization: Bearer $ADJ_TOKEN" "https://api.adjacent.markets/api/v1/rates/adj_redp/prices?interval=1hour&per_page=24"

Keep a series across contract rolls

Chains join successive contracts, such as the 2024 and 2028 presidential contracts, so a benchmark continues after an expiry. The roll_schedule blends adjacent contracts during the roll window.

A chain-backed rate uses the same endpoints as any other rate. Pass sources=true with price history to see the roll weight for each contract at each point.

12# Rolling rate price history, with per-leg roll weights
curl -H "Authorization: Bearer $ADJ_TOKEN" "https://api.adjacent.markets/api/v1/rates/adj_redp/prices?interval=1hour&per_page=24&sources=true"

See the API reference for full schemas.