CM Reference Rates

Transparent, independent and manipulation-resistant rates

CM Reference Rates provide prices calculated in U.S. Dollars and Euros for over 300 assets using a transparent and independent methodology, robust to manipulation and derived from high quality constituent markets.


Wide coverage universe

  • Over 300 of the top cryptoassets
  • Reference rates are calculated with hourly and second-by-second time granularity with full historical data

Versatile data delivery

  • Low latency and high availability HTTP API or WebSocket API 
  • CM Pro Visualization Tool for visualizing and downloading data

Rigorous construction

  • Adherence to global financial best practices, including the IOSCO Principles for Financial Benchmarks
  • Systematic market selection framework that utilizes a wide set of qualitative and quantitative features to select the highest quality constituent markets  
  • Empirically tested methodology that is robust to outliers and market manipulation

Trusted methodology

  • Methodology and constituent markets are publicly available and are governed by an independent oversight committee 
  • Human review of important close times such as the close of trading in New York at 16:00 EST

Use Cases

Systematic and quantitative trading

Use our historical reference rates to represent accurate buy-and-hold returns for backtesting trading models.


Conduct research that requires an accurate, aggregated price that is robust to outliers or market manipulation and performs well during periods of market stress.

Third-party integrations

Integrate our reference rates in a website, platform, or application.

Indexes and Financial Products

Construct standalone indexes for benchmarking purposes or indexes in connection with a financial product or derivatives contract using our reference rates.

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Use our reference rates for portfolio valuation, accounting, and tax purposes.


RR Methodology (hourly)
RR Methodology (real-time)
Market Data Documentation
Data coverage
API Documentation
Market Selection Framework