Price sources
BlockFinaX uses market data for three purposes.
| Purpose | Data | Source | Refresh |
|---|---|---|---|
| Today's rate for quotes, and the rate submitted for settlement | Live mid-market rate | Live market data | Cached for up to 5 minutes |
| Pricing model inputs | Daily closing rates, up to about 20 years per pair | Historical market data, stored by BlockFinaX | Daily |
| Charts | Live rate snapshots for the last day; daily closes beyond | The same live feed and stored closes | Every few minutes |
All rates are mid-market reference rates: halfway between buying and selling prices, without any bank's margin.
Pairs
Each supported pair is quoted against the US dollar, as units of local currency per dollar. See Supported markets.
Which rate a contract settles on
Contracts are defined on the exchange rate against the US dollar (for example USD/GHS), and premiums and payouts are paid in USDC at one USDC per US dollar. The settlement rate is the mid-market USD rate agreed by the oracle, not a stablecoin exchange rate.
Why a reference rate
A contract has to settle on a number that everyone can see and nobody can move. A published mid-market rate meets that. It will not match the rate any particular business gets from its bank. See Reference and executable rates.