> ## Documentation Index
> Fetch the complete documentation index at: https://docs.roxom.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Pricing & Leverage

> This page defines the quoting and how Roxom calculates the Index Price denominated in BTC for perpetual futures.

### Price quotation

Prices are quoted in BTC per unit of the underlying. For example, if gold is trading around \$3,000 and BTC around \$100,000, the GOLD/BTC contract might trade near **0.03 BTC**. The minimum price increment (tick size) is set to a small fraction of BTC (e.g. 0.01 BTC) to allow fine price granularity.

### Index calculation

The Index Price is Roxom's best estimate of what the asset *is truly worth* across the global market. Every second, we compute it using a consolidated, multi-exchange approach designed to be resilient, accurate, and manipulation-resistant.

Each contract's **Index Price** is derived from a composite index that blends a high-quality price feed of the underlying asset with a robust BTC/USD price feed:

* The **base asset's price** is sourced from reliable markets (via Databento and Pyth Network).
* The **BTC/USD price** is calculated as a time-weighted average across Binance, Coinbase and Pyth Network.
* To guard against outliers, any exchange feed that becomes stale for more than 5 minutes is temporarily excluded until it prints a new price.

  By blending multiple sources and applying strict price-protection rules, the Index Price reflects a broad market consensus and resists distortion from bad data or manipulation.