# Reference price

We publish FX Reference (or FX Fixing) price that serves as a benchmark for market participants

The FX Reference price is used to define the price of an asset (i.e., FX rate) at some point in time in the future. The Reference price has various applications, e.g.:

• it can be used to calculate settlement prices of the futures on crypto assets

• it defines the OTC transaction price and, thus, amount that takes place in the future

• it indicates the conversion rate when the payment is done in the currency different from the contractual currency (for example, you have agreed on \$2000 salary with your employer but the payment is made in BTC).

The methodology underlying the Reference price is as follows:

1. calculating 1-minute OHLC candles based on trades across all supported exchanges

2. considering all the candles over the last 1 hour

3. getting the Reference price via the formula:

$P_r = \frac{\sum p_i *V_i}{\sum V_i}$

where:

• Pr is the Reference price

• p is the close price of 1-minute candle

• i is the candle's count

• V is the volume of 1-minute candle