Kaiko Indices

Kaiko Indices is a suite of cryptocurrency benchmarks and index calculation services designed for institutional investors, asset managers, and financial product issuers. Founded in 2014, Kaiko provides enterprise-grade market data and index administration, serving over 200 clients worldwide including financial institutions and crypto-native enterprises. The indices are built on Kaiko's own tick-by-tick order book data from over 100 exchanges, with 24/7 infrastructure and support. The product line includes mono-asset reference rates, multi-asset indices like The Kaiko 10 Index, and custom calculation agent services for bespoke benchmarks. These indices are intended for use in financial product settlement, fund benchmarking, and risk management applications, with licensing available for use as the foundation for ETFs, structured products, and derivatives.

The indices are constructed using a transparent, rules-based methodology detailed in the Reference Rates Rulebook (available for download). Kaiko's data infrastructure ingests Level 1 and Level 2 data from global exchanges, applying outlier detection and volume-weighted median pricing to produce rates every 5 seconds during calculation windows. The Kaiko 10 Index, a multi-asset benchmark, weights the top 10 crypto assets by market capitalization with quarterly rebalancing. Kaiko also offers Calculation Agent Services for clients needing custom index construction, rebalancing, and administration. Historical tick data is available from October 2024, while daily and hourly rates extend back several years depending on the asset. The indices are monitored via the Index Explorer tool and supported by rankings such as the Exchange Ranking and Crypto Asset Ranking.

Kaiko Indices competes directly with CoinAPI and other crypto index providers like CoinDesk Indices and CF Benchmarks. Kaiko differentiates through its vertically integrated data pipeline—collecting raw order book data, cleaning it, and calculating indices in-house—rather than licensing third-party data. The company also provides complementary analytics (Best Execution, Fair Market Value, Portfolio & Risk Management) and monitoring solutions (Market Surveyor, Blockchain Monitoring) that can be bundled. Kaiko's indices are used by LSEG (London Stock Exchange Group) as part of their crypto data offerings, signaling institutional trust. However, Kaiko lacks the brand recognition of CoinDesk Indices in the ETF space, where CoinDesk Bitcoin Price Index (XBX) is more widely referenced.

The primary trade-off with Kaiko Indices is the lack of public pricing—all plans are custom-quoted, making cost comparison difficult. Historical tick data only begins in October 2024, limiting backtesting for strategies requiring sub-minute granularity. The index lineup is narrower than competitors like CoinDesk, which offers sector-specific indices (e.g., DeFi, NFT). Additionally, Kaiko has issued cessation notices for some benchmarks, indicating that not all indices are maintained indefinitely, which could disrupt product continuity. On the positive side, Kaiko's 24/7 support and EMEA/US coverage provide reliability, and the ability to license indices for financial products is a clear path to revenue for issuers.

Custom data plans based on number of assets/instruments, data type, granularity, historical vs. live access, and usage. Standard licensing terms available. Indices licensing for financial products quoted separately. No public pricing tiers.