> For the complete documentation index, see [llms.txt](https://gitbook-docs.coinmetrics.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://gitbook-docs.coinmetrics.io/index-data/index-overview.md).

# Index Overview

The [Coin Metrics Bletchley Indexes](https://coinmetrics.io/cm-indexes/) ("CMBI") are an independent, transparent, and comprehensive measure of cryptoasset market performance and network activity. They are used as benchmarks, as settlement references, and as the basis for investable products by crypto-native and traditional financial institutions.

Coin Metrics also **distributes index data produced by third-party index providers**, served through the same endpoints and the same schema as its own indexes. So the index universe on this API is wider than the CMBI series alone, and a page in this section may apply to both. Where the two behave differently, the data-type pages say so.

## Index Families

Coin Metrics calculates several distinct index series, each governed by its own published methodology.

| Series                          | What it measures                                                                                                                 |
| ------------------------------- | -------------------------------------------------------------------------------------------------------------------------------- |
| **CMBI Single Asset Series**    | The market value of one cryptoasset, aggregated across a vetted set of eligible markets rather than taken from any single venue  |
| **CMBI Multi Asset Series**     | The performance of a defined basket, weighted either by free-float-adjusted market capitalization or equally across constituents |
| **CMBI Total Market Series**    | Broad and sector-level market coverage, including thematic sector baskets                                                        |
| **CMBI Momentum Series**        | A rules-based strategy that tilts toward assets with recent relative strength                                                    |
| **CMBI Mining Series**          | Network work and hash rate rather than price, so its levels are derived from on-chain data                                       |
| **CMBI Ethereum Staking Index** | The total return of purchasing and staking Ether, combining the price return with staking rewards                                |
| **CMBI Derivative Fixings**     | A once-daily fixing intended as a settlement reference for derivatives contracts                                                 |

The distributed third-party series cover much the same ground, single-asset benchmark rates and multi-asset baskets, and they also extend beyond crypto into traditional-finance benchmarks such as interest rate series. A third-party index identifier is prefixed with its provider's short code, which is how you tell it apart from a CMBI index at a glance. The [coverage tool](https://coverage.coinmetrics.io/indexes-v2) lists every index with its full name, category, and available history.

## Choosing a Data Type

Three timeseries data types are published for indexes, and each describes the same index from a different angle. A **level** is what the index is worth at an instant. A **candle** is how that level moved across an interval. **Constituents** are what the index held while it moved. All three are served from the `/timeseries/index-*` endpoints, and all three cover both CMBI and distributed third-party indexes.

Levels are the primary output, and the other two are derived from them. If you are unsure, start with levels.

<table data-full-width="true"><thead><tr><th>Data type</th><th>One row is</th><th>Answers</th><th>Frequencies</th><th>Real-time feed</th></tr></thead><tbody><tr><td><a href="/pages/-MO9-CBwvMDWwq4c0U8y">Index Levels</a></td><td>One index at one instant</td><td>What is the index worth right now, or at this timestamp?</td><td><code>1s</code>, <code>15s</code>, <code>1h</code>, <code>1d</code>, <code>1d-ny-close</code>, <code>1d-sg-close</code>, <code>1d-HH:00</code></td><td>Yes, <code>/timeseries-stream/index-levels</code></td></tr><tr><td><a href="/pages/IQK0SWg4rnaGPb0gbysy">Index Candles</a></td><td>One index over one interval</td><td>Where did the index open, close, and range over this interval?</td><td><code>1m</code>, <code>5m</code>, <code>10m</code>, <code>15m</code>, <code>30m</code>, <code>1h</code>, <code>4h</code>, <code>1d</code>, <code>1d-HH:00</code></td><td>No</td></tr><tr><td><a href="/pages/-MOT-_waBepj4HeoC3U6">Index Constituents</a></td><td>One index's full basket at one instant</td><td>What is in the index, and at what weight?</td><td><code>1h</code>, <code>1d</code>, <code>1d-ny-close</code>, <code>1d-ny-midday</code>, <code>1d-sg-close</code></td><td>No</td></tr></tbody></table>

One thing to know before you query: **frequency support is per index, not universal.** No index publishes every frequency in its row above, some have no candles at all, and third-party indexes publish their provider's own native frequency instead of the Coin Metrics set.

{% content-ref url="/pages/-MO9-CBwvMDWwq4c0U8y" %}
[Index Levels](/index-data/index-overview/index-levels.md)
{% endcontent-ref %}

{% content-ref url="/pages/IQK0SWg4rnaGPb0gbysy" %}
[Index Candles](/index-data/index-overview/index-candles.md)
{% endcontent-ref %}

{% content-ref url="/pages/-MOT-\_waBepj4HeoC3U6" %}
[Index Constituents](/index-data/index-overview/index-constituents.md)
{% endcontent-ref %}

## The Discovery Loop for Indexes

Querying index data follows the same three steps as the rest of the Coin Metrics API. Find out which indexes exist, check what frequencies and time ranges they carry, then pull the data.

| Step | Call                                                                                               | What it gives you                                                              |
| ---- | -------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------ |
| 1    | [`/reference-data/indexes`](https://docs.coinmetrics.io/api/v4/#operation/getReferenceDataIndexes) | Every index Coin Metrics serves, with its full name, description, and type     |
| 2    | `/catalog-v2/index-levels` or `/catalog-v2/index-candles`                                          | Per index, the frequencies available and the `min_time` and `max_time` of each |
| 3    | `/timeseries/index-levels`, `/timeseries/index-candles`, or `/timeseries/index-constituents`       | The data itself                                                                |

Step 2 is the one to not skip. Because frequency support varies per index, the catalog is what tells you whether the series you want exists before you request it, and a `/catalog-v2/*` response reflects your own entitlements while `/catalog-all-v2/*` reflects the full Coin Metrics universe. **There is no catalog endpoint for constituents**, so use the index-levels catalog to discover indexes and then query constituents directly.

The `indexes` parameter on all three timeseries endpoints accepts wildcard patterns such as `CMBI*` or `*BTC`, so once you know the universe you can pull many indexes in one call. [API Conventions](https://docs.coinmetrics.io/api-reference/api-conventions) covers paging, response formats, and timestamp handling for every endpoint family.

## Governing Documents

Every CMBI series is administered under a published methodology and a common set of policies, which is what makes an index level reproducible and auditable rather than proprietary.

* [Methodologies](/index-data/methodologies.md): the versioned methodology document for each series, plus the [Adjusted Free Float Supply Methodology](/index-data/methodologies.md#adjusted-free-float-supply-methodology) that determines constituent weights, the [Candidate Market Guidelines](/index-data/methodologies/candidate-market-guidelines.md) that determine which markets are eligible inputs, and the [Fork Legitimacy Framework](/index-data/methodologies.md#fork-legitimacy-framework).
* [CMBI Index Policies](/index-data/methodologies/cmbi-index-policies.md): the actions Coin Metrics takes to manage specific market or index events, including recalculations and material changes.
* [Governance Committees](/index-data/methodologies/governance-committees.md): the oversight structure behind those decisions.

## Coverage

The coverage tool is the authoritative list of which indexes exist, which candle frequencies each carries, and what history is available.

{% embed url="<https://coverage.coinmetrics.io/indexes-v2>" %}

## Related

* [Index Levels](/index-data/index-overview/index-levels.md): the value of an index at a point in time, plus a real-time websocket feed.
* [Index Candles](/index-data/index-overview/index-candles.md): open, high, low, and close of an index over fixed intervals.
* [Index Constituents](/index-data/index-overview/index-constituents.md): the member assets of an index and their weights.
* [Fact Sheets](/index-data/fact-sheets.md): summary documents for the Single Asset, Multi Asset, Total Market, and Mining series.
* [Indexes Glossary](/index-data/indexes-glossary.md): definitions of the index terms used across this section.
* [Reference Rates](/coin-metrics-prices/coin-metrics-prices/reference-rate-metrics.md): the asset prices that feed multi-asset index calculations.
* [Market Data Overview](/market-data/market-data-overview.md): the trades and market data the index inputs are collected from.
* [Data Visualization](/data-visualization.md): index data in the Coin Metrics charting and exploration tools.


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