The Gate Composite Index (ALL) reflects the overall market performance of USDT-Margined perpetual futures markets, which, to some extent, can serve as a benchmark reference.
Index Components
| Index Name | USDT-Margined ALL Composite Index |
|---|---|
| Contract Symbol | ALLUSDT |
| Index Description | A comprehensive market index of approximately 500 contracts, priced in USDT |
| Initial Index Value | 1 |
Constituent Selection
The Gate Composite Index (ALL) conducts a weekly re-selection of its constituents, dynamically adjusting them according to the latest market conditions to ensure the index accurately reflects current market performance. Reconstitution Frequency: Once per week Selection Criteria: Index constituents are selected from all futures markets based on a composite ranking of trading volume, market capitalization, and open interest. 500 futures markets are included in the index. The Gate ALL index does not include the following futures types:
- Pre-Market perpetual futures
- USDT-Margined delivery futures
- USDT-Margined perpetual futures quoted in USDC or other stablecoins
- Coin-Margined perpetual and delivery futures
- Composite index perpetual futures
- Contracts pending delisting within 48 hours
Index Calculation Details
Rebalancing
Gate Composite Index (ALL) is rebalanced daily at 08:00 (UTC). During the rebalancing, index constituents are re-selected based on the latest data, and the index price is recalculated. Corresponding parameters, including constituent weights, the divisor, and adjusted price ranges, are updated accordingly. These updated parameters remain effective for real-time index calculation until the next scheduled rebalancing.
Index Calculation Formula
The index price is calculated under two scenarios: At Rebalancing:
Example: At the rebalancing at 08:00 (UTC), suppose the index constituents have the following parameters: BTC has a weight of 0.00005 and a price of 10,000 USDT; ETH has a weight of 0.00025 and a price of 2,000 USDT; and the divisor D = 1
The index price is calculated as: (0.00005 × 10000 + 0.00025 × 2000) / 1 = 1
The period between two rebalancing (e.g., from the 𝑘-th rebalancing to the (k+1)th rebalancing):
Example: At 09:00 (UTC), the index constituents are as follows: BTC has a weight of 0.00005 and an adjusted price of 12,000 USDT; ETH has a weight of 0.00025 and an adjusted price of 2,100 USDT, with a divisor D = 1
The index price is calculated as (0.00005 × 12,000 + 0.00025 × 2,100) / 1 = 1.125
Calculation of Weight Factors and Constituent Weights
The weighting factor of each constituent is
n: The number of constituents included in the Gate Composite Index
Example: if the index has 500 constituents, the weighting factor is
Constituent weight is
Example: Suppose the composite index contains 10 constituent tokens, and BTC has a price of $10,000. If the index price at the rebalancing is 1, then the weight of BTC is calculated as:
Divisor Calculation
At the initial calculation, the divisor is
At rebalancing, the divisor is
Example: Suppose the constituent prices and weights before and after rebalancing are as follows:
| BTC Price | BTC Weight | ETH Price | ETH Weight | D | |
|---|---|---|---|---|---|
| 07:59:59 (UTC) (Just Before Rebalancing) | 12000 | 0.00005 | 1800 | 0.00025 | 1 |
| 08:00:00 (UTC) (At the Rebalancing) | 12500 | 0.00004388 | 1820 | 0.000290522 |
The latest divisor: D = 1 × (12050 × 0.00004388 + 1820 × 0.000290522) / (12000 × 0.00005 + 1800 × 0.00025) = 1.007146705
Price Adjustment
To minimize the impact of extreme market conditions on the index, constituent prices will be adjusted. Adjusted Price is
Example: At a rebalancing time, the price of a constituent is 100. The adjusted price range is [100 × 0.2, 100 × 1.8] = [20, 180]. This means that until the next rebalancing, if the constituent's index price exceeds 180 or falls below 20, it will be capped at 180 or floored at 20 in the index calculation.
Important Notes
Under normal circumstances, the index is rebalanced daily at 08:00 (UTC), updating constituents, weights, and other parameters to reflect the market changes. In cases of extreme market events, Gate may conduct interim adjustments. Extreme market conditions may include, but are not limited to:
- Abnormal price volatility in the constituent, or deviation from similar assets or related markets without a reasonable explanation
- Suspension, delisting, or prolonged trading halt of a constituent on major exchanges
- Erroneous or severely distorted price of a constituent
- Negative news, regulatory risks, or other significant adverse events affecting the constituent
