D2X Vinter Reference Rates



The D2X Vinter Reference Rates are developed to provide a rule-based and transparent way to capture the price of individual crypto assets. The reference rates are regulated, industry-adopted, auditable, manipulation resistant, and frequently reviewed.

The D2X Vinter Reference Rates are a family of financial benchmarks. This methodology clearly determines what constitutes an active market for the purposes of each index, and establishes the priority given to different types of input data. The methodology takes into account factors like the size and liquidity of the market, the transparency of trading, the positions of market participants, market concentration, and the adequacy of any sample to represent the market or economic reality that the benchmark is intended to measure.

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All indexes are calculated from validated transactions on selected exchanges. Index values are published soon after the time window ends. The time window during which transactions are obtained and the calculation method vary depending on the index frequency. There are two frequencies with which each index value is updated: real-time and daily.

List of Active Indexes

  • D2X Vinter BTC/EUR daily btc-eur-c-d

  • D2X Vinter ETH/EUR daily eth-eur-c-d


The calculation is described below.

Real-time Frequency

Each Vinter real-time index is updated every 10 seconds and calculated as follows.

  1. Obtain validated transactions on the trading pair from selected exchanges during the last 60 seconds. Consider only markets where USD is the quote currency.

  2. Calculate the last price for each exchange.

  3. Take the median across all exchanges to ensure index values are manipulation-resistant and robust against outliers.

  4. Convert the USD value into EUR using the real-time EUR/USD rate.

Daily Frequency

The daily values are calculated by taking the average of the real-time USD rate from 3 pm to 4 pm London time and converting it to EUR using the average of the real-time EUR/USD rate from 3 pm to 4 pm. Each daily index value is thus a Time Weighted Average Price (TWAP) of non-missing median prices.


Assume that the selected exchanges are Kk, Cb, and Bs. The index calculation is illustrated in the table below. The last price on Cb during minute 1 is denoted Pc(1). The median of the individual exchange prices during minute 1 is denoted $Pm(1), which is converted from dollars into euros using the EUR/USD rate.

i \ t

t = 1

t = 2


t = T













median ($)








median (€)




The daily reference rate is given by Pm(1) + Pm(2) + …. + Pm(T) divided by T and converted to EUR using 1/FX(1) + 1/FX(2) + …. + 1/FX(T) . It is a TWAP of the median prices.

The BTC/EUR real-time reference rate at time 15:01:00 is calculated as follows.

  1. Obtain validated transactions for BTC/USD from the last 60 seconds since 15:01:00 on Kk, Cb, Bs.

  2. For each exchange, calculate its last price.

  3. Take the median of the three prices.

  4. Divide by the last EUR/USD rate.

Eligible Constituents

Assets are eligible as index constituents if they meet the eligibility criteria listed in Vinter’s benchmark statement.

Eligible Exchanges

Exchanges are eligible to provide input data to benchmarks if they meet the eligibility criteria listed in Vinter’s benchmark statement.


Daily reference rates are monitored before and after the publication time to ensure the high accuracy of our published values.

Real-time reference rates are monitored Monday to Friday 07:00-22:00 London time BST (equivalent to 02:00-17:00 New York time EDT, or 14:00-05:00 Hong Kong time HKT).

Outside monitoring shifts, real-time reference may produce stale prices.

Index Provider

Invierno AB, Reg. No. 559207-4172, Box 5193, 10244 Stockholm, Sweden (“Vinter”)

Benchmark Administrator

Vinter is the benchmark administrator and the central recipient of input data with the ability to evaluate the integrity and accuracy of input data on a consistent basis. Vinter is responsible for the development of the benchmark and controls all aspects of the provision of the benchmark. Vinter has established a permanent and effective oversight function, governance processes subject to periodic reviews and audits, policies regarding complaints, ethics, conflicts of interest, and contingency, and has established a clear internal organizational structure with consistent roles and responsibilities to identify, prevent, disclose, mitigate, and manage conflicts of interest. The European Securities and Markets Authority has included Invierno AB in its register of Benchmark Administrators approved to carry on the regulated activity of administering a benchmark.

Calculation Agent

Vinter is the calculation agent responsible for determining the value of the benchmark described in the methodology. Vinter calculates the index values in accordance with the methodology. Upon the request of the benchmark administrator, the calculation agent shall provide all information available on the composition and details of the calculation of the requested benchmark.


  • Crypto asset: A digital representation of value that is cryptographically secured.

  • Base currency: The first currency in a trading pair.

  • Quote currency: The second currency in a trading pair.

  • Trading pair: A pair consisting of a base and a quote currency.

  • Transaction: A trade between two parties occurring on an exchange that consists of time, price, and volume.

  • Validated transaction: a transaction registered and validated by Vinter.

  • Volume: the quantity of a transaction expressed in the base currency.

  • Selected exchange: An exchange that contributes with input data in the calculation.

  • Eligible exchange: An exchange that fulfills all eligibility criteria.

Document Versions

Version 1.0

Initial version. July 27, 2022.


Any product(s) offered with the indexes described in this methodology as underlying is not in any way sponsored, endorsed, sold, or promoted by Invierno, reg. no. 559207-4172 (“Vinter”). Vinter does not make any warranty or representation whatsoever, expressly or impliedly either as to the results to be obtained from the use of the index(es) “Index” described, licenses, used, or referenced under any Programme or Prospectus and/or the figure at which the Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated solely by Vinter. However, Vinter shall not be liable (whether in negligence or otherwise) to any person for any error in the Index and Vinter shall not be under any obligation to advise any person of any error therein. Vinter is a registered trademark owned by Invierno AB. Invierno AB and its indexes are protected by various intellectual property rights. All third-party use of Vinter and its indexes require by law a licensing agreement with Invierno AB. The Index is a product of Invierno AB. Any Programme referencing the Index is not sponsored, endorsed, sold, or promoted by Vinter and/or its affiliates, and none of such parties makes any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index. The Programme is in no way sponsored, endorsed, sold, or promoted by Vinter and its Licensors and neither of the Licensors shall have any liability with respect thereto. Vinter is not a registered investment advisor, tax advisor or broker/dealer. The content of the index methodology or its related documents underlying is intended only to provide general and preliminary information and shall not be construed as investment, tax, legal or financial advice. The reader shall ensure that all of his or her investment decisions are not made based on the content of this document and shall be solely responsible for all financial losses made in connection with investment decisions. Nothing contained in the index methodology or its related documents constitutes a solicitation, recommendation, endorsement, or offer by Vinter or any third party associated with Vinter to buy or sell any financial instruments in this or any other jurisdiction. Although best efforts are made to ensure that all information on the methodology documents is accurate and up to date, occasionally unintended errors and misprints may occur. The index owner grants the benchmark administrator an exclusive, royalty-free, non-transferable, non-sublicensable license to use the index owner's intellectual property rights to fulfil the benchmark administrator's obligations under the index agreement and the Benchmarks Regulation, including registration of identifiers for indexes. Vinter is a registered Benchmark Administrator by Finansinspektionen (FI) and the European Securities and Markets Authority (ESMA) under Article 34 of the European Benchmarks Regulation (2016/1011).

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