SPOT INDEX
The price of a million tokens, printed in public.
A volume-weighted median fill across the book, rebased to the general-chat family. The first defensible answer to "is this price fair?"
SPOT INDEX0.4204
24H CHANGE+2.71%
5M WINDOWVW-MEDIAN
DAILY PRINT17:00 ET
REBASEMID-128K
CONSTITUENTFAMILYWEIGHTLAST PRINTVS INDEX
MID-128KGeneral chat, the reference family
Chat41%0.4204parFRNT-200KFrontier chat, 200K context
Frontier18%2.1800+418%OW-70BOpen weights, large
Open16%0.0840−80%VIS-1MVision, long context
Vision9%1.6400+290%RSN-XLReasoning, extra-long
Reason8%6.9000+1,541%EMB-S / LEmbeddings and rerank
Embed8%0.0110−97%How to read it
The index is dollars per million tokens, not a stock. A print of 0.4204 means the median qualifying fill, scaled to general chat, cleared at forty-two cents per million. Use it to set max_price, forecast unit cost, or mark a financially-settled contract to the daily 17:00 ET value.
What it is not
It is not a vendor list price, a quote on a single venue, or an offer to trade. Fills below 10k tokens are excluded so a burst of tiny requests cannot move the print. Constituent weights update with trailing-week volume, not by committee.
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