Kaiko Fair Market Value (Synthetic prices for low liquidity pairs)

Fair Market Value Pricing can also be accessed via on-chain delivery to power any smart contract. Learn how to set it up here.

What is this endpoint for?

This endpoint calculates a synthetic price when there is no liquidity (historic trades) between two assets (fiat or digital). Let's say, for example, there was no liquidity between NEXO and GBP, but you need a price. To calculate this, the liquidity engine will use a series of intermediary assets where there is liquidity (lots of trading history) to calculate the price for NEXO > GBP. To demonstrate how this calculation works, the engine might take the price for NEXO > BTC (where there is plenty of liquidity) and then the price of BTC > GBP (where there is also lots of liquidity) and combine the two to determine a robust synthetic price for NEXO > GBP. The engine will always use the path of highest liquidity, meaning several intermediary assets might be used. Read the full methodology here.

When using a synthetic price, in order to to meet IFRS-compliance standards, any fiat currency value should be requested in USD and converted using the Oanda FX Rates add-on.

HTTP Request

https://<eu|us>.market-api.kaiko.io/v2/data/trades.v2/spot_exchange_rate/{base_asset}/{quote_asset}

Path parameters

Parameter	Required	Description
base_asset	Yes	The desired base asset code. See Asset codes
quote_asset	Yes	The desired quote asset code. See Asset codes

Query parameters

Parameter	Required	Description
start_time	No	Start time in ISO 8601 (exclusive). Automatically included in continuation tokens.
end_time	No	Ending time in ISO 8601 (exclusive). Automatically included in continuation tokens.
interval	No	The interval parameter is suffixed with s, m, h or d to specify seconds, minutes, hours or days, respectively. Any arbitrary value between one second and one day can be used, as long as it sums up to a maximum of 1 day. The suffixes are s (second), m (minute), h (hour) and d (day). Default 1d.
page_size	No	See Pagination Page size limits differ by the interval selected: Less than or equal to 1m Default: 10, Max: 100 1m to 1h Default: 4, Max: 10 More than 1h Default: 1, Max: 4 Automatically included in continuation tokens.
sort	No	Return the data in ascending (asc) or descending (desc) order. Default is desc. Automatically included in continuation tokens.
include_exchanges	No	List of exchanges' code to include in the calculation. Exchange codes Default is all exchanges. Automatically included in continuation tokens.
exclude_exchanges	No	List of exchanges' code to exclude in the calculation. Automatically included in continuation tokens.
extrapolate_missing_values	No	When true, if there are any null (missing) prices for the calculation, they will be filled in using the last available price from the window requested. This is useful for assets that don't have a lot of trades or for data that is collected very frequently. However, if the parameter is set to true and no prices were available in that window, a null value will still be returned.
sources	No	When true, the response includes the intermediary pair price details used to calculate the price. Default: false

Fields

Field	Description
timestamp	Timestamp at which the interval begins.
price	Aggregated Robust Weighted Median using liquidity path engine. null when no trades reported, except if extrapolate_missing_values is true. Liquidity path is calculated every 4 hours seeking for the most liquid pairs to convert from base asset to quote asset.
extrapolate_missing_values	true if the value has been extrapolated from the last computed value available, false if not.

Request examples

cURL

curl --compressed -H 'Accept: application/json' -H 'X-Api-Key: <client-api-key>' \
  'https://us.market-api.kaiko.io/v2/data/trades.v2/spot_exchange_rate/dash/usd?interval=1m&extrapolate_missing_values=true&start_time=2023-05-03T00:01:00.000Z&end_time=2023-05-04T00:00:00.000Z'

Python

##### 1. Import dependencies #####
import requests
import pandas as pd

##### 2. Choose the value of the query's parameters #####
# ---- Required parameters ---- #
base_asset = "btc"
quote_asset = "usd"

# ---- Optional parameters ---- #
interval = "1h"
sort = "desc"
page_size = 4
start_time= "2023-01-01T00:00:00Z"
end_time= "2023-01-01T23:59:59Z"
include_exchanges = None
exclude_exchanges = None
extrapolate_missing_values = None
sources = None

# ---- API key configuration ---- #
api_key = "YOUR_API_KEY"

##### 3. Get the data #####
# ---- Function to run an API call ---- # 
# Get the data in a dataframe --------- # 

def get_kaiko_data(api_key: str, base_asset: str, quote_asset: str, start_time: str, end_time: str, interval: str, sort: str, page_size: int, include_exchanges: list = None, exclude_exchanges: list = None, extrapolate_missing_values: bool = None, sources: bool = None):
    headers = {'Accept': 'application/json', 'X-Api-Key': api_key}
    
    url = f'https://us.market-api.kaiko.io/v2/data/trades.v2/spot_exchange_rate/{base_asset}/{quote_asset}'
    params = {
        "start_time": start_time,
        "end_time": end_time,
        "sort": sort,
        "page_size": page_size,
        "interval": interval,
        "include_exchanges": include_exchanges,
        "exclude_exchanges": exclude_exchanges,
        "extrapolate_missing_values": extrapolate_missing_values,
        "sources": sources
    }

    try:
        res = requests.get(url, headers=headers, params=params)
        res.raise_for_status() 
        data = res.json()
        if 'data' not in data:
            print("No data returned.")
            return pd.DataFrame() 
        df = pd.DataFrame(data['data'])

        # Handle pagination with continuation token
        while 'next_url' in data:
            next_url = data['next_url']
            if next_url is None:
                break
            res = requests.get(next_url, headers=headers)
            res.raise_for_status()
            data = res.json()
            if 'data' in data:
                df = pd.concat([df, pd.DataFrame(data['data'])], ignore_index=True)
        return df

    except requests.exceptions.RequestException as e:
        print(f"API request error: {e}")
        return pd.DataFrame() 

# ---- Get the data ---- #
df = get_kaiko_data(api_key=api_key, base_asset=base_asset, quote_asset=quote_asset, interval=interval, start_time=start_time, end_time=end_time, sort=sort, page_size=page_size, include_exchanges=include_exchanges, exclude_exchanges=exclude_exchanges, extrapolate_missing_values=extrapolate_missing_values, sources=sources)
print (df)

Response example

{
  "query": {
    "start_time": "2023-05-03T00:01:00Z",
    "end_time": "2023-05-04T00:00:00Z",
    "page_size": 10,
    "base_asset": "dash",
    "quote_asset": "usd",
    "interval": "1m",
    "sort": "desc",
    "sources": false,
    "include_exchanges": [],
    "exclude_exchanges": [],
    "data_version": "v1",
    "commodity": "trades",
    "request_time": "2024-07-11T08:10:21.828Z",
    "instruments": [
      "bbsp:spot:btc-usdt",
      "bfnx:spot:btc-usdt",
      "bgon:spot:btc-usdt",
      "binc:spot:btc-usdt",
      "bnus:spot:btc-usdt",
      "bull:spot:btc-usdt",
      "cbse:spot:btc-usdt",
      "cnex:spot:btc-usdt",
      "gmni:spot:btc-usdt",
      "kcon:spot:btc-usdt",
      "krkn:spot:btc-usdt",
      "okex:spot:btc-usdt",
      "stmp:spot:btc-usdt",
      "bfnx:spot:dash-btc",
      "binc:spot:dash-btc",
      "cbse:spot:dash-btc",
      "cnex:spot:dash-btc",
      "yobt:spot:dash-btc",
      "bfnx:spot:usdt-usd",
      "bnus:spot:usdt-usd",
      "cbse:spot:usdt-usd",
      "gmni:spot:usdt-usd",
      "krkn:spot:usdt-usd",
      "stmp:spot:usdt-usd"
    ],
    "start_timestamp": 1683157800000,
    "end_timestamp": 1683158400000,
    "extrapolate_missing_values": true
  },
  "time": "2024-07-11T08:10:21.891Z",
  "timestamp": 1720685421891,
  "data": [
    {
      "timestamp": 1683158340000,
      "price": "49.263380298334226",
      "extrapolated": false
    },
    {
      "timestamp": 1683158280000,
      "price": "49.24160302106242",
      "extrapolated": false
    },
		/*...*/
	],
  "result": "success",
  "continuation_token": "AV2cWacBUPR8PvJTwoHZtPBUSEuqNYcv2iNgL96oZpT6MqqGc6ajQo7XM66wySCwViwNjs9C8Gu1xS2rRwGMrCT6rCRxFDCFnnKusyGFo34HkuY7Em7KqgpSzNADLhciV7w5UPeJrvm6cDgTnsaKVUgLMpj2ZioT",
  "next_url": "https://us.market-api.kaiko.io/v2/data/trades.v2/spot_exchange_rate/dash/usd?continuation_token=AV2cWacBUPR8PvJTwoHZtPBUSEuqNYcv2iNgL96oZpT6MqqGc6ajQo7XM66wySCwViwNjs9C8Gu1xS2rRwGMrCT6rCRxFDCFnnKusyGFo34HkuY7Em7KqgpSzNADLhciV7w5UPeJrvm6cDgTnsaKVUgLMpj2ZioT",
  "access": {
    "access_range": {
      "start_timestamp": 1262995200000,
      "end_timestamp": 2186006399000
    },
    "data_range": {
      "start_timestamp": null,
      "end_timestamp": null
    }
  }
}