Definition. Perpetuals Reference Rate is an index price for perpetual futures contracts on BTC, constructed from trade data on Deribit, Binance, and OKX.

Technical. Inspired by the CME CF Bitcoin Reference Rate (BRRNY) methodology, trades are aggregated into 5-minute intervals and a volume-weighted median price is computed for each. The final rate is the average of 12 consecutive intervals. The daily model is calculated at 4:00 PM ET.