The spread index
A ratio of two pool prices, rebased to 100 on the first day both legs traded.
3 min read · pre-launch
Each pair has one number, its index. With leg prices A and B and their closes on the base day A₀ and B₀:
I = 100 × (A ÷ A₀) ÷ (B ÷ B₀)
A and B are the two legs today; A₀ and B₀ are their closes on the base day.The index is 100 on the base day. At 110 the first leg has done ten per cent better than the second since then, whatever both did against the dollar. A position's profit is its notional times the index's relative move:
profit = margin × leverage × (I at exit ÷ I at entry − 1)
Long the spread counts that move as it stands; short counts it the other way.Where the prices come from
Every leg is priced from its deepest USDG pool on Robinhood Chain, read from the pool's own slot0. Daily closes come from the pools' Swap logs: the median of the last few swaps before each UTC midnight, so one order that drains a thin pool cannot set a close. No off-chain feed, no oracle committee, nothing a caption could get wrong.
What a pair has to show before it is listed
- Both legs have a USDG pool holding at least $2,000, found from the Uniswap v3 factory's own PoolCreated events.
- At least two weeks of daily closes on both legs.
- A story for why the two should move together. The pair page prints the measured correlation of daily returns beside it.