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How Does a Reference Rate Differ from a Standard Market Price Feed?

A standard market price feed provides real-time, often last-traded, prices from a single exchange. A reference rate, however, is a calculated, often time-weighted, value aggregated from multiple exchanges over a specific period.

It is designed to be a robust, non-manipulable benchmark, unlike a single, instantaneous market price.

What Is the Difference between an Underlying Asset and a Reference Rate?
What Is the Concept of a ‘Reference Rate’ in Cryptocurrency Markets?
Is the Clearinghouse Responsible for Calculating the Reference Rate?
How Is ‘Volume-Weighted Average Price’ (VWAP) Used as a Benchmark for Trade Execution?