A reference value.
A market price.
Two different observations.
A fund's value per share does not tell you the price or quantity available in a secondary market. Keep the reference, observed prices and depth together, with the evidence behind each.
Paid market data is not enabled.
The EX.IO TBILL/USD source is awaiting written data permission and source validation. The calculation example below is entirely synthetic. It is not a live quote.
Read free market coverage ↗Price against reference.
Example created 29 Sep 2026
Not observed market prices
| Observation | USD per share | Against reference | Source |
|---|---|---|---|
| Reference | 1.000 | 0 bps | Synthetic reference |
| Top bid | 0.999 | -10.000000 bps | Synthetic book |
| Top ask | 1.001 | 10.000000 bps | Synthetic book |
Spread: 20.000000 bps of midpoint. Neither a premium nor a discount is a forecast of future yield.
A price needs a size.
The invented book contains bids of 400 at 0.999 and 800 at 0.998, and asks of 600 at 1.001 and 500 at 1.002. These calculations consume those levels only.
| Request | Observed fill | Uncovered | Gross | VWAP |
|---|---|---|---|---|
| sell 1000 | 1000 | 0 | 998.4 USD | 0.998400000000000000 |
| buy 1000 | 1000 | 0 | 1001.4 USD | 1.001400000000000000 |
| sell 1500 | 1200 | 300 | 1198 USD | 0.998333333333333333 |
No extrapolation beyond observed depth. Net values remain unavailable when all-in fees are unknown. No fill, redemption or access guarantee.
Download the synthetic inputs and calculationsOne pinned data state.
A snapshot binds the book, matched reference and method version. Each source retains its own time. An old reference is never silently replaced by a newer one inside a saved snapshot.
A separate market stream.
The free change feed accepts scope: "market". Its notices carry field names, dates and digests. Source permissions control publication. The existing instrument feed stays unchanged.
{ "scope": "market", "limit": 50 }Fifteen-minute detection interval; no guaranteed real-time alerts. Free notice reader.
What this does not measure.
Realised 30-day yield, an issuer's quoted yield and a spot market premium answer different questions. This contract does not blend them into a single APY. Fixed-term markets require a separate price, maturity and redemption method.