> For the complete documentation index, see [llms.txt](https://gitbook-docs.coinmetrics.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://gitbook-docs.coinmetrics.io/coin-metrics-prices/methodologies.md).

# Methodologies

Two published documents govern the Coin Metrics Prices. They are the authoritative statement of how the prices work, and the product pages in this section describe how that statement behaves in practice rather than replacing it.

The division between them is between the numbers and the process. The **Methodology** covers how a price is produced: which markets feed it, how it is calculated, and what happens when an input is unavailable. The **Policies** cover how the benchmark is administered: who oversees it, when history may be restated, and how complaints and records are handled.

Both are versioned and each carries its own change log, which is where the release history for the prices lives.

## Coin Metrics Prices Methodology

The rules that determine a price. It sets out the three step process for selecting a unique set of constituent markets for each asset, the data sources those markets are drawn from, the separate calculation algorithms for the [reference rates](/coin-metrics-prices/methodologies/coin-metrics-prices-methodology.md#reference-rates-calculation-methodology) and the [principal market prices](/coin-metrics-prices/methodologies/coin-metrics-prices-methodology.md#principal-market-prices-calculation-methodology), and the exclusion rules that apply when data cannot be used.

[Data Inputs](/coin-metrics-prices/methodologies/coin-metrics-prices-methodology.md#data-inputs) is the section most often cited from elsewhere in these docs, since constituent market selection is common to both price constructions.

{% content-ref url="/pages/TaOSHTgUKqshNUwSgCNR" %}
[Coin Metrics Prices Methodology](/coin-metrics-prices/methodologies/coin-metrics-prices-methodology.md)
{% endcontent-ref %}

## Coin Metrics Prices Policies

The governance around those rules. It covers administration and oversight, conflicts of interest, the circumstances under which a published value may be recalculated, internal controls, the complaints process, record retention, and compliance.

This is the document to reach for when the question is about how the benchmark is run rather than how a number is derived, which is typically the case for due diligence, audit, and regulatory review.

{% content-ref url="/pages/7l5K0bxRKHcRrQSIK8Eb" %}
[Coin Metrics Prices Policies](/coin-metrics-prices/methodologies/coin-metrics-prices-policies.md)
{% endcontent-ref %}

## Related

* [Coin Metrics Prices](/coin-metrics-prices/coin-metrics-prices.md): the product overview, and the comparison between the two price constructions.
* [Reference Rate Metrics](/coin-metrics-prices/coin-metrics-prices/reference-rate-metrics.md): how the methodology's reference rate algorithms behave in practice.
* [Principal Market Price Metrics](/coin-metrics-prices/coin-metrics-prices/principal-market-price-metrics.md): how the methodology's principal market selection behaves in practice.
* [Talos Exchange Scorecard](/market-data/methodologies/talos-exchange-scorecard.md): the exchange evaluation that feeds constituent market selection, documented under Market Data because it is also used outside the prices.


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