Market-data methodology

The adapters share one normalized record of settled protocol activity but use separate schemas and market inclusion policies for each data consumer.

• Order-book volume counts completed Counterparty settlements.
• Pool volume counts completed constant-product AMM fills.
• BTC dispenser volume uses protocol-priced notional quantity and does not multiply a shared or overpaid Bitcoin output across multiple dispenses.
• BTC-quoted open DEX orders are excluded from published depth because the BTC leg is not committed at order creation. Only completed BTCPay settlements enter trade, price, and volume data; escrow-backed dispensers remain asks.
• Pending BTC order matches and off-protocol PSBT/UTXO swaps are excluded.
• Pool liquidity is both reserves valued at the pool ratio, then converted through the current XCP/USD or BTC/USD anchor published by XCP.io. Counterparty pools use the constant-product x × y = k curve, with input fees of 50 bps when either leg is XCP and 100 bps otherwise.
• All rolling volumes use settlement time. Historical records retain their original timestamps and are not represented as current activity.

The detailed implementation methodology is available at xcpdex.com/methodology.