Start with what the number represents
UTC.MARKET observes equity-linked perpetual derivatives after the primary share market closes. For overseas instruments with both listings, the composite combines the midpoints of valid Binance and trade[XYZ] best bids and offers. It is an analytical reference, not a consolidated cash-exchange quote, an executable bid or offer, or a forecast of the next opening price.
The midpoint of a hypothetical bid of 99 and ask of 101 is 100. It sits between the two quotes; that arithmetic does not mean a trade occurred at 100. A last trade, an oracle reference and a bid/offer midpoint answer different questions. The source table identifies the inputs actually used by this service rather than treating every price field as interchangeable.
Keep quotation and collateral separate
Binance supplies a USDT quote. The overseas calculation normalises it to USD using the observed Chainlink USDT/USD reference. The XYZ quotation is in USD and its collateral is USDC. Quotation currency, collateral and the underlying share’s listing currency therefore need separate labels. A stablecoin conversion must not silently be assumed to equal one. SoftBank Group and Kioxia Holdings have no registered Binance input: they display the XYZ USD midpoint at 100% weight, without VECM or USDT conversion, and use original XYZ candles for historical bootstrap.
The KR model has its own display conversion and methodology. A Hong Kong or Japanese listing shown in an overseas monitor is not automatically an HKD or JPY quote. Start with the displayed unit and the instrument’s listing notes before comparing it with a local exchange screen.
Read weights alongside source clocks
The composite uses calculated source weights; it is not necessarily a fixed fifty-fifty average. The weights shown with a sample describe that calculation. Compare input receipt times with source-provided publication times and with the composite’s calculation time. Receiving a message now does not establish that its underlying price was published now.
Both source inputs are required. Missing or stale quotes, invalid FX or excessive source divergence can prevent a new calculation. A retained last-valid value keeps its original clock. A single remaining quote or oracle must not be relabelled as a newly calculated two-source composite.
Distinguish an explanation from a performance result
For an off-hours comparison, align the instrument, share class, currency and observation time. Derivatives and shares can differ in rights, funding and trading schedules. Those differences are reasons to investigate a signal, not evidence of a guaranteed trade.
This guide describes the current service. It does not establish how accurately a weekend reference predicts a later cash-market price. Answering that question requires a dated sample, an independently identified cash-market outcome, a stated currency conversion and a reproducible error calculation. Performance results should be published only when those observations are available.