How INDEX works.

1. The indexes

Where coins come from. Solana universes are built from Jupiter's verified token list, Jupiter's top-traded, top-organic and trending lists, pump.fun's biggest coins and StonkFun's public API. PUMP20 takes coins whose launchpad is pump.fun, STONK20 coins launched on StonkFun, MEME50 anything tagged as a memecoin. HOOD20 is built from every pool GeckoTerminal lists on Robinhood Chain. Securities (xStocks, tokenized equities and funds), stablecoins, staked SOL, wrapped majors and non-meme protocol tokens are excluded outright. The sweep runs every 15 minutes.

2. Screens

A coin must pass the entry screens to join and the looser maintenance screens to stay. Entry screens:

The market-cap-to-liquidity ceiling is what keeps fantasy caps out: a coin quoting $3B on a $2M pool is refused, whatever the chart says. Organic score (Jupiter's wash-trading measure) filters volume that is only bots trading with themselves; on Robinhood Chain, where no such score exists, a volume-to-liquidity ceiling does that job.

3. Reviews

Membership changes only at a review (00:00, 06:00, 12:00, 18:00 UTC), with one exception: a member whose price feed goes quiet for 30 minutes, or whose liquidity collapses below 40% of the maintenance floor, leaves immediately. At a review, eligible coins are ranked by market cap. Members stay while they rank inside seats + buffer; an outsider ranked inside seats − buffer forces its way in, and the worst-ranked member makes room; empty seats go to the best-ranked outsiders. The buffer stops coins flapping in and out on small moves.

4. Weights and the level

Every index is equal weighted: each member is 1/N of the index, whatever its size (1/20 of PUMP20, 1/50 of MEME50). Weights are re-set at every print, so between two prints the index moves by the average move of its coins. The level is the value of a portfolio of index units:

level = Σ unitsᵢ × priceᵢ

After every print, and at every review, the current level is re-divided into equal new units, so the level is identical the instant before and after (the divisor rule, in portfolio form). An emergency exit re-spreads the leaving coin's value over the rest the same way. Every index opened at 1,000.00. Prices come from Jupiter (Solana) and DexScreener (Robinhood Chain) at every print, every 30 seconds; between prints the site shows the live indicative level from the same feeds.

5. The market

Every index has one matched book: longs against shorts. There is no house on the other side, no order book and no liquidation. Exposure only exists where somebody is on the other side:

N_long  = Σ collateral × leverage (longs)      N_short = Σ collateral × leverage (shorts)
matched = min(N_long, N_short)                   k_side  = matched ÷ N_side

on a print from L₀ to L₁:  R = max(L₁/L₀, L₀/L₁)
  each loser pays          collateral × (1 − R^(−leverage × k_loser))
  winners receive          the total paid, pro rata by collateral × leverage

Losses are geometric, so a position can shrink but never go below zero. Gains and losses run at the same exposure per unit of notional, so neither side drains the other. When one side is crowded, each of its positions is only partly matched (the site shows the percentage); the empty side is always fully matched. Orders fill at the first print at least 15 seconds after they are placed: nobody can trade on a level they have already seen. Leverage: 1x, 2x, 3x, 5x.

6. Fees and burns

Opening and closing each cost 0.25% of notional (collateral × leverage). Fees go to a vault per index. Every 60 minutes the vault is earmarked across the index's members equally; any member whose earmark reaches 0.005 SOL is bought on chain (Jupiter) and the tokens are burned. Smaller earmarks roll forward, so every constituent is burned eventually, not only the biggest. Earmarks of coins that leave the index return to the vault. Every burn is listed with its transaction.

7. Paper first

While real-money trading is being switched on, INDEX runs on paper SOL: every account gets 10 paper SOL, the INDEX house seeds each side of each book with 5 paper SOL so there is always a counterparty, and burns are simulated at live prices. The indexes, levels, reviews and prices are real.