Crypto Narrative Indices
Capital rotates between stories: AI one month, memecoins the next. These eight equal-weight indices make that rotation measurable. Every basket is a fixed, public list of Binance spot pairs; the index is chain-linked from member daily returns and rebased to 100 on 2025-01-01. No optimisation, no quiet reshuffles: a basket changes only with a dated commit.
As of
Eight themes, one base
Each line is an equal-weight basket rebased to 100 on 2025-01-01, daily closes, chain-linked. Members that listed later join on their first full day, so young baskets carry fewer names early on.
Scoreboard
| Theme | Members | Index | 1d | 7d | 30d | 90d | YTD | vs BTC 30d |
|---|---|---|---|---|---|---|---|---|
| Quantum Quantum-narrative exposure: QNT plus BTC and ETH as the assets the debate is about. | 3/3 | 142.1 | +0.1% | +1.3% | +81.0% | +124.8% | +68.8% | +74.5 pp |
| AI Compute, agents and data networks: TAO, FET, RENDER, NEAR, WLD, ARKM, AI, GRT. | 8/8 | 27.3 | -1.2% | +7.2% | +39.7% | +54.6% | +37.8% | +33.3 pp |
| DePIN Physical infrastructure networks: FIL, RENDER, IO, AR, IOTX, GLM, THETA. | 7/7 | 21.5 | +1.6% | +9.9% | +34.0% | +56.0% | +4.1% | +27.5 pp |
| DeFi Exchange, lending and yield protocols: UNI, AAVE, SKY, LDO, CRV, JUP, RAY, ENA, CAKE. | 9/9 | 66.3 | -1.8% | +2.6% | +26.6% | +118.2% | +53.7% | +20.1 pp |
| Layer 1 Base layers: ETH, SOL, BNB, ADA, AVAX, SUI, TRX, TON, APT, DOT. | 10/10 | 44.9 | -0.6% | +2.7% | +20.4% | +43.7% | -15.7% | +13.9 pp |
| Layer 2 Ethereum scaling: ARB, OP, POL, STRK, ZK, SCR, METIS. | 7/7 | 12.4 | -2.6% | +5.4% | +20.0% | +51.9% | -28.2% | +13.5 pp |
| Real-World Assets Tokenised treasuries, credit and RWA rails: ONDO, LINK, PENDLE, POLYX, OM, SYRUP, PLUME. | 7/7 | 37.7 | -0.9% | +2.4% | +19.8% | +62.4% | +10.0% | +13.3 pp |
| Memecoins The attention trade: DOGE, SHIB, PEPE, WIF, BONK, FLOKI, TRUMP, PENGU. | 8/8 | 20.4 | -2.9% | -0.2% | +5.8% | +36.6% | -19.4% | -0.7 pp |
Returns are index-level (equal weight, daily rebalanced). vs BTC is the 30-day return difference in percentage points against the BTC index built the same way.
Methodology and honest limits
Source: Binance spot daily closes (USDT pairs), fetched each day at 00:40 UTC. Each theme's daily return is the simple mean of its members' daily returns for members with a close on both days; the index compounds those returns from 100 on 2025-01-01. The last, in-progress candle is excluded.
Baskets are curated, fixed lists in the codebase. They include delisted-later or underperforming names on purpose: survivorship is the usual way theme indices flatter themselves. A basket changes only with a dated commit, and the change is visible in this page's history.
This is a measurement of narrative rotation, not a recommendation. Equal weighting exaggerates small-cap moves relative to market-cap indices; that is the point, since narratives are traded in the tails.
FAQ
Why equal weight?
Market-cap weighting turns every theme into its biggest member (ETH for L1, DOGE for memes). Equal weight measures the theme, not its leader.
Why start on 2025-01-01?
A common base lets the eight lines be compared on one chart; it is far enough back to cover a full rotation cycle and recent enough that most members have traded throughout.
Can I get the data?
Every index value is recorded daily into the metric-daily dataset (metric keys theme_<key>_index) and served by the public API at /api/public/themes.