Price leadership
Relative price behavior is measured separately from fundamentals and value. Leadership is evidence about market action, not a universal importance score.
Methodology
Three independent reads. One forward record.
The global desk keeps price, fundamentals, and value separate, then tracks paper decisions against the appropriate passive alternative.
Fundamentals
Each covered asset uses a named evidence engine and its own history. Assets without a mature tape remain explicitly insufficient.
Value
Value compares an asset with its own declared reference history. Cheap is not automatically undervalued, and missing inputs remain null.
Evidence contract
Every published state names its as-of time, source, maturity, and version where available. Historical beliefs stay append-only so later outcomes cannot rewrite what the desk knew at the decision point.
Performance contract
Trading costs are charged where modeled, capacity is disclosed, and comparisons identify whether each side is gross or net. Research depth does not imply execution access.
Bittensor-specific formulas
SHI, SMI, STI, EYI, subnet benchmarks, model portfolios, and risk monitoring have a dedicated specialist methodology.
Open Bittensor methodology