Index Lifecycle
Methodology publication, rebalance, suspension, degradation, correction, and point-in-time reproduction.
Draft v0.1 — design contract, not yet a live service
This documentation set defines a proposed Time Seventeen protocol for review and implementation planning. https://api.t17.capital is the approved and reserved REST origin, but neither that origin nor any documented endpoint is claimed to be live. The WebSocket origin remains unspecified. Credentials, chain IDs, contract addresses, rate limits, and SLAs remain unapproved; IDs, prices, and timestamps shown throughout are illustrative, not real production data.
An Index moves through a lifecycle of its own, separate from the lifecycle of any single Market it contains.
Index lifecycle stages
| Stage | Description |
|---|---|
| Creation | An Index is defined with a methodology reference, initial constituent proposal, and status draft. |
| Review | Constituent eligibility, weights, and methodology are reviewed before publication. |
| Publication | The first Index Version is published with effective_from; the Index status becomes active. |
| Rebalance | A new Index Version is published with its own effective_from; the prior version receives an effective_to and remains permanently readable. |
| Constituent addition/removal | Expressed as a change between two Index Versions, never as an in-place edit of a published version. |
| Suspension | The Index (or a specific Constituent) is marked suspended when inputs cannot be trusted; publication of new Index Price Observations pauses or is flagged suspended. |
| Degradation | The Index continues publishing but with a degraded state and a documented reason (for example a stale or missing constituent observation) rather than silently omitting the issue. |
| Archival | An Index that is retired keeps its full version and observation history readable; archival changes status, it does not delete records. |
| Correction / backfill | A previously published Index Price Observation is superseded by a new revision carrying supersedes_id and correction_reason; the original observation remains in the history. |
Point-in-time reproducibility
Because an Index Version is immutable after publication, a client can always answer: “which methodology, constituent set, weights, source observations, ratings, and calculation status produced this index value?” This is why rebalances always publish a new version rather than mutating an old one, and why corrections supersede rather than overwrite.
Handling degraded inputs
The Index Lifecycle documents how constituent-level problems surface at the index level instead of being hidden:
- Stale observation — a constituent’s most recent Market Price Observation is older than its expected freshness window; the Index Price Observation reflects this in its
coverage_ratioand quality-state field (quality_statein the API reference). - Missing observation — a constituent has no eligible observation for the calculation window; it is excluded and listed under a missing-constituents field, not defaulted to zero.
- Outlier observation — an observation that fails validation rules is excluded and listed under
excluded_inputswith a reason, not silently averaged in. - Venue outage — Markets on an unavailable Venue are treated as missing inputs for the duration of the outage.
- Market halt / resolution — a Constituent’s underlying Market transitioning to
haltedorresolvedstatus changes how (or whether) it contributes weight, governed by the Index Version’s rebalance and normalization rules.
Rebalance schedule and normalization
Rebalance cadence, weight normalization formula, and weight-capping rules are methodology-version concerns, documented per methodology rather than hard-coded into the Index resource. Draft v0.1 does not fix a numeric rebalance interval, weight cap, or normalization constant — those are production configuration pending an approved methodology.
Where to go next
- Pricing for how observations become published index levels.
- API Reference → Indexes for the version/constituent endpoint contract.
- API Reference → Prices for the price/history/candle contract, including correction records.