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What is Noise?

Noise is an interactive media platform that offers continuous markets on any trend. Each market has a Relevance Index — a composite measure derived from social signals and market data across the internet. Market prices are set by traders on the order book, with a funding mechanism that creates convergence between the market price and an oracle price derived from relevance data.
Relevance Index values are displayed with the ° brand symbol throughout the product — for example, 581.50°. This is a Noise convention to denote relevance units.
Markets on Noise have no expiry or resolution event. They run continuously. You purchase Credits on sign-up and use them to open positions — go long or short on any trend and profit when other market participants agree with the direction of your position.

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How Relevance is Measured

Every market on Noise has a Relevance Index — a composite metric computed from social signals, market data, and other sources. These signals are smoothed using exponential moving averages and combined into a single value per market, updated every few seconds. Read more on the Relevance page.

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How Markets Work

Each market on Noise tracks a specific trend — AI products, cultural movements, geopolitical events, consumer brands, industries. The market has several key prices:
  • Relevance Index — a data-derived metric measuring real-time relevance of the trend, computed from social signals and market data. This is the large number displayed on the trade page.
  • Attention Factor — the Relevance Index normalized against its own historical average, centered around 1.0. Values above 1.0 indicate above-average relevance; below 1.0, below-average.
  • Oracle Price — combines the Attention Factor with normalized Noise trading volume. This is the reference price used for funding.
  • Fair Price — the quantity-weighted mid-price from the order book, determined by actual trading activity.
  • Mark Price — a smoothed average of the fair price, used for PnL calculation and liquidation.
Funding rates periodically transfer payments between longs and shorts to push the mark price toward the oracle price. This is the mechanism that ties real-world relevance to trading activity. You trade using leverage and isolated margin. Read more about trading mechanics on the Trading page.