Kaiko's DER facility allows user to build their rates to value an asset accross price feeds from exchanges as a VWAP of individual VWAP per selected exchanges. DER feed is a data-as-a-service product relying on our extensive coverage across exchanges as a solution to the price fragmentation problem. - DER is essentially a VWAP of VWAP. The rate returned in real-time is calculated as follows: 0- User determines what (base) asset is needed to get a rate, in which quote (price currency)* 1- User indicates what time granularity is required (1mn, 5mn, 1h, etc.) 2- User indicates all the sources that should be taken into account (across exchanges, this is preset based on user's license) 3- A VWAP is calculated for each time window on each source. The DER returned is the VWAP of these VWAPs across exchanges. *with DER, the base/quote pair must trade directly on the different sources. If the pair is not traded on the source, null is returned, not affecting the overall DER rate. Documentation is available here : https://docs.kaiko.com/#direct-exchange-rate When it comes to the eligible sources, Kaiko covers: (i) Centralized EXchanges (e.g. Coinbase, Kraken, Binance, Huobi) - CEXes (ii) Decentralized EXchanges (e.g. Uniswap) - DEXes: our coverage is rapidely expanding. The source is transparent for the users, data is equally normalized across both DEXes and CEXes sources. Kaiko Real time CEX sourced data is collected via a redundant web-socket cluster (to mitigate connectivity issues, packet loss and optimize latency - network route in-determination of exchanges web services) backed by an automatic REST back-fill process. Kaiko Real time DEX sourced data is collected via dedicated blockchain nodes (e.g. ethereum, BSC) to fetch trade data events from the DEXes protocol smart contracts / the blocks - depending on each protocol implementation. Our infrastructure covers the different stacks for a seamless feed from user perspective - who do not have to cope with this complexity.