IFX, the Intelligence Futures Exchange, today announced the IFX LLM Price Index, making IFX the first company to publish a dedicated price index for AI output-token costs. The index is built through OpenRouter data and tracks daily volume-weighted USD prices per 1M output tokens across major model companies.
AI inference is now a direct cost line for production software, and for many AI companies the token bill sits close to gross margin. Teams can forecast usage, but they still face moving public prices for model output tokens. IFX built the index so that this price risk can be read as market data, with a methodology, a quote unit, and quality diagnostics rather than as scattered vendor price tables.
Version 1 of the IFX LLM Price Index publishes company-level series for OpenAI, Google Gemini, Anthropic, DeepSeek, Qwen, and Moonshot AI. Each series answers a simple financial question: what would one million output tokens cost if they were bought in the same model mix observed through OpenRouter traffic on that day?
The methodology fixes the quote unit at USD per 1M output tokens and joins OpenRouter model-activity data with OpenRouter model pricing. Models without a resolvable paid output-token price are excluded from the calculation instead of being treated as zero, so missing observations do not become false price moves. Every published point carries its own diagnostics, including token weight, price coverage, imputed token share, missing-price share, fallback and conflict shares, and a quality status flag.
“A futures market needs a reference price people can audit,” said Vladimir Lebedev, Co-Founder of IFX. “We built the first AI output-token price index through OpenRouter because it gives a public observation channel for both model usage and posted token prices. The first version is intentionally narrow: output tokens, daily volume weights, visible quality flags, and a versioned methodology. That is the right starting point for turning the token bill into a financial market reference.”
The index follows IFX’s launch of its bilateral OTC request workflow for cash-settled exposure to published AI output-token prices. A participant submits the reference, side, size, maturity, and contact; IFX looks for compatible interest; final terms are sent to both sides; contracts are booked only after both counterparties approve them.
Published index values are reference data. IFX says marks used for margining and settlement of IFX contracts pass an additional operator review before use, so a raw index value does not become a settlement input on its own. Version 1 is limited to OpenRouter as a single observation channel and to output tokens only, while later methodology versions are expected to add official provider price feeds and additional price dimensions.
The IFX LLM Price Index is available here: IFX LLM Price Index.
The methodology is available here: IFX Token Price Index Family Methodology.
For more information on IFX, visit: ifx-exchange.com
Contact: [email protected]
About IFX
IFX, Intelligence Futures Exchange, is building market infrastructure for AI token-price risk. Its current product is an OTC request market for cash-settled futures on published AI output-token prices across model providers.
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