Monthly index
The exit-friction index
A price is what the last trade happened at. It is not what you would receive. Once a month we take every token we can measure and record the gap between the two.
September 2026 · provisional, month still open
Of the 93 tokens with a live on-chain market on Base or Ethereum, the median lost 26.8% selling $100,000. 34.4% lost more than half.
We track 664 assets. 349 have a contract on a covered chain, and 289 of those returned no on-chain price when we asked — an asset whose real market is a centralised exchange, or a receipt token never meant to trade, is invisible to this measurement rather than illiquid. The index is only ever a statement about the 93 we can see.
Worst measured this month: CHFAU at 100%. Every token is priced at the same $100,000 so the months stay comparable — see the method.
The series
This is the part that cannot be bought. A single month is a snapshot; the direction of travel over a year is a measurement nobody can reconstruct after the fact.
| Month | Tokens | Median | Middle half | Over half lost |
|---|---|---|---|---|
| September 2026 (open) | 93 | 26.81% | 4.03–70.56% | 34.4% |
| August 2026 | 78 | 14.99% | 3.23–47.82% | 24.4% |
Citing this
Quote it freely, with a link. The figure moves each month and the wording of the universe is part of the figure — “of the tokens with a live on-chain market” is not decoration, it is what the number counted.
The exit-friction index
Leave an address and we will write once, when the first index is published. Nothing else, and never to anyone else.
The index measures on-chain routing on the chains named above. It is market information, not financial advice, and it is not a statement about any token’s value.