What is a trading-card index? Understanding TCGX

A trading-card index combines price information about a selected basket of cards into one reference number. It helps describe how that basket is moving over time. It is not the price of every card, a valuation of your collection, or a guarantee that someone will buy cards at the observed prices.

TCGX is N1's trading-card index, used as the reference for a perpetual market. Understanding the basket comes first; the derivative is a separate way to take exposure to its movement.

Why track a basket instead of one card?

A single card can move because of demand for a character, a competitive rule change, a new printing, or the availability of a particular variant. That movement may say little about other cards.

An index applies a defined selection and calculation method across multiple observations. It provides a broader reference than one collectible, while still reflecting the choices made in its methodology. Different baskets and weights can produce different results.

For example, if an index rises from 100 to 110, its reference level has increased by 10%. That does not mean every included card rose 10%, or that a collection can be sold for 10% more. An index level is a measure built from data, not a standing offer to buy the basket.

What is in TCGX?

The TCGX methodology, checked on October 10, 2026, describes 160 selected variants across four trading-card games.

A variant identifies a particular card, set, printing, condition, and language. Those distinctions matter: two copies with the same character or card name need not represent the same price observation.

The number of variants and the index weight answer different questions. Magic has the largest number of selected variants; Pokémon has the largest game weight. Neither figure is a measure of trading volume or available liquidity.

Cards are selected for usable history, sufficiently recent observations, and price behavior that can be checked. Limits on cards from the same set or family help prevent one narrow group from dominating a game. The methodology can change, so consult the current specification before relying on these figures.

How weights influence the reference

Each game's weight is divided equally among its selected variants. Pokémon's 45% across 48 variants gives a stated weight of 0.9375% per variant. Magic's 42% across 80 variants gives 0.525% per variant.

This does not mean that multiplying every card's current dollar price by its weight produces TCGX. The index compares each accepted price with that card's own reference price, expresses the relative change on a logarithmic scale, and combines those changes using a robust calculation that limits the influence of isolated abnormal observations.

The practical point is that the method considers relative moves rather than letting an expensive card dominate simply because its dollar price is high. The robust calculation can change an observation's influence on an individual update. It reduces one kind of distortion; it cannot eliminate every data problem or manipulation risk.

An observation is not necessarily a sale

For TCGX, an observation is a provider's reported USD price for a specified variant, together with its last update time. It may not be a completed transaction, a live bid or ask, or a price available for the amount someone wants to trade.

A newly published index level can also include underlying observations that have not changed since an earlier provider update. The index's publication time and the freshness of every input are different things.

TCGX checks consistency, recency, and coverage. When the evidence is insufficient, an update can be withheld. Stale cards are not simply dropped and the remaining weights rescaled to make the basket appear healthy. These checks are part of interpreting the reference, especially when the physical market is thin.

Buying cards and trading TCGX are different exposures

A collection can rise while the index falls, or the reverse, because its contents differ from the basket. For the same reason, a short TCGX position is not a precise hedge for an arbitrary collection. It also has its own funding and margin requirements.

Spot vs perpetual futures explains ownership versus contractual price exposure, and funding rates explained covers a cost that physical ownership does not have in the same form.

The index price is not your execution price

TCGX's published value becomes the market's index price. The price available to enter or exit a perpetual position can differ from that reference. Funding helps address differences between market pricing and the index, but it cannot create an executable quote or guarantee an exit.

N1's Discovery Markets can have tighter exposure limits than established markets. They may move to reduce-only or pause if pricing or liquidity is unreliable. A pause does not erase an existing position or remove its margin risk.

When reviewing the TCGX market, separate the index level, the price and size available for your trade, the current funding, and the market's status. Each answers a different question. The all-in cost guide explains why a reference-price chart alone is not enough to evaluate a trade.

Common questions

Does TCGX represent the entire trading-card market?

No. It represents a defined selection of variants from four games under a specific methodology. It does not include every game, set, card, condition, or language.

Is TCGX backed by a vault of cards I can redeem?

The index is a price reference, and the perpetual provides contractual exposure. Trading it does not grant ownership of the basket or a right to redeem physical cards.

Why can the index change while my own cards do not?

Your cards may not be included, may have different weights, or may have different variant and condition characteristics. Even included cards need not move together. Use the index to understand its defined basket rather than treat it as an appraisal of a collection.