Index tracks and measures the performance of a basket of assets in a standardized way. There are two types of indices: single underlying price indices and composite price indices. The single underlying price indices mainly focus on tracking some specific underlying instrument price with the same underlying across different markets; while the composite price indices are combinations of different underlying instruments intended to measure the overall market (or subset) performance over time, the indices price usually calculated as weighted average price of the components.

The first index launched by Binance Futures is DEFI Composite Index. It tracks the market performance of a basket decentralized finance (DEFI) protocol tokens listed on Binance. It is calculated by using weighted averages of real time prices of the DEFI tokens on Binance and is denominated in USDT.