Miletus

Prices shown are illustrative. Live oracle integration in progress.

144.24

Neodymium

140.91

Praseodymium

NdPr Oxide

(Nd,Pr)₂O₃ · min 99% · USD/kg

Blended neodymium-praseodymium oxide. The primary feedstock for NdFeB permanent magnets — the strongest permanent magnets commercially produced. Found naturally in bastnaesite and monazite ores.

Electric vehicle motors — 1-2 kg in every EV drivetrain
Smartphone haptics — the vibration you feel
Wireless earbuds, headphones — speaker magnets
MRI machines — hospital imaging
Wind turbines — ~600 kg per MW installed

SMM benchmark · SMM-RE-OX-001

$97.42

USD/kg · SMM assessed

+84% YTD

JanFebMarApr

Oxide (traded)

Light gray to tan powder. Stable at room temperature.

Metal

Silvery-white. Oxidizes rapidly. Strong magnetic properties.

162.50

Dysprosium

Dysprosium Oxide

Dy₂O₃ · 99.5% · USD/kg

Heavy rare earth. Added in small quantities to NdFeB magnets to prevent demagnetization above 100C. Subject to geopolitical export restrictions since 2025, creating persistent supply uncertainty.

EV motors that run hot — prevents magnet failure
Laptop and phone speakers — heat-stable magnets
Medical imaging equipment
Data center hard drives — platter coatings

SMM industrial · SMM-RE-OX-003

$185.30

USD/kg · SMM assessed

+105% YTD

JanFebMarApr

Oxide (traded)

White to pale yellow powder. Hygroscopic.

Metal

Bright silver. Soft enough to cut with a knife.

69.72

Gallium

Ga 99.99% (4N) · USD/kg

Semiconductor metal. Essential for gallium arsenide (GaAs) and gallium nitride (GaN) chips used in nearly every wireless device. Not mined directly — extracted as a byproduct of aluminum refining. Melts at 29C, will liquefy in your hand.

Every smartphone — GaAs radio frequency chips
5G base stations — GaN power amplifiers
LED lighting — gallium nitride substrates
Solar panels — thin-film photovoltaics
Fast chargers — GaN power adapters

SMM industrial · 4N grade

$245.39

USD/kg · SMM assessed

+32% YTD

JanFebMarApr

Metal (traded)

Silvery-blue metal. Melts at body temperature. Liquid looks like mercury.

GaAs wafer

Dark, mirror-finish semiconductor wafer. The processed form used in chips.

72.63

Germanium

Ge 99.999% (5N) · USD/kg

Metalloid critical for fiber optic infrastructure and infrared optics. Transparent to infrared light, making it irreplaceable in thermal imaging. Extracted as a byproduct of zinc and coal processing. Subject to export controls since 2023.

Fiber optic cables — GeO2 in every glass core
Night vision, thermal cameras — infrared lenses
Satellite solar cells — high-efficiency substrates
Semiconductor chips — next-gen transistor architectures

SMM domestic · 5N grade

$1,949

USD/kg · SMM assessed

+48% YTD

JanFebMarApr

Metal (traded)

Grayish-white, brittle. Looks similar to silicon. Shatters like glass.

IR lens

Polished dark discs. Transparent to infrared, opaque to visible light.

138.91

Lanthanum

Lanthanum Oxide

La₂O₃ · 99.5% · USD/kg

The highest-volume rare earth by production tonnage. Named after the Greek "lanthanein" (to lie hidden). Low price per kg but traded in massive quantities. Backbone of the catalysis and battery industries.

Hybrid vehicle batteries — NiMH cathode material
Oil refinery catalysts — fluid catalytic cracking
Camera and telescope lenses — optical glass
Hydrogen fuel cells — electrode materials
Pool water treatment — phosphate removal

SMM benchmark · SMM-RE-OX

$2.82

USD/kg · SMM assessed

-8% YTD

JanFebMarApr

Oxide (traded)

White powder. Absorbs CO2 from air. Most abundant rare earth oxide.

Metal

Soft, silvery-white. Tarnishes rapidly. Ductile, malleable.

58.93

Cobalt

Cobalt Metal

Co 99.8% · USD/kg

Transition metal essential for lithium-ion battery cathodes and superalloys. Extracted primarily as a byproduct of copper and nickel mining. Over 70% of supply comes from a single country, creating persistent concentration risk.

Every lithium-ion battery — phones, laptops, EVs
Jet engine turbine blades — superalloy component
Surgical implants — biocompatible alloys
Hard drives — magnetic recording layer
Industrial cutting tools — cemented carbides

Fastmarkets benchmark

$33.60

USD/kg · Fastmarkets assessed

+5% YTD

JanFebMarApr

Metal (traded)

Lustrous bluish-gray. Hard, brittle. Magnetic at room temperature.

Cathode powder

Black powder. Processed form used in battery manufacturing.

MLT

INDEX

Miletus Index

Weighted composite · base 248.3

Weighted basket of all six Miletus markets. Captures broad critical mineral exposure in a single instrument. Rebalanced weekly at Thursday funding settlement.

NdPr — 30% weight
Dysprosium — 25% weight
Gallium — 20% weight
Germanium — 15% weight
Lanthanum — 5% weight
Cobalt — 5% weight

Composite index

248.3

Weighted basket · base Jan 2026

+22% since inception

JanFebMarApr

Pricing mechanism

How prices are determined

These minerals do not trade on centralized exchanges. Prices are assessed by reporting agencies who survey physical buyers and sellers. Miletus constructs three price layers, each serving a different function.

This page describes the proposed methodology. The synthetic layer is implementable with public market data; mark and index layers depend on commercial data subscriptions (Fastmarkets, SMM, Asian Metal).

~15 sec

Synthetic price

Composite signal from correlated equities and commodities: MP Materials (NYSE: MP), Lynas (ASX: LYC), REMX ETF, CME copper, FX rates. Weighted by rolling 30-day correlation, recalibrated weekly. Per-proxy beta across 30/90/180-day windows. Outputs price with confidence interval. Wider confidence automatically reduces max leverage and increases spread.

Daily

Mark price

Weighted median from four independent price reporting agencies: Shanghai Metals Market (40%), Asian Metals (25%), Trading Economics (20%), Baotou RE Exchange (15%). Time-partitioned sampling across 4-hour window for manipulation resistance. Outlier filter at 15% deviation. Used for margin and liquidation.

Weekly

Index price

Fastmarkets CIP global assessment. Thursday 4pm London. IOSCO-compliant. USD/kg. The same benchmark that settles CME cobalt futures, CME lithium futures, LME aluminium, SGX iron ore. Funding rate settles against this. Mark anchors toward index weekly; synthetic anchors toward mark daily.

API

REST + WebSocket

Endpoints documented below are part of the proposed protocol specification. The reference implementation is in development; api.miletus.exchange is not currently live.

GET/v1/prices/{symbol}

Synthetic price, confidence interval, source breakdown, timestamp.

WS/v1/prices/stream

Push on deviation trigger (>0.3%) or heartbeat (5 min).

GET/v1/markets/{symbol}

Open interest, funding rate, max leverage, spread, vault utilization, TVL.

POST/v1/positions/open

Open long or short. Params: symbol, side, size_usdc, leverage.

POST/v1/positions/close

Close full or partial. Returns exit price, realized PnL, fees, funding.

GET/v1/oracle/{symbol}/history

Historical prices at all three layers. 15-sec candles, daily marks, weekly index.

GET/v1/signals/feed

Geopolitical signals, trade policy updates, production data. Tagged with affected symbols.

// Real-time NdPr price with confidence interval const { price, confidence, sources } = await fetch( 'https://api.miletus.exchange/v1/prices/NDPR' ).then(r => r.json()) // { price: 97.42, confidence: { upper: 99.10, lower: 95.74 }, // sources: [{ name: "MP Materials", signal: +0.82%, weight: 0.35 }, ...] } await fetch('https://api.miletus.exchange/v1/positions/open', { method: 'POST', body: JSON.stringify({ symbol: 'NDPR', side: 'LONG', size_usdc: 500, leverage: 5 }) })

Critical mineral derivatives