LIVE

HHI — Inference Market Concentration

Is AI inference consolidating, or fragmenting?

The Herfindahl–Hirschman index of routed-token share across labs (0–10,000). Fallen from ~2,000 to ~1,100 — inference demand is fragmenting across more labs, not consolidating into a few.

See it live Settlement

Concentration (HHI)

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Last settlement

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This month

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Sep 2025

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What people use today

Anecdotes about who's winning — no concentration measure of the market.

KOPS HHI

The live Herfindahl concentration of routed inference demand.

Valuable for

Anyone tracking competitive dynamics or platform risk in AI.

Live index

HHI, since September.

The Herfindahl–Hirschman index of routed-token share across labs (0–10,000). Fallen from ~2,000 to ~1,100 — inference demand is fragmenting across more labs, not consolidating into a few.

HHI · token-share concentration across labs · weeklycadence: hourly

How it's built

From where the tokens go.

Herfindahl index

Sum of squared lab token-shares × 10,000 — the standard market-concentration measure.

Settles monthly

HHI-YYYY-MM settles to the mean of the daily index (Asian-style), finalized on the 1st.

Part of the family

Sits beside OPEN, CHINA and MOAT.

Settlement

A settleable contract.

A monthly print of how concentrated inference demand is — the arithmetic mean of the daily HHI. Each month settles to the arithmetic mean of the daily index (Asian-style, like the GPU-compute futures), finalized on the 1st.

Monthly settlements · HHI-YYYY-MM

Contract spec

TickerHHI-YYYY-MM

UnderlyingConcentration (HHI)

SettlementMean of daily fixings, Asian-style

SourceOpenRouter routed volume

Final1st of the following month

This month (accruing)–

Sources

OpenRouter rankings-daily (token volume)

OpenRouter /models (price)

~340 models · 17+ labs