LIVE

MOAT — Frontier Price Premium

How much more does the frontier still charge?

The volume-weighted price of closed frontier models divided by the open-weight average — how big a premium the closed labs still command per token. Currently ~10×.

See it live Settlement

Frontier premium

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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

List prices on vendor pages — no measure of the realized premium.

KOPS MOAT

The live ratio of closed-frontier to open-weight inference price.

Valuable for

Anyone pricing closed-lab pricing power, or its compression.

Live index

MOAT, since September.

The volume-weighted price of closed frontier models divided by the open-weight average — how big a premium the closed labs still command per token. Currently ~10×.

MOAT · closed ÷ open blended price · weeklycadence: hourly

How it's built

From where the tokens go.

Closed ÷ open

Volume-weighted blended price of closed models over the open-weight average.

Settles monthly

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

Part of the family

Sits beside OPEN, CHINA and KOST.

Settlement

A settleable contract.

A direct instrument on closed-lab pricing power — each month the arithmetic mean of the daily premium. Each month settles to the arithmetic mean of the daily index (Asian-style, like the GPU-compute futures), finalized on the 1st.

Monthly settlements · MOAT-YYYY-MM

Contract spec

TickerMOAT-YYYY-MM

UnderlyingFrontier premium

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