Pricing Methodology

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Pricing Methodology

05/11/2026 16:01

Pricing Methodology for the Crypto-Asset Exchange Service under Article 77 MiCAR

Last updated: 5 November 2026

Introduction and scope

Young Platform S.p.A. (the “Company“) provides the service of exchanging crypto-assets for funds or for other crypto-assets, acting as the User’s direct counterparty (dealing on own account) pursuant to Article 77 MiCAR. The price applied to each transaction is determined by the Company through its Pricing Engine, in accordance with the objective, predetermined methodology described in this document.

This document describes the general criterion for calculating the price, regardless of how the order originates. The same criterion applies:

to orders confirmed by the User, for which the Company presents a firm quote that the User expressly accepts, either via the Platform (“Journey Base”) or via the assisted channel (“OTC Desk“);
to automatic orders that the User delegates to the Company by giving a standing instruction, such as recurring purchases: in this case the quote is calculated using the same criterion but is executed automatically, without the User confirming each individual transaction.

This document does not apply to orders executed through the “Journey Pro” interface, for which the Company acts as an intermediary on behalf of the User pursuant to Article 78 MiCAR: for such orders, the price is determined by the execution venue, and reference is made to the Best Execution Policy. Since, in the exchange service, the Company acts as counterparty and not as an intermediary seeking the best price on the market, the best execution rules do not apply to the transactions described in this document.

General principles

Objectivity and predetermination. The price is generated exclusively by the Pricing Engine, on the basis of market data and parameters defined in advance. No operator may change the price calculated by the system at their discretion, not even in the assisted channel.
Single criterion. The calculation criterion is the same for all channels and for all transaction methods (confirmed or automatic). The only difference between methods is how the order becomes final, not the price formula. The sole exception is the determination of the reference value of the YNG Token, described in the dedicated section.
Non-discrimination. The price does not depend on the User’s identity, nationality or residence. Any differences in the economic components are permitted only on the basis of objective, predefined and published parameters (asset, transaction size, the User’s volumes in the reference period).
No internal market. The Company does not operate a multilateral order book or a trading platform: external venues are used solely as data sources to determine the reference value of crypto-assets and are not counterparties of the User.
Independence from hedging. The transactions through which the Company hedges its own exposure at external venues are separate from the contract with the User and do not change the price applied, which remains the price calculated at the time of the quote.

Market data sources

The Pricing Engine acquires real-time price and liquidity data (best bid/ask quotes and order book depth) from a number of external institutional sources: trading venues and liquidity providers, whether centralised or decentralised, with which the Company also operates to manage its own exposure.

Sources are selected on the basis of predefined criteria:

the regulatory status of the venue or provider and the adequacy of its safeguards, with a preference for entities authorised in the European Union under MiCAR or otherwise subject to adequate supervisory regimes;
the liquidity and market depth available for the crypto-assets traded;
operational continuity and reliability of the service;
the technical quality of the data feed (latency, stability and accuracy of quotes).

The number of sources used is not fixed: for each crypto-asset, the Pricing Engine queries all the integrated sources on which the asset is available. A widely traded asset is therefore valued across several venues at the same time, while a less widely traded asset refers only to the primary markets on which it is traded. Sources are monitored continuously; the inclusion or exclusion of a source follows an internal approval procedure based on the same criteria.

Price calculation criterion

The price applied to the User is the result of three successive steps: determining the market base price, applying the dynamic commercial spread (subject to a cap) and separately charging any fees. The calculation is repeated from scratch each time a quote is generated.

Step 1 – Base price (VWAP)

The Pricing Engine aggregates the liquidity available on the active sources for the asset and consumes it starting from the best price level (the best ask for a purchase by the User, the best bid for a sale) until the entire size of the requested order is covered. The base price is the average of the prices of the levels used, weighted by their respective volumes (Volume-Weighted Average Price, VWAP):

P_base = Σ (P_i × V_i) / Σ V_i for i = 1 … n

where n is the number of liquidity levels (including on different venues) needed to cover the order, P_i is the price recorded at level i and V_i is the volume used at that price.

Since the base price is calculated on the actual size of the order, the effect of market depth (slippage) is already built into the VWAP: a small order on a liquid asset is valued close to the best available price, whereas a large order absorbs more levels and obtains an average price consistent with the liquidity actually available.

Step 2 – Dynamic commercial spread and cap

The Company applies a commercial spread (S) to the base price, which represents its remuneration for assuming market and counterparty risk. The spread is built into the exchange price and is not a separate fee.

Each crypto-asset is assigned to a class based on its market capitalisation, which reflects its structural liquidity. Each class has a base spread (minimum) and a maximum spread (cap):

Class	Classification criterion	Base spread (minimum)	Maximum spread (cap)
Class A	Capitalisation ≥ USD 50 bn	0.40%	0.80%
Class B	Capitalisation ≥ USD 1 bn	0.60%	1.00%
Class O	Capitalisation < USD 1 bn	0.80%	1.50%
Class S	E-money tokens (EMTs)	0.10%	0.30%

The Pricing Engine starts from the base spread of the class and adds a dynamic component made up of penalty criteria that measure market conditions at the time of the calculation:

Market quality (volatility and imbalance). Measures the stability of the best quotes (volatility indicators such as ATR and market spread deviation) and any asymmetry between supply and demand (imbalance) on the reference venues.
Order size. Applies when the requested volume has a significant impact on the depth and liquidity available.
Quote management. Reflects the market risk that the Company assumes, as counterparty, between the calculation of the price and the management of the position resulting from the transaction.

Under no circumstances may the spread applied exceed the maximum spread of the class:

S = min (base spread + penalties ; maximum spread) and therefore S ≤ S_max

As a result, the most highly capitalised and liquid assets always benefit from lower costs, and the User knows in advance the maximum implicit cost that may apply, even when the market is highly unstable.

Step 3 – Exchange price offered to the User

The exchange price (P_User) is obtained by applying the spread to the base price, to the User’s disadvantage depending on the direction of the transaction:

Purchase by the User: P_User = P_base × (1 + S)

Sale by the User: P_User = P_base × (1 − S)

Service fees and gas fees

Service fees (C), whether fixed or percentage-based according to the fee schedule applicable to the User and the service, are not included in the exchange price: they are calculated separately and added (on a purchase) or deducted (on a sale) to determine the overall countervalue of the transaction (Total Consideration):

Purchase: Countervalue = (Volume × P_User) + C

Sale: Countervalue = (Volume × P_User) − C

How the fee is combined with the transaction amount depends on how the User sets up the order (for example by specifying the amount to spend or the quantity to receive): the details are described on the fees page and, in any event, the result is shown to the User before confirmation. The fee schedule, including the fees specific to particular features such as recurring purchases, is published in the Fees and Pricing Notice, in the User’s Restricted Area and on the Company’s website. If the User chooses direct on-chain settlement to a pre-registered external address, the gas fees actually incurred may also be charged and are shown separately.

Illustrative example

Purely illustrative values, not representative of actual prices. A User buys 0.05 BTC (Class A).

Step	Calculation	Result
Available liquidity	0.03 BTC at EUR 60,000.00; 0.02 BTC at EUR 60,050.00	–
Base price (VWAP)	(0.03 × 60,000 + 0.02 × 60,050) / 0.05	EUR 60,020.00
Spread	0.40% base + 0.10% market penalty = 0.50% (≤ 0.80% cap)	0.50%
Exchange price	60,020.00 × (1 + 0.0050)	EUR 60,320.10
Asset countervalue	0.05 × 60,320.10	EUR 3,016.01
Fee	e.g. percentage fee of 1.89% × 3,016.01	EUR 57.00
Total charged	3,016.01 + 57.00	EUR 3,073.01

Application of the criterion to the different transaction methods

The price is always calculated as described in the previous section. The transaction methods differ only in how the quote becomes binding.

Orders confirmed by the User (firm quote)

The User specifies the trading pair, amount and settlement method; the system checks that the necessary funds or crypto-assets, including fees, are available. The Pricing Engine generates a firm quote, which remains locked and guaranteed to the User for a limited time:

5 seconds on the Platform (Journey Base), with an indicator showing the time remaining;
30 seconds in the assisted channel (OTC Desk, reserved for transactions of EUR 20,000 or more, or the equivalent countervalue), communicated by the operator.

Before confirming, the User sees an Order Summary showing the trading pair, quantity, exchange price, fees, overall countervalue and remaining validity. The order becomes final and irrevocable when the User accepts the quote within its validity period; if the period expires, the quote lapses and a new quote must be requested, recalculated on current market conditions.

Automatic orders (e.g. recurring purchases)

In some features, the User delegates to the Company the execution of future transactions on the basis of an instruction given in advance. This is the case with recurring purchases, where the User defines the asset, amount, frequency and settlement method, and authorises the Company to carry out the exchange on the set dates.

On each date:

the system checks the availability of funds and compliance with operating limits, as for any other order;
the Pricing Engine calculates the price using the same criterion described in this document: the same data sources, a VWAP base price on the size of that individual transaction, and the spread of the asset’s class with the same cap;
the dedicated fees for the feature apply, as set out in the Fees and Pricing Notice and on the fees page;
the quote thus calculated is executed immediately, without a confirmation window;
the order becomes final at the time of the automatic transaction, by virtue of the standing instruction given by the User; that time is recorded with a timestamp and associated with a unique identifier.

The User may change, suspend or revoke the instruction at any time, with effect on transactions that have not yet taken place. Since the price is calculated at the time of each transaction, the User does not know in advance the price at which future purchases will take place and bears the market movements between the creation of the instruction and each transaction. The calculation criterion, the spread cap and the applicable fees, on the other hand, are known to the User from the moment the instruction is given.

If the conditions for the transaction are not met on a given date (see the section “Cases in which no quote is generated”), that individual transaction does not take place and the User is informed through the Platform’s channels.

Summary of transaction methods

Element	Firm quote – Journey Base	Firm quote – OTC Desk	Automatic transaction
Order origin	User request in the App/Web	User request to the operator	User’s standing instruction (e.g. recurring purchase)
Base price	VWAP on market sources for the order size	VWAP on market sources for the order size	VWAP on market sources for the order size
Spread	Base class spread + penalties, within the maximum class spread	Base class spread + penalties, within the maximum class spread	Base class spread + penalties, within the maximum class spread
Fees	Separate from the price, according to the applicable fee schedule; for automatic transactions, the fees dedicated to the feature apply	Separate from the price, according to the applicable fee schedule; for automatic transactions, the fees dedicated to the feature apply	Separate from the price, according to the applicable fee schedule; for automatic transactions, the fees dedicated to the feature apply
Price validity	5 seconds	30 seconds	Immediate execution upon calculation
User confirmation	On each order	On each order (recorded voice call or chat)	Once, when the instruction is created
Time of finality	Acceptance of the quote	Acceptance of the quote	Automatic transaction on the set date
Reporting	Contract note on a durable medium with date, time, pair, price, volume, fees and identifier	Contract note on a durable medium with date, time, pair, price, volume, fees and identifier	Contract note on a durable medium with date, time, pair, price, volume, fees and identifier

Cases in which no quote is generated

The Pricing Engine may not generate a quote, or may temporarily suspend the issuing of quotes on one or more crypto-assets, in particular where:

market conditions would require a spread higher than the maximum spread of the relevant class, for example in the event of extreme volatility or insufficient liquidity on the reference sources;
data from market sources is unavailable or unreliable;
the transaction exceeds the operating and risk limits set by the Company, including in relation to order size, overall volumes and the capacity to manage the exposure;
the User does not have the necessary funds or crypto-assets, including fees;
the crypto-asset is suspended or excluded from the service.

These situations are normally temporary, and the issuing of quotes resumes automatically once the conditions that prevented it cease to apply. The suspension or exclusion of a crypto-asset from the service is communicated to Clients through the official channels.

YNG Token

For the YNG Token, issued by the Company, the reference value used by the Pricing Engine is not determined using the volume-weighted average price on external sources described in Step 1, but according to the specific methodology set out in Article 11 (“YNG Token liquidity, pool management policy and price formation”) of the YNG Token Tokenomics Disclosure, to which reference is made. The application of a spread according to predefined, non-discriminatory criteria, the separate charging of fees and the transaction methods described in this document also apply to the YNG Token.

Information provided to the User

Before the transaction: this document, the Fees and Pricing Notice (with the minimum and maximum spreads per class and the fee schedule) and, for confirmed orders, the Order Summary. The spread is not shown as a separate item in the Order Summary because it is part of the exchange price.
When an automatic instruction is created: a summary of the parameters set (asset, amount, frequency, settlement), with a reference to the calculation criterion and the applicable fees.
After the transaction: a contract note on a durable medium, available in the App (or sent by email for the assisted channel), showing the date and time, pair, exchange price, volume, fees and unique order identifier.
Transaction information: the Company publishes information on concluded transactions pursuant to Article 77(4) MiCAR.

Updates to this document

This document is reviewed periodically and whenever material changes are made to the methodology. Significant changes to the methodology, spreads or fee schedule are communicated to Clients through the Platform’s official channels, with the notice period provided for in Article 18 of Young Platform’s General Terms & Conditions.