> For the complete documentation index, see [llms.txt](https://docs.blockhorizon.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.blockhorizon.io/chart-tutorials/price-and-valuation/delta-cap.md).

# Delta Cap

Delta Cap measures the difference between Realized Cap and Average Cap, combining long-term on-chain cost basis with the lifetime average of market valuation.

$$
\text{Delta Cap} = \text{Realized Cap} - \text{Average Cap}
$$