A Bittensor subnet is an independent incentive mechanism — its own miners, validators, and reward rules — identified on-chain by a `netuid`. Since the February 2025 dynamic-TAO upgrade, every subnet runs a constant-product AMM between TAO and its own alpha token: price moves with every stake/unstake, and a subnet's share of new TAO issuance is set by that market rather than a root-validator vote.

This page covers what a subnet *is* and how it's *behaved* — structure, activity, market data, decentralization metrics, curated metadata. For who's registered on it right now (the live neuron table), see [Subnet metagraph & validators](/docs/metagraph).

```
GET https://api.metagraph.sh/api/v1/subnets/{netuid}
```

## Structure & configuration [#structure--configuration]

| Path                                                   | Purpose                                                            |
| ------------------------------------------------------ | ------------------------------------------------------------------ |
| `GET /api/v1/subnets`                                  | List/filter/sort every subnet.                                     |
| `GET /api/v1/subnets/movers`                           | Cross-subnet stake/emission/validator/neuron momentum leaderboard. |
| `GET /api/v1/subnets/{netuid}`                         | Full subnet detail.                                                |
| `GET /api/v1/subnets/{netuid}/overview`                | Composed profile + health + curation + gaps summary.               |
| `GET /api/v1/subnets/{netuid}/hyperparameters`         | Current consensus/economic/governance knobs.                       |
| `GET /api/v1/subnets/{netuid}/hyperparameters/history` | Append-only hyperparameter-change timeline.                        |
| `GET /api/v1/subnets/{netuid}/identity-history`        | Append-only on-chain identity change timeline.                     |

`/subnets` takes 25+ filter params — `domain`, `subnet_type`, `curation_level`, `coverage_level`, `q` (free text), `fields` (sparse fieldset), and `min_*`/`max_*` range filters on tempo/participant count/surface count and similar — plus `cursor`/`limit` (≤1000)/`sort`/`order`/`format=csv`.

A subnet's **hyperparameters** are its owner-tunable knobs: `tempo` (blocks per epoch — default 360, sets weight-update cadence), `immunity_period` (blocks a freshly-registered neuron is shielded from deregistration), `kappa` (softmax steepness turning validator weights into incentive), `commit_reveal_enabled` (encrypts weights for a window to stop weight-copying), and roughly two dozen more.

```bash
curl -s 'https://api.metagraph.sh/api/v1/subnets?domain=inference&sort=participant_count&order=desc'
```

## Lifecycle & activity [#lifecycle--activity]

Raw chain-event churn, mostly windowed `?window=7d|30d|90d`:

| Path                                           | Purpose                                                                           |
| ---------------------------------------------- | --------------------------------------------------------------------------------- |
| `GET /api/v1/subnets/{netuid}/registrations`   | Neuron registration activity.                                                     |
| `GET /api/v1/subnets/{netuid}/deregistrations` | Neuron deregistration activity.                                                   |
| `GET /api/v1/subnets/{netuid}/axon-removals`   | Axon teardown announcements.                                                      |
| `GET /api/v1/subnets/{netuid}/serving`         | Axon-serving announcements.                                                       |
| `GET /api/v1/subnets/{netuid}/prometheus`      | Telemetry-endpoint announcements.                                                 |
| `GET /api/v1/subnets/{netuid}/recycled`        | Live cumulative TAO recycled for registration on this subnet.                     |
| `GET /api/v1/subnets/{netuid}/event-summary`   | Windowed activity summary.                                                        |
| `GET /api/v1/subnets/{netuid}/events`          | Raw curated event feed, CSV-exportable.                                           |
| `GET /api/v1/subnets/{netuid}/history`         | Per-day neuron/validator/stake/emission rollup — `?window=7d\|30d\|90d\|1y\|all`. |
| `GET /api/v1/subnets/{netuid}/turnover`        | Validator-set churn + stability score between window snapshots.                   |

Registration on a subnet costs TAO that's **recycled**, not burned — returned to the pool that funds future block emissions rather than destroyed. The price decays over time and rises with each successful registration.

## Market & economics-adjacent [#market--economics-adjacent]

| Path                                           | Purpose                                                                                 |
| ---------------------------------------------- | --------------------------------------------------------------------------------------- |
| `GET /api/v1/subnets/{netuid}/ohlc`            | Alpha-price OHLCV candles. `?interval=1h\|1d` (default 1h), `?days=1-365` (default 90). |
| `GET /api/v1/subnets/{netuid}/volume`          | Rolling 24h buy/sell alpha volume + sentiment.                                          |
| `GET /api/v1/subnets/{netuid}/stake-flow`      | Net stake in/out.                                                                       |
| `GET /api/v1/subnets/{netuid}/stake-moves`     | Re-delegation churn.                                                                    |
| `GET /api/v1/subnets/{netuid}/stake-transfers` | Cross-account stake-ownership transfers.                                                |
| `GET /api/v1/subnets/{netuid}/stake-quote`     | Read-only AMM slippage quote for a hypothetical stake/unstake.                          |
| `GET /api/v1/subnets/{netuid}/trajectory`      | Weekly structural completeness/surface-count trend.                                     |
| `GET /api/v1/subnets/{netuid}/yield`           | Per-UID emission-yield ranking.                                                         |
| `GET /api/v1/subnets/{netuid}/yield/history`   | Daily yield trend.                                                                      |

OHLC candles are reconstructed from the same stake-add/-remove event stream, not a separate price oracle — price per trade is `amount_tao / alpha_amount`. Root (netuid 0) has no AMM and is excluded.

```bash
curl -s 'https://api.metagraph.sh/api/v1/subnets/64/ohlc?interval=1d&days=30'
```

## Decentralization & consensus-weight metrics [#decentralization--consensus-weight-metrics]

| Path                                                 | Purpose                                                                                             |
| ---------------------------------------------------- | --------------------------------------------------------------------------------------------------- |
| `GET /api/v1/subnets/{netuid}/concentration`         | Gini, HHI, Nakamoto coefficient, entropy across three lenses (per-UID, per-entity, validator-only). |
| `GET /api/v1/subnets/{netuid}/concentration/history` | Daily trend of the above.                                                                           |
| `GET /api/v1/subnets/{netuid}/performance`           | Reward-concentration + trust/consensus score spread.                                                |
| `GET /api/v1/subnets/{netuid}/performance/history`   | Daily trend of the above.                                                                           |
| `GET /api/v1/subnets/{netuid}/weights`               | Weight-setting activity aggregate for this subnet.                                                  |
| `GET /api/v1/subnets/{netuid}/weights/setters`       | Per-validator weight-setting leaderboard for this subnet.                                           |

<Callout title="Nakamoto coefficient and entropy, not just top-N%">
  Concentration here isn't just a top-holder percentage — it includes the Nakamoto coefficient (the
  minimum number of colluding parties needed to control the subnet) and Shannon entropy alongside
  Gini and HHI, the same toolkit used in published Bittensor decentralization research. Independent
  analysis of live subnets has found wide variance — some controllable by coalitions as small as
  1-2%.
</Callout>

## Curated metadata [#curated-metadata]

Registry-native metadata, not chain-derived:

| Path                                      | Purpose                                                           |
| ----------------------------------------- | ----------------------------------------------------------------- |
| `GET /api/v1/subnets/{netuid}/profile`    | Public-safe curated subnet profile.                               |
| `GET /api/v1/subnets/{netuid}/surfaces`   | Curated, promoted public surfaces (docs, repo, API, and similar). |
| `GET /api/v1/subnets/{netuid}/candidates` | Unpromoted candidate surfaces awaiting review.                    |

<CodeBlockTabs defaultValue="JavaScript">
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      JavaScript
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    <CodeBlockTabsTrigger value="Python">
      Python
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  <CodeBlockTab value="JavaScript">
    ```js
    const res = await fetch("https://api.metagraph.sh/api/v1/subnets/64/concentration");
    const { data } = await res.json();
    ```
  </CodeBlockTab>

  <CodeBlockTab value="Python">
    ```python
    import requests

    data = requests.get("https://api.metagraph.sh/api/v1/subnets/64/concentration").json()["data"]
    ```
  </CodeBlockTab>
</CodeBlockTabs>

No route in this group has a dedicated per-IP rate limiter. `limit` caps at 1000 for most list/history routes (100 for `movers`, 50 for `event-summary`'s recent events), `days` caps at 365 for OHLC, and `recycled` carries its own 600s cache.

<ApiSources
  paths="[
  &#x22;/api/v1/subnets&#x22;,
  &#x22;/api/v1/subnets/{netuid}&#x22;,
  &#x22;/api/v1/subnets/{netuid}/hyperparameters&#x22;,
  &#x22;/api/v1/subnets/{netuid}/ohlc&#x22;,
  &#x22;/api/v1/subnets/{netuid}/concentration&#x22;,
  &#x22;/api/v1/subnets/{netuid}/profile&#x22;,
]"
/>