Published redemption valuations answer one question: what do miles return when spent well? This index answers a different one: what do miles cost to acquire on the open market? The gap between the two numbers is where every buying decision lives.
These are our live selling rates as of 5 August 2026, ranked from the most expensive currency to the cheapest. Alongside each, the independent 2026 redemption valuations they trade against.
The index — August 2026
| Programme | Market price /mile | Redemption value | Why it trades there |
|---|---|---|---|
| American AAdvantage | 2.50¢ | 1.6–1.7¢ | Partner award chart on oneworld keeps demand highest of any currency |
| Emirates Skywards | 2.15¢ | 1.1–1.2¢ | High demand for A380 premium cabins despite the May 2026 devaluation |
| Virgin Atlantic Flying Club | 1.82¢ | 1.4–1.5¢ | Partner redemptions sustain value beyond Virgin's small network |
| Turkish Miles&Smiles | 1.81¢ | 1.4–1.6¢ | Star Alliance's best-priced award chart |
| Lufthansa Miles & More | 1.80¢ | 1.3–1.4¢ | Europe's largest programme; surcharges cap the ceiling |
| Cathay Asia Miles | 1.75¢ | 1.2–1.3¢ | Hong Kong home market; oneworld premium awards |
| JAL Mileage Bank | 1.75¢ | 1.4–1.6¢ | Best access to JAL's own premium cabins |
| SAS EuroBonus | 1.75¢ | 1.2–1.4¢ | Repriced since the SkyTeam move |
| Etihad Guest | 1.73¢ | 1.2–1.4¢ | Unaligned; value concentrated on Etihad metal |
| Air Canada Aeroplan | 1.70¢ | 1.4–1.5¢ | Strong Star Alliance chart, no fuel surcharges on many partners |
| Singapore KrisFlyer | 1.60¢ | 1.3–1.4¢ | Only reliable route to SQ Suites and long-haul business |
| Finnair Plus Avios | 1.48¢ | 1.1–1.3¢ | Avios currency, compact network |
| Air France/KLM Flying Blue | 1.45¢ | 1.2–1.3¢ | Monthly Promo Rewards set the value tempo |
| Qantas Points | 1.40¢ | 1.1–1.3¢ | Volume currency; award space is the constraint |
| Qatar Avios | 1.38¢ | 1.2–1.4¢ | Qsuite demand vs plentiful supply of Avios |
| Air India Flying Returns | 1.30¢ | 1.0–1.2¢ | Newest Star Alliance revival; deepest discount on the index |
Market price = our published selling rate at entry volume; larger orders price lower. Redemption values from independent 2026 industry valuations where published. Five programmes (British Airways, United, Delta, ANA, Thai) trade on request without published rates and are excluded.
How to read this table
Miles trading above their redemption value — AAdvantage at 2.50¢ against a 1.6–1.7¢ valuation, Skywards at 2.15¢ against 1.1–1.2¢ — tell you buyers are targeting sweet spots, not averages. Nobody pays 2.50¢ to redeem at 1.6¢; they pay it to book a Cathay First or Qsuite award returning 4–6¢. The premium is the price of access to the top of the chart.
Miles trading near their redemption value — Aeroplan, KrisFlyer, JAL — are the balanced currencies: solid charts, dependable award space, no drama either way.
The cheap end — Flying Returns, Qatar Avios, Qantas — is where supply outruns demand. Avios in particular exist in enormous quantity across four airlines, which keeps the price down regardless of how good a Qsuite redemption is.
What moved in 2026
Three market-relevant events this year: Emirates devalued Skywards awards by roughly 15% in May, Cathay repriced its award chart on 1 May (long-haul business up, short-haul down), and Amex US cut its transfer ratio to Asia Miles to 5:4 in March — which pushed some buyers from transferring to buying outright. Devaluations compress what we can pay sellers before they compress what buyers pay us; the index reflects both.
Questions
What is the miles market price?
The price at which airline miles actually change hands between account holders and buyers through brokers — as opposed to redemption value, which is what miles return when spent on award flights. This index publishes our own trading desk's sell rates, updated as the market moves.
Why do AAdvantage miles trade highest?
American still prices partner awards on a published chart, unlocking outsized value on Cathay Pacific, Qatar Airways and JAL premium cabins. That redemption ceiling keeps buyer demand — and therefore the market price — the highest of any currency at 2.50 cents.
Why does market price differ from redemption value?
Market price reflects what buyers will pay today; redemption value reflects what a skilled redeemer can extract. Currencies trade above their average redemption value when their best-case awards are far better than their average — buyers of miles are targeting the sweet spots, not the average.
How often does this index update?
We update it when our published rates move, and review it monthly. The date at the top of the table is the last revision.
Can I sell miles at these prices?
These are our selling rates (what buying miles costs). What we pay when purchasing miles from account holders depends on programme, balance size and demand — request a free valuation on WhatsApp for a firm figure.
Citing this index? Link to this page — it is updated as rates move, so a link stays accurate where a screenshot goes stale. Press and data queries: WhatsApp or email, we answer same-day.