diff --git a/positions/positions.controller.ts b/positions/positions.controller.ts
index fb7feac..10b2126 100644
--- a/positions/positions.controller.ts
+++ b/positions/positions.controller.ts
@@ -7,6 +7,7 @@ import {
 	ApiPositionsListing,
 	ApiPositionsMapping,
 	ApiPositionsOwners,
+	ApiReferencePositions,
 } from './positions.types';
 import { ApiResponse, ApiTags } from '@nestjs/swagger';
 
@@ -78,4 +79,12 @@ export class PositionsController {
 	geMintingtMapping(): ApiMintingUpdateMapping {
 		return this.positionsService.getMintingUpdatesMapping();
 	}
+
+	@Get('reference')
+	@ApiResponse({
+		description: 'Returns the active position with the highest price per collateral for cooldown-free price increases',
+	})
+	getReferencePositions(): ApiReferencePositions {
+		return this.positionsService.getReferencePositions();
+	}
 }
diff --git a/positions/positions.service.ts b/positions/positions.service.ts
index f07d230..a88543c 100644
--- a/positions/positions.service.ts
+++ b/positions/positions.service.ts
@@ -12,11 +12,13 @@ import {
 	ApiPositionsListing,
 	ApiPositionsMapping,
 	ApiPositionsOwners,
+	ApiReferencePositions,
 	MintingUpdateQuery,
 	MintingUpdateQueryObjectArray,
 	OwnersPositionsObjectArray,
 	PositionQuery,
 	PositionsQueryObjectArray,
+	ReferencePositionsMapping,
 } from './positions.types';
 
 // Genesis position address from NPM package
@@ -117,6 +119,7 @@ export class PositionsService {
 							denied
 							closed
 							original
+							isChallenged
 
 							minimumCollateral
 							riskPremiumPPM
@@ -237,6 +240,7 @@ export class PositionsService {
 				denied: p.denied,
 				closed: p.closed,
 				original: getAddress(p.original),
+				isChallenged: p.isChallenged,
 
 				minimumCollateral: p.minimumCollateral,
 				annualInterestPPM: leadrate + p.riskPremiumPPM,
@@ -279,6 +283,29 @@ export class PositionsService {
 		return list;
 	}
 
+	getReferencePositions(): ApiReferencePositions {
+		const now = Math.floor(Date.now() / 1000);
+		const candidates = Object.values(this.fetchedPositions) as PositionQuery[];
+		const map: ReferencePositionsMapping = {};
+
+		for (const p of candidates) {
+			if (p.closed || p.denied) continue;
+			if (p.isChallenged) continue;
+			if (BigInt(p.principal) === 0n) continue;
+			if (Number(p.cooldown) >= now) continue;
+			if (Number(p.expiration) <= now) continue;
+
+			const collateral = p.collateral.toLowerCase() as Address;
+			const current = map[collateral];
+			if (!current || BigInt(p.price) > BigInt(current.price)) {
+				map[collateral] = p;
+			}
+		}
+
+		const collaterals = Object.keys(map) as Address[];
+		return { num: collaterals.length, collaterals, map };
+	}
+
 	getMintingUpdatesList(): ApiMintingUpdateListing {
 		const m = Object.values(this.fetchedMintingUpdates).flat(1) as MintingUpdateQuery[];
 		return {
diff --git a/positions/positions.types.ts b/positions/positions.types.ts
index 42cb7a1..fe51b2d 100644
--- a/positions/positions.types.ts
+++ b/positions/positions.types.ts
@@ -16,6 +16,7 @@ export type PositionQuery = {
 	denied: boolean;
 	closed: boolean;
 	original: Address;
+	isChallenged: boolean;
 
 	minimumCollateral: string;
 	annualInterestPPM: number; // @dev: in V2, sum of leadrate and riskPremium
@@ -118,6 +119,16 @@ export type ApiMintingUpdateMapping = {
 	map: MintingUpdateQueryObjectArray;
 };
 
+export type ReferencePositionsMapping = {
+	[collateral: Address]: PositionQuery;
+};
+
+export type ApiReferencePositions = {
+	num: number;
+	collaterals: Address[];
+	map: ReferencePositionsMapping;
+};
+
 export type ApiPositionDefault = {
 	position: Address;
 	collateral: Address;