On the 5d instanton index as a Hilbert series

The superconformal index for N=2 5d theories contains a non-perturbative part arising from 5d instantonic operators which coincides with the Nekrasov instanton partition function. In this article, for pure gauge theories, we elaborate on the relation between such instanton index and the Hilbert series of the instanton moduli space. We propose a non-trivial identification of fugacities allowing the computation of the instanton index through the Hilbert series. We show the agreement of our proposal with existing results in the literature, as well as use it to compute the exact index for a pure U(1) gauge theory.