# Crypto

### Times

Crypto markets are 24/7 and do not have off-hours and off-hours pricing.

### Oracle Pricing

We aggregate prices from multiple spot crypto venues via Redstone. Fallbacks are implemented to mitigate any single corrupted feed. The result is the `oraclePx`.

### Mark Pricing

This section details our methodology for calculating the mark price, which serves as the reference for margin, liquidations, take-profit and stop-loss triggers, and unrealized profit and loss computations. Pricing infrastructure is handled by Redstone.

Each oracle update (every 2.5s) can change markPx by at most 1%.

Mark Price is calculated as the median of the following 3 values:

* MarkPx0: Oracle Price
* MarkPx1: Oracle Price + 300s EMA of difference between oracle price and midPx
* MarkPx2: The median of best bid, best ask, last trade on Hyperliquid (added as default by HL)

### ExternalPerpPx Pricing

This limits a perp market's mark price movement to the given band of +/- min(1/max\_leverage, 20%) from the externalPerpPx value.

ExternalPerpPx = ema\_1m(OraclePx)


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