# Single-Ticker Equities

### Times

**These four windows make up weekday coverage:**

* Overnight: 8:00 PM – 4:00 AM ET
* Pre-market: 4:00 AM – 9:30 AM ET
* Regular: 9:30 AM – 4:00 PM ET
* After-hours: 4:00 PM – 8:00 PM ET

Weekday coverage starts on Sunday 8:00 PM ET and runs continuously until Friday 8:00 PM ET.

### Oracle Pricing

Oracle pricing is used to calculate funding rates which anchor perpetual contract price to underlying stock price. For the 24/7 markets we divide the oracle price into three segments (weekday on-hours, weekday off-hours, weekend off-hours). Pricing infrastructure is handled by Redstone.

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

**EMA Definition (used below)**

Let $$x\_t$$be the input series sampled every $$\Delta t = 1\mathrm{s}$$, and let $$S\_t$$ be the EMA with time constant $$\tau\ (\text{e.g., }1\mathrm{h},8\mathrm{h},150\mathrm{s}).$$ We use:

$$
% EMA recursion + smoothing factor
S\_t = \beta S\_{t-1} + (1-\beta),x\_t,
\qquad
\beta = \exp!\left(-\frac{\Delta t}{\tau}\right)
$$

**Part 1: Weekday on-hours**

**Source:** During on-hours (weekdays 9:30 AM ET – 4:00 PM ET to start), we aggregate prices from NYSE/NASDAQ (multiple data providers for redundancy) and take the **median** across feeds to mitigate any single corrupted feed. The result is the on-hours `oraclePx`.

**Part 2: Weekday off-hours**

Oracle = EMA\_1h(median(impact\_bid\_price, impact\_ask\_price))

**Part 3: Weekend off-hours**

Oracle = EMA\_8h(median(impact\_bid\_price, impact\_ask\_price))

### 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 + 150s 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

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

**Part 1: Weekday on-hours**

Oracle Price

**Part 2: Weekday off-hours**

Last Close from Weekday On Hour period (Friday 4PM ET)

**Part 3: Weekend off-hours**

Last Close from Weekday On Hour period (Friday 4PM ET)

### Holidays & Misc. (E.g Corporate Events)

* Holidays are treated as weekends. Shorter regular sessions due to holidays will transition to weekend status afterwards. Holidays are defined here: <https://www.nyse.com/markets/hours-calendars> and <https://www.nasdaq.com/market-activity/stock-market-holiday-schedule>
* If a public company gets merged / acquired and Felix has a listed equity perp market of the company, it will be settled in the following way
  * Public notice that the merger / acquisition has closed (effective time), typically via 8-K/press release + official announcement from exchange
  * Action: Settle all positions
* If a company splits its stock, all positions will be settled in the market before the split and the market will start again post-split
  * Forward Split: Cash-settle all positions at 4:00 PM ET on the day before split. Market restarts split-adjusted at 4:00 a.m et on the ex-date (pre-market).&#x20;
  * Reverse Split: Cash-settle at 4 PM ET. Market restarts at 9:30 AM ET on the ex-date (regular open).

### Dividends

* If dividend is <0.5%, market functions as normal.
* If dividend is ≥0.5%, all positions will be settled in the market at 4 PM ET on last on-hours trading session of the week before ex-dividend date. The market will start again on the ex-dividend date at 9:30 AM ET.


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