Commodities

The specification below applies only for the GOLD-USDH market as of now.

Times

Two windows make up for weekday coverage:

• Regular-hours: 6:00 p.m. – 5:00 p.m. ET

• Off-hours: 5:00 p.m. – 6:00 p.m. ET

Weekend coverage starts on Friday 5:00 p.m. ET. and runs continuously until Sunday 6:00 p.m. ET.

Oracle Pricing

Oracle pricing is used to calculate funding rates which anchor perpetual contract price to underlying commodity 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:

$$S_t = \beta S_{t-1} + (1-\beta)\,x_t, \qquad \beta = \exp\!\left(-\frac{\Delta t}{\tau}\right)$$

Part 1: Weekday on-hours

Source: During on-hours, we aggregate prices from multiple spot gold venues via Redstone. Fallbacks are implemented to mitigate any single corrupted feed. The result is the on-hours oraclePx.

Part 2: Weekday off-hours

Oracle = EMA_1m(XAUT_price)

Part 3: Weekend off-hours

Oracle = EMA_5m(XAUT_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

• 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.

Part 1: Weekday on-hours

Oracle Price

Part 2: Weekday off-hours

Last Close from Weekday On Hour period

Part 3: Weekend off-hours

8 hour EMA of XAUT price

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.lmax.com/global/holiday-calendar and https://www.cmegroup.com/trading-hours.html