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)