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:

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

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).

  • 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.