Equity and ETF perpetuals
All equity and ETF perpetuals are priced using direct spot prices from two independent oracle sources, Pyth and Stork. Both provide continuous 24/5 pricing data for regular hour, post-market, overnight, and pre-market prices. When both sources respond, the external price is the average of Pyth and Stork. If only one source responds, that price is used directly.Index perpetuals (US100, US500)
Indices do not have a direct spot market. Index perpetuals use Pyth futures feeds and convert futures prices to synthetic spot prices using the standard cost-of-carry relationship. This accounts for the risk-free rate, convenience yield, and time to expiration.Learn more
Mark price protection
Why the platform uses an external oracle aggregate rather than the local last-traded price.
Premium index
How the oracle price combines with local impact prices to form the premium index.