# Canonical Perps

Canonical perps are HyENA's standard perpetual markets for established assets that have deep liquidity on major centralized exchanges. Examples include BTC-USD, ETH-USD, SOL-USD, and similar blue-chip assets.

### Oracle Price

HyENA re-uses the published oracle prices from Hyperliquid. The oracle price for a canonical HyENA perp (e.g., BTC-USD) matches the oracle price of the corresponding perp on Hyperliquid.

On Hyperliquid, oracle prices are a **weighted median of CEX prices**, updated by validators approximately once every three seconds.

### Mark Price

Canonical perps use the shared 4-component mark price formula.

| Component                          | Input Source                                                                                  |
| ---------------------------------- | --------------------------------------------------------------------------------------------- |
| **1** — Oracle + 150s EMA of basis | Oracle = Hyperliquid canonical oracle; Mid = HyENA DEX mid-price                              |
| **2** — DEX book median            | `median(best_bid, best_ask, last_trade)` on HyENA                                             |
| **3** — External perp median       | Weighted median of Binance, OKX, Bybit, Gate.io, MEXC perp mid-prices (weights 3, 2, 2, 1, 1) |
| **4** — 30s EMA of Component 2     | Included only when fewer than 3 main components are present                                   |

The final mark price is the **median** of all available components.

### Funding Rate

Standard Hyperliquid funding rate calculation. No dampening is applied.

### Special Conditions

None. Canonical perps follow the same behavior as their Hyperliquid counterparts with HyENA's own DEX book data substituted into the mark price formula.


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