# Direct Spot Perps

Direct spot perps are for assets that have spot liquidity on major centralized exchanges but do not have a USDC-margined perp market on Hyperliquid. Instead of relying on a Hyperliquid canonical oracle or a self-referential EMA, the oracle price is derived directly from a **weighted median of CEX spot prices**.

### Oracle Price

The oracle price is the **weighted median of spot mid-prices** collected from external exchanges, polled approximately every 500 milliseconds.

#### Default Spot Exchange Weights

| Exchange | Weight |
| -------- | ------ |
| Binance  | 3      |
| OKX      | 2      |
| Bybit    | 2      |
| Gate.io  | 1      |
| MEXC     | 1      |
| Kraken   | 1      |
| KuCoin   | 1      |
| Coinbase | 1      |
| Lighter  | 1      |

Weights are configurable per asset. The default set includes **9 spot exchanges**.

#### Staleness

Exchange prices older than the configured staleness threshold are excluded from the weighted median. This prevents stale or halted exchange feeds from corrupting the oracle.

### Mark Price

Direct spot perps use the shared 4-component mark price formula.

| Component                          | Input Source                                                                                 |
| ---------------------------------- | -------------------------------------------------------------------------------------------- |
| **1** — Oracle + 150s EMA of basis | Oracle = weighted median of spot prices; 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 CEX perp mid-prices *(if a perp market exists on any supported exchange)* |
| **4** — 30s EMA of Component 2     | Included only when fewer than 3 main components are present                                  |

**Key distinction**: The oracle source is **spot** prices, but Component 3 still uses **perp** prices from the same exchanges as canonical markets (Binance, OKX, Bybit, Gate.io, MEXC with weights 3, 2, 2, 1, 1). This means the mark price can incorporate both spot and perp signals when both are available.

### Funding Rate

Standard Hyperliquid funding rate calculation. No dampening is applied (unlike premarket perps).