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).