Premarket Perps

HyENA supports premarket perpetuals for assets that may not yet have a robust spot oracle — typically pre-TGE tokens or newly announced projects. Premarkets follow Hyperliquid's Hyperp approach with additional safeguards and a market resolution process.

Oracle Price

The oracle price is an 8-hour exponential moving average (EMA) of the mark price, sampled once per minute on wall-clock minute boundaries.

• On the very first update, the initial oracle price (set at market registration) acts as padding for the EMA.

• Subsequent samples use the latest computed mark price as input.

This self-referential design allows premarkets to bootstrap an oracle from their own trading activity when no external price feed exists.

Halt Price

An optional halt price can be set for any premarket. When active, it overrides the EMA-based oracle price entirely — the oracle publishes the halt price as a fixed value. This is used during the Market Resolution delisting procedure (see below).

Mark Price

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

Component	Input Source
1 — Oracle + 150s EMA of basis	Oracle = 8h EMA (premarket 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

Because premarket assets may not be listed on any external venue, Component 3 may be absent. If at least one venue lists the asset, it is included. If exactly two out of the three main components (1, 2, 3) exist, Component 4 (the 30-second EMA of the DEX median) is also added to improve stability.

Clamps

Premarkets have two asymmetric clamps that only cap the upside to prevent manipulation of illiquid markets.

Mark Price Clamp

The mark price is clamped at 3× the current 8-hour mark price EMA.

max_mark_price = 3 × EMA_8h(mark_price)

This is more conservative than Hyperliquid Hyperps, which use a 10× clamp. The mark price clamp is enabled by default but can be explicitly disabled during the initial listing period to allow more efficient price discovery.

Oracle Price Clamp

The oracle price is clamped at 4× the 1-month average of the mark price.

max_oracle_price = 4 × monthly_avg(mark_price)

This matches the Hyperp clamp. The monthly average begins accumulating from market creation.

Clamp Summary

Clamp	Multiplier	Reference	Direction	Default
Mark price	3×	8-hour mark price EMA	Upside only	Enabled
Oracle price	4×	1-month mark price average	Upside only	Enabled

Funding Rate

Premarket funding rates are dampened to 1% of what the standard Hyperliquid funding calculation would otherwise produce. This matches the Hyperp funding dampening and prevents outsized funding in illiquid, volatile premarket conditions.

Market Resolution

Background

Premarkets may be created before a project announces its token's total supply or final ticker. HyENA makes assumptions — the default assumed total supply is 1 billion tokens unless publicly stated otherwise by the project team.

If the project later announces a total supply that contradicts the assumed market definition:

1. The market remains operational until the token's spot listing.

2. The original total supply assumption is clearly communicated to users in documentation, on the HyENA trading page, and with a prominent indication of the implied FDV.

3. Shortly after spot listing, the market is settled via the Market Resolution process.

Resolution Process

1. Within 48 hours of the token's listing details being announced, HyENA communicates whether a Market Resolution will occur.

2. After the first 24 hours of spot trading, a 1-hour volume-weighted average of spot prices is taken.

3. This price is set as the halt price — announced publicly, displayed on the HyENA website, and configured as the persistent oracle price.

4. The HyENA multisig performs a haltTrading action within 24 hours of the halt price announcement.

5. When markets are halted on Hyperliquid, positions are automatically settled at a 1-hour time-weighted average of the oracle price before delisting by Hyperliquid's clearinghouse. This equals the halt price.

6. After delisting, HyENA may re-list the market with updated pricing reflective of the announced total supply.