# 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.