Pricing Overview

Oracle Provider

Chaos Labs is the primary oracle updater for HyENA perps. HyENA also runs a backup oracle updater as a failsafe.

Pricing Types

HyENA supports three distinct pricing models, each tailored to the liquidity profile and data availability of the underlying asset.

Type
Oracle Source
Typical Use Case

Canonical

Hyperliquid's published oracle

Established assets with deep CEX perp liquidity (BTC, ETH, SOL, …)

Premarket

8-hour EMA of own mark price

Pre-TGE or newly launched tokens without a robust spot oracle

Direct Spot

Weighted median of CEX spot prices

Tokens with spot liquidity on major CEXs but no USDC-margined perp market on Hyperliquid

A market's pricing type is determined by oracle configuration. Markets not designated as premarket or direct spot default to canonical behavior.

Shared Mark Price Formula

All three pricing types compute their mark price using the same 4-component median pipeline. The inputs differ per type, but the formula is identical.

Mark price = median of available components:

Component
Description

1

oracle_price + 150s_EMA(DEX_mid − oracle_price)

2

median(best_bid, best_ask, last_trade) on the HyENA DEX

3

Weighted median of external CEX perp mid-prices

4

30-second EMA of Component 2 (included only when fewer than 3 main components exist)

Component 3 Default Weights (Perp)

When no custom weights are specified, Component 3 uses:

Exchange
Weight

Binance

3

OKX

2

Bybit

2

Gate.io

1

MEXC

1

Component Availability

Not all components are available for every market. If an asset has no external CEX perp listings, Component 3 is absent. If the HyENA DEX orderbook is empty, Components 2 and 4 are absent. When no components can be computed at all, mark price falls back to the oracle price.

The mark price calculation is subject to change over time. Up-to-date details will be maintained on the HyENA website and docs, with advance notice of any changes.

Funding Rates

Funding rates are computed using the standard Hyperliquid formula based on the oracle price and mark price. Funding rate behavior differs by pricing type:

  • Canonical: Standard funding rates.

  • Premarket: Dampened to 1% of what the standard calculation would produce.

  • Direct Spot: Standard funding rates.

See each pricing type's page for details.

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