# 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.