Premarket
LIGHTER Premarket
The Lighter premarket assumes a 1 billion total supply for Lighter, such that every $1 priced in LIGHTER is equivalent to $1 billion in FDV.
Funding rates on the LIGHTER pre-market perps are dampened to 0.05x where they otherwise would be. Mark price clamp is 3x the 8-hour mark price EMA.
Users will incur no additional HIP-3 fee up until the time of Lighter TGE, paid through in the form of a rebate distributed in the two to four weeks following Lighter's TGE.
LIGHTER traders will also be eligible for up to 10% of HyENA points distributed from the time of market launch until Lighter's TGE.
Open interest is currently capped at $20 million.
HyENA Premarket Perps
HyENA supports premarket perpetuals for assets that may not yet have a robust spot oracle. Premarkets are designed to closely follow Hyperliquid’s Hyperp approach, with additional safeguards and a market resolution process if the assumed total supply of a premarket does not match with the total supply on spot listing.
In HyENA’s market configuration, a candidate market can be designated as a premarket. If a market is not designated as a premarket, HyENA continues to follow the standard behavior for normal perps where a USDC-margined equivalent exists should continue to be followed.
Premarkets Specification Overview
The oracle price equals the 8-hour EMA of the mark price. Like Hyperps these EMA samples are taken every minute, and similarly the initial mark price acts as padding when the market is first created. On the very first update, this will be the oracle price specified at market registration. For more information, refer to Hyperliquid’s Hyperps docs.
The mark price calculation is the same as regular Hyperliquid validator-operated perps or HyENA perps, the median of:
Oracle price plus a 150 second exponential moving average (EMA) of the difference between Hyperliquid's mid price and the oracle price
The median of best bid, best ask, last trade on Hyperliquid
Median of Binance, OKX, Bybit, Gate IO, MEXC perp mid prices with weights 3, 2, 2, 1, 1, respectively.
HyENA’s premarkets may not be listed on any other venue, in which case this field will be excluded from the median calculation. If at least one venue is available, it will be included.
If exactly two out of the three mark price inputs above exist, the 30 second EMA of the median of best bid, best ask, and last trade on Hyperliquid is also added to the median inputs.
Hyperps have a clamp on mark price of 10x the 8 hour mark price EMA. For HyENA premarket perps this is set at a 3x clamp. This clamp may be disabled in the initial listing of premarkets to enable more efficient price discovery.
Hyperps have a clamp on the oracle price of 4x the 1 month average of the mark price. This is the same for HyENA premarkets.
An optional “halt price” is available for specification for all HyENA premarkets. See “Market Resolution”
Funding Rates
Similar to Hyperps, HyENA premarket perps are dampened to 1% of what they would otherwise be by the normal calculation.
Market Resolution Process
In some cases, a premarket will be created before a protocol announces the token’s total supply or even the ticker.
In these cases, HyENA will make assumptions. For total supply, 1B will be the default assumption unless otherwise publicly stated by the appropriate team.
If the project announces total supply that contradicts the assumed market definition:
The market will remain operational until spot listing.
The original total supply assumption will be clearly communicated to users in documentation and on HyENA’s trading page, as well as a prominent indication of the implied FDV.
In these cases, shortly after spot listing the market will be settled via the below Market Resolution process.
Market Resolution
Operationally, the Market Resolution process is as follows:
Within the first 48 hours after the token’s relevant listing details are announced, HyENA will communicate whether the market will have a Market Resolution process.
After the first 24 hours of spot trading, a 1-hour volume-weighted average of spot prices will be taken.
This price will be communicated as the halt price in announcements, displayed on the HyENA website, and the oracle will be re-configured to set this price persistently as the oracle price.
The HyENA multisig will perform a haltTrading action within 24 hours of the halt price announcement.
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 will equal the halt price.
After delisting, HyENA may consider re-listing the market with updated pricing reflective of the announced total supply.
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