> ## Documentation Index
> Fetch the complete documentation index at: https://docs.scape.exchange/llms.txt
> Use this file to discover all available pages before exploring further.

# What's Scape ?

> Modern derivatives for global traders.

## Overview

Scape is a market-data and derivatives protocol built for the world's most strategically
important physical markets. It takes prices reported by the entities that actually take
physical delivery — benchmarks, refineries, mines, smelters — and turns them into continuous
indices and 24/7 tradable markets.

Scape operates as a HIP-3 deployer on [Hyperliquid](https://hyperliquid.xyz), running
perpetual markets on its own indices. Margin and settlement are in USDC.

See [Commodities](/assets/commodities) for how Scape contracts are structured.

## Three Layers

The protocol carries physical-market data through three layers — from raw reported prices
to 24/7 tradable markets.

<Steps>
  <Step title="Capture — the data layer" icon="database">
    Price capture from any entity that takes physical delivery and reports price. Anchor
    data partnerships seed coverage in each region, and reported prices are aggregated by
    material and region into continuous, manipulation-resistant indices.
  </Step>

  <Step title="Forge — synthetic markets" icon="flame">
    Perpetual futures forged on Scape indices — 24/7, globally accessible, no physical
    settlement. Funding is anchored to the aggregated index, not a single venue's print.
  </Step>

  <Step title="Predict — event markets" icon="chart-line">
    Prediction markets on the events that move materials — export quotas, production cuts,
    policy shifts — resolved against Scape's own reported-price and benchmark data.
  </Step>
</Steps>

Low-frequency prices from many reporters compose into a live market: weekly assessment
cadence becomes a continuous index, and every index is published on-chain with transparent
methodology and auditable inputs.

## Division of Responsibility

Hyperliquid runs matching, margining, funding, and liquidation. Scape sets the oracle,
market parameters, and market-maker economics.

| Layer          | Operator                | Function                                    |
| -------------- | ----------------------- | ------------------------------------------- |
| Assessment     | Reporter network        | Regional composite spot prices              |
| Relay + Oracle | Scape                   | Validated push to Hyperliquid every 3s      |
| Execution      | Hyperliquid (HyperCore) | Mark, funding, liquidation, USDC settlement |

## HIP-3

[HIP-3](https://hyperliquid.gitbook.io/hyperliquid-docs) (Hyperliquid Improvement Proposal 3)
allows independent developers to deploy and operate custom perpetual markets on Hyperliquid.
A deployer defines its own market listings, oracle sources, and risk parameters while relying
on Hyperliquid's matching engine, clearinghouse, and validator set for execution and
settlement.

Scape's matching, order types, funding, liquidations, and auto-deleveraging are managed by
HyperCore. Three components are bespoke to Scape — the **oracle price**, the **mark price**,
and the **external price** — computed by the relayer and broadcast to HyperCore. See
[Market Mechanics](/market-mechanics/overview) for details.

## The Scape Interface

[scape.exchange](https://scape.exchange) is an interface for accessing Scape markets. It is
not the exclusive means of access — because Scape markets live on Hyperliquid, they can be
reached through any compatible interface or directly on-chain.

## Why Scape

Scape is the on-chain venue for the industrial economy — global market reporting and
execution for the materials of tomorrow.

The cornerstones of the economy are shifting. The materials that decide the energy
transition are produced and refined far from the venues that price them, and price discovery
hasn't kept up with their importance. Scape gives these markets the global, always-on price
discovery they deserve:

* **Markets that never close** — 24/7 trading on materials that never had a tape.
* **One oracle network** — entities taking physical delivery report price on-chain,
  auditable and composable by any protocol.
* **Permissionless global access** — no onshore entity, licensing, or physical delivery
  required; global capital meets the markets of tomorrow.
* **Data in, derivatives out** — one protocol carries reported prices through aggregated
  indices to perpetuals and prediction markets.