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The oracle serves two functions:
  1. The reference price for funding.
  2. A direct input to the mark price.
Scape extends a commodity oracle to operate 24/7, beyond the trading sessions of the underlying regional market. When the underlying market is open, the oracle follows the external assessment print. When it is closed, a bounded discovery mechanism takes over. The regime in force is identified on every update, so an externally derived value always remains distinguishable from a Scape-calculated off-hours value.

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Reference-Price Regimes

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External Pricing

The oracle is derived from composite spot assessments published by Scape’s reporter network. SEDA Protocol validates and pushes the price to Hyperliquid every ~3 seconds. No FX conversion is applied — the oracle is quoted in the underlying market’s local currency end to end. While the assessment is publishing and fresh, the externally derived local-currency price is transmitted as the oracle price. A fresh external value is never replaced with local discovery merely because it is unchanged or because the local book indicates a different price.

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Off-Hours Pricing

Regional markets close overnight, on weekends, and on public holidays — sometimes for multiple consecutive days. During closure the perp keeps trading, and the oracle follows a deterministic discovery sequence:
  1. Anchor at the last valid active-session oracle.
  2. Observe the Scape order-book impact mid as the local target — it is never relabeled as an external assessment.
  3. Smooth movement with a continuous-time EMA over a 6-hour lookback.
  4. Clamp each update to a maximum move of 50 bps.
  5. Bound cumulative movement within a 400 bps band around the current reference.
  6. Re-anchor at 90% of band distance — the reference re-anchors to the edge and a new band forms.
  7. Cap after two re-anchors per direction — the final band edge becomes a hard cap until active pricing resumes.
The Hyperliquid order book drives discovery during the closure. On the first fresh external print, the oracle returns immediately to active passthrough, and any dislocation between the perp and the fresh print converges through normal trading and funding. On public holidays the oracle does not run discovery: it holds flat at the last active-session value with a 0 bps band.

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Current Parameters

Parameters are deployer-controlled and may be assigned separately per market. The active anchor, clamp, band, and consumed re-anchors are observable in operational feed metadata during discovery.

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Governance

  • Oracle updates are signed by dedicated sub-deployer keys authorized only for oracle pushes; the deployer master key is not used for routine updates. Two sub-deployer keys are authorized to support rotation and failover.
  • The deployer stake is 500,000 HYPE, slashable on misconduct via stake-weighted validator vote.