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A perpetual contract (“perp”) lets traders speculate on an asset’s price with no fixed expiry. A funding mechanism keeps the contract price aligned with the underlying. Scape lists perps on regional commodity markets. Scape perps are quanto contracts. The oracle is quoted in the underlying market’s local currency; margin and settlement are in USDC. No FX conversion is applied at any point. P&L is paid in USDC against the change in the local-currency oracle price.

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What Hyperliquid Handles

Listed on Scape’s HIP-3 deployment, matching, order types, funding, liquidations, and auto-deleveraging are managed by HyperCore.

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What Scape Handles

Three components are bespoke to Scape: the oracle price, the mark price, and the external price. The relayer computes these for each market and broadcasts updates to HyperCore. Scape uses SEDA Protocol to validate and push updates to Hyperliquid every ~3 seconds, with no FX conversion.

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Quanto Payoff

There is no contract multiplier. P&L is the position quantity times the change in the local-currency oracle price, paid one-for-one in USDC: PnL (USDC)=quantity×ΔPlocal\text{PnL (USDC)} = \text{quantity} \times \Delta P_{\text{local}} One unit of local-currency price movement pays one USDC per contract. No FX conversion is applied — a trader takes a view on the local-currency price and is paid in dollars on the move. Position notional is ∣quantity∣×contract price|\text{quantity}| \times \text{contract price}, expressed in USDC. Per-market ticks, quantity precision, leverage, and other contract specifications are listed under Commodities.