> ## 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.

# Overview

> Introduction to Scape's market mechanics.

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.

## What Hyperliquid Handles

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

## 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](https://seda.xyz) to validate and push updates to
Hyperliquid every \~3 seconds, with no FX conversion.

## 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:

$$
\text{PnL (USDC)} = \text{quantity} \times \Delta P_{\text{local}}
$$

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 $|\text{quantity}| \times \text{contract price}$, expressed in
USDC.

Per-market ticks, quantity precision, leverage, and other contract specifications are listed
under [Commodities](/assets/commodities).