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, running perpetual markets on its own indices. Margin and settlement are in USDC.

See 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.

1. Capture — the data layer

   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.

2. Forge — synthetic markets

   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.

3. Predict — event markets

   Prediction markets on the events that move materials — export quotas, production cuts, policy shifts — resolved against Scape’s own reported-price and benchmark data.

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 (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 for details.

The Scape Interface

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.