Mark Price

How mark prices are computed and applied.

The mark price is used for margining, liquidations, stop/limit triggers, and unrealized P&L. On Scape it is the Hyperliquid standard: the median of three components.

1. The oracle price.
2. The oracle price plus a continuous-time EMA of the perp mid minus the oracle.
3. The median of the best bid, best ask, and last trade.

The relayer publishes components (1) and (2). HyperCore computes (3) and takes the median of the three as the mark price.

The mark price formula is fixed by Hyperliquid and is not deployer-configurable. Scape sets the oracle that feeds it, not the mark methodology.

Relayer updates are clamped to ±50 bps of the current value to mitigate large price jumps. This applies to both the mark price and the oracle price. A separate oracle clamp limits each oracle update to 1% with a hard ceiling of 10× start-of-day.