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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, an internal mechanism takes over.

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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, the externally derived local-currency price is transmitted as the oracle price.

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Internal Pricing

Regional markets close overnight, on weekends, and on public holidays — sometimes for multiple consecutive days. During closure:
  • The oracle holds the last external print as its anchor.
  • A continuous-time EMA (CT-EMA) on the perp mid bounds drift from that held anchor.
The Hyperliquid order book drives discovery during the closure. On reopen, the external assessment resumes and any dislocation between the perp and the fresh print pays through funding.

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Safety

ControlValue
Oracle clamp1% max move per update
Hard ceiling10× start-of-day
Deployer stake500,000 HYPE, slashable on misconduct via stake-weighted validator vote