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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

Each market has a fixed multiplier M. P&L per contract is that multiplier times the change in the local-currency oracle price, paid in USDC: PnL per contract=M×ΔPlocal\text{PnL per contract} = M \times \Delta P_{\text{local}} No FX conversion is applied — a trader takes a view on the local-currency price and is paid in dollars on the move. Per-market multipliers, ticks, leverage, and other contract specifications are listed under Commodities.