Price Feeds
Accurate and manipulation-resistant price data is essential to ensure fair trading, liquidation, and funding outcomes. Margin Trade uses a robust multi-source price feed system designed to minimize the impact of outliers, illiquid markets, and manipulation attempts.
Two primary prices are used throughout the protocol:
Oracle Price — external fair reference price used for funding rate calculations
Mark Price — internal fair value used for unrealized PnL, margining, and liquidation triggers. It is a dynamic and smoothed estimate that tracks the true market price while resisting sudden deviations caused by short-term volatility.
Both are updated continuously by the network and validated against multiple independent sources.
To mitigate manipulation risk, the oracle price is capped at 4× the 30-day exponential moving average (EMA) of the mark price.
Update Frequency and Safeguards
Update Frequency: ~every 3 seconds for crypto assets; every minute for equities during active hours
Capping:
Mark price capped at 10× its 8-hour EMA
Oracle price capped at 4× its 30-day EMA
Fallbacks:
If fewer than two inputs are available, the last valid EMA mark price is reused
If all data sources are unavailable, the mark price reverts to the prior stable mark
These mechanisms ensure the system remains robust and reliable even under data degradation or exchange outages.
Summary
Oracle Price
Funding rate, fair index value
Weighted average from CEX + Polygon (equities)
~3s (crypto) / ~60s (equities)
Mark Price
PnL, margin, liquidations
Median of mid-price basis, last trade, CEX perps (crypto) / Oracle + funding (equities)
Continuous
Funding Adjustment
Expected next-interval rate correction
Derived from mark vs oracle spread
8-hour cycle
Circuit Breakers
Prevent off-hour manipulation
EMA + capped deviation logic
Continuous
Last updated