Crypto

Oracle Price

The Oracle Price represents the external reference value of an asset. It is derived from a weighted average of major centralized exchange (CEX) spot prices.

The weighted median of these sources is used, ensuring robustness against outliers. Prices are sampled every few seconds, aggregated, and median-filtered to remove abnormal ticks.

Exchange	Weight
Binance	4
OKX	3
Bybit	3

Mark Price

For crypto perpetuals, the mark price is the median of three independent methods:

Method 1: Mid-price Basis Adjustment

Mid(t) = (BestBid + BestAsk) / 2
Basis(t) = Mid(t) − OraclePrice(t)
τ_basis = 150 seconds

A 150-second exponential moving average (EMA) of the basis term smooths short-term volatility between the onchain market and the oracle feed. This ensures that mark prices respond quickly to legitimate price movements without overreacting to temporary order book noise.

Method 2: Last Traded Price

The last traded price on Margin Trade is included to capture the most recent executed market activity. It ensures responsiveness during high-volume trading periods.

Method 3: CEX Perpetual Weighted Average

For additional robustness, mark prices incorporate a weighted average of perpetual mid-prices across major CEXs:

Exchange	Weight
Binance	4
OKX	3
Bybit	3

The final Crypto Mark Price is:

mark_price_crypto = median(Method1, Method2, Method3)

This blended approach balances responsiveness, resistance to manipulation, and stability during volatile periods.