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Market & External Perp Prices

Market prices and external perp prices are key components of each oracle update, along with the oracle price.

Market Price​

The oracle submits zero to two market price values at each update. These values are evaluated together with Hyperliquid's own local mark price, which is computed as:

median(best bid, best ask, last trade)

Hyperliquid then takes the median of:

  • the submitted market price values (0–2 values), and
  • the local market price

to determine the updated mark price.

Oracle provides two specific market price inputs:

  • Oracle price
  • Oracle price plus a 150-second exponential moving average (EMA) of the difference between the market's mid price and the oracle price

This structure gives Hyperliquid more context around short-term deviations while remaining stable and manipulation-resistant.

External Perp Prices​

For each asset, the oracle also submits one external perp price: pure oracle price.

Hyperliquid then uses these external perp prices to prevent sudden or unjustified mark price deviations. They act as a guardrail against extreme internal moves, especially during highly volatile periods or thin liquidity.