Pricing

Hyperliquid mark price and oracles

Two prices govern a Hyperliquid position, and neither is the last trade. Knowing which is which explains why a position survives a wick, and why funding can look disconnected from the screen.

In short

Oracle price is a weighted median of centralised-exchange spot prices, computed by validators roughly every three seconds and independent of Hyperliquid's own market data; it drives funding. Mark price is the median of three inputs — oracle price plus a 150-second EMA of the Hyperliquid mid-to-oracle difference, the median of Hyperliquid best bid, best ask and last trade, and a weighted median of Binance, OKX, Bybit, Gate.io and MEXC perp mids — and drives margining, liquidations, TP/SL triggers and unrealised PnL.

At a glance

Which price does what
Price	How it is computed	What it drives
Oracle price	How it is computedWeighted median of CEX spot prices, liquidity-weighted, published ~every 3s by validators	What it drivesFunding rate and funding notional
Mark price	How it is computedMedian of three robust inputs (oracle + 150s EMA basis, HL bid/ask/last median, weighted CEX perp mids)	What it drivesMargining, liquidations, TP/SL triggers, unrealised PnL
Impact price	How it is computedAverage execution price for the asset's impact notional on each side of the book	What it drivesPremium component of funding

Oracle price: deliberately external

Oracle price is a weighted median of centralised-exchange spot prices, with weights depending on each venue's liquidity, published by validators approximately every three seconds. It does not depend on Hyperliquid's market data at all, which is precisely what makes it hard to manipulate through Hyperliquid's own book.

Because funding is computed against the oracle price, funding cannot be pushed around by a temporary squeeze on Hyperliquid alone. The trade-off is dependence on the referenced venues.

Mark price: a median of medians

Mark price is the median of three inputs: oracle price plus a 150-second EMA of the difference between Hyperliquid's mid and the oracle; the median of Hyperliquid's best bid, best ask and last trade; and the median of Binance, OKX, Bybit, Gate.io and MEXC perp mids weighted 3, 2, 2, 1 and 1. If only two of the three inputs exist, a 30-second EMA of the Hyperliquid bid/ask/last median is added as a fourth input.

Taking a median of robust estimates means no single venue outage, wick or thin book can dictate the price that decides your liquidation. Mark price updates whenever validators publish new oracle prices, so about every three seconds.

What each price is used for

Mark price is used for margining, liquidations, triggering take-profit and stop-loss orders, and computing unrealised PnL. Oracle price is used for funding, and the funding payment converts position size to notional using the oracle price rather than mark.

This split explains a common confusion: your unrealised PnL and liquidation distance can move while the last trade on Hyperliquid sits still, because external inputs shifted the mark.

Why this matters for mirrored execution

A mirrored order is placed on the same book as the leader's, but not in the same instant, so the fill price differs. Tracking error is the accumulation of those differences, not a defect in the price feed.

Robust pricing narrows one source of that error — both accounts are margined against the same manipulation-resistant mark — while leaving the ordinary latency and liquidity component intact.

Methodology

Scoring and replacement are documented in full on How it works and in the Docs (Policy v3). In short: the Elite basket is sticky, emergencies remove a leader immediately, and soft issues accrue at most one strike per UTC day with three strike-days triggering replacement. Read how it works or the documentation for the full table.

Questions

Frequently asked

Why is my liquidation price based on mark price, not the last trade?

Because mark price is a median of robust inputs including external venues, which prevents a thin-book wick on Hyperliquid from triggering liquidations.

How often does Hyperliquid update prices?

Validators publish oracle prices roughly every three seconds, and mark price updates whenever new oracle prices are published.

Which exchanges feed Hyperliquid's mark price?

One of the three mark inputs is the median of Binance, OKX, Bybit, Gate.io and MEXC perp mid prices, weighted 3, 2, 2, 1 and 1 respectively.

Keep reading

Funding ratesHow the oracle and impact prices set funding.LiquidationsWhat happens when mark price reaches your liquidation level.Tracking error explainedWhy a mirrored fill is never identical.DocumentationScoring, allocation, isolation and replacement mechanics.

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