Oracle methodology
An oracle is the price reference used to value positions and enforce trading safety limits. The source depends on the market's asset class. MNX publishes the source ladder, currency conversion, refresh schedule, and freshness limits here so traders can assess the same risks as the operator.
Source ladder by asset class
| Asset class | Price source and fallback |
|---|---|
| U.S. stocks and exchange-traded funds | Massive is primary during the regular U.S. session. When that session is closed, an explicitly reviewed Hyperliquid xyz perpetual oracle price is used. If the Hyperliquid mapping is unavailable or fails its sanity check, Massive remains the fallback. |
| Non-US stocks (Hong Kong, mainland China) | ZHIPU, MINIMAX (HKEX) and CXMT (Shanghai STAR Market) use their reviewed Hyperliquid xyz perpetuals as the primary source at all times. Hyperliquid quotes these instruments in U.S. dollars and carries the foreign-exchange conversion. Each update must remain within 50% of the last stored oracle price; the first update is accepted without that check because a new market has no stored reference. A provider-agnostic external_equity connector is implemented but not enabled. It can take over per asset only after a direct local-market provider, listing symbol, and real-time account tier are approved. |
| Compute index | The H100 compute index uses the SemiAnalysis H100 measurement. There is no stock or Hyperliquid fallback. |
| Valuation futures | These markets have no external live feed. Their oracle is an eight-hour exponential moving average of the internal order-book midpoint; their mark price uses the internal best bid, best ask, and last trade. An exponential moving average gives recent prices more weight while slowing sudden moves. |
Foreign-exchange conversion
The disabled direct Hong Kong equity path reads a Finnhub-shaped local share quote in Hong Kong dollars and the Massive forex ticker C:USDHKD. That ticker's unit is Hong Kong dollars per one U.S. dollar, so the conversion direction is:
USD share price = HKD share price ÷ USDHKD
Both legs are mandatory. Each retains its source timestamp, and the combined price uses the older timestamp. The USDHKD rate must be between 7.5 and 8.0; this guard rejects an accidentally inverted pair instead of silently multiplying the error into the share price.
Cadence and staleness
| Source | Refresh cadence | Freshness window |
|---|---|---|
| Massive or Hyperliquid stock reference | Every minute | 15 minutes for accepting trade batches; 3 minutes for liquidation. |
| Direct foreign equity plus FX | Every minute when enabled | The local leg may be at most 15 minutes old, and the FX leg must pass its configured maximum age. The combined timestamp is the older leg; connector-level trade and liquidation limits remain 15 minutes and 3 minutes. |
| SemiAnalysis H100 | Checked every 10 minutes while waiting for a new hourly measurement. | 75 minutes. |
| Valuation futures | Internal oracle update every minute | No external-feed staleness window; the eight-hour smoothing and internal market-availability rules govern updates. |
Manipulation and delayed data
Hyperliquid-primary pricing inherits the liquidity and manipulation surface of the named xyz perpetual. During Hong Kong exchange hours it is expected to track the home market; outside those hours it is Hyperliquid's own order book, the same risk accepted for U.S. stock perpetuals after hours. Explicit symbol review plus the 50% band against the last stored oracle price prevents a wrong-instrument mapping from being accepted after bootstrap.
A delayed local-equity feed creates a manipulation window equal to its delay: informed traders can act against an oracle that has not yet observed the home-market move. Delayed provider tiers are acceptable for KAS testing only and are not acceptable for production. A direct connector will not replace Hyperliquid-primary pricing until its provider, symbol, entitlements, and real-time tier are reviewed.