Index Price

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Oracle Prices

Phoenix real-world asset markets are perpetual futures. The sections below describe index pricing for commodity perps and equity perps. Oracle prices for commodity perps and equity perps are denoted in USD. Phoenix does not apply a USDC/USD spot-price correction to these oracle prices. Phoenix uses a number of independent data providers for external real-world asset prices.

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Commodity Perps

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Market Hours

Commodity perp oracle prices are externally sourced during the following market schedule: During these market hours, commodity index prices are derived directly from liquid spot and futures markets. Market hours are subject to exchange holidays and early closes.

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After Hours

When traditional commodity markets are closed, the index price updates using Impact Pricing, Phoenix’s internal order-book based pricing mechanism.

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Commodities Futures Rolling

Some commodity perp markets derive their pricing from futures contracts during market hours. Because futures contracts expire, the index price handles “rolling” the pricing to the next active futures contract via a 5-day roll between the 5th and 10th business days of the month. During the roll period, 20% of the weight is shifted from the current contract to the next active contract at 5:30 ET every business day until the current contract is at 0% weight. Note that this happens during after hours, as markets are closed between 5 and 6 ET. Currently this applies to the WTIOIL and COPPER markets.

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Equity Perps

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Trading Hours

Equity perp oracle prices are externally sourced 24/5, from Sunday 8:00 PM ET to Friday 8:00 PM ET. Phoenix achieves this by aggregating across the following equity-market sessions:

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Market Closed

When the 24/5 external pricing window is closed, the index price updates using Impact Pricing, Phoenix’s internal order-book based pricing mechanism.

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Futures Rolling

Equity markets do not use futures rolling mechanics.

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Transitions

When transitioning from an internal pricing period to an external pricing window, the index price instantly snaps to the new external market price. When transitioning from an external pricing window to an internal pricing period, the last known external price becomes the base value for internal pricing.