Oracle Prices
Phoenix real-world asset markets are perpetual futures. The sections below describe index pricing for commodity, equity, and pre-IPO 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.Commodity Perps
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.
After Hours
When traditional commodity markets are closed, the index price updates using Impact Pricing, Phoenix’s internal order-book based pricing mechanism.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.Equity and ETF Perps
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: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.Pre-IPO Perps
Exact share counts may not be available when a pre-IPO market is listed. Some pre-IPO markets may therefore be priced relative to the company’s market capitalization.Pre-IPO Perps Priced by Market Cap
Phoenix derives pre-IPO oracle prices from a mix of internal pricing and external sources. Because these markets have no spot exchange to anchor an exact price, Phoenix applies internal pricing bounds that reset every four hours, on the hour, in UTC.
For pre-IPO perps priced by market cap, Phoenix may relist the market if the conversion between share price and market cap proves substantially inaccurate.