External Pricing

Paragon delivers accurate, timely index prices to Hyperliquid through a robust multi-source oracle infrastructure.

Price Sources

Primary: Pyth Network

Paragon sources prices primarily through a partnership with Pyth Network, a decentralized oracle providing high-frequency price feeds across 100+ blockchains. Pyth aggregates data from institutional-grade market data providers, delivering sub-second updates with broad asset coverage.

→ Pyth Documentation

Fallback: Hyperliquid-Inspired Mechanism

When Pyth data is unavailable, Paragon falls back to a Hyperliquid-inspired weighted median across these exchanges:

Exchange	Weight
Binance	3
OKX	2
Bybit	2
Kraken	1
Kucoin	1
Gate IO	1
MEXC	1
Hyperliquid	1

→ Hyperliquid Oracle Documentation

Data Pipeline

Pyth (primary) / Exchange Feeds (fallback) → Validation → Aggregation → Index Calculation → Hyperliquid

1. Collection: Price and supply data from Pyth (primary) or exchange feeds (fallback)
2. Validation: Outlier detection, staleness checks, sanity bounds
3. Aggregation: Waterfall fallback across valid sources (planned: weighted median)
4. Calculation: Index value computed per methodology
5. Delivery: Price updates posted to Hyperliquid via HIP-3 oracle interface

Operational Parameters

Parameter	Value	Description
Price Updates	Sub-second	During active markets
Rebalancing	Daily	Constituent weight updates
Methodology Reviews	Quarterly	Or as needed
Uptime Target	99.99%	High availability commitment
Failover	Automatic	Backup data source fallback
Monitoring	24/7	Alerting and incident response

Transparency & Independent Verification

Market participants should be able to independently replicate and verify oracle prices. All inputs required to reconstruct index values from scratch are available on request. We plan to make this data publicly accessible via a hosted data feed (S3) or published on-chain (EVM).

Data Available on Request

Data Point	Description
Constituents	Full list of assets included in each index
Prices	Price per constituent with timestamp
Price Sources	Which data vendor provided each price (Pyth, exchange feeds)
Supply Figures	Circulating supply per constituent
Supply Vendors	Which vendor provided each supply figure
Timestamps	Exact time of each data point
Index Values	Computed index value with calculation timestamp

Provenance

Every data point includes its source attribution, allowing full traceability from raw inputs to final index value. This means anyone can:

1. Fetch the same constituent list
2. Pull prices from the stated sources at the stated timestamps
3. Pull supply figures from the stated vendors
4. Apply the published formula
5. Arrive at the same index value

Why This Matters

Opaque index calculations create trust dependencies. By publishing complete input data with provenance, Paragon enables trustless verification-you don't have to take our word for it.