External Pricing
Yield data for rates markets is sourced from institutional data providers. Where a source publishes the yield directly, it is used as the oracle price without conversion; where a source carries a price rather than a yield, it is translated before publication.
External prices for rates are presently derived from a single weekday session. Coverage is set per market and may be extended as further sources are added, with a more direct source always taking precedence over a less direct one (all times ET):
Regular
08:00 – 17:00
That window covers 45 hours a week; the remaining 123 run on internal pricing. For comparison, equities are externally priced for 120 hours a week and crypto markets for all 168.
Rates perpetuals trade 24/7 on Hyperliquid. Outside a market's covered sessions — including weekends and market holidays — no source is publishing and the mark is bounded internally. Per-market sources, sessions, and parameters are listed in the market specifications.
Coverage will widen as further sources come online, extending the window toward continuous external pricing. In the meantime, a rates market spends more of the week on internal pricing than other Paragon market types, and the first externally derived value of a session may arrive after the underlying cash market has already been trading. See Off Hours & Fallback.
Zero and Negative Yields
A rates market can only be priced from a positive yield. If the feed reaches or falls below zero, the market will be settled.
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