> For the complete documentation index, see [llms.txt](https://docs.paragon.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.paragon.trade/markets/rates-and-yields/external-pricing.md).

# 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):

| Session | Hours (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 indices for all 168.

Rates perpetuals trade 24/7 on Hyperliquid. Outside a market's covered sessions — including weekends and [market holidays](/resources/holiday-closures.md) — no source is publishing and the mark is bounded internally. Per-market sources, sessions, and parameters are listed in the [market specifications](/resources/specifications.md#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](/markets/rates-and-yields/off-hours-and-fallback.md).

## 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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