> 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/trading/oracle-price.md).

# Oracle Price

The oracle price is Paragon's reference valuation for each market. It serves two roles: it is the reference price for [funding](/trading/fees.md#funding-rates), and a direct input to the [mark price](/trading/mark-price.md). Paragon's oracle network delivers these prices to Hyperliquid via the HIP-3 interface.

## External Pricing

While a market's underlying asset is trading, its live price serves directly as the oracle price. Paragon's oracle network draws that price from several independent sources rather than any single venue, and the sourcing varies by market type:

| Market Type    | External Source                                                                                                                            | Coverage                                                                         | Details                                                                            |
| -------------- | ------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------- |
| Crypto Indices | [Pyth](https://pyth.network) (primary) with a Hyperliquid-inspired weighted-median exchange fallback, applied to each index's constituents | 24/7                                                                             | [Crypto Indices → External Pricing](/markets/crypto-indices/external-pricing.md)   |
| Equities       | [Pyth](https://pyth.network) equity feeds across trading sessions                                                                          | see [Contract Specification](/resources/specifications.md#market-specifications) | [Equities → External Pricing](/markets/equities/external-pricing.md)               |
| Rates & Yields | Institutional interest-rate feeds, published as a yield                                                                                    | see [Contract Specification](/resources/specifications.md#market-specifications) | [Rates & Yields → External Pricing](/markets/rates-and-yields/external-pricing.md) |

Each market type's sourcing is detailed on its own page (linked above).

## Off-Hours & Fallback

Crypto index prices are continuous (24/7). For equities and rates, external sources pause outside covered sessions; the oracle then advances via an internal 30-minute EMA and the mark is held within the market's [Bounds](/trading/bounds-and-anchors.md) around the last externally published value. See [Equities → Off Hours & Fallback](/markets/equities/off-hours-and-fallback.md) and [Rates & Yields → Off Hours & Fallback](/markets/rates-and-yields/off-hours-and-fallback.md).

## Pre-Listing (“Pre-IPO”) Status

An equity market may launch before the referenced company's equity begins public trading. While a market carries Pre-Listing status, no qualifying external price is available, so the oracle price is derived from Paragon's internal pre-listing methodology rather than an external feed. Once a qualifying public listing occurs, the market transitions to the external pricing described above. See [Pre-Listing (“Pre-IPO”) Pricing](/markets/equities/pre-listing-pricing.md).


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:

```
GET https://docs.paragon.trade/trading/oracle-price.md?ask=<question>&goal=<endgoal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.

The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.