> 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                                                                          | 24/5     | [Equities → External Pricing](/markets/equities/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, the external feed pauses outside covered sessions; the oracle then advances via an internal 30-minute EMA and the mark is held within the bounds around the last on-hours price. See [Equities → Off Hours & Fallback](/markets/equities/off-hours-and-fallback.md).


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