Oracle Price

The oracle price is Paragon's reference valuation for each market. It serves two roles: it is the reference price for funding, and a direct input to the mark price. 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 (primary) with a Hyperliquid-inspired weighted-median exchange fallback, applied to each index's constituents	24/7	Crypto Indices → External Pricing
Equities	Pyth equity feeds across trading sessions	see Contract Specification	Equities → External Pricing
Rates & Yields	Institutional interest-rate feeds, published as a yield	see Contract Specification	Rates & Yields → External Pricing

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 around the last externally published value. See Equities → Off Hours & Fallback and Rates & Yields → Off Hours & Fallback.

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.