DeFi
Perp DEX
Providing fair mark price evaluations for perpetual DEX protocols by consuming DEX orderbooks and merging with spot and perpetual index data. Composite pricing from on-chain and centralised sources eliminates single-venue dependency and delivers institutional-grade reference prices for perpetual futures settlement.
Perpetual futures DEXs settle positions against a mark price. If that mark price is derived from a single venue’s orderbook, it’s vulnerable to manipulation, thin liquidity, and flash crashes. A single large order on one exchange can trigger liquidations across an entire protocol.
Centralised exchanges solve this by compositing prices across multiple sources. On-chain perpetual protocols — whether trading crypto-native assets or tokenized real-world assets — need the same approach, delivered through infrastructure that smart contracts can consume and verify.
On-chain orderbook data from decentralised venues is consumed and normalised. This captures the actual trading activity happening on-chain — the prices participants are willing to transact at, not theoretical mid-points.
DEX orderbook prices are merged with spot index data and perpetual index data from centralised venues. The composite blends on-chain and off-chain pricing into a single reference point that reflects the broader market, not just one venue’s microstructure.
The result is a fair mark price evaluation that eliminates single-venue dependency. Perpetual DEX protocols can use this for position settlement, margin calculations, and funding rate determination without the risk of a single manipulated source triggering cascading liquidations.
As perpetual futures expand beyond BTC and ETH into real-world asset (RWA) perpetuals — tokenized commodities, equities, and FX pairs traded on-chain — the mark price challenge intensifies. RWA perpetuals reference underlying assets that trade across traditional markets with different hours, liquidity profiles, and settlement mechanisms. A composite mark price that bridges on-chain DEX activity with off-chain reference data from 30+ sources is essential for RWA perpetual protocols to maintain fair settlement and avoid cross-market manipulation.
Perpetual futures are the highest-volume derivative instrument in crypto. On decentralised venues, the integrity of the mark price directly determines whether the protocol can protect its liquidity providers. A manipulated mark price doesn’t just affect one trader — it can drain an entire liquidity pool through forced liquidations at artificial levels.
Composite pricing from multiple on-chain and centralised sources raises the cost of manipulation beyond what any single actor can sustain, while maintaining the low-latency updates that perpetual markets require.
Mark price construction draws from 30+ sources — including RWA perpetuals, major centralised venues, and on-chain DEX orderbooks. Derived data updates as fast as every 200 milliseconds. Historical mark price data is available via REST API for backtesting funding rate strategies and analysing historical basis dynamics.
