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Oracle

The oracle is the external price reference each market uses for funding, mark price (details), liquidations, and TP/SL triggers. Different asset classes use different oracle architectures because the underlying markets work differently.

Oracle path

Asset classSourceCadenceBehavior during quiet periods
Real estateParcl Labs indexOnce daily at 09:05 ETSingle update per day; price between updates is the last published value

Real estate oracle

Real estate indices are structurally daily. The underlying data is a rolling window of transaction prices computed by Parcl Labs. The oracle publishes once per day. Between updates, the chain holds the last value.

What you'll see in the trading UI

  • Index: the oracle price for the current market. Updates per the cadence above.
  • Mark: the price the matching engine uses for funding and margin checks. Computed from the oracle plus other on-chain signals. See mark price.

What's enforced where

  • The oracle submits prices as signed UpdateOraclePrice transactions from a single authority key. Validators verify the signature and reject anything else.
  • The validator enforces per-update sanity (price band, monotonicity), so a single bad submission can't move the on-chain oracle arbitrarily.
  • The chain recomputes the mark price from the oracle on every block. Triggers and liquidations key off the mark on continuous markets, and off the oracle directly on real estate. See mark price for the per-asset-class routing.

See also