> For the complete documentation index, see [llms.txt](https://docs.ticko.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ticko.xyz/trading-on-ticko/oracles-and-mark-prices.md).

# Oracles and Mark Prices

## Oracle price

The oracle price represents the spot price of the underlying asset, aggregated from multiple external price sources.

Prices are collected from configured sources, filtered for staleness and outliers, and combined as a weighted average. Weights are defined per symbol.

Example weight configuration:

| Source  | Weight |
| ------- | ------ |
| Binance | 2      |
| OKX     | 1      |
| Bybit   | 1      |

If insufficient valid sources are available after filtering, the system switches to an internal price mode, where the price is derived from the Ticko order book.

Oracle prices update every second.

## Mark price

The mark price determines unrealized PnL, margin requirements, and liquidation triggers.

It is calculated as the median of three independently derived price signals:

| Signal                 | Calculation                                                                        |
| ---------------------- | ---------------------------------------------------------------------------------- |
| Funding-implied price  | `oracle_price × (1 + last_funding_rate × time_to_next_funding / funding_interval)` |
| Oracle + EMA basis     | `oracle_price + EMA(ticko_mid - oracle_price, τ)`                                  |
| Market consensus price | Weighted median of perpetual mid prices from external venues                       |

`Mark Price = Median(Signal_1, Signal_2, Signal_3)`

The EMA basis uses a continuous-time exponential moving average with configurable time constant (τ). Samples are skipped when the Ticko order book spread exceeds a per-tier width threshold.

Mark price updates at the same frequency as the oracle price.


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