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Robust Price Indices

GTE employs multiple robust price indices derived from both order book data and external sources to ensure market integrity and prevent manipulation.

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Oracle Price

The Oracle Price serves as the foundation for funding rate calculations. It’s constructed as a weighted median of prices from major centralized exchanges, making it completely independent of GTE’s own market data. This independence is crucial for maintaining objectivity in funding calculations. GTE uses oracle data from Pyth and Redstone to obtain reliable price feeds. For spot prices, the oracle incorporates data from multiple exchanges with the following weights:
  • Binance: 3
  • OKX: 2
  • Bybit: 2
  • Kraken: 1
  • Kucoin: 1
  • Gate IO: 1
  • MEXC: 1
  • GTE spot: 1
For assets that have primary spot liquidity on GTE spot, external sources are not incorporated until sufficient liquidity is met. Oracle prices are updated approximately approximately every 1-5 milliseconds.

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Mark Price

The Mark Price is a sophisticated composite index used for critical operations including margining, liquidations, stop-loss/take-profit triggers, and unrealized PnL calculations. It’s designed to be both unbiased and resistant to manipulation. The Mark Price is calculated as the median of these three inputs:
  1. Oracle Price adjusted by a 150-second exponential moving average (EMA) of the difference between GTE’s mid price and the Oracle Price
  2. The median of GTE’s best bid, best ask, and most recent trade price
  3. Median of perpetual mid prices from major exchanges (Binance, OKX, and Bybit)
In cases where only two of the three inputs above are available, we supplement the calculation with a 30-second EMA of the median of GTE’s best bid, best ask, and last trade price.

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EMA Calculation

The exponential moving average is calculated using the following formula when updating with a new sample value after time period t: