Last Price, Index Price, and Oracle Price

Last Price

The Last Price is the real-time price of the most recently executed trade for a perpetual contract on XOX. It is continuously updated and prominently displayed in the trading interface and order book.

This price is the primary reference for short-term traders, scalpers, and anyone executing high-frequency strategies, as it directly reflects immediate market activity on the XOX platform. The Last Price drives the chart candles and is used to trigger stop-loss, take-profit, and trailing stop orders.

Index Price

The Index Price is a robust, manipulation-resistant benchmark calculated as a volume-weighted median price aggregated from multiple Tier-1 centralized exchanges (Binance, OKX, Bybit, Bitget, Gate.io, and KuCoin).

The weighting coefficients are automatically recalculated every 4 hours based on each exchange’s recent trading volume and price deviation stability, ensuring the Index Price remains representative of the broader market even during exchange-specific outages or flash crashes.

On XOX, the Index Price serves as the primary reference for:

• Funding rate calculations and payments

• Mark-to-market PnL for open positions (in combination with Oracle Price)

• Interest rate components in funding calculations

This multi-source aggregation eliminates risks associated with single-exchange price anomalies and provides a fair, transparent baseline for perpetual contract funding.

Oracle Price

The Oracle Price is supplied by Pyth Network, a battle-tested, pull-based decentralized oracle delivering sub-second price updates directly on-chain. Pyth aggregates data from dozens of institutional market makers and first-tier exchanges, achieving industry-leading accuracy and tamper resistance.

On XOX, the Pyth Oracle Price is used for:

• Final unrealized and realized PnL settlement

• Liquidation engine triggers (bankruptcy price calculation)

• Margin requirement checks

• Insurance fund loss socialization (when applicable)

By relying on Pyth’s decentralized, high-frequency feeds instead of platform-internal prices, XOX guarantees that liquidations cannot be manipulated by malicious actors or temporary order-book imbalances. Users can independently verify every Oracle Price update on the Pyth website or via on-chain data.

For detailed information on Pyth’s price aggregation methodology and data provider list, please refer to the official Pyth Documentation: https://docs.pyth.network/

XOX leverages the same institutional-grade price infrastructure trusted by leading perpetual platforms with over $50B in cumulative volume, ensuring maximum capital efficiency and protection for all participants.