> For the complete documentation index, see [llms.txt](https://docs.miragefi.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.miragefi.org/risk/oracles.md). # Oracles and market sessions How assets are priced, and what the venue does when the underlying market is closed or the feed cannot be trusted. Every price in MirageFi passes through a single contract, `OracleRouter`. It wraps Chainlink and applies the protocol's guards before any price reaches a quote, a fill check or the regime engine. The anchor price carries the venue's entire design, which makes this the load-bearing page. ## Sources | Source | Used for | Notes | | ------------------------------------------- | ------------------------------------------------------------- | ------------------------------------------------------------------------------- | | Chainlink **Data Feeds** (24/5 equities) | The mid used for vault quoting and band checks | Push-based and on-chain; updates on deviation or heartbeat | | Chainlink **Data Streams** (v11 RWA schema) | Session classification; a sub-second cross-check on RFQ fills | Pull-based; includes `marketStatus` (a value of 5 means closed) | | Chainlink **Sequencer Uptime Feed** | The trading grace after an outage | See [Sequencer and chain risk](/risk/sequencer-and-chain.md) | | ERC-8056 `uiMultiplier()` | Share-denominated display in the explorer | Read from the token itself; the Chainlink price already reflects the multiplier | Consuming both feeds and streams provides a cross-check: no fill can clear at a price that diverges from the other source by more than a configured tolerance, and the stream's market status can only tighten the regime relative to what the feed alone would give. ## Sessions From the stream's `marketStatus` and the feed's `updatedAt` timestamp, `OracleRouter` classifies each market as **regular**, **extended** or **closed**. The [regime engine](/protocol/trading-regimes.md) then maps that classification to spreads and clips. | Session | Staleness bound | Effect | | -------- | --------------- | ------------------------------------------------------------------------- | | Regular | 1 hour | Tier spreads as published | | Extended | 2 hours | Spreads ×1.5, clips ×0.75 | | Closed | 4 days | Spreads ×3.0, clips ×0.5; weekend quoting is anchored to the Friday close | Monday's open can be a long way from the previous Friday's close, which is why the closed-session multiplier exists. LPs who quote through the weekend charge for that gap explicitly. A trader who wants to deal at 3am on a Sunday pays a disclosed premium for a real service, rather than an undisclosed one for a mispriced service. ## Guards `OracleRouter` rejects or halts before any price is used when: | Condition | Action | | ------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------ | | Price is zero or negative | Revert | | `updatedAt` is older than the staleness bound for the session | Market `HALTED` until a fresh round arrives | | A single-round move exceeds the 25% cap | Market `HALTED` pending a timelocked review and a published finding | | The feed reports `oraclePaused()` | Market `HALTED` (a corporate action is in progress); see [Corporate actions](/protocol/corporate-actions.md) | | Stream and feed diverge beyond tolerance | The fill reverts | A halt stops quoting and settlement in the affected market and nothing more. Withdrawals, cancellations and reads all continue to work. ## Price the exact token Each market's `OracleRouter` configuration points at the feed for the token the vault actually holds. A price is never derived through a wrapper, a vault share, or an exchange rate between two tokens. That is the lesson of the Edel Finance wGOOGLx incident of July 2026: the oracle for the underlying was correct, but a wrapper's exchange rate was pushed 78 times higher and was trusted. See [Lessons from RWA trading](/risk/lessons.md). ## Changing an oracle Each market's oracle adapter is a `ParamController` value. Replacing one is a timelocked action with a published rationale. For every market, `OracleRouter` exposes a view of the current feed, session, staleness, multiplier and pause flag, and the [trade explorer](/using-miragefi/trade-explorer.md) shows it live. The state the router enforces is therefore always the state the public can see. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.miragefi.org/risk/oracles.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. 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