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Fairground uses a single oracle price for each market. Instead of maintaining a separate mark price for the perpetual and an index price that tracks the underlying asset, the protocol uses only the oracle price.

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Why it matters

On most perps protocols, you juggle a mark price (used for liquidations, PnL) and an index price (spot reference, and funding). Fairground simplifies this: the oracle price is the price. It is used for everything, order execution, PnL calculation, margin calculations, liquidation, and fee assessment.

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How it updates

The oracle price is pulled fresh at the start of each protocol action: matching, liquidation, and ADL. All orders processed within a single matching cycle execute at the same oracle price and as a result, two orders matched in the same block can execute at different prices if the oracle price changes between them.