> For the complete documentation index, see [llms.txt](https://docs.trade.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.trade.xyz/perpetuals/mechanics.md).

# Mechanics

Price inputs, discovery bounds, funding, and fees for trade\[XYZ] perpetuals.

HyperCore provides the core mechanics for `xyz` perpetuals, including order matching, margin, funding transfers, liquidations, and auto-deleveraging. The pages in this section explains inputs and controls specific to the `xyz` deployment.

| Topic                                                         | Purpose                                                                   |
| ------------------------------------------------------------- | ------------------------------------------------------------------------- |
| [Oracle Price](/perpetuals/mechanics/oracle-price.md)         | Reference price used for funding and notional calculations.               |
| [Mark Price](/perpetuals/mechanics/mark-price.md)             | Robust price used for P\&L, margin, liquidations, and trigger orders.     |
| [External Price](/perpetuals/mechanics/external-price.md)     | External-market input used to derive oracle and mark prices.              |
| [Discovery Bounds](/perpetuals/mechanics/discovery-bounds.md) | Controls applied during periods of external-market closure or disruption. |
| [Fees](/perpetuals/mechanics/fees.md)                         | Trading fees, growth mode, and fee tiers.                                 |

Market-specific settings are listed in [Specifications & Schedules](/perpetuals/specifications-and-schedules.md).


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