XYZ100 and Index Perpetuals

XYZ100 and equity indices perpetuals.

The XYZ U.S. 100 Index perpetual future tracks the value of a modified capitalization-weighted index of 100 large non-financial companies listed on a U.S. exchange. It is the first XYZ asset and equity index perpetual.

External Price Derivation

For equity indices such as XYZ100, the relayer consumes executable quotes for the underlying traditional (dated) equity index futures from institutional liquidity providers. This provides robust external pricing nearly 23 hours per day, five days per week, extending external coverage beyond daytime cash sessions.

The futures quote is adjusted to an implied spot value which is then included as the oracle price in a relayer update to HyperCore. The conversion of external prices from futures to spot follows the cost-of-carry model (spot—futures parity):

$$S = F e^{-(r-q)T}$$

where $S$ is the spot (oracle) price, $F$ is the externally-sourced dated-futures price, $T$ is the time to settlement (in years), $r$ is the interest rate, and $q$ is the forward dividend yield.

The relayer uses an interest rate $r = 4.4\%$. The dividend yield is determined by the instrument. These values may be updated periodically in accordance with changing market conditions.

Underlying Calendar

Underlying Suffix	Active Until	Expiration
Z5	2025-12-14T22:00:00Z	2025-12-19T13:30:00Z
H6	2026-03-13T22:00:00Z	2026-03-18T13:30:00Z
M6	2026-06-14T22:00:00Z	2026-06-19T13:30:00Z
U6	2026-09-13T22:00:00Z	2026-09-18T13:30:00Z
Z6	2026-12-13T22:00:00Z	2026-12-18T13:30:00Z

Parameters

The index has a Forward Dividend Yield: $q = 0.6\%$.

The primary datasource is provided by Pyth:

NMZ5/USD | Pyth Network InsightsPyth Network Insights

Example: Deriving Oracle Price for XYZ100

It is important for market participants to be able to independently replicate and verify oracle prices. Below we walk through an example of deriving the external oracle (spot) price of XYZ100.

From the equity index calendar, we see that the active contract suffix is Z5, with an expiration time 2025-12-19 13:30:00 UTC.

The Pyth NMZ5 feed is reporting a price of $24,904.2 at the current time, 2025-10-14 17:06:05 UTC.

The time to expiry is 0.180285473 years.

Plugging in the following values into our equation.

• $F = 24904.2$

• $r = 0.044$

• $q = 0.006$

• $T = 0.180285473$

We calculate $S = 24734.050443$

Thus, we've derived the spot price to be $24,734.05