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The PriceFeed contract is a critical component of Satoshi Perps, designed to provide accurate and manipulation-resistant price data. It works as follows:
  • Price Feed Keeper: Submits prices routinely for swaps.
  • Position Keeper: Submits prices when executing a position.
The Vault uses the price from the keeper if it’s within a configured percentage of the corresponding Resilient Price Oracle price. If the price exceeds this threshold, a spread is created between the bounded price and the Resilient Price Oracle price. This threshold is based on the historical maximum deviation of the Resilient Price Oracle price from the median price of reference exchanges. For example, if the maximum deviation is 2.5% and the Resilient Price Oracle price for BTC is $50,000:
  • If the keeper price is 51,500,thepricingontheVaultwouldbe51,500, the pricing on the Vault would be 50,000 to $51,500.
    • When opening a long position, the higher price ($51,500) is used.
    • When closing a long position, the lower price ($50,000) is used.
    • For short positions, the lower price is used when opening, and the higher price when closing.
Additional safeguards include:
  • Price expiry: Keeper prices expire after five minutes, reverting toResilient Price Oracle prices if no update is received.
  • Liquidation constraints: Liquidations can only occur if the Resilient Price Oracle price reaches the liquidation price for a position.
  • Watcher nodes: These verify that keeper-submitted prices haven’t been tampered with, enforcing spreads if discrepancies are detected.
  • Fallback Price Feeds: When a price feed from a connected oracle provider stales, the Resilient Price Oracle utilizes fallback feeds to ensure continuity of protocol operations and mitigate miss-pricing risks
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