> For the complete documentation index, see [llms.txt](https://docs.iridius.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.iridius.xyz/risk/oracles.md). # Oracles and market sessions Where prices come from, and how the venue reacts when a market closes or a feed can no longer be trusted. There is a single path for prices into Iridius: the `OracleRouter` contract. It wraps Chainlink and runs the protocol's guards before any price can get close to a quote, a fill check or the regime engine. The anchor price supports the whole design, so no page here matters more than this one. ## Sources | Source | Used for | Notes | | ------------------------------------------- | --------------------------------------------------------------- | ------------------------------------------------------------- | | Chainlink **Data Feeds** (24/5 equities) | The mid used for vault quoting and band checks | Pushed on-chain, updated on deviation or heartbeat | | Chainlink **Data Streams** (v11 RWA schema) | Session classification and sub-second cross-checks on RFQ fills | Pulled on demand, with `marketStatus` set to 5 when closed | | Chainlink **Sequencer Uptime Feed** | The grace period following an outage | See [Sequencer and chain risk](/risk/sequencer-and-chain.md) | | ERC-8056 `uiMultiplier()` | Showing holdings in share terms in the explorer | Taken from the token; the Chainlink price already reflects it | Using feeds and streams side by side provides a cross-check: no fill can clear at a price that sits further from the other source than a configured tolerance, and the stream's market status can only ever make the regime stricter than the feed would on its own. ## Sessions From the stream's `marketStatus` and the feed's `updatedAt` timestamp, `OracleRouter` labels every market **regular**, **extended** or **closed**. The [regime engine](/protocol/trading-regimes.md) then turns that label into spreads and clips. | Session | Staleness bound | Effect | | -------- | --------------- | ------------------------------------------------------------------------ | | Regular | 1 hour | The published tier spreads | | Extended | 2 hours | Spreads ×1.5, clips ×0.75 | | Closed | 4 days | Spreads ×3.0, clips ×0.5, with weekend quotes anchored to Friday's close | Friday's close and Monday's open can sit a long way apart, and that gap is the whole reason for the closed-session multiplier. An LP quoting over a weekend prices that gap in the open. Someone trading at three on a Sunday morning pays a disclosed premium for a real service, not a hidden one for a service priced wrongly. ## Guards `OracleRouter` rejects a price, or halts the market, before using it if: | Condition | Action | | ------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------- | | The price is zero or negative | Revert | | `updatedAt` is older than the session's staleness bound | The market is `HALTED` until a new round arrives | | One round moves the price by more than 25% | The market is `HALTED` until a timelocked review publishes its finding | | The feed reports `oraclePaused()` | The market is `HALTED` because a corporate action is in progress; see [Corporate actions](/protocol/corporate-actions.md) | | Stream and feed differ by more than the tolerance | The fill reverts | A halt touches only quoting and settlement in the affected market. Withdrawals, cancellations and reads carry on as normal the whole time. ## Only the exact token is priced For each market, `OracleRouter` is set up to price the very token the vault holds. It never infers a price through a wrapper, a vault share or an exchange rate between tokens. This is what Edel Finance's wGOOGLx incident in July 2026 demonstrated: the oracle for the underlying was entirely correct, and the trusted value was a wrapper's exchange rate inflated 78 times. See [Lessons from RWA trading](/risk/lessons.md). ## Oracle changes Oracle adapters for each market are held in `ParamController`, which makes swapping one a timelocked action that comes with a published rationale. `OracleRouter` exposes, per market, a view of the current feed, session, staleness, multiplier and pause flag, and the [trade explorer](/using-iridius/trade-explorer.md) shows it live. Any state the router enforces is, as a result, state the public can already 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 following URL with the `ask` and `goal` query parameters: ``` GET https://docs.iridius.xyz/risk/oracles.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. 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