24/5 Commodity Markets

Specifications, session hours, and oracle details for commodity-referenced perpetuals.

Commodity-referenced perpetuals track raw spot commodity prices via oracle feeds that reflect real-world exchange pricing. Because the underlying commodity markets are not open around the clock, these perpetuals follow the trading session schedule of the relevant exchange.

Instrument Specifications

Market	Ticker	Description	Settlement	Max Leverage	Margin Mode	Oracle
Silver	XAG/USD:USDC	Tracks the value of 1 troy ounce of silver.	USDC	5×	Isolated	Stork (XAG)
WTI	WTI/USD:USDC	Tracks the price of West Texas Intermediate crude oil. See Oracle Roll section below.	USDC	3×	Isolated	Pyth (WTI)
Natural Gas	NG/USD:USDC	Tracks the price of Henry Hub natural gas. See Oracle Roll section below.	USDC	3×	Isolated	Pyth (NATGAS)

Session Hours

Parameter	Value
External Session Hours	Sunday 6:00 PM ET to Friday 5:00 PM ET
Internal Session Hours	Daily maintenance window: Monday–Thursday, 5:00–6:00 PM ET (market paused). Trading also follows CME holiday closures.

Oracle Roll (WTI)

WTI crude oil perpetuals are priced from dated futures contracts (e.g., CLJ6 for March 2026, CLK6 for April 2026). When a front-month contract approaches expiry, a discrete oracle switch from one feed to another would create a predictable price cliff that is trivially front-runnable.

Aftermath solves this with a continuous linear blend computed on-chain every block:

Blend Formula

$$P_{blended} = w_{front\_month} ⋅ P_{front\_month} + w_{next\_month} ⋅ P_{next\_month}$$

Where w₁ + w₂ = 1 always. The weights are determined by d, the number of calendar days until front-month expiry:

• If d > 10: w₁ = 1.0 (100% front month, no blending yet)

• If d ≤ 3: w₁ = 0.0 (100% next month, roll complete)

• Otherwise: w₁ = (d − 3) / (10 − 3); i.e., linear interpolation over 7 days

The roll window begins 10 days before expiry and completes 3 days before expiry. This provides a smooth, continuous transition with no front-runnable price discontinuity.

Key Properties

• Computed on-chain every transaction

• Eliminates the front-running opportunity present in discrete oracle switches

• Both raw Pyth feeds are visible on-chain for anyone to verify

• WTI futures roll monthly; the blend activates automatically each cycle

Active Pyth Feeds

The oracle consumes two Pyth Network feeds simultaneously:

• Front month: the nearest-expiry WTI futures contract (e.g., CLJ6/USD for March 2026)

• Next month: the following contract (e.g., CLK6/USD for April 2026)

After each roll completes (d ≤ 3), the next-month contract becomes the new front month, and a new next-month feed is activated for the subsequent expiry. Contract symbols follow CME convention: F=Jan, G=Feb, H=Mar, J=Apr, K=May, M=Jun, N=Jul, Q=Aug, U=Sep, V=Oct, X=Nov, Z=Dec.