docs: sync Polymarket docs updates 2026-07-13 - add 90 new pages incl. Perps section

2026-07-13 01:40:25 +02:00
parent 714c66e5b3
commit 2d608bd891
91 changed files with 31279 additions and 0 deletions
@@ -0,0 +1,92 @@
+> ## Documentation Index
+> Fetch the complete documentation index at: https://docs.polymarket.com/llms.txt
+> Use this file to discover all available pages before exploring further.
+
+# Mark Price
+
+> How the Mark Price is computed for Perps
+
+Mark Price is the price used across the system for margin, unrealized PnL,
+liquidation triggers, funding premium computation, and risk checks. It is updated
+every 200 milliseconds.
+
+Mark Price is computed as the median of three candidates, each capturing a
+different view of fair value.
+
+```text theme={null}
+Mark = median(C1, C2, C3)
+```
+
+## C1: Smoothed Order Book Mid
+
+C1 anchors to Index and adjusts gradually based on where the local order book mid
+is trading relative to it.
+
+```text theme={null}
+C1 = Index + EMA(Mid - Index)
+```
+
+* `Mid = (BestBid + BestAsk) / 2` when both sides of the book exist.
+* The EMA uses a 150-second window, so C1 moves slowly and resists short-term manipulation.
+* If the order book mid is unavailable, C1 falls back to Index.
+
+## C2: Local Market Activity
+
+C2 reflects what is actually trading on the local book.
+
+```text theme={null}
+C2 = median(BestBid, BestAsk, LastTrade)
+```
+
+* Last trade is only included if it is recent.
+* Stale trades are excluded so one old print cannot anchor the price.
+* If no usable values exist, C2 falls back to Index.
+
+## C3: Aggregated External Mark
+
+C3 is built from external mark feeds, separate from Index feeds, that provide an
+independent view of fair value outside the local order book.
+
+For each market, the system:
+
+1. Selects active mark feeds from eligible external sources.
+2. Drops stale samples.
+3. Computes the candidate median and filters outliers beyond the allowed tolerance.
+4. Returns the weighted average of the remaining samples.
+
+If no valid external mark data is available, C3 falls back to Index.
+
+## Why Three Candidates?
+
+Using the median of three independent price signals provides resilience:
+
+* C1 is slow-moving and resistant to sudden order book manipulation, but can lag during fast moves.
+* C2 is responsive to real local trading activity, but can be influenced by thin liquidity.
+* C3 is independent of the local book, but depends on external feed availability.
+
+The median ensures that no single signal can unilaterally move Mark Price. At
+least two of the three candidates must agree for the mark to shift.
+
+## Finalization
+
+After computing `median(C1, C2, C3)`, the raw mark is normalized before being
+published:
+
+* Snapped to the nearest tick size
+* Rounded to the market's price precision
+
+## Fallback Summary
+
+Every input degrades gracefully to [Index Price](/perps/learn-about-trading/index-price).
+
+| Condition                       | Behavior                                                    |
+| ------------------------------- | ----------------------------------------------------------- |
+| Index input stale               | Falls back to last known market index                       |
+| Order book mid unavailable      | C1 falls back to Index                                      |
+| No recent trades or quotes      | C2 falls back to Index                                      |
+| External mark feeds unavailable | C3 falls back to Index                                      |
+| All inputs missing              | Mark tracks Index because all candidates fall back to Index |
+
+In the worst case, when there is no local book, no recent trades, and no external
+mark feeds, all three candidates converge to Index and Mark Price tracks Index
+directly.