Oracle Prices

For TradFi perpetual markets, index and mark prices rely on:

• external oracle data during trading hours

• off-hours pricing during non-trading hours

Trading hours are specified for each market below.

Oracle Migration

Extended is in the process of migrating the oracle infrastructure for select TradFi markets. Until the dates specified in the table below, the listed markets will continue to rely on trade.xyz oracle feeds (delivered by Pragma), after which they will migrate to a RedStone-powered oracle.

Migration Date	Market Type	Markets
25/05/2026	Precious Metals	XAU, XAG, XPT
25/05/2026	FX	EUR, USDJPY
28/05/2026	Industrial Metals	XCU
01/06/2026	Index	SPX, NDX
10/06/2026	Energy	WTI, NATGAS, XBR

Equities, EWY, and SPCX are not part of this migration phase and continue to use the existing Stork setup.

Oracle Price Reference

Group	Market	Oracle Price Reference
Indices	SPX, NDX	Value of the index
Energy	WTI	1 barrel of West Texas Intermediate (WTI) Light Sweet Crude Oil
Energy	NATGAS	1 MMBtu of Henry Hub natural gas
Energy	XBR	1 barrel of Brent Crude Oil
Precious Metals	XAU	1 troy ounce of gold
Precious Metals	XAG	1 troy ounce of silver
Precious Metals	XPT	1 troy ounce of platinum
Industrial Metals	XCU	1 pound of copper
FX	EUR	EUR/USD exchange rate
FX	USDJPY	USD/JPY exchange rate
Equities	All	Underlying share price
ETFs	EWY	EWY share price
Pre-IPO	SPCX	Trade.xyz SpaceX reference price

Oracle Price Methodology

The table below outlines the Oracle Price Methodology for all TradFi markets, including the provider, calculation methodology, underlying price reference, and oracle availability.

Market	Provider	Oracle Price Reference	Oracle Availability
Indices: SPX, NDX	RedStone	CME¹,² futures equivalent* normalised to spot	23/5**
Energy: WTI, NATGAS, XBR	RedStone	CME¹,² and ICE¹ futures equivalent*	23/5**
Precious Metals: XAU, XAG, XPT	RedStone	Massive (XAU, XAG) and LMAX (XPT) spot with fallbacks***	23/5**
Industrial Metals: XCU	RedStone	CME futures equivalent*	23/5**
FX: EUR, USDJPY	RedStone (EUR) Stork (JPY)	EUR: LMAX spot with fallbacks*** JPY: FX broker spot prices	24/5
Equities & ETFs: All	Stork	Regular, pre-market, and post-market sessions: NYSE/Nasdaq midpoint prices via licensed data providers. Overnight: Blue Ocean ATS	24/5
Pre-IPO: SPCX	Stork	Trade.xyz	24/7

* CME and ICE futures equivalent: a proprietary aggregate of market-maker and broker feeds that has historically shown high correlation with CME and ICE L1 mid-prices. Used as an alternative to direct CME and ICE market data. Expected maximum deviation from CME and ICE L1 mid-prices is 1-2 bps, depending on the market.

** 23/5 = 6:30 PM – 5:30 PM ET, Sunday to Friday, with 1 hour daily gaps.

*** Fallback is automatically triggered when the primary source is down or significantly deviates from the median of fallback sources.

Outside of Oracle Availability windows, the index and mark prices are calculated based on the off-hours pricing mechanics.

Futures-to-spot normalisation

For indices (SPX and NDX), where the price represents a futures-implied spot price, the oracle normalises the futures price to a spot equivalent using the cost-of-carry formula:

Spot = Futures / (1 + (r - d) * T / 365)

where:

• r = risk-free rate (SOFR) sourced from New York Fed

• d = annualised dividend yield, derived from major index ETF dividend yields and updated monthly. Current values can be obtained here.

• T = days to futures expiry

Roll Schedule for Indices

Index oracles (SPX and NDX) reference quarterly futures contracts. The active contract follows the standard quarterly cycle, with settlement codes corresponding to the contract month:

• H — March

• M — June

• U — September

• Z — December

The active contract rolls to the next quarterly contract before expiry, on the corresponding “Active Until” date. The active and expiry dates for each quarterly contract are shown below:

Underlying Suffix	Active Until	Expiration
H6	2026-03-16 14:00:00 UTC	2026-03-20 13:30:00 UTC
M6	2026-06-15 14:00:00 UTC	2026-06-18 13:30:00 UTC
U6	2026-09-14 14:00:00 UTC	2026-09-18 13:30:00 UTC
Z6	2026-12-14 15:00:00 UTC	2026-12-18 14:30:00 UTC

Roll Schedule for Energy and Industrial Metals

For markets that reference futures-based price feeds (WTI, XBR, NATGAS, XCU), the active contract rolls over a 5-business-day transition window.

The roll period runs from the 5th to the 10th business day of the month. During this period, the oracle price transitions from the front-month contract to the next active contract using a linear weighting model that updates at predefined timestamps aligned with internal pricing sessions.

Updated weightings take effect when the oracle switches back to external pricing at 6:00 PM ET.

Roll Example. If WTI is referencing the M6 contract and rolling into N6, the transition proceeds as follows:

Timestamp	Front-month (M6) weight	Next-month (N6) weight
Day 5, 5:30 PM ET	80%	20%
Day 6, 5:30 PM ET	60%	40%
Day 7, 5:30 PM ET	40%	60%
Day 8, 5:30 PM ET	20%	80%
Day 9, 5:30 PM ET	0%	100% (roll complete)

Active contract schedule

The table below shows the active contract at the start of each month and the corresponding roll target for each energy and industrial metals market.

Instrument	Apr 2026 roll	May 2026 roll	Jun 2026 roll	Jul 2026 roll	Aug 2026 roll	Sep 2026 roll	Oct 2026 roll	Nov 2026 roll	Dec 2026 roll
XCU (Copper)	K6 → N6	N6	N6 → U6	U6	U6 → Z6	Z6	Z6	Z6 → H7	H7
WTI	K6 → M6	M6 → N6	N6 → Q6	Q6 → U6	U6 → V6	V6 → X6	V6 → X6	X6 → Z6	Z6 → F7
XBR (Brent)	M6 → N6	N6 → Q6	Q6 → U6	U6 → V6	V6 → X6	X6 → Z6	Z6 → F7	F7 → G7	G7 → H7
NATGAS	K26 → M26	M26 → N26	N26 → Q26	Q26 → U26	U26 → V26	V26 → X26	X26 → Z26	Z26 → F27	F27 → G27

Off-hours Pricing

During off trading hours, if the oracle has not been updated for 5 minutes, both the index price and mark price for TradFi markets are calculated as follows:

Index_t = β * Index_{t-1} + (1 - β) * Impact_Mid_Price

where:

• β = e^(-10 sec / 1 hour), implying that the index is updated every 10 seconds

• Impact_Mid_Price = 10-minute EMA impact mid price

The maximum deviation of the index and mark price from the last known oracle price is capped at ± 1 / (max market leverage).