> For the complete documentation index, see [llms.txt](https://learn.trovemarkets.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://learn.trovemarkets.com/misc/appendix.md).

# Appendix

### **Key Formulas**

These formulas define Trove’s core market mechanics:

**Oracle Price**

```
Oracle = (Mark + Validator + EMA) / 3
```

* Mark 
  * The last traded price on Trove (real-time market sentiment).
* Validator 
  * Aggregated prices from 25+ verified sources (Collector, Courtyard, Phygitals, TCGPlayer, etc.).
* EMA 
  * Trove’s HyperPS exponential moving average model (smooths volatility).

***

**Funding Direction**

```
If Mark > Oracle → Longs pay Shorts
If Mark < Oracle → Shorts pay Longs
```

Funding aligns mark and oracle prices by creating incentives for traders to take the cheaper side of the market.

***

### **Glossary**

| **Term**          | **Definition**                                                          |
| ----------------- | ----------------------------------------------------------------------- |
| **Mark**          | Live Trove trading price (reflects current market sentiment).           |
| **Oracle**        | Reference price blending on-chain and external data.                    |
| **Funding**       | Periodic payments between longs and shorts that align Mark with Oracle. |
| **Vault**         | Liquidity pool that supports two-sided markets and manages exposure.    |
| **Validator**     | Verified price sources from external marketplaces.                      |
| **EMA (HyperPS)** | Proprietary smoothing model for short-term price trends.                |
| **OI Cap**        | Open-interest limit per market to control total exposure.               |
| **TWAP**          | Time-weighted average price used to compute fair funding.               |


---

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