> The index of every page is at https://docs.nova.markets/llms.txt. The complete documentation in one file is at https://docs.nova.markets/llms-full.txt.

# Pricing and oracles

Address: https://docs.nova.markets/#/pricing
Section: How it actually works

How the Pricing and Oracle feeds for Nova’s markets work.

## Oracle Pricing

Nova’s markets are pool based perpetuals. Every trade executes against the Conviction Pool at the oracle price of the underlying, adjusted for price impact, plus the market’s opening and closing fee.

## The price network

Nova uses a custom real-time Chainlink node network to fetch the median price for each order. The nodes do not rely on Chainlink alone for prices: they pull from multiple centralized and decentralized exchanges and from multiple independent oracle providers.

Five nodes answer each request. The trading contract waits for at least three of them and fills the order at the median of their answers.

The network filters out outlier price action from any single exchange, whether it is caused by a manipulation attempt or by a temporary lack of liquidity. The oracle contracts are listed in [Nova Smart Contracts](https://docs.nova.markets/contracts.md).

## The feed

Each node aggregates prices across the underlying's real markets, so no single venue's print is ever the price. The reason is leverage: at 10×, a wick of a tenth of a percent on one exchange is a 1% error in your PnL. An aggregated median cannot be wicked by one thin book, which protects both your liquidation price and the pool that takes the other side.

## Fresh at execution

A market order is priced after you send it. Your transaction requests a price, the nodes answer onchain, and the order fills at the median of their answers. There is no stale price to trade against: if the price does not arrive in time, the order does not fill and you can reclaim its collateral.

Limit orders, stops, take profits and liquidations are priced by the same nodes. They report the high and the low since the order became active, so an order fills if its price was reached.

## Spread and price impact

Execution adjusts the oracle price twice. A small **fixed spread** per market covers the underlying's baseline liquidity, wider for smaller markets. A **dynamic impact** then scales with your size against the underlying's real depth and with the market's open-interest skew: worsen the imbalance and you pay more, reduce it and you pay less, sometimes better than oracle. This is the work an order book's depth does elsewhere, done explicitly: size pays its real cost, and nobody leans on the pool with unlimited size at a flat price.

## Manipulation resistance

The defences stack. The price is an aggregated median, so moving it means moving the underlying's actual markets against their full depth. The impact curve makes one-sided size expensive, so a manipulator pays their way in and out. And each market carries exposure bounds, so whatever edge remains cannot be scaled into a number that matters.