Reference prices
Every price opcode shows starts from a reference, and every OPmode quote is built on one. This page says where that number comes from, how it is checked, and the conditions under which opcode decides it does not know the price.
Two reference contexts
OPmode anchors its own pool quotes to the underlying stock or ETF. The chart and Quick market data remain a separate reference.
| Used for | Source | Units |
|---|---|---|
| OPmode quotes | Pyth underlying US stock or ETF price | USD per underlying unit, normalized once by the current issuer multiplier to price raw tokens. |
| Chart and Quick market data | Jupiter's on-chain token price, or the underlying share price for thinly traded tokens and for tokens that have not traded in the last 15 minutes | USD per scaled display unit; Quick's executable amounts come from external liquidity. |
OPmode explicitly assumes 1 USDC equals 1 USD. A separate USDC price monitor guards this assumption; it is not a Pyth USDC feed or a measured conversion denominator. Token market premiums and discounts do not replace the underlying OPmode anchor.
How it is checked
Before OPmode issues a new quote, its underlying reference must pass these checks.
| Check | Limit | If it fails |
|---|---|---|
| Actual source observation is recent | 5 seconds; receiving the same price again does not reset its age | No new quote. |
| Feed confidence is within bounds | 25 bps in the regular session, 50 bps otherwise | No new quote. |
| Feed session and publisher count are valid | An open US session confirmed by both a fresh calendar and the report itself; at least 3 publishers in the regular session and 2 in others (3 for COINx before and after the regular session) | No new quote. Weekends and exchange holidays never qualify. |
| USDC stays near the assumed dollar value | Independent USDC price between $0.99 and $1.01; observation no more than 60 seconds old | No new quote. |
| Published reference has verified provenance | On-chain report hash, source time, policy and token units match the reference; price stays within 5 bps of the fresh feed | Wait for publication or a fresh quote. |
| Price and token units match | Current on-chain mint configuration and active multiplier | No new quote. |
| Review time remains after preparation | At least 5 seconds; quote lifetime at most 10 seconds | Request a fresh quote. |
What you see when it stops
OPmode marks the market unavailable as soon as a required check fails. New quotes stop when the source becomes more than five seconds old; the last published reference expires within 20 seconds of its source observation, and existing quotes expire within their displayed ten-second maximum. Quick obtains executable amounts independently, with minimum received shown on review. Quoting resumes when valid source data and its confirmed publication are available again. Other markets can remain available.
The chart
The chart plots the separate token/share references opcode actually recorded over the last day, one point per 15 minutes. It is not a history of firm OPmode quotes. Where opcode's own record is shorter, earlier points can come from Bybit's price history for the token, and the chart labels them. Nothing is interpolated, and the chart says since when its history runs.
Go deeperA second check on chain
Active OPmode markets target publication every two seconds while there is recent demand: a quote request, or the terminal showing that market. A market with no demand for 60 seconds stops publishing; the next request asks for a refresh, and the ticket shows the reference being confirmed until the new one lands. Each reference expires within 20 seconds of the underlying observation, sometimes sooner at a session boundary. Quotes use the confirmed on-chain value, and the program enforces a 1% execution-price band plus expiry and inventory limits. Pyth equity signatures are verified on-chain through Solana's signature instruction and the official Pyth verifier. The opcode program then checks those same signed price fields and normalizes them using the current token multiplier, and records the report hash and source time in the market's OracleConfig account. A relayer pays for publication but cannot choose an arbitrary reference price. The USDC equals USD assumption remains a separate policy. opcode's quote signer selects firm amounts within program limits; verification does not guarantee a peg or replenish reserves. See Risk controls.