Injective | 24/5 US Equities Using Session-Aware Oracle Programs
Case study: How Injective uses session-aware programmable oracle infrastructure to power continuous 24/5 US equity markets over fragmented session-based reference feeds.
TL;DR
US equities trade across fragmented pre-market, regular, post-market, and overnight sessions.
Institutional data providers expose these sessions as separate feeds.
Continuous onchain markets require a single stable, deterministic price stream.
Injective integrated a custom session-aware SEDA Oracle Program to unify and normalize equity pricing.
Result: Continuous 24/5 equity markets with embedded session logic and reduced application complexity.
The Structural Problem
US equity markets do not trade as a single continuous stream.
They operate across:
Pre-market
Regular trading hours
Post-market
Overnight
Each session exhibits materially different liquidity profiles, volatility characteristics, and trading depth.
Institutional data providers expose these sessions independently, without embedded behavioral logic.
For onchain applications, this creates two structural issues:
Feed fragmentation — applications must ingest and switch between multiple session feeds.
Behavioral inconsistency — session transitions introduce volatility shocks, freezes, and abrupt pricing behavior.
Onchain equity markets operate continuously.
They require:
Frequent oracle updates.
Stable mark prices.
Predictable session transitions.
Deterministic behavior across thin and active liquidity windows.
Static oracle feeds cannot encode this logic.
Why Oracle Programmability Is Required for 24/5 Equities
Static oracles publish prices.
They do not encode behavior.
For fragmented session markets, this pushes complexity into application code.
Applications must:
Detect session boundaries.
Handle feed switching.
Manage stale data.
Damp volatility during thin sessions.
Prevent discontinuities during open/close transitions.
This architecture is fragile.
Each perpetual contract effectively becomes its own risk engine.
Session-aware oracle programmability moves this logic into the data layer itself.
This creates:
One canonical price stream.
Explicit session detection.
Deterministic fallback handling.
Configurable weighting per session.
Reduced downstream risk complexity.
Oracle Architecture Implemented by SEDA
Injective integrated a custom SEDA Oracle Program that wraps fragmented US equity feeds into a single programmable stream.
This Oracle Program performs three key functions.
1. Session Detection & Normalization
The Oracle Program identifies the active trading session:
Pre-market
Regular
Post-market
Overnight
Session transitions are handled inside the oracle.
Applications do not switch feeds.
Instead, they consume one continuous endpoint.
If data becomes stale, the oracle applies internal safeguards rather than exposing outdated values.
This prevents:
Arbitrary freezes.
Sudden jumps at session boundaries.
Manual feed management in application logic.
2. Session-Specific Weighting & Volatility Damping
Non-regular sessions exhibit thinner liquidity and lower trade frequency.
Single trades can disproportionately affect price formation.
The Oracle Program allows deployers to configure:
Weighting ratios between authoritative market prices and incoming updates.
Smoothing parameters tailored per session.
Anchoring behavior during thin trading conditions.
This reduces:
Erratic price swings.
Liquidation clustering during low-liquidity windows.
Fragile behavior around session transitions.
Session-aware weighting logic remains encoded inside the Oracle Program, not the application.
3. Single Stable Price Interface
Injective now consumes:
One programmable Oracle Program Instead of four independent feeds.
This reduces:
Application complexity.
Feed orchestration risk.
Maintenance overhead.
Redundant transition logic.
Downstream contracts consume a unified, deterministic price stream.
The Outcome
With SEDA’s session-aware Oracle Program:
24/5 US equity markets operate continuously.
Session transitions occur without abrupt discontinuities.
Application-level feed switching was eliminated.
Maintenance complexity was reduced.
Risk logic became centralized at the oracle layer.
Injective supports major US equities including:
AAPL, GOOGL, META, TSLA, MSFT, AMZN, NVDA, and others.
The architecture also supports forward extension to 24/7 equity exposure through additional self-referencing continuity logic.
No contract re-architecture is required.
Architectural Takeaways
This implementation demonstrates:
Session-aware pricing is foundational for fragmented equity markets.
Static price feeds are insufficient for continuous onchain systems.
Oracle-layer programmability reduces application fragility.
Session-specific weighting and smoothing belong in the oracle layer.
Continuous markets require deterministic state transitions.
Injective did not simply integrate a price feed.
It integrated an executable pricing policy.
Broader Implication
Fragmented traditional markets cannot be consumed directly by continuous onchain infrastructure without behavioral encoding.
Programmable oracle infrastructure enables:
24/5 equity markets.
24/7 equity extension.
Composite indices.
Session-aware perpetuals.
Cross-session normalized instruments.
Without oracle programmability, the design space remains capped by static feed constraints.
With programmable Oracle Programs, builders can define how markets behave across structural boundaries.
Related Concepts
Session-Aware Oracle Infrastructure
Self-Referencing Oracle Logic
Oracles for Perpetual Markets
24/7 Equity Markets
Programmable Oracle Programs
Structural Pattern
Injective demonstrates a repeatable pattern:
Fragmented reference markets → Session-aware Oracle Program → Unified deterministic price stream → Reduced application complexity → Stable continuous market infrastructure
This pattern generalizes to any asset class with session-based reference markets.
Next Step
Explore how to build session-aware Oracle Programs using SEDA.
Build an Oracle Program for SEDA FASTLast updated
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