How SEDA Builds the Oracle Infrastructure Behind Hyperliquid's 24/7 Equity Perps

Jasper, Co-Founder and CTO of SEDA, joins the Open Interest podcast to break down how SEDA's bespoke Oracle infrastructure powers Dreamcash — HyperLiquid's breakout equities perp market. The conversation covers SEDA's origin story (plasma research → DeFi products → Oracle infrastructure), and dives deep into the technical challenge of pricing 24/7 perpetual markets against assets that don't trade around the clock. Jasper explains the four-pillar Oracle methodology: session awareness, cost-of-carry futures-to-spot conversion, self-referencing EMA pricing during closed hours, and staleness fallback. The episode also explores pre-IPO market pricing, the reflexive relationship between Oracle quality and liquidity depth, SEDA's token burn mechanics, and Jasper's long-term vision of SEDA becoming a credibly neutral truth-settlement layer for autonomous AI agents.

Jasper, Co-Founder and CTO of SEDA, joins the Open Interest podcast to break down how SEDA's bespoke Oracle infrastructure powers Dreamcash — HyperLiquid's breakout equities perp market.

The conversation covers SEDA's origin story (plasma research → DeFi products → Oracle infrastructure), and dives deep into the technical challenge of pricing 24/7 perpetual markets against assets that don't trade around the clock. Jasper explains the four-pillar Oracle methodology: session awareness, cost-of-carry futures-to-spot conversion, self-referencing EMA pricing during closed hours, and staleness fallback. The episode also explores pre-IPO market pricing, the reflexive relationship between Oracle quality and liquidity depth, SEDA's token burn mechanics, and Jasper's long-term vision of SEDA becoming a credibly neutral truth-settlement layer for autonomous AI agents.

Key Takeaways

24/7 perps need custom Oracles — vanilla price feeds from Binance or Chainlink can't handle market closures, maintenance windows, or weekend gaps; SEDA built session-aware, compute-enabled feeds specifically for this problem
Oracle quality directly drives liquidity depth — market makers will only quote tight spreads and meaningful size when they trust the Oracle; DreamCash's success is largely a function of Oracle reliability
The self-referencing EMA is the weekend secret weapon — when underlying markets close, SEDA anchors to the last known price and slowly drifts it based on actual order book activity, closing Friday-to-Monday gaps by ~95%
Pre-IPO perp markets are an emerging opportunity — with major private companies (OpenAI, SpaceX, Anthropic) staying private longer, on-chain perps may become the primary venue for retail price discovery on private equity
SEDA's long-term vision is AI agent infrastructure — verifiable Oracle programs (compiled to auditable hashes) give autonomous agents a trustless way to agree on data without trusting each other, positioning SEDA as a "truth layer" for the agentic internet