> For the complete documentation index, see [llms.txt](https://pacifica.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://pacifica.gitbook.io/docs/trading-on-pacifica/contract-specifications/pre-markets.md).

# Pre-Markets

When Pacifica lists pre-markets that are not on other major exchanges, the oracle references Pacifica's mark price instead of external sources.\
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An EMA is also applied to prevent oracle manipulation. This, combined with Pacifica's price band mechanic (+-30% of mark price) prevents extreme manipulation of pre-market perps.\
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Once other major venues begin listing the same market, their pricing will be added to Pacifica's oracle reference in order to further strengthen its robustness.\
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Additionally, Pacifica exercise strict open interest caps in pre-market pairs to prevent abnormal trading activity and market manipulation.