# International Equity Indices

International indices perpetuals provide exposure to a broad equity or sectoral benchmark of non-US equities. CASH international equity index markets are linear, USDT-margined, and USDT-settled. USDT/USD conversion is applied to oracle prices.

These indices tend to have poorer liquidity during overnight and pre/post market hours of US hours so a short exponential moving average is used to smoothen oracle deviations during these hours

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### External price derivation

During external trading sessions, CASH derives the oracle price from an external Pyth feed. In light of generally poorer liquidity conditions, during overnight and pre/post market hours of US hours, the oracle is **smoothed via using a 120 second EMA of price feeds**

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