Learn/Mark price

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Mark price

The index-based price exchanges use for margin math and liquidation triggers, and why it is harder to manipulate than last trade.

Mark price is the value the exchange assigns to your position for margin accounting and liquidation triggers. It is computed from an index of prices across major spot markets, usually with a funding component and a short moving average layered on, and it updates continuously.

01Why not the last trade

Last traded price lives on one order book. A single large market order can print a wick that has nothing to do with where the asset trades anywhere else. If liquidations triggered on last price, any participant with size could harvest stop clusters by pushing one book. Mark price, built from external spot indexes, does not move on one exchange's tape, so a wick on the derivatives venue itself does not liquidate anyone.

02Reading it in practice

Your unrealized P&L is usually shown in both mark and last terms. Margin ratio and liquidation distance follow mark. During fast moves mark lags last, which is why a position can look liquidated on the chart's wick yet survive, or survive the wick and die a minute later as the index catches up. In our liquidation feed, event timestamps are the exchange's engine time, and the same lag explains small gaps between chart wicks and the liquidation burst that follows them.

FAQ, Mark price

+Can mark price be manipulated?

Manipulating it means moving spot prices across several major markets at once, which is far more expensive than a single derivatives wick. Exchanges also cap per-update index weight of any one constituent, which blunts single-venue spikes.

+Do all exchanges use the same mark price?

No, each computes its own index and funding component. They track each other closely, and small differences are one more reason liquidation timing varies slightly between venues.

See it in the data

This dictionary is written from the same feed the product runs on. Watch cascades happen, coin pages, the live terminal, or the API with whale filters.