Mark Price vs Index Price vs Last Price in Crypto Perps
Updated · 2 min read
Last price is the most recent trade on that exchange. Index (oracle) price is a weighted average of spot prices across several exchanges. Mark price is the exchange's 'fair' price, built from the index and order-book data, and it's the one used for unrealized PnL, liquidations and often stop orders. The three can differ for seconds or minutes, which is why a position can be liquidated even when the chart's last price never hit your level.
- Charts usually show last price. Liquidations use mark price.
- Mark price exists to stop a single thin trade or manipulated wick from liquidating everyone.
- Hyperliquid's mark price is a median of three inputs, including a weighted median of Binance, OKX, Bybit, Gate and MEXC perp prices.
- Prop firms differ: some trigger stops on last price and check breaches on equity at mark.
The three prices
| Price | What it is | Used for |
|---|---|---|
| Last price | Most recent fill on this venue's order book | Charts, last-price stop triggers |
| Index / oracle price | Weighted median of spot prices on several major exchanges | Funding calculation, anchoring the mark price |
| Mark price | Robust 'fair value' blending index and this venue's book | Unrealized PnL, margin, liquidation, TP/SL on many venues |
How Hyperliquid calculates mark price
Hyperliquid publishes its method. The oracle price is a weighted median of centralized-exchange spot prices, updated by validators about every 3 seconds. The mark price is the median of:
- Oracle price plus a 150-second exponential moving average of (Hyperliquid mid − oracle).
- The median of Hyperliquid's best bid, best ask and last trade.
- A weighted median of Binance (3), OKX (2), Bybit (2), Gate (1) and MEXC (1) perp mid prices.
Taking the median of independent inputs means no single exchange, and no single trade, can move the mark on its own. Hyperliquid uses mark for margining, liquidations, TP/SL triggers and unrealized PnL.
Why it matters for your stops and liquidations
- A fast wick on one venue can print a last price far beyond your stop without moving mark. If your stop is on mark, it won't fire. If it's on last, it will.
- Liquidation happens when equity at mark drops below maintenance margin. Mark can lag or lead last price by a meaningful amount in volatile markets.
- Funding uses the oracle/index price, not mark, to convert position size into dollars.
In a prop account
Prop firms usually check your drawdown on live equity (including open PnL). MyFundedPerps notes that new stop-losses trigger on last price, while loss-limit checks use other price references. A stop is not guaranteed to fill before a breach. Leave room between your stop and your drawdown floor.
Frequently asked questions
Why was I liquidated when the price on the chart never reached my liquidation price?
The chart shows last price. Liquidation uses mark price, which blends index and order-book data and can move differently for short periods.
Is mark price the same on every exchange?
No. Each venue has its own formula and inputs, so mark prices for the same asset differ slightly between exchanges.
Which price should I set my stop-loss on?
If your venue lets you choose, mark-price stops avoid being triggered by a single wick, while last-price stops react faster to what actually trades. Many traders use mark for protective stops.
Sources
Educational content, not financial advice. Perps and prop evaluations are high-risk; firm rules change, so check each firm's current terms.
Keep reading
Leverage, margin & liquidation
Liquidation Price Explained: How to Calculate It on Perps
Perps basics
Funding Rates Explained: How Perp Funding Works (With Formula)
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Cross Margin vs Isolated Margin: Which Should You Use?
Prop firm rules
Daily Loss Limit Explained: Reset Times and Calculations by Firm