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The mark price is a smoothed price used to mark the value of perpetual contracts positions to market for the purpose of liquidations and unrealized PnL. By smoothing the oracle price with an exponential weighted moving average, the mark price is designed to prevent triggering of liquidations on brief order-book noise or manipulation. When trading, you will see both the last traded price and the mark price; liquidations and PnL always use the mark price. The oracle price calculation depends on the market & time:
  • For markets with live oracles (e.g. Crypto, US Equity Perps during market hours), the mark price is the average of the two components below, clamped at +/- 1% the oracle price:
    • Oracle price, plus the 2.5-minute EWMA of the difference between the perp impact mid and oracle price
    • Median of last trade price, best bid and best ask.
When no oracle is available (e.g. US Equity Perps overnight & over weekends), the mark price is a 2.5-minute EWMA of the perp impact mid price.