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In futures trading, platforms usually display multiple types of prices. Each price serves a different purpose and can be used as a reference depending on trading needs.
1. Last Traded Price
The Last Traded Price refers to the price of the most recent trade executed in the futures market.
It is commonly used to:
The Last Traded Price can be heavily affected by short-term trades, which may lead to significant price deviations during periods of high market volatility.
2. Mark Price
The Mark Price is an important reference price used in futures trading to calculate Unrealized PnL and liquidation prices. It is typically derived from the Index Price and funding rates, helping keep futures prices aligned with the broader market and reducing the impact of sudden price swings.
The Mark Price is commonly used to:
During periods of high market volatility, the Last Traded Price and the Mark Price may differ. As a result, liquidation is determined by the Mark Price, not the Last Traded Price.
3. Index Price
The Index Price is a composite reference price calculated using prices from multiple major spot trading platforms.
It is mainly used to:
The Index Price references data from multiple markets, making it generally more stable than prices from a single market.
4. Liquidation Price
5. Differences Between Price Types
| Price Type | Main Purpose |
| Last Traded Price | Reflects the latest executed market price |
| Mark Price | Calculates Unrealized PnL and liquidation |
| Index Price | Reflects the overall spot market price |
| Liquidation Price | Indicates the liquidation risk of a position |
Users are advised to keep a close eye on the Mark Price and Liquidation Price, and to adjust leverage and margin proactively to reduce exposure during volatile market conditions.