What is mark price?

The last traded price on a thin order book can jump on a single large order. If that price drove liquidations, brief spikes would close healthy positions. Exchanges therefore compute a smoother mark price.

How do venues calculate it?

Binance documents the mark price as the median of three inputs: a price based on the index price adjusted for funding, the index plus a 30-second moving average of the gap between the order book midpoint and the index, and the contract’s own price. Binance may use protective measures in extreme conditions.

Hyperliquid documents the mark price as the median of three inputs:

1. The oracle price plus a 150-second moving average of the gap between the Hyperliquid mid price and the oracle price.
2. The median of the best bid, best ask, and last trade on Hyperliquid.
3. A weighted median of perpetual mid prices from other exchanges.

Hyperliquid uses its mark price for margining, liquidations, take-profit and stop-loss triggers, and unrealized profit and loss. It updates about every three seconds.

What does mark price affect?

• Unrealized PnL on your open positions.
• The liquidation price check.
• Trigger conditions for stop-loss and take-profit orders, when the trigger is set to mark price.
• The notional used for funding on some venues, such as Binance. See funding rate.

Where does it appear in Ninja Terminal?

The auto take-profit and stop-loss settings let you pick the trigger price type: mark price or last price. Mark price is the recommended option because it is more stable.