What is Mark Price
Mark price refers to the estimated true value of futures trading pair. It takes into account the fair value of an asset to avoid unnecessary liquidations during periods of market volatility. Perpetual futures use mark price as the trigger condition for liquidations.
The mark price is different from the last price. The last price of a futures trading pair refers to the latest transaction price, which means the most recent trade determines its last price. A helpful analogy to understand this is: the mark price is like the average price per gallon of gasoline in the entire country, while the last price is the price you pay per gallon at a specific gas station near your residence.
Calculation of Mark Price
The index price is a major component of the mark price. It is the weighted average of the underlying asset (the spot) on major spot exchanges. Unlike the last price, the index price references the prices of the spot asset on various exchanges, including but not limited to Pionex, Binance, Bitfinex, Gate.io, OKX, Coinbase, Huobi, and MEXC.
Mark Price = Index Price + Moving Average of Basis
Basis = (Best Bid Price + Best Ask Price) / 2 – Index Price (sampled every 5 seconds, ignore data if sampling fails)
Moving Average of Basis = Arithmetic average of valid and legal basis in the previous 5 minutes
The best bid price and best ask price are the best prices offered by the buyers and sellers, respectively:
What's the difference between Mark Price and Last Price?
Last Price
• The price you see on the candlestick chart
• Reflects the last transaction price on the Pionex platform
• Not used to trigger liquidations
Mark Price
• Calculated from the index price of multiple major exchanges
• Designed to prevent internal price manipulation
• All liquidations are triggered solely based on Mark Price
How big is the gap between the two prices?
In normal market conditions, the gap between the two is nearly zero. The gap widens significantly in the following situations:
• Severe market volatility (wicks, flash crashes)
• Low-liquidity trading pairs (e.g., some small-cap coins)
• Short-term shock following major news releases
The gap can reach 1–3%, which is enough to trigger a liquidation without you noticing.
How to see Mark Price on the chart?
1. Open the app and go to the chart page of the relevant trading pair
2. Tap "⋯" (three-dot menu) in the top right corner
3. Tap "Switch to Mark Price"
After switching, the liquidation line and current price on the chart will display as Mark Price, letting you accurately assess your safety distance.
Why is there no trading volume on the Mark Price chart?
Mark Price is a calculated theoretical reference price determined primarily by the index price. It is used to calculate unrealized P&L and liquidations — not to reflect actual market trading activity. Unlike the last price, Mark Price is not formed by direct buyer-seller transactions. Instead, it is calculated by the exchange using a specific formula to prevent price manipulation and maintain fair contract pricing. To view trading volume, switch the chart back to Last Price.
Important reminder
Your liquidation is triggered by the Mark Price — not the Last Price shown on your chart. In volatile markets, the two can diverge by 1–3%, meaning you could be liquidated even when the chart price still looks safe. Always use the Mark Price to assess your liquidation risk.