What's mark price vs last price vs index price?

X-Perps trading uses multiple price references. Understanding the difference is important because different functions may rely on different prices.

What's last price?

The last price is the price of the most recent executed trade in the market.

It's useful for:

• seeing recent trade activity

• charting and short-term market behaviour

What's index price?

The index price is a reference price derived from external spot market sources.

It's used to:

• anchor the contract to the broader market via the funding rate

• reduce reliance on a single trade or venue

• serve as the basis for the settlement price at contract expiry (60-month settlement)

As expiry approaches (approximately 60 months from issuance), the X-Perps contract price is expected to converge toward the index price.

What's mark price?

The mark price is a risk-management price used for certain account and position calculations, including liquidation logic (subject to platform rules).

It's designed to reduce unnecessary liquidations caused by temporary price spikes in the last traded price.

Why does this matter?

On our platform, mark price is used for liquidation checks and unrealized PnL calculations. This means a position may be affected by liquidation risk based on the mark price, even if the last price briefly looks different.

When reviewing your position, make sure you understand which price is used for:

• liquidation checks — mark price

• unrealized PnL display — mark price

• settlement at expiry — typically based on the index/settlement price as defined in the contract

Because different functions rely on different price references, the same market moment can look different depending on whether you are looking at last price, index price, or mark price.

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Disclaimer: X-Perps are leveraged derivatives. Leverage can amplify gains and losses. Losses may occur quickly and these products may not be suitable for all investors.