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DERIVATIVES · MARK VS INDEX PRICE

Mark Price vs Index Price: Units and Time Windows That Change the Result

Index price averages spot prices from several venues; mark price adds a premium component on top. Their gap is the market's premium — and it changes with windows.

By ChartsPod Editorial Team · Reviewed by ChartsPod Research
Published · Updated · 5 min read

Short answer

Index price is a weighted average of constituent spot prices; mark price is derived from the index plus a smoothed premium (methods vary by venue). The mark-index gap reflects how far the perp trades from spot and feeds into funding. Measured instant by instant it's noisy; averaged over a funding interval it relates to the funding rate. Compare them over windows matching your question and with the venue's published methodology.

What the gap means

GapReading
Mark > indexPerp premium (longs paying)
Mark < indexPerp discount
Gap widening in rallyLeveraged demand
Instant vs averagedNoise vs signal
Illustrative mark − index (bps)Illustrative mark − index (bps): Instant 7 bps; 1h average 3 bps; 8h average 2 bps.ILLUSTRATIVE MARK − INDEX (BPS)Instant7 bps1h average3 bps8h average2 bps
Averaging smooths noise. Original ChartsPod editorial graphic.

Time windows

Mark vs indexMark vs index: Venue methodology; Constituent snapshot; Window length; Relation to funding; Timestamps aligned.MARK VS INDEXVenue methodologyConstituent snapshotWindow lengthRelation to fundingTimestamps aligned
Window decides meaning. Original ChartsPod editorial graphic.

Using it

Related: Mark Price vs Last Traded Price in Crypto: Units and Time Windows That Change the Result, Perpetual Premium vs Funding: How to Read the Data With Price Context.

Check mark vs index price beside price in ChartsPod.

Open BTC/USDT in ChartsPod

Compare them over windows matching your question and with the venue's published methodology.

Review Mark Price vs Index Price with bar replay before using it live.

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Questions readers ask

What is index price?

Weighted average of spot prices.

What does mark − index show?

The perp's premium or discount.

Which window?

Match the question; averaged for funding.

Sources and methodology

Definitions follow Binance's USD-M market data documentation, Hyperliquid's funding documentation, TradingView's open-interest guide and Bybit's liquidation rules, read 17 October 2026. Examples are illustrative, not recorded market data.

  1. Binance: USD-M Futures market data API — trades, depth, funding and open interest.
  2. ChartsPod: product overview, pricing and FAQ — free terminal, venues, modules, no order placement; checked 17 Oct 2026.

This article explains research tools and workflows. It is not financial advice, does not recommend buying or selling any asset and does not predict prices. Crypto derivatives carry a risk of rapid and total loss of margin.

CHARTSPOD EDITORIAL EDITION · RESEARCH AND EDUCATION ONLY · NOT FINANCIAL ADVICE.