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DERIVATIVES · MARK VS LAST PRICE

Mark Price vs Last Traded Price in Crypto: Units and Time Windows That Change the Result

Last traded price is the latest trade; mark price is the exchange's fair value used for liquidations and P&L. In fast markets, they diverge for seconds or minutes.

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

Short answer

Last price reflects the most recent trade on that venue and can spike on a single large order; mark price is computed from index prices and a premium measure to resist manipulation, and is what most venues use for liquidation and unrealised P&L. During wicks, last price can briefly move far from mark. Compare them over short windows around volatile moments, and set stop triggers knowing which price your venue uses.

Why they differ

SituationLastMark
Calm≈ Mark≈ Last
Single large market orderSpikesMoves less
Venue-specific dislocationOffAnchored to index
Wick (illustrative)Wick (illustrative): 12:00:00: Last 60,000 · Mark 60,010; 12:00:02: Last 58,900 (wick); 12:00:02: Mark 59,780; 12:00:10: Both ≈ 59,850.12:00:00Last 60,000 · Mark 60,01012:00:02Last 58,900 (wick)12:00:02Mark 59,78012:00:10Both ≈ 59,850
Last wicked; mark didn't. Original ChartsPod editorial graphic.

Time windows

Mark vs lastMark vs last: Which triggers your stop; Which drives liquidation; Short-window comparison; Venue's mark method; Index constituents.MARK VS LASTWhich triggers your stopWhich drives liquidationShort-window comparisonVenue's mark methodIndex constituents
Know which price acts. Original ChartsPod editorial graphic.

Using it

Related: Mark Price vs Index Price: Units and Time Windows That Change the Result, Liquidation Price vs Stop Price in Crypto: How to Read the Data With Price Context.

Check mark vs last price beside price in ChartsPod.

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Compare them over short windows around volatile moments, and set stop triggers knowing which price your venue uses.

See Mark Price vs Last Traded Price in Crypto on live data in the free ChartsPod terminal.

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Questions readers ask

What's the difference between mark and last price?

Last is the latest trade; mark is a fair value used for liquidation.

Which triggers liquidation?

Mark price on most venues.

Which triggers stops?

Check your venue's setting.

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. Bybit: Liquidation process — mark price and margin modes.
  3. 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.