Lesson 4: Understanding the Meaning and Differences Between Last Traded Price, Index Price, and Mark Price
In our daily trading interface, we encounter three types of prices: the last traded price, index price, and mark price. What are the connections and differences between these three prices?
1. Frontend Locations of the Three Prices
① Last Traded Price
2. Connections and Differences Between the Three Prices
The last traded price is the real-time execution price in the futures contract order book.
The index price is calculated by selecting trading pairs from three or more mainstream exchanges as weighted components. It is the price that the futures contract exchange anchors to. For example: coin-margined contracts anchor to the USD index of the underlying currency; USDT-margined contracts anchor to the USDT index of the underlying currency.
The mark price is calculated by adding the index price and the moving average of the basis. It is primarily used for calculating account profit/loss and settlement. (It's worth noting that forced liquidation depends on the mark price, not the last traded price.)
OKX's mark price calculation employs a moving average mechanism, which smoothly filters short-term contract price fluctuations and reduces unnecessary forced liquidations caused by abnormal market volatility. This mechanism is at an industry-leading level. It effectively prevents malicious market manipulation by large holders, protects small and medium traders in the market, ensures market stability, and has consistently earned the recognition and trust of traders on the OKX platform.
Disclaimer
This article may contain content related to products that are not available in your region. This article is intended to provide general information only and is not responsible for any factual errors or omissions. This article represents only the author's personal views and does not represent OKX's views. This article is not intended to provide any advice, including but not limited to: (i) investment advice or investment recommendations; (ii) an offer or solicitation to buy, sell, or hold digital assets; or (iii) financial, accounting, legal, or tax advice. Holding digital assets (including stablecoins) involves high risks and may experience significant volatility or even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation. Please consult your legal/tax/investment professionals regarding your specific circumstances. Information appearing in this article (including market data and statistical information, if any) is for general reference only. While we have taken all reasonable care in preparing this data and charts, we assume no responsibility for any factual errors or omissions expressed herein. © 2025 OKX. This article may be reproduced or distributed in its entirety, or excerpts of 100 words or less from this article may be used, provided such use is non-commercial. Any reproduction or distribution of the entire article must also prominently state: "This article is copyrighted © 2025 OKX and used with permission." Permitted excerpts must cite the article name and include attribution, such as "Article Name, [Author Name (if applicable)], © 2025 OKX". Some content may be generated or assisted by artificial intelligence (AI) tools. Derivative works or other uses of this article are not permitted.
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