BRVX Glossary · Mark price · Updated September 24, 2026
The mark price is the reference price a derivatives venue uses to value open positions, calculate unrealised profit and loss, and decide when a position is liquidated. It is designed to track fair value and is usually derived from external index prices rather than from the last trade, so a single spike cannot trigger liquidations.
The formula
Mark price Index price + Fair premium
Positions are valued on the mark price, so one odd trade does not decide a liquidation on its own.
How it works
- Index Prices from outside venues
- Mark Smoothed fair value
- Use PnL and liquidation
Three prices on a perpetual market
| Price | What it is | Used for |
|---|---|---|
| Last price | The most recent trade on the venue | The chart, order fills |
| Index price | An average of the asset's price on outside markets | Funding, the mark price |
| Mark price | A fair-value estimate built from the index | Unrealised PnL, liquidation |
Why venues use it
A thin order book can print a trade far from fair value for a moment. If liquidations followed the last price, one such print could close positions that the wider market never threatened. Anchoring liquidation to a smoothed, index-based price removes that path.
How it relates to your position
Your unrealised PnL is calculated at the mark price, not at the price you could close at this second. When the two differ, the result shown and the result of an immediate close differ by the gap plus the closing fee. Check which price a venue uses for liquidation before relying on a liquidation estimate.
Questions about Mark price
Why is my PnL different from the last traded price?
Because most venues value open positions at the mark price, which can differ from the last trade.
Does mark price stop manipulation?
It reduces it. A short spike on one venue does not move an index built from several markets.
Is mark price the same as index price?
No. The index is an average of outside prices; the mark price is built from the index, often with an adjustment for the contract's premium.
Mark price: next steps on BRVX
Mark price on HYPE/USDT today: 5x to 100x, fees 0.05% in and 0.05% out, funding 0.0023% long and 0.0023% short per hour.
Read next: Liquidation, PnL (profit and loss) and Perpetual futures.
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