Guide · Last updated: October 13, 2026

What is mark price?

Mark price is the fair price the exchange calculates from multiple sources. It is used for unrealised profit and loss and for liquidation, and it is more resistant to momentary wicks created by a single trade.

How it differs from last price

Last price is the price of the most recent trade on the exchange. Mark price is based on an index price (several exchanges) and funding. With thin liquidity a single trade can move the last price sharply; mark price is unaffected or barely affected.

Why does it matter?

Liquidation and unrealised P&L are computed from mark price. Even if the last price wicks briefly, a position isn't liquidated if mark price hasn't moved.

For stop orders

Many exchanges let you choose the stop trigger type: last price or mark price. A mark-price stop is more resistant to momentary wicks; but when movement is fast slippage after the trigger can still happen.

Example

On a thinly traded coin the last price dropped 5% for a moment and came back while mark price barely changed: liquidations and mark-triggered stops were unaffected.

Where do you see it in KARDVANE?

The Pro terminal shows each coin's live mark price in the top info row and in the coin file.

FAQ

Why is mark price different from the last price?

Mark price is a fair value based on the index and funding; last price is just the price of the most recent trade.

This page is educational; it is not investment advice.