What is mark price?

Last traded price is the price of the most recent matched trade. Mark price is a separate reference calculated by the venue, often using an index and a funding or basis adjustment.

A prop firm or exchange may use mark price for equity, liquidation, or drawdown even when the chart appears to show last price. That can make the number used for a rule differ from the candle you are watching.

Before trading a perp, find out which price controls liquidation, daily loss, drawdown, and stop orders. Never assume the chart’s last price is the only price that matters.