What is Mark Price on Crypto Futures?

Mark Price is a reference price calculated from the weighted average price across major global crypto exchanges, used on Pluang's Crypto Futures as the benchmark for calculating your unrealized P&L and determining your liquidation level, rather than relying on Pluang's own order book alone. Because it blends pricing data from multiple large exchanges instead of a single source, Mark Price moves more smoothly than any one exchange's raw price feed, which matters directly for you since both your displayed profit and loss and the trigger point for liquidation are tied to it rather than to the last price a trade happened to execute at on Pluang. Mark Price also plays a second role: it's the reference price Pluang uses to validate whether a Take Profit or Stop Loss trigger price you enter falls within an acceptable range when you add TP/SL to a position you already hold.

• Mark Price smooths out short-term price spikes on any single exchange, so your P&L and liquidation trigger aren't driven by a temporary price wick that doesn't reflect where the broader market is actually trading.
• This protects you from unfair or premature liquidation during highly volatile market conditions, where a single exchange briefly printing an outlier price could otherwise force you out of a position that would have survived under normal market pricing.
• Mark Price is also the reference price used to validate Take Profit and Stop Loss trigger prices when you add TP/SL to an existing open position, as opposed to the limit or market price used when TP/SL is attached to a brand-new order.
• Mark Price updates continuously as the underlying exchange prices move, so the figure you see for unrealized P&L or distance-to-liquidation reflects current market conditions rather than a stale snapshot.

Related questions:

Q: Is Mark Price the same as the last traded price?
No — the last traded price reflects only Pluang's own order book, while Mark Price is a weighted average across major global exchanges, making it more resistant to manipulation and less prone to sudden, isolated jumps than a single order book's last trade.

Q: Why does Pluang use Mark Price instead of last price for liquidation?
Using Mark Price prevents unreasonable liquidations caused by a brief, isolated price spike that doesn't reflect the broader market, so your position is judged against a benchmark that's harder for any single exchange's temporary volatility to distort.

Q: Does Mark Price affect my order execution price?
No — Market and Limit Orders execute against the live order book price, not Mark Price; Mark Price is used specifically for P&L and liquidation calculations, and for validating TP/SL trigger prices on existing positions.

Q: How often does Mark Price update?
It updates continuously in near real time as the underlying reference exchanges' prices move, so the unrealized P&L and liquidation distance you see reflect current conditions rather than a delayed or fixed value.