The Difference Between Mark Price and Last Price on Pluang Futures

On Pluang's Crypto Futures platform, last price is the price of the most recently executed trade on the order book, while mark price is a weighted average price calculated across major global crypto exchanges. Pluang uses mark price — not last price — for PnL calculations and liquidation triggers to protect traders from price manipulation. Order fills when closing a position still execute at the last price.

Key differences explained:

• Last price is the price of the most recently executed futures trade on Pluang's own order book. It can spike briefly during low-liquidity periods.
• Mark price is a weighted average price across major global exchanges. It reflects broader market consensus and is more resistant to short-term manipulation.
• Liquidation is based on mark price. This protects Pluang traders from "wick-hunting" — where sudden last-price spikes could otherwise trigger unnecessary liquidations.
• Unrealised PnL is calculated using mark price so the figure in the Pluang app represents a fair estimate of your position's current value.
• Actual order fills use last price. When you close a position with a market order, the fill price is the order book (last) price, not the mark price — though the two stay close in liquid markets.

Related questions:

Q: Can the last price and mark price be very different on Pluang?
In liquid markets they stay closely aligned, but during high volatility or low-liquidity periods the gap can widen temporarily before narrowing again.

Q: Does Pluang use mark price for funding fee calculations?
Pluang uses mark price as a key input in the funding rate mechanism for perpetual contracts, anchoring it to a broad market reference.

Q: Where can I see the mark price on Pluang?
The mark price is displayed on the futures trading screen in the Pluang app alongside the last price and index price.

Q: Does using mark price mean I can never be liquidated unfairly?
It significantly reduces manipulation-driven liquidation risk, but genuine broad-market price moves that breach your maintenance margin can still trigger liquidation.