Introduction

This article explains the meaning and purpose of Mark Price, Last Price, and Index Price on Coinlocally Futures. These three values help traders understand contract pricing, manage risk, and avoid unnecessary liquidations during volatile market conditions.

Understanding Mark Price, Last Price, and Index Price

1. What is Mark Price?

Mark Price represents the estimated fair value of a futures contract. It is designed to prevent unnecessary liquidations during high volatility by smoothing out abnormal price movements.

On Coinlocally Futures, Mark Price is calculated using:

• The contract’s Last Price
• The underlying asset’s Spot Price

This blended calculation prevents manipulation from a single exchange or order book. Mark Price is used for:

• Triggering liquidations
• Calculating Unrealized PNL

Mark Price does not affect Realized PNL.

2. What is Last Price?

Last Price is the most recent traded price of the futures contract. It reflects the actual price at which the last buy or sell order was executed.

Because perpetual contracts have their own supply and demand, the Last Price may differ from the spot market price of the underlying asset. High trading volume can increase this deviation.

Coinlocally uses Last Price for:

• Executing Buy Long and Sell Short orders
• Displaying the default trading price on the platform

3. What is Index Price?

Index Price represents the market consensus price of the underlying asset. It is calculated using a weighted average of spot prices from the top four spot exchanges by trading volume.

Index Price helps ensure stability and accuracy by:

• Combining multiple exchange quotes
• Adjusting for data quality and weight factors

This prevents reliance on a single exchange and reduces the impact of price manipulation.

How to view your Index Price and Mark Price

You can find Index Price, Mark Price, and other trading rules directly on the Coinlocally Futures data page:

https://futures.coinlocally.com/en_US/futuresData

Additional notes

• Mark Price updates every 5 seconds.
• Mark Price is used for liquidation and Unrealized PNL, not for executing trades.
• Last Price is used for actual trading.
• Mark Price helps protect traders from unfair liquidations during volatile market conditions.

Common Issues

• Confusing Last Price with Mark Price may lead to incorrect assumptions about liquidation risk.
• Relying only on Last Price can be misleading during high volatility.
• Not checking Index Price may cause misunderstandings about market-wide pricing.

Feeling lost?

If you're unsure how these prices affect your trades or want help interpreting them, our support team is available 24/7. Reach out anytime and we’ll guide you through everything step by step.

Updated on: 01/18/2026