BeaconGiá Đánh Dấu Definition
Mark price is a calculated fair value price used by perpetual futures exchanges to determine unrealized profit and loss (PnL), margin requirements, and most importantly, liquidation triggers. It is not the same as the last traded price on the exchange - it is a more stable and manipulation-resistant reference price.
The core purpose of giá đánh dấu is to prevent unfair thanh lý. Without it, a single large market order could temporarily crash the price on one exchange, triggering thanh lý dây chuyền of otherwise healthy vị thế. Mark price anchors to external reference data, making such manipulation impractical.
How Giá Đánh Dấu Is Calculated
Mark price is typically derived from two components: the giá chỉ số and a basis (premium or discount). The giá chỉ số is a weighted average of giá giao ngays from multiple major exchanges, providing a reliable reference for the asset's true market value. The basis accounts for the difference between the hợp đồng vĩnh viễn price and the giá giao ngay.
On most exchanges including Hyperliquid, the formula looks something like: Giá Đánh Dấu = Index Price + Decaying Moving Average of (Contract Price - Index Price). The decaying average ensures that temporary spikes in the contract price do not immediately shift the giá đánh dấu, providing a buffer against manipulation and flash crashes.
The specific parameters - decay rate, index sources, and weighting methodology - vary by exchange and by asset. Exchanges publish these parameters so traders can understand exactly how their vị thế are being valued and when thanh lý would occur.
Why Giá Đánh Dấu Matters for Thanh Lý
Liquidation is the process by which an exchange force-closes a position when the trader's margin is no longer sufficient to cover potential losses. The critical question is: what price is used to determine when that threshold is crossed? The answer is mark price.
Consider this scenario: you have a long BTC vị thế, and someone places a massive sell order that temporarily pushes the last traded price down 5%. If thanh lý were based on last traded price, your vị thế might be closed at the bottom of that temporary dip. But because thanh lý is based on giá đánh dấu - which remains stable because the broader market (index) has not moved - your vị thế survives the artificial price spike.
This protection is especially valuable in crypto markets, which can experience violent short-term price movements due to lower liquidity compared to traditional markets. Mark price is your shield against being liquidated by noise rather than genuine market moves. You can check your liquidation price against mark price using our liquidation calculator.
Giá Đánh Dấu vs Last Price vs Index Price
Last price is the price at which the most recent trade was executed on the exchange. It changes with every trade and can be volatile, especially in thin markets. It is used for calculating realized PnL when you actually close a position.
Index price is the weighted average spot price from multiple exchanges. It represents the consensus market price across the broader ecosystem. It is the foundation upon which mark price is built.
Mark price combines the index price with the perpetual contract's premium or discount. It is the most important price for managing risk because it determines your unrealized PnL, maintenance margin requirements, and liquidation thresholds. In normal market conditions, all three prices are very close to each other. They diverge during periods of high volatility or low liquidity.
Giá Đánh Dấu on Hyperliquid
Hyperliquid calculates mark price using oracle feeds from providers like Pyth Network. For crypto assets, these oracles aggregate price data from multiple major centralized and decentralized exchanges. For stock perpetual futures, the oracle provides real-time stock prices during market hours and fixes to the closing price outside market hours.
The giá đánh dấu is displayed prominently in the Beacon giao diện giao dịch alongside the last traded price. When you hover over a vị thế, you can see both your PnL based on giá đánh dấu (used for ký quỹ calculations) and the estimated PnL you would realize if you closed at the current market price. Understanding this distinction is essential for managing vị thế có đòn bẩy effectively.