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Encyclopedia DeFi · Entry 339

Mark, index and last price: different numbers with different jobs

AI-assisted research · separate automated verificationCorrections

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DeFi
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4 cited records
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About 3 minutes
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In this article

At a glance

Key facts

Key facts for Mark, index and last price: different numbers with different jobs
FactDetailSource
LastAn executed trade supplies the last-trade observation.[1]
OracledYdX uses its oracle for collateral valuation and liquidation checks.[2]
MarkDeribit’s mark incorporates market signals and stabilizing rules.[3]
01

Three prices can be valid at once

Imagine a last trade at 102, an external reference at 100 and a smoothed mark at 100.5. They answer different questions: what just traded, what the reference method reports, and how this venue values risk. A trader cannot assume a position will close at 100.5 because that is its mark.

Deribit explicitly warns that smoothing can leave a mark outside the current executable spread during fast moves.

02

Match the price to the rule

A chart crossing a stop level does not establish that the order’s trigger reference crossed it. The dYdX help pages describe oracle uses and order-specific trigger safeguards. Record the relevant price series, not just a screenshot of the last-price candle.

03

Names do not standardize calculation

A mark can combine order-book depth, premium smoothing and bounds. Dated futures may add term-structure or option-derived inputs. These are the cited venue’s techniques, not a universal formula every decentralized derivatives market follows.

Direct answers

Questions people ask

Can I buy at the mark price?

Only if available orders actually execute there. A risk valuation is not itself a standing offer.

Inspect the evidence

The answer and key facts have stable claim links. These records retain the scope and qualification when reused.

Last price is the price of a recent completed trade. An index or oracle price is a reference assembled under a published method. A mark price is a venue-defined valuation used for risk or P&L. These prices can differ, and the contract rules determine which one triggers orders or liquidation.

Scope: DeFi · data through 2026-10-02. Verification: verified · 2026-10-02T19:18:00.092Z.

Link to this claim
Last: An executed trade supplies the last-trade observation.

Scope: DeFi · data through 2026-10-02. Verification: verified · 2026-10-02T19:18:00.092Z.

Link to this claim
Oracle: dYdX uses its oracle for collateral valuation and liquidation checks.

Scope: DeFi · data through 2026-10-02. Verification: verified · 2026-10-02T19:18:00.092Z.

Link to this claim
Mark: Deribit’s mark incorporates market signals and stabilizing rules.

Scope: DeFi · data through 2026-10-02. Verification: verified · 2026-10-02T19:18:00.092Z.

Link to this claim
Revision history
  1. — First publication after primary-source research and separate automated verification.

Source register

Sources and references

Retrieval dates and locators are recorded individually.
  1. Create a new orderCoinbase Exchange

    General order policy example; not a claim these policies exist on every DEX.

    Locator: Time in force; post only; fill or kill · Version / scope: Documentation retrieved 2026-10-02; hash recorded · Retrieved: 2026-10-02T19:02:00.071ZOpen source
  2. Oracle prices on dYdX ChaindYdX Operations Services

    Source-specific oracle reference and its distinct functions.

    Locator: Oracle determination; liquidation and trigger uses · Version / scope: Documentation retrieved 2026-10-02; hash recorded · Retrieved: 2026-10-02T18:57:09.645ZOpen source
  3. Mark PricesDeribit

    Official support article retrieved through its public API; venue-specific mechanics.

    Locator: What is the Mark Price; building blocks · Version / scope: Support article retrieved 2026-10-02; hash recorded · Retrieved: 2026-10-02T19:02:00.584ZOpen source
  4. Perpetual order types on dYdX ChaindYdX Operations Services

    Order-type semantics and dYdX-specific constraints.

    Locator: Market; Limit; Stop; Take Profit; execution policies · Version / scope: Documentation retrieved for the 2026-10-02 editorial scope; content hash recorded · Retrieved: 2026-10-02T18:53:20.714ZOpen source
How this article was made

Research and drafting use AI assistance. A separate automated review checks claims against primary sources; no external expert or named human review is implied. Publication, substantive editing, source retrieval and verification are recorded separately. This version was independently checked by an automated reviewer on 2 October 2026.

Editorial method and corrections

Degrees of Satoshi editorial project. “Mark, index and last price: different numbers with different jobs.” Published 2026-10-02; updated 2026-10-02. https://degreesofsatoshi.com/encyclopedia/mark-index-last-price/