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  "id": "mark-index-last-price",
  "canonical": "https://degreesofsatoshi.com/encyclopedia/mark-index-last-price/",
  "collection": "defi",
  "title": "Mark, index and last price: different numbers with different jobs",
  "description": "Distinguish a recent trade, an external reference and a risk valuation when reading derivatives screens and liquidation notices.",
  "aliases": [
    "mark price index price last price",
    "mark price versus oracle and last trade"
  ],
  "dates": {
    "published": "2026-10-02",
    "modified": "2026-10-02",
    "verified": "2026-10-02T19:18:00.092Z",
    "dataAsOf": "2026-10-02"
  },
  "authorship": {
    "publisher": "Degrees of Satoshi editorial project",
    "process": "AI-assisted research and drafting with a separate automated source-verification pass; no external expert or named human review is implied."
  },
  "quickAnswer": {
    "text": "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.",
    "claimId": "mark-index-last-price-quick-answer",
    "sourceIds": [
      "x425-defi-coinbase-orders",
      "x425-defi-dydx-oracle",
      "x425-defi-deribit-mark"
    ]
  },
  "keyFacts": [
    {
      "label": "Last",
      "value": "An executed trade supplies the last-trade observation.",
      "sourceIds": [
        "x425-defi-coinbase-orders"
      ],
      "id": "last",
      "claimId": "mark-index-last-price-fact-last"
    },
    {
      "label": "Oracle",
      "value": "dYdX uses its oracle for collateral valuation and liquidation checks.",
      "sourceIds": [
        "x425-defi-dydx-oracle"
      ],
      "id": "oracle",
      "claimId": "mark-index-last-price-fact-oracle"
    },
    {
      "label": "Mark",
      "value": "Deribit’s mark incorporates market signals and stabilizing rules.",
      "sourceIds": [
        "x425-defi-deribit-mark"
      ],
      "id": "mark",
      "claimId": "mark-index-last-price-fact-mark"
    }
  ],
  "prerequisites": [
    "blockchain-oracles"
  ],
  "sections": [
    {
      "id": "example",
      "heading": "Three prices can be valid at once",
      "sourceIds": [
        "x425-defi-deribit-mark",
        "x425-defi-dydx-oracle",
        "x425-defi-coinbase-orders"
      ],
      "paragraphs": [
        "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."
      ]
    },
    {
      "id": "trigger",
      "heading": "Match the price to the rule",
      "sourceIds": [
        "x425-defi-dydx-oracle",
        "x425-defi-dydx-orders"
      ],
      "paragraphs": [
        "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."
      ]
    },
    {
      "id": "scope",
      "heading": "Names do not standardize calculation",
      "sourceIds": [
        "x425-defi-deribit-mark"
      ],
      "paragraphs": [
        "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."
      ]
    }
  ],
  "faq": [
    {
      "question": "Can I buy at the mark price?",
      "answer": "Only if available orders actually execute there. A risk valuation is not itself a standing offer.",
      "sourceIds": [
        "x425-defi-deribit-mark"
      ]
    }
  ],
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      "statement": "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.",
      "sourceIds": [
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      "sourceLocators": [
        {
          "sourceId": "source-a450844a7ee115f1",
          "locator": "Time in force; post only; fill or kill"
        },
        {
          "sourceId": "source-bf52a8b292c98379",
          "locator": "Oracle determination; liquidation and trigger uses"
        },
        {
          "sourceId": "source-f2ccdf54bf686a07",
          "locator": "What is the Mark Price; building blocks"
        }
      ],
      "scope": {
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      "evidenceStatus": "documented",
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        "checkedAt": "2026-10-02T19:18:00.092Z",
        "reviewer": "Independent automated verification — Codex root, separate from the DeFi drafting agent",
        "notes": [
          "Checked current Deribit mark smoothing and out-of-spread warning plus dYdX oracle valuation; mark not executable offer."
        ]
      }
    },
    {
      "id": "mark-index-last-price-fact-last",
      "articleSlug": "mark-index-last-price",
      "statement": "Last: An executed trade supplies the last-trade observation.",
      "sourceIds": [
        "source-a450844a7ee115f1"
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      "sourceLocators": [
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        "notes": [
          "Checked current Deribit mark smoothing and out-of-spread warning plus dYdX oracle valuation; mark not executable offer."
        ]
      }
    },
    {
      "id": "mark-index-last-price-fact-oracle",
      "articleSlug": "mark-index-last-price",
      "statement": "Oracle: dYdX uses its oracle for collateral valuation and liquidation checks.",
      "sourceIds": [
        "source-bf52a8b292c98379"
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      "sourceLocators": [
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          "sourceId": "source-bf52a8b292c98379",
          "locator": "Oracle determination; liquidation and trigger uses"
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        "checkedAt": "2026-10-02T19:18:00.092Z",
        "reviewer": "Independent automated verification — Codex root, separate from the DeFi drafting agent",
        "notes": [
          "Checked current Deribit mark smoothing and out-of-spread warning plus dYdX oracle valuation; mark not executable offer."
        ]
      }
    },
    {
      "id": "mark-index-last-price-fact-mark",
      "articleSlug": "mark-index-last-price",
      "statement": "Mark: Deribit’s mark incorporates market signals and stabilizing rules.",
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        "source-f2ccdf54bf686a07"
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      "sourceLocators": [
        {
          "sourceId": "source-f2ccdf54bf686a07",
          "locator": "What is the Mark Price; building blocks"
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        "checkedAt": "2026-10-02T19:18:00.092Z",
        "reviewer": "Independent automated verification — Codex root, separate from the DeFi drafting agent",
        "notes": [
          "Checked current Deribit mark smoothing and out-of-spread warning plus dYdX oracle valuation; mark not executable offer."
        ]
      }
    }
  ],
  "sources": [
    {
      "id": "x425-defi-coinbase-orders",
      "label": "Create a new order",
      "publisher": "Coinbase Exchange",
      "url": "https://docs.cdp.coinbase.com/api-reference/exchange-api/rest-api/orders/create-new-order",
      "locator": "Time in force; post only; fill or kill",
      "note": "General order policy example; not a claim these policies exist on every DEX.",
      "version": "Documentation retrieved 2026-10-02; hash recorded",
      "checkedAt": "2026-10-02T19:02:00.071Z",
      "contentSha256": "02d626e24b912f2793248d016e236553ba45f54c7e0d81575a6eb4161b4e304f",
      "recordId": "source-a450844a7ee115f1"
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    {
      "id": "x425-defi-dydx-oracle",
      "label": "Oracle prices on dYdX Chain",
      "publisher": "dYdX Operations Services",
      "url": "https://help.dydx.trade/en/articles/166990-oracle-prices-on-dydx-chain",
      "locator": "Oracle determination; liquidation and trigger uses",
      "note": "Source-specific oracle reference and its distinct functions.",
      "version": "Documentation retrieved 2026-10-02; hash recorded",
      "checkedAt": "2026-10-02T18:57:09.645Z",
      "contentSha256": "81716f69f76ff9882a7989dc798bed665a732cd24beb5489b1bad2ac39c3c400",
      "recordId": "source-bf52a8b292c98379"
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    {
      "id": "x425-defi-deribit-mark",
      "label": "Mark Prices",
      "publisher": "Deribit",
      "url": "https://support.deribit.com/api/v2/help_center/en-us/articles/25944746962973.json",
      "locator": "What is the Mark Price; building blocks",
      "note": "Official support article retrieved through its public API; venue-specific mechanics.",
      "version": "Support article retrieved 2026-10-02; hash recorded",
      "checkedAt": "2026-10-02T19:02:00.584Z",
      "contentSha256": "bdc41686d59dac081fb70d2bb7aa8a87159ecd32cf7d82f181e18a6ba91bc5dc",
      "recordId": "source-f2ccdf54bf686a07"
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    {
      "id": "x425-defi-dydx-orders",
      "label": "Perpetual order types on dYdX Chain",
      "publisher": "dYdX Operations Services",
      "url": "https://help.dydx.trade/en/articles/166981-perpetual-order-types-on-dydx-chain",
      "locator": "Market; Limit; Stop; Take Profit; execution policies",
      "note": "Order-type semantics and dYdX-specific constraints.",
      "version": "Documentation retrieved for the 2026-10-02 editorial scope; content hash recorded",
      "checkedAt": "2026-10-02T18:53:20.714Z",
      "contentSha256": "d1438931924b074c70b146b951a4f3257795a24a3f764d4e31993b9325aa91a9",
      "recordId": "source-a2545baf2d42e7b4"
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  ],
  "related": {
    "articles": [
      "stop-loss-vs-stop-limit",
      "order-book-depth-spread",
      "initial-vs-maintenance-margin",
      "perpetual-funding-payments",
      "leverage-margin-notional"
    ],
    "dossiers": [],
    "wallets": []
  },
  "revisionHistory": [
    {
      "date": "2026-10-02",
      "kind": "published",
      "summary": "First publication after primary-source research and separate automated verification."
    }
  ],
  "citation": "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/"
}