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Why do mark, index and last prices differ?

Separate the purposes of three common futures prices.

Smart Coin editorialUpdated 2026-08-18About 7min

Last price is one trade

It can move sharply on a shallow venue.

Index combines spot references

Constituents and outlier handling affect the result.

Mark may drive liquidation calculations

It is not necessarily executable, so check the live order book separately.

Frequently asked questions

Can I trade directly at the mark price?

Usually it is a calculation reference; executions occur against the order book.

Sources

Reviewed against official material. Verify current details at the original source.

General information only—not investment advice or a guarantee of returns.