Mark Price
The exchange's fair-value price for a perpetual, derived from the spot index plus a basis average. Liquidations, unrealized PnL, and funding all use it instead of last price.
Binance BTCUSDT mark price is currently $65,677.51 against an index price of $65,708.20 (basis -0.047%), and ETHUSDT marks at $1,926.99 against a $1,928.28 index (basis -0.067%).
Source: Binance premiumIndex, refreshed about every 30 minutes.
Every perpetual future carries two prices. Last price is simply the most recent trade on that exchange's order book, so a single aggressive order in a thin moment can push it far from fair value. Mark price is the exchange's estimate of that fair value: Binance computes it from the index price (a volume-weighted basket of spot prices across major exchanges) plus a moving average of the basis, the perp's premium or discount to that index. Liquidations and unrealized PnL are calculated on mark price precisely so a one-tick wick on a single order book cannot force-close positions, and the funding rate is derived from the premium of mark over index. A sharp gap between mark and last means aggressive flow is running ahead of fair value.
Mark Price FAQ
What is mark price on perpetual futures?
Mark price is the exchange's fair-value estimate for a perpetual contract. On Binance it is built from the index price, a volume-weighted basket of spot prices across major exchanges, plus a moving average of the basis between the perp and that index. It is the reference price for liquidations, unrealized PnL, and funding.
What are the BTC and ETH mark prices right now?
Whenever fresh data is available, the live panel on this page shows the current Binance BTCUSDT and ETHUSDT mark price, index price, and the basis between them, refreshed about every 30 minutes.
Why is mark price different from last price?
Last price is whatever the most recent trade on that one order book printed, so a single aggressive market order in a thin moment can distort it. Mark price smooths that out by anchoring to a cross-exchange spot index, so it moves with fair value rather than with one venue's momentary order flow.
Why do liquidations use mark price instead of last price?
If liquidations keyed off last price, a one-tick wick on a single exchange could force-close leveraged positions that were never underwater at fair value. Using mark price makes a liquidation depend on the broad market rather than on one order book's noise. Your liquidation price is still set by your entry, leverage, and margin; mark price is what has to reach it.
How does mark price relate to funding?
The funding rate is derived from the premium of the mark price over the index price. A perp marking persistently above its index produces positive funding (longs pay shorts), and one marking below produces negative funding, which is the mechanism that pulls the contract back toward spot.