Mark price & oracle price
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On Bitnxs, the oracle (index) price is an external reference price for the underlying asset taken from spot markets. The mark price is the fair price of the perpetual, used to calculate unrealized PnL and liquidations. Neither is simply the last traded price, which protects traders from short spikes or manipulation on a single order book.
What is the oracle price?
Section titled “What is the oracle price?”The oracle price tracks the spot price of the asset (e.g. BTC) across external sources. Bitnxs uses it to trigger TP/SL orders and as the reference for funding. The mark price is derived from an index of external venues.
What is the mark price?
Section titled “What is the mark price?”The mark price is the price Bitnxs uses to value open positions and decide liquidations.
Why not use the last traded price?
Section titled “Why not use the last traded price?”A single large trade can move the last price briefly. Using mark and oracle prices means one wick on one venue does not liquidate you.
Which price is used for liquidation? The mark price.
Which price triggers TP/SL? The oracle price.
Which price is used for funding? The difference between mark price and index (oracle) price.