Mark Price vs Last Price: Which One Liquidates You?

Short answer

Mark price liquidates you, not last price. Binance says liquidation occurs when the mark price hits your position's liquidation price. Last price is the latest trade on the contract. Mark price is the median of three values, two built from the spot index, so a brief wick in last price alone usually does not liquidate you. Stop orders can trigger on either price.

Last checked 2026-10-24

Key facts

Last price	Price of the latest trade on that contract
Mark price	Median of: index adjusted for funding, index + moving-average basis, contract last price
Used for liquidation	Mark price
Used for stop triggers	Your choice: Last or Mark (API default: last/CONTRACT_PRICE)
BTC reference price (BTCUSDT, 2026-10-24)	about 80,731.7 USDT

What is the last price?

The last price is the most recent trade on this contract. One large market order in a thin book can push it far for a moment. That is why charts sometimes show long wicks that other exchanges never printed. Through Binance's API, stop orders trigger on last price unless you set them to mark price.

What is the mark price and why does it exist?

Mark price is the median of three values: the spot price index adjusted for funding, the index plus a moving-average basis from the order book, and the contract's last price. The index is a weighted average of prices from several exchanges. Unrealized PnL and liquidations are calculated from mark price. Binance says this helps prevent unnecessary liquidations and discourages manipulation.

Write it as Mark = Median(Price 1, Price 2, Contract Price). Price 1 is the index adjusted by funding. Price 2 is the index plus a moving-average basis.

Suppose the contract wicks far below both while spot stays put. Price 1 and Price 2 move far less than the contract. The median of three values is the middle one, so mark price becomes the lower of Price 1 and Price 2. It does not follow the wick. Mark price equals the contract price only when the contract trades between Price 1 and Price 2. A wick that goes beyond both is capped at the nearer of the two.

Which price should my stop order use?

On Binance you can set stop orders to trigger on Last or Mark. Last reacts faster but can be hit by a wick. Mark is calmer but may trigger later in a fast move. Neither is always better. What matters is knowing which one you selected, because the same stop level can behave differently.

In Binance's USDⓈ-M Futures API the trigger field (workingType) accepts MARK_PRICE or CONTRACT_PRICE, and the default is CONTRACT_PRICE, which is the last price. In the app or web order form, do not assume a default. Check the trigger selector next to the stop price before you place the order.

What should I check before a leveraged trade?

Open the position panel. Binance shows Mark Price and Liq. Price next to your entry, and the chart header shows last price.
Check which trigger type each of your stop orders uses (Last or Mark).
If mark and last are far apart, the market is moving fast or liquidity is thin, so slippage and stop behaviour are less predictable.
In normal conditions on BTC (around 80,731.7 USDT, BTCUSDT, 2026-10-24) the gap between mark and last is usually small.
With leverage, a small move against you can wipe out your margin fast. Mark price filters out wicks on the contract, but it does not protect you from a real move in the market.

Why can mark and last price drift apart?

The gap widens when the contract's order book moves faster than spot markets, for example during a liquidation cascade or right after news. If spot follows the move, the gap tends to narrow. If the move came from one oversized order, last price often snaps back while mark price barely moved.

FAQ

Which price triggers liquidation?

Mark price. Liquidation occurs when the mark price hits your position's liquidation price.

Can I choose the trigger price type for a stop?

Yes. Binance lets you choose Last or Mark for stop orders. Through the API the default is last price (CONTRACT_PRICE). In the order form, check the selector next to the stop price.

Why does my PnL differ from the chart price?

Unrealized PnL uses mark price, while the chart shows last-traded prices.

Does a wick in last price liquidate me?

Usually not. Mark price is a median, and two of its three inputs come from the spot index, so a short wick on the contract alone is damped. If spot moves too, mark price moves with it.

Sources

Figures change. Check the primary sources below.