Many futures traders watch the candlestick and assume that the last traded price is the only price that matters. Exchange documentation says otherwise. Binance explains that mark price is used to reduce unnecessary liquidations and manipulation risk, Bybit says liquidation is triggered when mark price reaches the liquidation price, and Kraken notes that last price and mark price can briefly diverge during fast moves.
The practical problem is a stop-loss mismatch. A trader may set a stop based on last price while liquidation is calculated from mark price. If the mark price reaches the liquidation level first, the position can be liquidated before the stop order behaves as expected. This risk is larger with high leverage, thin contracts, fast funding-basis moves and stop levels placed too close to liquidation price.
A pre-trade checklist should include the contract’s mark price, index price, last price, liquidation price, stop trigger type, maintenance margin and funding countdown. If the stop trigger and liquidation engine reference different prices, leave more room or reduce leverage. A stop loss is a risk tool, not a guarantee of execution at the desired price.
Sources: Binance futures mark price explainer; Bybit mark price calculation page; Kraken Learn on last price versus mark price.
Risk notice: Perpetual futures, margin and leverage can cause rapid losses and forced liquidation. This article is educational and is not trading advice.
原创文章，作者：financial transaction，如若转载，请注明出处：https://www.fanbi.net/archives/1676
