Many new futures traders watch only the last traded price. Bybit’s help center makes a different point: for perpetual and expiry contracts, mark price is the reference used to trigger liquidation and calculate unrealized profit and loss. That means the number that decides margin pressure may not be the same price flashing in the trade tape.
Bybit describes mark price as a value derived from a global spot index plus a funding-basis component. The goal is to reduce manipulation risk and smooth temporary last-price spikes. For traders, the benefit is useful only if they actually monitor it. A position can look comfortable on the chart while the mark price is moving closer to liquidation.
A practical routine is simple. Before opening a position, record entry price, liquidation price, current mark price, leverage, margin mode and planned stop. After entry, watch the distance between mark price and liquidation price rather than only unrealized P&L. If that gap narrows while funding or volatility rises, reducing size may be more rational than adding margin repeatedly.
Order rules also matter. Bybit’s futures trading-rules page lists execution parameters such as tick size and maximum order sizes, which can affect order placement during fast markets. A liquidation checklist should therefore include both price-risk controls and the mechanical rules of the contract being traded.
Sources: Bybit mark-price calculation help page; Bybit futures trading rules; Bybit futures getting-started guide.
Risk notice: Futures and perpetual contracts can be liquidated rapidly when leverage is high. This guide is educational and is not official customer support or trading advice.
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