What is mark price?
Mark price is the fair value price that Cronos app uses for all margin and risk calculations on your perpetuals positions. It is calculated using prices from several major exchanges, not just the price of the last trade on Cronos app.
Because it is based on a broad set of price sources, mark price is more stable and harder to manipulate than the last traded price.
How is mark price different from the price on the chart?
The price shown on the chart is the last traded price, which is the price at which the most recent trade on Cronos app was executed. Mark price and last traded price are usually very close, but they can differ slightly.
The difference matters in two situations:
Short-lived price spikes. If the chart price briefly spikes up or down but quickly recovers, the mark price may not move much. This means a brief spike on the chart will not trigger your stop loss or liquidation unless the mark price also reaches your level.
Low trading activity. When there is little trading activity, a single large trade can move the last traded price significantly without affecting the mark price.
Why does mark price matter for your trades?
Mark price is used for three things on Cronos app:
Unrealised profit and loss. The profit and loss shown on your open position is calculated using the mark price, not the last traded price.
Stop loss and take profit triggers. Your stop loss and take profit orders activate when the mark price reaches your trigger level, not when the chart price does.
Liquidation. Your position is liquidated based on the mark price crossing your liquidation threshold, not the last traded price.
This protects you from being liquidated or stopped out by a single manipulative trade that briefly moves the price in one direction.
Questions
Why didn't my stop loss trigger even though the price on the chart reached my level?
Stop loss orders trigger based on mark price, not the chart price. If the mark price did not reach your stop level, the order will not activate even if the chart price briefly touched it.
Can the mark price be manipulated?
Mark price is calculated using prices from multiple major exchanges at once. A single trade on Cronos app cannot move it meaningfully on its own, which makes it resistant to manipulation.
Where can I see the mark price?
The mark price is shown alongside your open position in the app.