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For USDⓈ-M perpetual contracts, Binance defines the mark price as the median of three inputs: Price 1, Price 2, and the contract price (the latest futures price). Price 1 adjusts the spot-based Price Index for funding; Price 2 adds a smoothed order-book basis. Because the exact smoothing window depends on the contract family and can change over time, always check the live specification for the symbol you are trading.
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What a futures mark price means
A futures mark price is an exchange-calculated estimate of a contract’s current fair value. It is designed for risk management rather than for recording the most recent match between a buyer and seller.
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On Binance, the mark price combines information from the underlying spot market, the perpetual contract’s funding economics, and Binance’s own futures order book. This makes it more robust than relying on one trade. A single transaction can occur far above or below the broader market when liquidity is thin; a calculated reference is less likely to move as sharply from that one event.
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Binance describes the mark price as a better estimate of a contract’s “true” value than a short-term perpetual-futures price because it is less volatile in the short term. That design matters when the platform calculates unrealized PnL, maintenance-margin risk, and liquidation thresholds.
Binance’s USDⓈ-M mark-price formula
For USDⓈ-M perpetual contracts, Binance publishes this formula:
Mark Price = Median(Price 1, Price 2, Contract Price)
The median is the middle value after the three numbers are ordered from lowest to highest. It is not an average. If the three inputs are 99, 100, and 104, the median is 100. That method prevents one unusually high or low input from dominating the result.
| Input | What it represents | How Binance describes it |
|---|---|---|
| Price 1 | Funding-adjusted fair value | Price Index × (1 + Last Funding Rate × (Time Until Next Funding / Funding Period)) |
| Price 2 | Index plus a smoothed futures-market basis | Price Index + Moving Average Basis |
| Contract Price | The latest price traded on the futures contract | Used as the third input to the median |
Price 1: the funding-adjusted index value
Price 1 starts with Binance’s Price Index and adjusts it according to the most recently established funding rate and the amount of time remaining before the next funding event:
Price 1 = Price Index × (1 + Last Funding Rate × (Time Until Next Funding / Funding Period))
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The adjustment reflects the economic connection between a perpetual contract and its underlying market. If the contract is trading at a premium or discount, funding is intended to encourage traders to bring it back toward the spot-based reference. The formula therefore does not treat the current funding rate as a separate payment only; it also incorporates the rate and the remaining funding interval into one mark-price input.
Price 2: the index plus a moving basis
Price 2 is calculated as:
Price 2 = Price Index + Moving Average Basis
The moving-average basis is built from Binance futures order-book data. For each sample, Binance takes the midpoint between the best bid and best ask, then subtracts the Price Index. Averaging those differences smooths the temporary premium or discount in the futures order book instead of allowing one quote to determine the entire reference.
The sampling window is contract-specific. Binance’s current FAQ for non-TradFi perpetuals describes 30 one-second observations over 30 seconds. For TradFi perpetuals, Binance announced that Price 2 would use 60 one-second observations over one minute beginning on August 31, 2026, at 08:15 UTC. These are published parameters, not permanent universal constants.
The contract price: a reality check, not the whole answer
The contract price is the latest futures trade. It is the input that most closely resembles the number displayed as the current traded price, but Binance does not automatically use it as the mark price. The median construction allows the latest trade to influence the result while limiting the effect of an isolated outlier.
How Binance’s Price Index works
The Price Index is the spot-market anchor used by both Price 1 and Price 2. Binance describes it as a weighted composite of spot prices from major cryptocurrency exchanges. The weights and constituent-market information can be updated as market conditions and pricing quality change.
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- Last or contract price: the most recent trade on Binance’s futures order book.
- Price Index: a composite spot reference drawn from external venues.
- Mark price: a risk-oriented blend of the Price Index, funding information, a smoothed futures basis, and the contract price.
Because the Price Index is updated continuously for market-price and weighting changes, a mark price can move even when Binance’s futures market has not printed a trade at the same level.
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Why Binance mark price can differ from the last price
The two prices answer different questions. Last price answers, “At what price did the latest futures trade occur?” Mark price answers, “What value does Binance calculate as a more reliable basis for margin and risk right now?”
A difference is expected when:
- The latest trade was executed against a thin portion of the order book.
- Spot prices on the markets feeding the Price Index have moved before Binance futures matched at the new level.
- The perpetual contract has a temporary premium or discount that is being reflected through the funding-adjusted and moving-basis inputs.
- A short-lived price spike has not persisted long enough to move the smoothed basis by the same amount.
Mark price is not intended to follow every trade tick-for-tick. It is deliberately less responsive to isolated transactions and more responsive to persistent changes across the underlying and futures markets.
Does Binance use mark price for liquidation?
Yes. Binance uses mark price in risk calculations that include unrealized PnL and liquidation-related thresholds. The practical consequence is that a position can approach liquidation even when the last traded price has not touched the level a trader expected.
For a long position, a mark price falling below the position’s liquidation-sensitive range can increase losses and margin risk. For a short position, a rising mark price can do the same. The trigger is tied to the exchange’s risk model and account margin, not simply to whether one trade printed a particular number.
This mechanism is intended to reduce unnecessary liquidations caused by a brief, manipulable futures-market spike. It does not eliminate liquidation risk: a sustained move in the underlying market, the futures basis, or the mark-price inputs can still move the reference quickly.
How mark price affects funding payments
Funding transfers money between opposing long and short holders of a perpetual contract. Binance defines the funding amount using nominal position value multiplied by the funding rate. Nominal value is calculated from the mark price multiplied by the contract size:
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Nominal position value = Mark Price × Contract Size
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Funding amount = Nominal Position Value × Funding Rate
The standard funding interval is generally eight hours, although Binance can set a different interval for a particular contract. The funding rate itself and the next funding timestamp are therefore contract-specific details to verify before estimating a payment.
Because mark price is used for nominal value, a funding payment may not equal what you would calculate from the last traded price. Even a modest difference matters for large positions or contracts with a high unit value.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.The basis window depends on the contract and date
Binance has changed the moving-average basis used in its calculations. Treating one window as universal can produce an incorrect explanation for a different symbol or an older date.
| Contract or announcement | Basis treatment | Effective or stated date |
|---|---|---|
| Current non-TradFi perpetual implementation described by Binance | 30 one-second data points over 30 seconds | Binance FAQ updated in 2026 |
| TradFi perpetuals | 60 one-second data points over one minute | Effective August 31, 2026, at 08:15 UTC |
| Specified USDⓈ-M and COIN-M contracts in an earlier change | Changed from a 2.5-minute basis to a 1-minute basis | Effective May 5, 2025 |
The table shows why a formula should always be dated and tied to a contract family. Binance can revise parameters, and a current non-TradFi perpetual specification should not be assumed to describe a TradFi perpetual or a historical calculation.
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How to read the three prices on Binance
When investigating a price discrepancy, use the contract’s current Futures screen and compare the displayed mark price, last price, and index price for the same symbol. Interface labels and layouts can change, so confirm that you are looking at the contract—not a spot-market pair—and note the timestamp.
- Open the exact futures contract. Select the USDⓈ-M, COIN-M, or TradFi contract family first; symbols with similar names can have different specifications.
- Record the mark price and last price. A gap between them is not automatically an error.
- Check the index price. If the index has moved while the last trade lags, the mark price may be closer to the index-derived values.
- Check funding information. Note the displayed funding rate, countdown to the next funding event, and the contract’s funding interval.
- Read the contract specification or current FAQ. Verify the basis window and any special rules for that symbol, especially for TradFi products.
- Use the mark price for risk estimates. Do not substitute the last price when estimating liquidation distance, unrealized PnL, or funding notional.
A simple way to understand the median
Suppose an illustrative contract has three inputs of 99, 100, and 104. The median is 100, because it is the middle value. If a single trade suddenly prints 104 while the index-based inputs remain near 99 and 100, the mark price does not jump all the way to 104. If the trade persists and the other inputs move higher, the median will follow.
This example is only an explanation of the median operation; it is not a Binance quote or a prediction for any contract.
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Assuming mark price equals the chart’s last-price candle
Many futures charts default to last price. A chart spike therefore may not match the value used for liquidation. Select or inspect the mark-price view when the platform offers it, and compare timestamps before drawing conclusions.
Using one formula for every Binance product
The published USDⓈ-M perpetual formula is not a blanket description of every futures instrument. Contract family, product type, and effective date matter. TradFi perpetuals have a different stated Price 2 window from the current non-TradFi implementation.
Ignoring the funding countdown
Price 1 changes with the time remaining until the next funding event. A funding rate viewed without its interval and countdown is not enough to reproduce the input.
Interpreting a price gap as manipulation automatically
A gap can result from normal differences between external spot markets, Binance’s futures order book, and a single recent trade. Investigate the index, basis behavior, liquidity, and contract specification before concluding that the calculation is malfunctioning.
Calculating funding from the last price
Binance’s funding definition uses mark price for nominal position value. Replacing it with last price can overstate or understate the expected transfer.
Mark price, index price, and last price compared
| Characteristic | Last price | Index price | Mark price |
|---|---|---|---|
| Primary source | Most recent Binance futures trade | Weighted composite of spot prices from major crypto exchanges | Index-derived values, funding, smoothed basis, and contract price |
| Responsiveness | Immediate reaction to each trade | Continuous movement with constituent spot markets and weights | Smoother than a single trade but responsive to persistent market changes |
| Venue scope | Binance futures market | External spot-market reference | Binance risk reference built from both external and futures data |
| Main use | Trade execution and charting | Fair-value anchor | Unrealized PnL, margin, liquidation, and funding notional |
What to check when your position behaves unexpectedly
- Confirm whether you are viewing last price or mark price.
- Check the mark-to-index and mark-to-last differences for the exact symbol.
- Look for a rapid move in the underlying spot markets feeding the index.
- Review the current funding rate, funding interval, and time to the next funding event.
- Verify whether the contract is non-TradFi, TradFi, USDⓈ-M, or another product family.
- Check the effective date of the published basis window; Binance has changed it before.
- Allow for maintenance-margin rules and account-level collateral, which can affect liquidation independently of a single displayed price.
The safest operational rule is simple: use the mark price shown for the exact Binance contract when assessing liquidation distance, unrealized PnL, or funding exposure, and consult the live contract specification whenever a formula detail matters.
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