When trading on OKX, you’ll encounter three key price types: the latest成交价 (Last Traded Price), 指数价格 (Index Price), and 标记价格 (Mark Price). But what do these terms mean, and how do they differ? Let’s break it down.
👉 Discover how OKX’s advanced pricing mechanisms protect traders
How to Identify the 3 Cryptocurrency Trading Prices on OKX
1. Latest Traded Price (最新成交价)
The latest成交价 reflects the most recent transaction price for a contract on OKX’s order book. It fluctuates in real-time based on market activity.
2. Index Price (指数价格)
The 指数价格 is calculated using a weighted average of prices from multiple major exchanges (e.g., Binance, Coinbase). It serves as a benchmark to anchor OKX’s perpetual contracts, ensuring fairness and reducing manipulation risks.
3. Mark Price (标记价格)
The 标记价格 combines the Index Price with a moving average of the basis rate (the difference between futures and spot prices). It’s used to:
– Calculate unrealized P&L
– Determine liquidation thresholds
– Settle contracts
Unlike the latest成交价, the Mark Price smooths out short-term volatility, protecting traders from unnecessary liquidations due to market swings.
OKX’s Price Mechanisms: Key Differences and Functions
| Price Type | Calculation Method | Primary Use Case |
|---|---|---|
| Latest Traded Price | Real-time order book transactions | Displaying current market activity |
| Index Price | Weighted average of external exchange data | Anchoring contract fairness |
| Mark Price | Index Price + Basis Rate MA | Liquidation & settlement |
👉 Why OKX’s Mark Price system leads the industry
Why OKX’s System Stands Out:
– Anti-manipulation: The Mark Price’s moving average mechanism prevents “whale” traders from forcing liquidations.
– Stability: Reduces false triggers during high volatility.
– Transparency: Multi-exchange index ensures fair valuation.
FAQ: Cryptocurrency Trading Prices on OKX
Q1: Which price determines liquidations?
A: OKX uses the Mark Price (not the latest成交价) for liquidation calculations to prevent unfair triggers.
Q2: How often is the Index Price updated?
A: OKX updates Index Prices every second using real-time data from partner exchanges.
Q3: Can the Latest Traded Price and Mark Price diverge?
A: Yes—during extreme volatility or low liquidity, short-term discrepancies may occur.
Q4: Why does OKX use multiple exchanges for Index Prices?
A: This decentralized approach minimizes single-exchange manipulation risks.
Q5: How does the basis rate affect Mark Price?
A: A high basis rate (futures premium) increases the Mark Price, while a negative rate lowers it.
Q6: Is the Mark Price system unique to OKX?
A: While other exchanges use similar models, OKX’s moving average algorithm is exceptionally resilient to manipulation.
Key Takeaways
- Latest Traded Price = Real-time market activity
- Index Price = Benchmark from external exchanges
- Mark Price = Stabilized price for liquidation/settlement
- OKX’s system prioritizes trader protection and market integrity
By understanding these pricing mechanisms, traders can make more informed decisions and leverage OKX’s robust trading environment effectively.