Pricing & Indices
Last updated: Mar 11, 2026
We publish three price types:
- Index Price: external based aggregate spot price used for funding and collateral valuation
- Last Price: fair-value price used for UI displays and optional conditional-order triggers
- Mark Price: manipulation-resistant reference price used for margining, liquidations, triggering TP/SL by default, and unrealized PnL
Index Price
Index Price represents the underlying asset's spot value derived from major spot exchanges via external aggregation.
Index Price is used for:
- Funding rate calculations
- Collateral asset valuation
- Market fairness validation
Index Price sources
- Primary: Coin Metrics
- Endpoint:
/v4/timeseries/asset-metrics - Update frequency: approximately 3 seconds
Last Price
Last Price represents the current fair value of the Synthetix perpetual market.
This price is used for:
- Market data feeds and UI displays
- An optional UI selection for conditional-order triggers
Last Price is computed as the median of:
- Best Bid
- Best Ask
- Last Trade
last_price = median(best_bid, best_ask, last_trade)
Mark Price
Mark Price is the liquidation reference price designed to be manipulation-resistant through smoothing and multiple external sources.
Mark Price is used for:
- Real-time unrealized PnL calculations
- Position liquidation thresholds
- Margin requirements
- Risk calculations
- Funding rate premium component
- The default price for conditional-order triggers