> For the complete documentation index, see [llms.txt](https://dipcoin-doc.gitbook.io/dipcoin/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://dipcoin-doc.gitbook.io/dipcoin/perpetual-trading/mark-price.md).

# Mark Price

The mark price—used for margining, liquidations, stop/limit triggers, and unrealized P\&L, etc—is the median of three independent components, designed to reflect the fair value of the perpetual contract while remaining resilient to manipulation.

**Mark Price = Median(Price 1, Price 2, Price 3)**

**Price 1 – Funding Rate Adjusted Index**

Adjusts the underlying index price with the current funding rate to reflect the cost of carry.

**Price 2 – 2-Minute Moving Average Basis**

Captures the average premium or discount between the contract and the index price over a short rolling window.

Price 2 = Index Price + MA\_2min

MA\_2min = Average of \[(Bid\_1 + Ask\_1) / 2 − Index Price] over the last 2 minutes

**Price 3 – CEX Aggregated Median**

Price 3 = Median (Mark Prices of Selected Major exchanges)