Estructura de mercado
Last price, index price and mark price answer different questions
A liquidation chart is incomplete until the reference price and its inputs are identified.
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Three measurements
The last traded price records a recent execution on a venue. An index price combines selected market inputs according to a rule. A mark price is a valuation reference used by a particular trading system, often to determine unrealised profit or liquidation conditions. A platform may display all 3 while using only one for a given decision.
A brief trade at an extreme price does not necessarily move every reference equally. Conversely, stale or distorted index inputs can affect a mark even when a user is watching a different venue's chart. The formula, update interval and fallback behaviour are material parts of the system.
Reconstruct the decision
For a disputed liquidation, obtain the actual mark and index values, their input timestamps, the account state and the rule active at that moment. A screenshot of another exchange's candle cannot independently prove that a liquidation threshold was or was not reached.
Oracle freshness covers stale data. Liquidation mechanics covers the account calculation. The distinction is essential when analysing a platform incident: a bad reference price, insufficient collateral and poor execution can produce different losses even if they occur within the same second.