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The mark price is the price the MarginEngine values a futures position at. It drives variation margin, margin and liquidation. Spot has no mark.

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Where it comes from

Each update, the venue computes a forward from the series’ order book, or from the index when the book is too thin. See Impact pricing. It signs the forward into the forward feed, and the mark is pulled on chain from that feed. Anyone can trigger the pull.

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Bounds

The chain enforces three limits on every mark update: The index band is 10% either side of the index. Over the last 14 days before expiry it narrows linearly to 1%. The same band bounds every fill. See The fill band. If the book’s price falls outside these limits, the mark moves as far toward it as they allow. If no mark can satisfy them, or the index is stale, the mark does not update.

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Read it

GET /v1/markets reports mark_price, index_price and band_width for each series. GET /v1/positions reports mark_price and mark_updated_at on each position. The mark is quoted in cNGN per USDC.

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At expiry

The mark stops updating at last_trade_time. Positions close out at the settlement price, not the mark. See Settlement.