Liquidation Price vs Mark Price

The mark price at which a leveraged position is automatically closed by the exchange to recover borrowed capital; for longs, Entry Price × (1 − 1/Leverage + Maintenance Margin Rate); for shorts, Entry Price × (1 + 1/Leverage − Maintenance Margin Rate).

The price used to calculate unrealized profit/loss and trigger liquidations on a perpetual futures contract; derived from the index price with a short-term basis adjustment to prevent single-trade manipulation from triggering mass liquidations.