Liquidation Skew vs Mark Price

The distribution of open positions by price level, showing where the largest concentrations of forced-close triggers are located relative to current price; large clusters above current price represent potential short squeeze fuel; large clusters below represent potential long cascade triggers.

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.