Mark Price vs Perpetual Futures Contract

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.

A derivative instrument that functions like a futures contract but has no expiry date; price is kept anchored to the underlying spot asset through a periodic funding rate payment mechanism rather than through expiry-date convergence.