Hyperliquid
Mark price versus last trade price on Hyperliquid
The last trade price records a recent execution. A mark price is a defined valuation reference used for purposes including unrealised PnL and margin. Neither guarantees the price available for your next order. Compare prices using the same market, timestamp and intended purpose.
A trade and a valuation reference answer different questions
A last trade proves that a particular quantity executed at a price recently. It does not show that another order of a different size can execute there now. The mark is designed as a robust valuation reference under the venue’s methodology. It can differ from the last trade, especially when trading is thin or prices move quickly.
Hyperliquid documents separate oracle and mark references. Consult those definitions rather than assuming a price chart’s selected line is the exact basis of a margin field or an account’s unrealised result.
Small price differences can create large PnL differences
Hypothetical example: a long position of one hundred units has a $100 entry. A valuation at $101 implies $100 of gross open gain; a valuation at $100.50 implies $50. Both calculations use the same quantity and entry but a different current price.
This simple example ignores contract-specific accounting and costs. Its purpose is to show why a tracker’s chosen price and timestamp matter. Before reconciling two wallet totals, align those observations and confirm the position size.
Executable prices come from available liquidity
The best bid and ask indicate available quotes, subject to changing size and conditions. A market order can reach additional levels if its quantity exceeds the top quote. A limit order can remain unfilled. A marked account profit is therefore different from the amount that would be realised by closing all exposure immediately.
For copy trading, a slippage reference should be explicit. Comparing a follower fill with a leader’s old execution measures something different from comparing it with a fresh quote or mark at the follower’s decision time.
Read margin information on its own basis
Estimated liquidation and margin conditions follow the venue’s rules and current account state. A last-price spike alone does not define every liquidation outcome. Funding and other cross-margin positions can affect the account’s buffer. Keep timestamps and reference-price definitions in any analysis rather than treating a screenshot’s price as a complete risk model.
- Identify last, mid, oracle or mark.
- Check market and timestamp.
- Use the displayed PnL basis.
- Review actual order-book depth for execution questions.