> For the complete documentation index, see [llms.txt](https://docs.finandy.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.finandy.com/exchange/finandy/futures-info/mark-price-in-usds-m-futures.md). # Mark Price in USDⓈ-M futures ## **C**alculation The calculation of Mark Price is intricately linked to the Funding Rate and vice versa. It is highly recommended to read both sections to get a full picture of how the system works. As Unrealized PnL is the primary driver of liquidations, and as the Perpetual Contract allows for highly leveraged (up to 125x) positions, it is important to ensure that the Unrealized PnL calculation is accurate to avoid unnecessary liquidations. The underlying contract for the Perpetual Contract is the ‘true’ value of the Contract, and an average of the prices on the major markets constitutes the “Price Index” which is the primary component of Mark Price. The Price Index is the primary component of Mark Price. It is the weighted average value of the underlying asset listed on major spot exchanges, which reflects the fair market value of the futures contract and is constantly updated to account for any changes in the asset’s spot price or the weighting of the exchanges used to calculate the index. At Finandy and Binance, the Price Index for USDⓈ-M Futures contracts derives prices from KuCoin, Huobi, OKX, Bittrex, HitBTC, Gate.io, Ascendex, MXC, Bitfinex, Coinbase, Bitstamp, Kraken, Binance.US, and Bybit. You can check the real-time [Price Index Info](https://www.binance.com/en/futures/funding-history/3) on the Binance website. ## Additional funds There are additional protections to avoid poor market performance during outages of Spot Exchanges or during connectivity problems. These protections are listed below: 1. Single price source deviation: When the latest price of a certain exchange deviates more than 5% from the median price of all price sources, the exchange weight will be set to zero for weighting purposes. 2. Multi price source deviation: If more than 1 exchange shows greater than 5% deviation, the median price of all price sources will be used as the index value instead of the weighted average. 3. Exchange Connectivity Problem: If we can’t access the data feed for exchange and this exchange has trades updated in the last 10 seconds, we can take price data from the last result and use it for index calculation. 4. If one exchange has no updates for 10 seconds, the weight of this exchange will be zero when calculating the weighted average. *\*Disclaimer: The numbers in this article are subject to change without further notice.* --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.finandy.com/exchange/finandy/futures-info/mark-price-in-usds-m-futures.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.