1. Mark Price

Mark Price is one of the reference prices for forced liquidation and can also be used to calculate all unrealized PnL. Please note that realized PnL is still calculated based on the filled prices.
Mark Price formula for Perpetual Futures contracts is as follows:
Mark Price = Median of (Price 1, Price 2, Last Price)
Price 1 = Index Price
Price 2 = Index Price + 5-Minute Moving Average (MA)
* 5-Minute Moving Average = Moving Average of [(Best Bid + Best Ask)/2 - Index Price], calculated at 5-minute intervals with values updated every second.
* Median: If Price 1 < Price 2 < Last Price, Price 2 will be taken as the Mark Price.
Please note that due to extreme market conditions or deviations in price sources, which may lead to the Mark Price deviating from the spot price, we will take additional protective measures, i.e. Mark Price = Price 2 in this scenario.
During the system upgrade or the system downtime that pend all trading activities, the Mark price calculation is as follows:
Keep the Mark Price formula but set Moving Average (5-minute Basis) in Price 2 to 0 until the system is back to normal.
Mark Price is a better estimate of the ‘true’ value of the contract, compared to Perpetual Futures prices which can be more volatile in the short term. We use this price to prevent unnecessary liquidations for traders and to discourage any market manipulations by ill-intended actors.

2. Index Price

BingX will continuously introduce data from multiple exchanges into the "Latest Index" of Perpetual Futures<0> to improve the stability of the latest index price as well as to reduce index price deviations. The major exchanges include Binance, Gate.io, OKX, MEXC, and more. BingX will add new exchanges to or remove existing exchanges from its reference list depending on actual conditions.



  1. If there are multiple pairs of the same underlying asset on the same exchange, only one of them will be adopted, with priority given to the USDT-margined pair, and if there is no USDT-margined pair, the USDC- or USD-margined pair will be adopted.
  2. The price calculation weights of each external exchange are the same.
  3. If the data of an external exchange is returned more than 5s earlier/later than the current system time, the exchange will be ignored in this calculation.
  4. Each time the price index is updated, the Mark Price is also updated.
  5. When the deviation between the last price of an external exchange and the median of all the above exchanges’ price is ≥ 3%, that external exchange will not be included in the Price Index Calculation.

For example:

Take the index price of BTC/USDT as an example to calculate.

Assume the latest BTC prices of Binance, OKX, Coinbase, Bitstamp, Bittrex, Gate.io, MEXC, Kraken and Bybit are P1~P9 respectively.

  1. P1~P9, sorted by smallest to largest to take the median. Name Pmedian, assuming Pmedian=P5
  2. Calculate |Px/Pmedian-1|, if the result is greater than 3%, then eliminate Px
  3. The retained Px are reassigned equal weights, assuming that the final retention is (P1, P3 ~ P8), a total of seven, then Weight = 1/7
  4. Index Price "PIndex" = P1 * Weight + P3 * Weight + ...  + P8 * Weight

So, the index price of BTC/USDT is PIndex.

BingX reserves the right in its sole discretion to amend, change, or cancel this announcement at any time and for any reason without prior notice.

BingX Operation Team

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BingX Official Website: https://bingx.com
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