Index price anchors the contract
An index combines prices from selected external sources according to published rules. It is intended to represent the underlying market rather than one trade on the perpetual venue.
Mark price supports risk calculations
A mark price commonly blends the index with a basis or fair-price adjustment. Venues use it to reduce the effect of isolated prints on unrealized P&L and liquidation.
Last price can move independently
The last price records the most recent execution. During volatility or thin liquidity it can briefly differ from both index and mark price.
Check which price triggers stops and liquidations on the venue you use.
Follow the full price chain
An index aggregates external reference markets. A mark price can combine that index with local basis or funding information and apply clamps. Last price records the most recent execution. The three can diverge for legitimate reasons, especially when liquidity is thin or the reference market moves between local trades.1
For risk, use the price named by the current Novrinex contract specification. Mark price is commonly used for unrealized P&L and liquidation checks, but the displayed values and rules for the selected market should be checked before trading.12
Worked divergence example
Imagine an index at $100, a local last trade at $103, and a provider mark at $100.80. A position may have executed at the $103 last price while unrealized P&L and liquidation are assessed from $100.80. The index anchors the external reference, but it is not itself an executable order on the local venue.1
When the values diverge, inspect source markets, local spread and depth, recent trades, funding basis, and any clamp. Do not assume that the value most favorable to the position is the one used for risk.12