Mark Price vs Last Price — in plain English.

Last = the latest trade print (the tape).
Mark = the fair reference the exchange uses for unrealized PnL and liquidation.

Why it exists: damps thin-book spikes so a single wick is less likely to force you out.

Trap: panic-exiting on Last alone while Mark still holds. Glance both before you hit the button.

Reply MARK or LAST — which one do you check first under stress?

NFA — educational glossary, not financial advice.

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