Hyperliquid Mark Price vs Oracle Price: How Your Liquidation Price Is Really Calculated

The short answer: your Hyperliquid liquidation price and unrealized PnL are calculated from the mark price, not the last traded price. Mark price is the median of three inputs — the oracle price plus a 150-second EMA of the Hyperliquid mid-to-oracle gap, the median of Hyperliquid's best bid, ask and last trade, and a weighted median of Binance, OKX, Bybit, Gate.io and MEXC perp mids. The oracle price (a liquidity-weighted median of centralized-exchange spot prices, published by validators roughly every three seconds) only drives funding. To see your real liquidation distance and PnL net of fees and funding, paste any wallet into Hyperfolio — free, read-only, no sign-up.

You open Hyperliquid, the price is sitting exactly where you left it, and yet your position just liquidated. Or your unrealized PnL moved while no trade printed on the chart. If that has ever confused you, you are not missing anything — you are looking at the wrong price.

Hyperliquid does not settle your position against the last trade. It maintains several independent prices, each computed differently, updated on a different schedule, and each driving a different part of the system. Funding settles on one price. Liquidations run on another. The premium that feeds funding comes from a third. This guide breaks down exactly how the mark price and oracle price work on Hyperliquid, why your liquidation level is not the number on the chart, and how to check your real numbers without doing the math by hand.

By the end, you will know which price actually controls your position — and you will be able to paste any wallet into Hyperfolio and see the real liquidation distance and PnL, net of fees and funding, in seconds.

The four prices that run Hyperliquid

Before you can protect a position, you need to know which number is in charge. Hyperliquid uses at least four distinct prices, and traders who treat them as interchangeable are the ones who get liquidated "out of nowhere".

• Last price — the most recent trade on Hyperliquid's own book. This is the number you see on the chart, but it is mostly cosmetic: it does not determine your liquidation, your funding or your unrealized PnL.
• Oracle price — a liquidity-weighted median of spot prices from major centralized exchanges, published by validators roughly every three seconds. It is deliberately independent of Hyperliquid's own order book and it drives funding.
• Mark price — the "fair" price used for margining, liquidations, TP/SL triggers and unrealized PnL. It is a median of three robust inputs, detailed below.
• Impact price — the average execution price for a fixed "impact notional" on each side of the book. It feeds the premium component of funding.

The single most important takeaway is this: the last trade is not the price that liquidates you. Mark price is.

Takeaway: funding is priced off the oracle. Liquidation and unrealized PnL are priced off the mark. The chart shows last price. Three different numbers, three different jobs.

Oracle price: deliberately external

The oracle price is Hyperliquid's anchor to the rest of the market. It is a weighted median of centralized-exchange spot prices, where each venue's weight depends on its liquidity. Validators compute and publish it approximately every three seconds.

Why build it this way? Because the oracle is what funding is computed against, and funding must not be something a single trader can manipulate by squeezing Hyperliquid's own book. Since the oracle depends only on external CEX spot prices, a temporary wick or a thin order book on Hyperliquid cannot push funding around.

The trade-off is real: the oracle depends on the health and honesty of the referenced venues. If a major CEX has an outage or prints a bad tick, that noise can reach Hyperliquid's funding — though the median weighting is designed to dilute exactly that kind of outlier.

Mark price: a median of medians

This is the price that decides whether you survive a leveraged position. Hyperliquid's mark price is the median of three inputs:

1. Oracle price plus a 150-second EMA of the difference between Hyperliquid's mid price and the oracle (the "basis" component).
2. The median of Hyperliquid's best bid, best ask and last trade.
3. A weighted median of perp mid prices from Binance, OKX, Bybit, Gate.io and MEXC, weighted 3, 2, 2, 1 and 1 respectively.

If only two of the three inputs exist — for example, a brand-new or very illiquid market — Hyperliquid adds a fourth input: the 30-second EMA of the Hyperliquid bid/ask/last median.

Taking the median of several independent, robust estimates is the entire point. No single venue outage, no single wick and no thin book can dictate the price that triggers your liquidation. Mark price updates whenever validators publish new oracle prices — again, roughly every three seconds.

Why your liquidation price is not the last trade

Here is the scenario that confuses almost every new perp trader: price "wicks" down to your liquidation level for half a second, you brace for liquidation, and then nothing happens — the position survives. The reverse also happens: the chart barely moves, but external venues drift and your mark price crosses the line anyway.

This happens because liquidation runs on mark price, not last trade, and the mark is anchored to several external venues. A manipulation attempt that spikes Hyperliquid's own book (last price) is diluted away by the median. By the same token, a genuine move on Binance, OKX or Bybit will drag your mark price even if Hyperliquid's book lags.

Which price does what

Price	How it is computed	What it drives
Oracle price	Weighted median of CEX spot prices, liquidity-weighted, ~every 3s by validators	Funding rate and funding notional
Mark price	Median of 3 inputs (oracle + 150s EMA basis, HL bid/ask/last median, weighted CEX perp mids)	Margining, liquidations, TP/SL, unrealized PnL
Impact price	Average execution price for the impact notional on each book side	Premium component of funding
Last price	Most recent trade on Hyperliquid	Chart display only

That table is worth keeping. If you only remember one line, remember that mark price = liquidation and unrealized PnL.

Takeaway: a wick on Hyperliquid's chart is cosmetic if the other mark-price inputs disagree. Your real risk is a sustained move on the external venues that feed the mark.

How to check your real liquidation price and PnL

Understanding the price feed is step one. Step two is actually seeing the number that matters — your current liquidation distance and your PnL net of fees and funding — because funding is constantly shaving your margin even when price is flat.

You have three options, and they are not created equal.

• Do the math by hand. You need the mark price (from Hyperliquid's API), your average entry, your leverage and your maintenance margin rate. Possible, but tedious, and it goes stale every three seconds.
• Query the Hyperliquid API. Accurate and free, but it returns raw numbers — no breakdown of how much funding has already eaten into your edge, and no clean per-wallet view across venues.
• Paste your wallet into Hyperfolio. It reads your positions directly from the chain (read-only, no API keys, no sign-up) and shows your real liquidation price, unrealized PnL net of fees and funding, per position and per wallet, live.

Why Hyperfolio wins for this job

Feature	Manual math	Hyperliquid API script	Hyperfolio
Real-time liquidation price	Stale	Raw	Live, per position
PnL net of fees + funding	No	No (raw only)	Yes, broken down
Multi-wallet / multi-venue view	No	No	Yes
No API keys / read-only	Yes	No (API keys)	Yes
Free	Yes	Yes	Yes
Setup time	Hours	Hours	Seconds

The difference is the breakdown. Raw API numbers tell you what your PnL is; Hyperfolio tells you why — fees, funding and realized versus unrealized, separated so you can see exactly what is making you money and what is leaking it away.

Try it now: paste any Hyperliquid wallet into Hyperfolio and you will see the real liquidation distance and PnL — free, read-only, no sign-up.

Where the price feed still falls short

Being honest about the mechanics matters, because the price feed is not magic. There are real limitations every Hyperliquid trader should understand.

First, the oracle depends on centralized exchanges. If Binance or OKX has a data outage or prints a bad tick, that noise can reach the mark through the weighted CEX perp inputs and the oracle itself. The median weighting dilutes outliers, but it cannot eliminate them.

Second, three seconds is an eternity in a fast market. A brutal cascade can move price far faster than validators republish oracles, so your displayed liquidation distance can lag reality by a couple of seconds exactly when it matters most.

Third, low-liquidity assets are noisier. Newly listed or thinly traded markets have fewer robust inputs, so the mark leans harder on whatever venues actually quote them — and the gap between mark and oracle can widen. This is also why funding can feel disconnected from the chart.

None of this is an argument to skip tracking. It is an argument to track the right number — the mark-derived liquidation price — and to check it live rather than trusting the chart. This is exactly where a read-only dashboard like Hyperfolio earns its place: it shows the number that actually governs your position, not the cosmetic one.

Frequently asked questions

Why did my Hyperliquid position liquidate when the chart never hit my liquidation price?

Because liquidation uses the mark price, not the last traded price. The mark is a median that includes external CEX perp prices, so a sustained move on Binance, OKX or Bybit can push your mark past your liquidation level even if Hyperliquid's own chart never printed it.

What is the difference between oracle price and mark price on Hyperliquid?

The oracle price is a weighted median of CEX spot prices, updated about every three seconds, and it drives funding. The mark price is the median of the oracle-plus-basis, Hyperliquid's bid/ask/last median and a weighted median of CEX perp mids — and it drives liquidations and unrealized PnL.

How often does Hyperliquid update the mark price?

Validators publish oracle prices roughly every three seconds, and the mark price updates at the same cadence. In a very fast move, your displayed liquidation distance can lag reality by a second or two.

How can I see my real Hyperliquid liquidation price for free?

Paste any wallet address into Hyperfolio. It reads positions read-only from the chain and shows your live liquidation price and PnL net of fees and funding, per position, with no API keys and no sign-up.

Does funding use the mark price or the oracle price?

Funding is computed against the oracle price (and the impact price for the premium component), not the mark. That is why funding can look disconnected from the chart — it is anchored to external spot prices, not Hyperliquid's book.

See the number that actually liquidates you

Mark price decides whether your position survives. Oracle price decides what you pay in funding. Last price is just the chart. If you only track one of them, track the mark — and if you want to see it live, net of fees and funding, without reading raw API responses, paste any wallet into Hyperfolio.

Open Hyperfolio, connect your wallet or search any address, and see your real liquidation distance and PnL in seconds — free, read-only, no sign-up. And if you want the full picture of how liquidations unwind, read our Hyperliquid liquidation guide.