Worked example
Suppose a long's liquidation trigger is $59,000, the last trade is $58,900 and the mark is $59,100. On a venue using mark-price liquidation, the last-trade wick alone does not reach that trigger. If the mark reaches $59,000, liquidation may begin even if the last trade has already bounced. Actual execution can differ from both readings.
Using Swolecharts
Open the BTC Hyperliquid funding page to compare mark and oracle prices. The mark-versus-oracle gap shows their difference; it does not reproduce another exchange's mark methodology or your liquidation trigger.
Common confusion
Mark price is a risk reference, not a guaranteed fill. Smoothing reduces sensitivity to an isolated trade but does not prevent liquidation during a broad price move.
Checked against exchange documentation on 13 October 2026: Bybit: mark price. Examples are illustrative, not live market readings.