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Dual-Price Mechanism & Index Price Calculation
26 November 17:55
Q : Let's study Logical Mechanism of Perpetual Contracts today.
A : Sure let's get started.
Q : Here we go, Can you tell me what Dual-Price Mechanism is ?
A : Gate.io applies the 'Dual-Price mechanism' in contract trading, Dual-Price Mechanism consists of Mark Price & Last Traded Price.
To avoid the unnecessary liquidation of traders' positions and combat the market manipulations, Gate.io uses the mark price to determine the liquidation of traders' positions, instead of the last traded price.
Additionally, using mark price also helps anchor to the intraday trading price and external spot price. For example, the price spot trading is 5,000USD and the intraday trading price is around 5,010USD. It's more likely to be forced to liquidation if traders go long (opening a position at the price of 5,010USD) at this time.
As a result, users are encouraged to go short, thereby bringing down the intraday price and approaching the external spot price.
Q : What is Mark Price?
A : Mark Price is based on the weighed price of the external market, plus a decaying funding basis rate over time.
Calculation of Mark Price.
Funding Basis = Funding Rate * Time Until Funding/Funding Interval
Mark Price = Index Price * (1 + Funding Basis )
Q : What is Last Traded Price?
A : Last Traded Price refers to the current market price of Gate.io.
Risk Warning:
The risk of the contract is relatively large. In a fluctuating market, the mark price may deviate from the current market price.
Since the calculation of unrealized gain and loss is based on the mark price, the unrealized gains and loss displayed on the position may be inaccurate. The actual market price shall prevail.
Please be reminded to keep an eye on the distance between Liquidation Price and Mark Price to prevent liquidation caused by large fluctuations.
A : That's for Dual-Price Mechanism
Q : Thanks, what about Index Price Calculation ?
Index price is derived from the average price of multiple exchanges.
For the source of the index price, please refer to contract information (take USDT settlement price as an example):
Take BTC-USDT as an example, the index price of this trading pair comes from Binance, Huobi, and Gate.io, if the latest price of one of the exchanges deviates greatly from the others, then the index price of this particular trading pair will be influenced and deviate. Therefore, when the latest spot price of one of the exchanges deviates and reaches a certain percentage from the average price, or if it fails to obtain the price of any exchange, we will take temporary removal measures until the service of that exchange recovers.
If the latest spot price of one exchange deviates from the average price for a long time, the data of that exchange will be removed and replaced with other exchanges.
Q : Please show me how to calculate Index Price ?
A : Index Price = ( Exchange A Spot + Exhchange B Spot + Exchange C Spot … ) / N
Note: N refers to the numbers of the exchanges where the index price comes from
If the latest spot price of exchange B deviates to a certain percentage, then exchange B will be removed.
At this point,
Index Price ( without exchange B ) = ( exchange A spot + Exchange C Spot … ) / ( N - 1 )
To view historical index price, please refer to the market index (take BTC-USDT as an example):
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