Exchange Price Differences
How spot price, futures price, index price and mark price differences affect crypto trend-following execution.
Crypto markets often show several prices for the same asset: spot price, perpetual contract price, index price and mark price. A rule-based system must define which one it uses.
Common price types
| Price | Typical use |
|---|---|
| Spot price | Direct market price on a spot venue. |
| Contract price | Tradable futures or perpetual price. |
| Index price | Composite reference price from multiple venues. |
| Mark price | Risk-control price used by exchanges for liquidation and unrealized PnL. |
Why this matters
A breakout on one exchange may not appear on another. A stop based on last traded price may behave differently from a liquidation system based on mark price.
Practical rule
Use the same price source for research, signal generation and review whenever possible. If execution uses another price, record the difference.