Mark Price

On Ventuals, you trade valuations, not shares. The price of the perp contract is the company valuation divided by 1 billion for easy readability. For example: if the valuation of SpaceX on Ventuals is at $420.69B, then the price of 1 SPACEX= $420.69.

Mark price is the fair price of a perpetual contract, and is used for margining, liquidations, stop/limit triggers, funding rates, and computing unrealized PnL. Mark prices, along with oracle prices, are updated approximately every 3 seconds.

The mark price on Ventuals smooths short-term volatility while staying responsive to genuine market movements. It’s updated using a liquidity-weighted impact price and a dynamic coefficient k.

$$\text{MarkPx}_t = (1 - k) \cdot \text{MarkPx}_{t-1} + k \cdot \text{ImpactPx}_t$$

Where:

• ImpactPx = median(impactBidPx, impactAskPx)

• k = dynamic adjustment coefficient

Dynamic Adjustment Coefficient (k)

The coefficient k controls how aggressively the mark price follows the impact price. It adapts based on the short-term deviation between the current impact price and its 1-minute EMA:

Δ (ImpactPx vs EMA)	k value	Max Δ MarkPx (per update)
<0.25%	0.5	0.125%
[0.25, 0.5)%	0.4	0.2%
[0.5, 1)%	0.2	0.2%
[1, 2)%	0.1	0.2%
≥2%	0	0%

This means that sudden impact price changes need to sustain for some time before the mark price follows accordingly.

Mark price bands

To protect against price manipulation during periods of thin liquidity, the mark price for each market is constrained to remain within a price band relative to its oracle price and an external price feed.

$$\text{Mark} \in \left[ 0.8\cdot\text{Oracle},\; 1.2\cdot\text{Oracle} \right]$$

This constraint is enforced directly at the Hyperliquid order and matching engine level.

Precisely, the highest allowable long order is 20% above the oracle price, and the lowest allowable short order price is 20% below the oracle price. These limits effectively constrain the achievable mark price.

Based on the price oracle definition, it follows that the mark price for each market is also constrained to a price brand relative to the latest price from the external data feed provided by Notice.

$$\text{Mark} \in \left[ \tfrac{2}{3}\cdot\text{Notice},\; 1.5\cdot\text{Notice} \right]$$

Therefore, the mark price band limits the possible mark price deviation relative to the Notice price.

Mark price velocity limit

Hyperliquid restricts mark price movements to a max 1% move every 3 second update. This prevents overly large price moves over a short period of time, further protecting against manipulation.