Pehle chhota jawab
Binance Futures par har contract ki do qeematein chalti hain: Last Price aur Mark Price. Binance ki liquidation wali FAQ farq yun likhti hai: Last Price woh qeemat hai jis par contract ka aakhri sauda hua, aur is se aap ka realized PnL nikalta hai; Mark Price funding data aur kai spot exchanges ki qeematon ke majmue se banti hai, aur "Your liquidation prices and unrealized PnL are calculated based on the Mark Price."
Yani screen par khuli position ka kacha profit ya loss, aur liquidation kab hogi, dono Mark Price se chalte hain, chart par dikhne wali aakhri trade ki qeemat se nahin. Yeh page Binance ki do official FAQs ke hawale se batata hai ke Mark Price kaise banti hai, Last Price se kyun alag hoti hai, aur liquidation ke waqt kis qeemat ko dekhna hai.
Last Price aur Mark Price: kaun si qeemat kis kaam aati hai
Liquidation protocols wali FAQ dono ki tareef alag likhti hai:
- Last Price: "Last Price refers to the latest transaction price the contract was traded at." Trading history ki aakhri trade hi Last Price hai, aur realized PnL isi se nikalta hai.
- Mark Price: funding data aur kai spot exchanges ki price data ke majmue se nikalti hai. Liquidation price aur unrealized PnL isi par chalte hain.
FAQ is intezam ki wajah bhi likhti hai: tez utaar chadhao ke dauran spikes aur ghair zaroori liquidations se bachne ke liye Binance Futures dono qeematein istemal karta hai. Mark Price wali FAQ yahi baat doosre alfaz mein kehti hai: "Binance uses the Mark Price to prevent unnecessary liquidations and discourage market manipulations by bad actors."
Chart par dono qeematon ke darmiyan switch kiya ja sakta hai. FAQ ke mutabiq app mein [Futures] kholein, [Classic] trade mode mein hon (mode [...] se badalta hai), chart icon dabayein, phir [Last Price] par tap kar ke switch karein; website par chart par [Last Price] par click karein. Menu ke naam badal gaye hon to jo aap ki screen par hai woh maanein.
Mark Price kaise banti hai
USDⓈ-M Futures ki Mark Price wali FAQ ke mutabiq Mark Price kai cheezon se nikalti hai: contract ki Last Price, order book ki bid1 aur ask1, funding rate, aur bare crypto exchanges par asset ki spot qeemat ka ek composite average. Is composite average ko FAQ Price Index kehti hai: kai bare spot exchanges par asset ki qeemat ka weighted average. Is ki list mein Binance ke ilawa OKX, Coinbase, Kraken, Bybit aur kai doosre exchanges shamil hain, aur Binance Futures ki Last Price bhi ek constituent hai. FAQ khud kehti hai: "You can consider the Price Index as the spot price."
Perpetual contracts ke liye formula yeh hai:
Mark Price = Median (Price 1, Price 2, Contract Price)
- Price 1 =
Price Index * (1 + Last Funding Rate * (Time Until Next Funding / Funding Period)). Yani Price Index ko pichle funding rate aur agli funding tak bache waqt ke hisab se thoda sa adjust kiya jata hai. - Price 2 = Price Index + ek moving average: order book ki bid aur ask ke darmiyani point aur Price Index ke farq ka chhote arse ka average. Kitne second ka average aur kitni baar ginti hoti hai, yeh official page par likha hai.
- Contract Price: contract ki apni qeemat.
Teen qeematon mein se beech wali Mark Price ban jati hai. FAQ ki apni misaal: agar Price 1 < Price 2 < Contract Price ho to Price 2 Mark Price hogi. FAQ yeh bhi likhti hai ke Mark Price ka hisab funding rate se jura hua hai aur funding rate Mark Price se. Funding fee ka bunyadi hisab funding rate wale page par hai.
Ek misaal: Last Price uchhli, Mark Price kam hili
Neeche ke numbers is website ki apni misaal hain, kisi exchange ka data nahin; sirf median ka matlab samjhane ke liye.
- Kisi lamhe Price 1 = 100.2, Price 2 = 100.1 aur Contract Price = 101 hai. Teenon ko chhote se bare tarteeb dein: 100.1, 100.2, 101. Beech wali qeemat 100.2 hai, to Mark Price = 100.2.
- Aap ne 100 par 1 unit ka long liya hua hai. Chart par Last Price 101 dikh rahi hai, lekin unrealized PnL Mark Price se chalta hai: 100.2 − 100 = 0.2 per unit, 1 nahin.
- Isi tarah agar kisi ek bari trade se Last Price achanak neeche girti hai magar Price 1 aur Price 2 apni jagah rehti hain, to median un do mein se ek rehta hai, aur Mark Price Last Price ke sath nahin girti.
Isi wajah se chart par wick dekh kar yeh nateeja na nikalein ke position liquidation price ko chhoo gayi thi. Faisla Mark Price karti hai.
Liquidation kis price par hoti hai
Liquidation protocols wali FAQ seedha likhti hai: "Liquidation occurs when the Mark Price hits the liquidation price of a position." Saath hi mashwara deti hai ke Mark Price aur liquidation price dono ki harkat par nazar rakhein.
Liquidation ki shart wahi hai jo margin ratio ke formula mein hai: collateral, yani initial collateral + realized PnL + unrealized PnL, maintenance margin se kam ho jaye. Unrealized PnL Mark Price se chalta hai, is liye Mark Price hi woh qeemat hai jo collateral ko ghata ya barha rahi hoti hai. Screen ke Margin Ratio aur Margin Balance ko kaise parhna hai, yeh Binance Futures margin ratio wale page par hai; liquidation price aur bankruptcy price ka farq alag page par hai.
Ghair maamooli halaat mein kya hota hai
Mark Price wali FAQ chand hifazati intezamat bhi likhti hai. Yeh roz ki baat nahin, lekin jaan lena behtar hai:
- Price Index ke sources mein garbar: kisi exchange ki qeemat baqi sources ke median se zyada door ho to us ki value cap kar di jati hai, aur jis exchange ka data na mile us ka weight zero kar diya jata hai. Had kitni hai, yeh official page par hai.
- "Last Price Protected" mechanism: jab Price Index aur Mark Price ke liye mustaqil reference data na mile, to Price Index ko waqti taur par contract ki latest transaction price se, ek had ke andar, update kiya jata hai, taa ke unrealized PnL aur liquidation level nikal sake. FAQ ke mutabiq yeh ghair zaroori liquidations rokne ke liye hai.
- Reduce-only mode: Mark Price thore waqt mein ghair maamooli tezi se aur bari had tak hile to Binance us symbol ko reduce-only mode mein daal sakta hai.
- System upgrade ya downtime: trading ruki ho tab bhi Mark Price standard formula se nikalti rehti hai, magar Price 2 ki moving average normal hone tak zero rakhi jati hai.
PKR mein hisab rakhne walon ke liye
Mark Price USDT mein hoti hai, aur unrealized PnL bhi USDT mein. PKR ki qeemat tab tay hoti hai jab aap USDT ko PKR mein badalte hain, is liye diary mein position ka hisab USDT mein rakhein aur PKR ka column alag; rate ke farq ka hisab USDT se PKR conversion scenario mein hai. Kisi isolated position ki liquidation price ka andaza lagana ho to futures liquidation estimate calculator istemal karein; asal liquidation Binance ki Mark Price par hogi.
Risk ki baat
Leveraged futures mein poora margin ja sakta hai. Mark Price spikes se bachati hai, magar woh bhi market ke sath chalti hai; agar asal qeemat liquidation price tak pahunche to liquidation hogi. Yeh page qeematon ka matlab samjhane ke liye hai, trade ka mashwara nahin, aur kisi natije ka wada nahin karta.
Content checked:
Sources aur checked dates
Mauzu: Margin aur futures mechanics