Glossary / Glossary term
Composite mark price
The composite mark price combines the Bybit and Hyperliquid mark prices and decides equity and breaches, so one exchange cannot fail an account alone.
A mark price is the reference price an exchange uses to value open positions, separate from the last trade. Our composite mark combines the mark prices of two venues, Bybit and Hyperliquid, and is recalculated as each one updates.
What it is used for
- Equity, and therefore every breach check.
- Stop orders, which trigger on the composite mark by default.
Fills are different: market orders fill against the live Bybit order book, at the prices on the book.
When the venues disagree
When the two marks drift too far apart, or one stops updating, the symbol becomes degraded: new exposure is refused, reducing and closing still work, and a breach on that symbol goes to review instead of ending the account. When no venue sends a fresh price, trading on the symbol pauses and no breach is evaluated on it.
Every breach report stores the composite mark and each venue's price at that moment, so the decision can be checked.
Related
- Why a breach uses a composite markOne exchange can print a wick the rest of the market never saw. The composite mark, degraded states and breach reviews keep it from failing you.
- BreachA breach is the moment equity falls below the daily loss floor or the max loss floor; the account stops and its positions are closed.
- Perpetual futures in a prop challenge: leverage, funding and liquidationHow perpetual futures work in a simulated prop account: mark price, margin and leverage caps, funding, fees, and why a breach comes before liquidation.