> For the complete documentation index, see [llms.txt](https://rwaperp-1.gitbook.io/rwaperp-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://rwaperp-1.gitbook.io/rwaperp-docs/perpetual-futures-and-rwa-instruments/price-system.md). # Price System * Index price: the reference price of the underlying, aggregated from multiple oracle price feeds with built-in outlier protection (and, for RWA, frozen while the underlying market is closed). * Mark price: the fair value used to compute unrealized PnL and to trigger liquidations. Rather than trusting any single number, the system takes a middle estimate from several independent gauges of where the contract should trade — the index adjusted for the upcoming funding payment, the index plus the contract's recent average premium, and the price implied by the live order book — and then bounds the result within a fixed band around the index price, so a brief anomaly in any one input cannot trigger unfair liquidations. For RWA contracts this band widens while the underlying market is closed. * Last price: the price of the most recent trade on the platform. It reflects actual fills but is easier to move than the mark price, so it is never used for margin calculations or liquidations. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://rwaperp-1.gitbook.io/rwaperp-docs/perpetual-futures-and-rwa-instruments/price-system.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.