Mark price
Parcl V4 uses different price references for displayed values, funding, liquidations, and TP/SL triggers. An integration must use the reference assigned to each action.
Price references
| Name | Definition | Availability |
|---|---|---|
| Oracle price | Latest price from the external oracle feed | While oracleStatus is Active |
| Impact mid | Depth-weighted VWAP midpoint of the order book | When the book has sufficient depth |
Impact mid
The impact mid uses a volume-weighted average price (VWAP) from each side of the order book. It accumulates notional up to the market's configured depth and takes the midpoint of both results.
If either side has insufficient depth, the impact mid falls back to the oracle price. Read the current depth configuration from GET /v1/markets.
Price use
| Purpose | Price reference |
|---|---|
| Displayed mark price | Impact mid |
| Unrealized PnL | Impact mid |
| Initial and maintenance margin | Impact mid |
| Liquidation check | Oracle price |
| TP/SL trigger evaluation | Oracle price |
| Funding rate | Impact mid |
The displayed mark can move between daily oracle updates. Liquidations and TP/SL triggers run only when the oracle update crosses their threshold.
See Liquidations for the margin inequality.
Funding rate premium
The funding rate uses the impact mid:
premium = (impact_mid - oracle_price) / oracle_priceSee Funding for the full calculation.