> For the complete documentation index, see [llms.txt](https://docs.paragon.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.paragon.trade/trading/mark-price.md).

# Mark Price

Paragon follows Hyperliquid's robust price indices model for mark prices. The mark price combines multiple data sources into a median calculation to mitigate manipulation risk:

1. Current Oracle Price
2. Current Oracle Price adjusted by a 150s EMA of the deviation between Hyperliquid's midpoint and the oracle
3. Internal exchange data — median of best bid, best ask, and last trade (supplied by Hyperliquid)

Price updates from Paragon's oracle network are clamped to ±100 bps of the current value to mitigate significant price jumps. This applies to the mark price as well as the oracle price.

Updates are also bounded to 10x above and one-tenth below the market's price at the start of the UTC day. An update outside that range is not published and the previous value stands, until price returns within range or the range re-anchors at 00:00 UTC.

Mark price determines margin requirements, liquidation triggers, TP/SL execution, and unrealized PnL.

→ [Hyperliquid Robust Price Indices](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/robust-price-indices)


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