What are terms mark price、last price and estimated liquidation price？

In cryptocurrency trading, the terms mark price, last price, and estimated liquidation price are all related to pricing.

1. Mark Price: The mark price is a reference price used by trading platforms to calculate the value of account assets and margin requirements. It is typically derived from the market price of the trading pair, although it may differ on some exchanges. The mark price is used during the trading period to determine the profit or loss of an account and the triggering conditions for forced liquidation.
2. Last Price: The last price refers to the most recent transaction price of a cryptocurrency. It is the latest buying or selling price that occurred in the market. The last price is often an important data point that traders pay attention to because it reflects the current market price dynamics and serves as a reference for trading decisions.
3. Estimated Liquidation Price: The estimated liquidation price is the price at which a trader's position would be forcibly liquidated based on the market price and the margin requirements of a leveraged trade. In leveraged trading, liquidation occurs when the account's net value falls below a certain threshold, and the trading platform automatically closes the position to prevent further losses. The estimated liquidation price helps traders assess their risk level and take appropriate risk management measures.