By default, the prices shown on the Bybit chart are the price history and movement of the platform's Last Traded Price (LTP). On the other hand, liquidation is triggered by the Mark Price (yellow price figure on the order book) but not the LTP (the price you see on the LTP charts, price figure on the left of the order book) due to the adoption of Bybit's Dual-Price Mechanism. The liquidation engine will take over the liquidation process of your position only when the Mark price reaches the liquidation price of your position. 

 

As such, if a trader sets their Stop Loss to be triggered by LTP or index price very close to the liquidation price, it is possible for the Mark Price to hit their liquidation price first before the LTP/index price could trigger his stop loss. For example, Trader A holds a Buy Long position with a liquidation price of 12,000 USDT and they set a Stop Loss at 12,030 USDT with LTP as the trigger price. If the Mark Price has already reached 12,000 USDT while the LTP is still at 12,050 USDT, then the liquidation is triggered.

 

Ideally, the price of the Perpetual Contract (Last Traded Price) follows the Spot price of the underlying asset. However, this is not always the case, as Perpetual Contracts have their own demand and supply dynamics, which often lead to differences in the LTP and the Mark Price.

 

You can view the Mark Price history on the price chart in two (2) following ways:

 

 

 

Method 1: Switch to the Mark Price chart view in the chart menu.
 

 

 

Method 2: On the LTP chart, take BTCUSDT as an example, and refer to the indicator MBTCUSDT, BYBIT.
 

 

The Mark Price shows the closing Mark Price by default. Please make the following adjustment for a more accurate representation of the Mark Price:

 

Step 1: Select the time interval of the Last Traded Price chart to 1 minute for more detailed Mark Price changes.
 

 

 

Step 2: Click on the settings icon on the Mark Price bar.
 

 

 

Step 3: Under the Source dropdown, select the following based on your positions.
 

Buy/Long position - Low Selection (Long position's liquidation price is triggered when Mark Price moves downwards)

Sell/Short position - High Selection (Short position's liquidation price is triggered when Mark Price moves upwards)