> For the complete documentation index, see [llms.txt](https://doc.rocky.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://doc.rocky.exchange/perpetuals/funding-and-mark-price.md).

# Funding & Mark Price

## Mark price

Positions are valued at a **mark price** derived from a robust oracle index — not the last traded price. Using an index resists manipulation and prevents unfair liquidations from a single bad print.

Your **unrealized PnL** and **liquidation checks** are based on the mark price.

## Funding rate

A **funding payment** is exchanged periodically between longs and shorts to keep the perpetual price anchored to the underlying index:

* When the perp trades **above** the index, longs pay shorts (positive funding).
* When it trades **below**, shorts pay longs (negative funding).

Funding is **not** a fee paid to Rocky — it flows between traders.

{% hint style="info" %}
If you hold a position through a funding timestamp, you either pay or receive funding depending on your side and the current rate.
{% endhint %}


---

# 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://doc.rocky.exchange/perpetuals/funding-and-mark-price.md?ask=<question>&goal=<endgoal>
```

`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.