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

# Prices

Imperial uses three prices.

| Price                  | What it is                                                   | Used for                                                                               |
| ---------------------- | ------------------------------------------------------------ | -------------------------------------------------------------------------------------- |
| **Fill price**         | The actual execution price of your order on the hedge venue. | Your entry and exit prices.                                                            |
| **Mark price**         | The hedge venue's mark price for the market.                 | Unrealized PnL, liquidation, TP/SL and other triggers, the limit-order placement band. |
| **Verification price** | An independent oracle price (Pyth).                          | Only to decide whether profit can be withdrawn immediately or must settle first.       |

### Fill price

Your position is settled at the real fill: the volume-weighted price your order actually got on the hedge venue. The Imperial program bounds it on-chain:

* A fill **worse** than your expected price by more than your slippage limit is refused.
* A fill that is implausibly far **better** than expected (more than 10%) is also refused, which protects against bad data.

### Mark price

The mark is the fair price of the perpetual, not the last trade, so a single large trade or a thin moment in the book can't trigger your liquidation or your stop on its own.

### Verification price

The oracle price never refuses or changes a trade. If a profitable fill can't be matched against it, the profit is held for a few hours before it can be withdrawn. See [Deposits & Withdrawals](https://docs.imperial.space/intro/deposits-and-withdrawals#profit-settlement).