Last traded price
Also called: last price · LTP · market price
Definition
The last traded price is the price at which the most recent trade on an order book was executed, and it is the price you usually see on charts and tickers.
How last traded price works
Every time a buy and sell order match, the trade price becomes the new last price. Candlestick charts, 24-hour change figures and most price tickers are built from these trades. It tells you what actually just happened on that specific market.
The last price is not necessarily the price you will get. If you place a market buy, you pay the best ask, and a large order may fill across several levels. The bid-ask spread and order book depth decide your real fill price, which can differ from the last price, especially on thin markets.
On futures exchanges, three prices are often shown: last price, mark price and index price. The last price can spike briefly on one order book, so liquidations usually use the mark price instead. Stop orders can often be set to trigger on either one, so check your setting.
Example
Suppose the last trade on a token was 0.800 USDT, but the order book now shows a best bid of 0.790 and a best ask of 0.812. If you buy 5,000 tokens with a market order, you pay at least 0.812, so your cost is at least 4,060 USDT, not the 4,000 USDT the last price suggests. If only 2,000 tokens sit at 0.812 and the rest at 0.820, your total becomes 1,624 + 2,460 = 4,084 USDT.
Common mistakes
- Expecting a market order to fill at the last traded price.
- Using the last price to judge liquidation risk on futures, where the mark price applies.
- Trusting a last price on an illiquid pair where the most recent trade may be minutes or hours old.
Learn and practise
FAQ
Is the last price the same as the current price?
It is the most recent trade, which is what most people call the current price. What you can actually buy or sell at is shown by the best ask and best bid.
Should my stop-loss trigger on last price or mark price?
Last price reacts faster to real trades, while mark price ignores brief spikes. Choose based on whether you prefer speed or protection from wicks.