> For the complete documentation index, see [llms.txt](https://docs.trade.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.trade.xyz/perp-mechanics/external-price.md).

# External Price

The *External Price* is a separate price, included alongside oracle and mark in Relayer updates, which is equal to the last externally-derived fair price. When external markets are open, the external price is equal to the oracle price. When external markets are closed, the external price remains fixed at the external close price while the oracle advances via its internal pricing mechanism.

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