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Perp index risk: thinnest mark-price indexes

A perpetual's mark price follows its index, a weighted basket of spot prices. This ranking compares the estimated leveraged positions that would be liquidated within a move of the index with the resting spot order-book depth behind that index. A higher exposure-to-depth ratio means a thinner index relative to the positions that depend on it.

Updated 2026-10-01 15:29ZSource: exchange public APIsModel: static-book v1Times in UTCAs of 15:35 UTC

Static-book estimates from public exchange data. Not a real cost to move any price, not a mark-price forecast, and not trading advice. Read the method and its limits.

Ranked perps
134
coverage ok, fresh2026-10-01 15:29Z
Incomplete coverage
1
50-80% of index weight modelled
Not ranked
37
22 stale · 0 insufficient · 15 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of +5%

highest ratio first · top 50 of 134 · times in UTC

Move: +5% (up) · -5% (down)   Size: +2% · +5%   Exchange: All · Binance · OKX · Bybit · Bitget

# Perp Index depth to +5% (est.) Est. liquidation exposure within +5% Exposure-to-depth ratio (est.) Coverage Updated (UTC)
1 Bybit 1000TAGUSDT TAG $970 $1.8M 1,900x est. 100% of weight
2 Bitget 龙虾USDT $49k $13M 260x est. 99% of weightheld fixed: binance_alpha ALPHA_772/USDT
3 Bitget BEATUSDT BEAT $25k $2.3M 93x est. 99% of weightheld fixed: binance_alpha ALPHA_451/USDT
4 Bybit MUBARAKUSDT MUBARAK $92k $6.3M 68x est. 100% of weight
5 Bybit MUSDT M $21k $1.4M 68x est. 98% of weightheld fixed: binancealpha M/USDT
6 Bybit BBUSDT BB $31k $2.1M 65x est. 98% of weightheld fixed: Gate BB_USDT
7 Bitget BBUSDT BB $31k $2.1M 65x est. 98% of weightheld fixed: Gate BB/USDT
8 Bitget VELODROMEUSDT VELODROME $34k $1.9M 56x est. 96% of weightheld fixed: OKX VELO/USDT
9 Bybit LUMIAUSDT LUMIA $29k $1.5M 53x est. 100% of weight
10 Bybit NOMUSDT NOM $30k $1.5M 49x est. 93% of weightheld fixed: Coinbase NOM-USD
11 Bybit MOVRUSDT MOVR $120k $6M 49x est. 100% of weight
12 Bitget MOVRUSDT MOVR $130k $6M 45x est. 100% of weight
13 Bitget XVSUSDT XVS $9.2k $410k 44x est. 100% of weight
14 Bybit ALICEUSDT ALICE $36k $1.6M 44x est. 90% of weightheld fixed: Coinbase ALICE-USD, KuCoin ALICE-USDT
15 Bybit XVSUSDT XVS $9.9k $410k 41x est. 100% of weight
16 Binance PROMUSDT PROM $100k $4M 40x est. 100% of weight
17 Bitget CVCUSDT CVC $16k $610k 37x est. 100% of weight
18 Bitget ARKUSDT ARK $49k $1.8M 37x est. 100% of weight
19 Binance LSKUSDT LSK $94k $3.3M 35x est. 100% of weight
20 Bybit SPXUSDT SPX $67k $2.3M 34x est. 100% of weight
21 Bybit TOWNSUSDT TOWNS $15k $490k 33x est. 100% of weight
22 Bybit FORMUSDT FORM $71k $2.3M 33x est. 100% of weight
23 Bitget MAGICUSDT MAGIC $16k $520k 33x est. 100% of weight
24 Bybit MAGICUSDT MAGIC $16k $520k 33x est. 100% of weight
25 Binance XVSUSDT XVS $13k $410k 32x est. 100% of weight
26 Bitget GPSUSDT GPS $56k $1.6M 29x est. 100% of weight
27 Bybit GPSUSDT GPS $56k $1.6M 29x est. 100% of weight
28 Bybit MITOUSDT MITO $37k $1.1M 29x est. 100% of weight
29 Bybit SHELLUSDT SHELL $17k $490k 29x est. 100% of weight
30 Bitget SHELLUSDT SHELL $17k $490k 29x est. 100% of weight
31 Bybit RUNEUSDT RUNE $74k $2M 27x est. 97% of weightheld fixed: Kraken RUNE/USD
32 Bybit EPICUSDT EPIC $59k $1.5M 25x est. 100% of weight
33 Binance SAGAUSDT SAGA $72k $1.8M 25x est. 100% of weight
34 Bybit HEIUSDT HEI $32k $790k 24x est. 100% of weight
35 Bitget NILUSDT NIL $100k $2.4M 24x est. 100% of weight
36 Bybit BSVUSDT BSV $37k $860k 23x est. 100% of weight
37 Bybit NILUSDT NIL $100k $2.4M 23x est. 100% of weight
38 Bybit NEOUSDT NEO $47k $1M 22x est. 100% of weight
39 Bybit REZUSDT REZ $47k $1M 22x est. 100% of weight
40 Bybit ACEUSDT ACE $85k $1.9M 22x est. 100% of weight
41 Bitget REZUSDT REZ $48k $1M 22x est. 100% of weight
42 Bitget ACEUSDT ACE $86k $1.9M 22x est. 100% of weight
43 Bitget TUSDT T $27k $580k 21x est. 100% of weight
44 Bybit 10000SATSUSDT SATS $24k $510k 21x est. 100% of weight
45 Bitget CVXUSDT CVX $34k $710k 21x est. 100% of weight
46 Binance EDUUSDT EDU $38k $780k 20x est. 100% of weight
47 Bybit CVXUSDT CVX $36k $710k 20x est. 92% of weightheld fixed: Kraken CVX/USD
48 Bybit STOUSDT STO $40k $780k 19x est. 100% of weight
49 Binance SPELLUSDT SPELL $18k $340k 19x est. 100% of weight
50 Bybit DUSKUSDT DUSK $38k $730k 19x est. 100% of weight

Ranked by estimated exposure-to-depth ratio. Static-book estimates from public exchange data. Not a real cost to move any price, not a mark-price forecast, and not trading advice.

Incomplete coverage

50-80% of index weight modelled · not part of the ranking above
Perp Index depth to +5% (est.) Est. liquidation exposure within +5% Exposure-to-depth ratio (est.) Coverage Updated (UTC)
Bybit 10000NEXUSDT NEX $5.7k $30k 5.2x est. Partial coverage 78% of weightheld fixed: Coinbase NEX-USD

Stale (not ranked)

no position · 20 of 22 shown
Perp Last estimate age Status
Bybit CLANKERUSDT CLANKER 63 min Stale: last estimate is 63 min old. Figures are shown greyed and alerts are paused.
Bybit TUSDT T 63 min Stale: last estimate is 63 min old. Figures are shown greyed and alerts are paused.
Bitget RVNUSDT RVN 64 min Stale: last estimate is 64 min old. Figures are shown greyed and alerts are paused.
Bitget AIXBTUSDT AIXBT 65 min Stale: last estimate is 65 min old. Figures are shown greyed and alerts are paused.
Bitget FLUXUSDT FLUX 65 min Stale: last estimate is 65 min old. Figures are shown greyed and alerts are paused.
Bybit FLUXUSDT FLUX 65 min Stale: last estimate is 65 min old. Figures are shown greyed and alerts are paused.
Bitget TLMUSDT TLM 65 min Stale: last estimate is 65 min old. Figures are shown greyed and alerts are paused.
Bitget AWEUSDT AWE 65 min Stale: last estimate is 65 min old. Figures are shown greyed and alerts are paused.
Bybit INUSDT IN 65 min Stale: last estimate is 65 min old. Figures are shown greyed and alerts are paused.
Bitget SOPHUSDT SOPH 65 min Stale: last estimate is 65 min old. Figures are shown greyed and alerts are paused.
Bitget USUALUSDT USUAL 65 min Stale: last estimate is 65 min old. Figures are shown greyed and alerts are paused.
Bybit SOPHUSDT SOPH 65 min Stale: last estimate is 65 min old. Figures are shown greyed and alerts are paused.
Bitget KSMUSDT KSM 66 min Stale: last estimate is 66 min old. Figures are shown greyed and alerts are paused.
Bitget NEWTUSDT NEWT 66 min Stale: last estimate is 66 min old. Figures are shown greyed and alerts are paused.
OKX MINIMAX-USDT-SWAP MINIMAX 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit ATUSDT AT 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit VELODROMEUSDT VELODROME 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget AUCTIONUSDT AUCTION 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget RUNEUSDT RUNE 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit KNCUSDT KNC 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.

Recent constituent divergences

last 24 h · observed · times in UTC

Observed divergence between index sources; no intent is implied. Static-book estimates from public exchange data. Not a real cost to move any price, not a mark-price forecast, and not trading advice.

Method. Every five minutes the sampler reads each watched perp's index composition from the exchange, the spot order books of its constituents, and open interest. Index depth is the resting spot liquidity between the current index and the chosen move, with each exchange's outlier guard applied; constituents we cannot read are held fixed. Liquidation exposure is estimated from open interest with a leverage prior (Hyperliquid positions where published). The ratio is exposure divided by depth. Model sensitivity is not yet calibrated against realised moves, so treat every figure as an estimate. Full method and limits: mark price and index price.

Coverage. Ranked: at least 80% of index weight modelled, books under 15 min and composition under 2 h old. Incomplete: 50-80% modelled. Stale or insufficient perps get no position. Index changes behind these figures: perp index constituent changes.

Index risk ranking FAQ

What does the exposure-to-depth ratio measure?

The estimated liquidation exposure within the chosen move of the index, divided by the static-book depth of the index's spot constituents over the same move. Both halves are estimates from public exchange data. A higher ratio means the index is thin relative to the leveraged positions near it; it is a risk indicator, not a price for moving the index.

Why are some perps missing or in the incomplete group?

A perp is ranked only when at least 80% of its index weight comes from order books we read, its books are under 15 minutes old and its composition under 2 hours old. Between 50% and 80% it is listed under incomplete coverage with the sources held fixed. Below 50%, or with old data, it gets no position.

Is index depth the price to move the mark price?

No. Depth is summed from order-book snapshots that refill in practice, unreadable sources are held fixed, and liquidations follow the mark price, which also depends on the perp's own price and funding basis. See mark price and index price for the method.