Index depth is a static-book estimate for the index, not the mark. Static-book estimates from public exchange data. Not a real cost to move any price, not a mark-price forecast, and not trading advice. Methodology and limitations · Constituent changes · All perps
Indexes: Binance SHELLUSDT · Bitget SHELLUSDT · Bybit SHELLUSDT · OKX SHELL-USDT-SWAP
Binance SHELLUSDT index
index SHELLUSDT · constituents 2026-10-01 13:20ZComposition and constituent price vs index median (observed)
| Constituent | Pair | Type | Weight | Price | vs median | Guard |
|---|---|---|---|---|---|---|
| Binance | SHELLUSDT | spot | 65.6% | 0.02374 | -0.16% | |
| Bitget | SHELLUSDT | spot | 9.8% | 0.02379 | +0.05% | |
| MEXC | SHELLUSDT | spot | 9.8% | 0.02374 | -0.16% | |
| Gate | SHELL_USDT | spot | 6.6% | 0.02385 | +0.31% | |
| binance_cross2 | SHELLTRY/USDTTRY | cross | 4.9% | 0.0237648 | -0.05% | |
| pancakeswapv3 | uindex(BNBUSDT)/WBNB-SHELL | dex | 3.3% | 0.0239607 | +0.77% |
Prices as published by Binance with the composition (2026-10-01 13:20Z). Widest constituent spread 0.93%. Guard: Binance caps a source more than 3% from the median (exchange doc, rule set binance-usdm-2026-09-25). Modelled index from these prices: 0.0237606.
Mark and index
Observed mark 0.023860, last price 0.023830 (2026-10-01 13:55Z). Observed mark vs modelled index: +0.42% (snapshot times differ; index from the constituent snapshot). No modelled mark move is shown for this perp.
Index depth and est. liquidation exposure
No static-book estimate for this perp yet: index depth is only estimated for perps whose spot books are sampled.
Bitget SHELLUSDT index
index SHELLUSDT · constituents 2026-10-01 13:37Z · coverage OkComposition and constituent price vs index median (observed)
| Constituent | Pair | Type | Weight | Price | vs median | Guard |
|---|---|---|---|---|---|---|
| Binance | SHELL/USDT | spot | 77.4% | 0.02383 | +0.02% | |
| MEXC | SHELL/USDT | spot | 17.9% | 0.02382 | -0.02% | |
| Gate | SHELL/USDT | spot | 2.5% | 0.02374 | -0.36% | |
| Bitget | SHELL/USDT | spot | 2.2% | 0.02386 | +0.15% |
Prices as published by Bitget with the composition (2026-10-01 13:37Z). Widest constituent spread 0.51%. Guard: Bitget drops a source more than 5% from the median (exchange doc, rule set bitget-usdtm-2025-10-13). Modelled index from these prices: 0.0238266.
Mark and index
Observed mark 0.023900, last price 0.023900 (2026-10-01 13:55Z). Observed mark vs modelled index: +0.31% (snapshot times differ; index from the constituent snapshot). No modelled mark move is shown for this perp.
Index depth and est. liquidation exposure
| Range | Index depth (est.) | Depth / OI | Est. liquidation exposure | of which observed | Exposure-to-depth ratio (est.) |
|---|---|---|---|---|---|
| +2% | $5.3k | 0.2% | $310k | $0 | 59x est. |
| +5% | $13k | 0.5% | $490k | $0 | 37x est. |
| -2% | $11k | 0.4% | $310k | $0 | 27x est. |
| -5% | $19k | 0.7% | $490k | $0 | 26x est. |
Sensitivity (uncalibrated). Index depth to +5% under 0.5x $6.6k, 1x $13k, 2x $26k book refill. Index depth to -5% under 0.5x $9.5k, 1x $19k, 2x $38k book refill. The multipliers are assumptions, not fitted to observed events.
Coverage 97% of index weight modelled; held fixed: Gate SHELL/USDT. Included OI $2.6M (100% complete, exposure ok). Confidence high. Estimate 2026-10-01 13:49Z, books 2026-10-01 13:50Z, exposure 2026-10-01 13:50Z. Models: static-book v1; bitget-usdtm-2025-10-13; liq-in-range v1; prior hl-2026-09-27.
Bybit SHELLUSDT index
index SHELLUSDT · constituents 2026-10-01 13:36Z · coverage OkComposition and constituent price vs index median (observed)
| Constituent | Pair | Type | Weight | Price | vs median | Guard |
|---|---|---|---|---|---|---|
| Binance | SHELLUSDT | spot | 79.6% | 0.02381 | +0.08% | |
| MEXC | SHELLUSDT | spot | 17.8% | 0.02379 | +0.00% | |
| Gate | SHELL_USDT | spot | 2.6% | 0.02374 | -0.21% |
Prices as published by Bybit with the composition (2026-10-01 13:36Z). Widest constituent spread 0.29%. Guard: Bybit drops a source more than 5% from the median (exchange doc, rule set bybit-linear-2026-09-04). Modelled index from these prices: 0.0238046.
Mark and index
Observed mark 0.023860, last price 0.023860 (2026-10-01 13:55Z). Observed mark vs modelled index: +0.23% (snapshot times differ; index from the constituent snapshot). No modelled mark move is shown for this perp.
Index depth and est. liquidation exposure
| Range | Index depth (est.) | Depth / OI | Est. liquidation exposure | of which observed | Exposure-to-depth ratio (est.) |
|---|---|---|---|---|---|
| +2% | $5.3k | 0.2% | $310k | $0 | 59x est. |
| +5% | $13k | 0.5% | $490k | $0 | 38x est. |
| -2% | $11k | 0.4% | $310k | $0 | 28x est. |
| -5% | $19k | 0.7% | $490k | $0 | 26x est. |
Sensitivity (uncalibrated). Index depth to +5% under 0.5x $6.4k, 1x $13k, 2x $26k book refill. Index depth to -5% under 0.5x $9.3k, 1x $19k, 2x $37k book refill. The multipliers are assumptions, not fitted to observed events.
Coverage 97% of index weight modelled; held fixed: Gate SHELL_USDT. Included OI $2.6M (100% complete, exposure ok). Confidence high. Estimate 2026-10-01 13:49Z, books 2026-10-01 13:50Z, exposure 2026-10-01 13:50Z. Models: static-book v1; bybit-linear-2026-09-04; liq-in-range v1; prior hl-2026-09-27.
OKX SHELL-USDT-SWAP index
index SHELL-USDT · constituents 2026-10-01 13:26ZComposition and constituent price vs index median (observed)
| Constituent | Pair | Type | Weight | Price | vs median | Guard |
|---|---|---|---|---|---|---|
| Binance | SHELL/USDT | spot | 47.7% | 0.02372 | +0.04% | |
| binance_linear_perpetual | SHELL/USDT | perp | 24.2% | 0.02374 | +0.13% | |
| Bitget | SHELL/USDT | spot | 24.2% | 0.0237 | -0.04% | |
| Gate | SHELL/USDT | spot | 4.7% | 0.02364 | -0.30% |
Prices as published by OKX with the composition (2026-10-01 13:26Z). Widest constituent spread 0.42%. Guard: OKX caps a source more than 2% from the median (exchange doc, rule set okx-swap-2026-09-11). Modelled index from these prices: 0.0237163.
Mark and index
Observed mark prices for OKX perps are not tracked here yet.
Index depth and est. liquidation exposure
No static-book estimate for this perp yet: index depth is only estimated for perps whose spot books are sampled.
Constituent divergence history, last 30 days
No constituent divergence recorded for SHELL in the last 30 days.
Index, not mark. Index depth is a static-book estimate of resting spot liquidity between the index and the stated move, after the exchange's guard. Liquidations use the mark price, which also follows the perp's own price and basis. 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. Constituents and weights come from each exchange's public index API, refreshed hourly. Spot order books are sampled every 5 minutes. Sources we cannot read are held fixed, so the figure is neither an upper nor a lower bound. See how mark and index prices work and the constituent change log.