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 STOUSDT · Bitget STOUSDT · Bybit STOUSDT
Binance STOUSDT index
index STOUSDT · constituents 2026-10-01 14:21ZComposition and constituent price vs index median (observed)
| Constituent | Pair | Type | Weight | Price | vs median | Guard |
|---|---|---|---|---|---|---|
| Binance | STOUSDT | spot | 75.5% | 0.0425 | +0.07% | |
| Bitget | STOUSDT | spot | 11.3% | 0.04226 | -0.49% | |
| Gate | STO_USDT | spot | 7.5% | 0.04256 | +0.21% | |
| MEXC | STOUSDT | spot | 5.7% | 0.04244 | -0.07% |
Prices as published by Binance with the composition (2026-10-01 14:21Z). Widest constituent spread 0.71%. 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: 0.042474.
Mark and index
Observed mark 0.042420, last price 0.042460 (2026-10-01 14:45Z). Observed mark vs modelled index: -0.13% (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 STOUSDT index
index STOUSDT · constituents 2026-10-01 14:38Z · coverage OkComposition and constituent price vs index median (observed)
| Constituent | Pair | Type | Weight | Price | vs median | Guard |
|---|---|---|---|---|---|---|
| Binance | STO/USDT | spot | 94.3% | 0.0425 | +0.05% | |
| MEXC | STO/USDT | spot | 5.2% | 0.04246 | -0.05% | |
| Bitget | STO/USDT | spot | 0.4% | 0.04246 | -0.05% | |
| KuCoin | STO/USDT | spot | 0.0% | 0.04251 | +0.07% |
Prices as published by Bitget with the composition (2026-10-01 14:38Z). Widest constituent spread 0.12%. 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: 0.0424978.
Mark and index
Observed mark 0.042420, last price 0.042420 (2026-10-01 14:50Z). Observed mark vs modelled index: -0.18% (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% | $27k | 0.7% | $490k | $0 | 18x est. |
| +5% | $43k | 1.1% | $780k | $0 | 18x est. |
| -2% | $36k | 0.9% | $490k | $0 | 14x est. |
| -5% | $54k | 1.3% | $780k | $0 | 15x est. |
Sensitivity (uncalibrated). Index depth to +5% under 0.5x $22k, 1x $43k, 2x $87k book refill. Index depth to -5% under 0.5x $27k, 1x $54k, 2x $110k book refill. The multipliers are assumptions, not fitted to observed events.
Coverage 100% of index weight modelled; held fixed: KuCoin STO/USDT. Included OI $4.1M (100% complete, exposure ok). Confidence high. Estimate 2026-10-01 14:44Z, books 2026-10-01 14:46Z, exposure 2026-10-01 14:45Z. Models: static-book v1; bitget-usdtm-2025-10-13; liq-in-range v1; prior hl-2026-09-27.
Bybit STOUSDT index
index STOUSDT · constituents 2026-10-01 14:37Z · coverage OkComposition and constituent price vs index median (observed)
| Constituent | Pair | Type | Weight | Price | vs median | Guard |
|---|---|---|---|---|---|---|
| Binance | STOUSDT | spot | 95.2% | 0.0425 | +0.00% | |
| MEXC | STOUSDT | spot | 4.8% | 0.04246 | -0.09% | |
| KuCoin | STO-USDT | spot | 0.0% | 0.04251 | +0.02% |
Prices as published by Bybit with the composition (2026-10-01 14:37Z). Widest constituent spread 0.12%. 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: 0.0424981.
Mark and index
Observed mark 0.042510, last price 0.042530 (2026-10-01 14:45Z). Observed mark vs modelled index: +0.03% (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% | $27k | 0.7% | $490k | $0 | 18x est. |
| +5% | $43k | 1.0% | $780k | $0 | 18x est. |
| -2% | $36k | 0.9% | $490k | $0 | 14x est. |
| -5% | $52k | 1.3% | $780k | $0 | 15x est. |
Sensitivity (uncalibrated). Index depth to +5% under 0.5x $21k, 1x $43k, 2x $86k book refill. Index depth to -5% under 0.5x $26k, 1x $52k, 2x $100k book refill. The multipliers are assumptions, not fitted to observed events.
Coverage 100% of index weight modelled. Included OI $4.1M (100% complete, exposure ok). Confidence high. Estimate 2026-10-01 14:44Z, books 2026-10-01 14:46Z, exposure 2026-10-01 14:45Z. Models: static-book v1; bybit-linear-2026-09-04; liq-in-range v1; prior hl-2026-09-27.
Constituent divergence history, last 30 days
| Start (UTC) | Index | Constituent | vs median | Peak | Status | Duration | Observed mark, 1 h | Modelled index, 1 h |
|---|---|---|---|---|---|---|---|---|
| 2026-10-01 14:43Z | Bybit STOUSDT | MEXC STOUSDT | -2.11% | -2.11% | open | 7 min | n/a | n/a |
| 2026-10-01 14:43Z | Bybit STOUSDT | Binance STOUSDT | -2.13% | -2.13% | open | 7 min | n/a | n/a |
| 2026-10-01 14:38Z | Bybit STOUSDT | KuCoin STO-USDT | +4.46% | +4.46% | open | 12 min | n/a | n/a |
A divergence is recorded when a constituent's live book price stays at least 2% from the median of the other fresh constituents for two 5-minute cycles, and ends when it is back within 1%. Observed states only; the modelled index is our formula over sampled books, not the exchange's published index. n/a: not observed.
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.