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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 18:29ZSource: exchange public APIsModel: static-book v1Times in UTCAs of 18:37 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
145
coverage ok, fresh2026-10-01 18:29Z
Incomplete coverage
3
50-80% of index weight modelled
Not ranked
50
48 stale · 0 insufficient · 2 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of -2%

highest ratio first · top 50 of 145 · times in UTC

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

# Perp Index depth to -2% (est.) Est. liquidation exposure within -2% Exposure-to-depth ratio (est.) Coverage Updated (UTC)
1 Bybit 1000TAGUSDT TAG $340 $1.2M 3,400x est. 99% of weightheld fixed: binancealpha TAG/USDT
2 Bitget 龙虾USDT $13k $8.6M 690x est. 99% of weightheld fixed: binance_alpha ALPHA_772/USDT
3 Bitget BEATUSDT BEAT $5.3k $1.5M 280x est. 99% of weightheld fixed: binance_alpha ALPHA_451/USDT
4 Bybit MOVRUSDT MOVR $62k $4.2M 68x est. 100% of weight
5 Bitget MOVRUSDT MOVR $62k $4.2M 68x est. 100% of weight
6 Bybit MUBARAKUSDT MUBARAK $75k $4M 54x est. 100% of weight
7 Bitget VELODROMEUSDT VELODROME $23k $1.2M 51x est. 100% of weight
8 Bitget BBUSDT BB $30k $1.3M 43x est. 98% of weightheld fixed: Gate BB/USDT
9 Bybit BBUSDT BB $30k $1.3M 43x est. 98% of weightheld fixed: Gate BB_USDT
10 Bitget SYNUSDT SYN $32k $1.4M 43x est. 100% of weight
11 Bybit FORMUSDT FORM $40k $1.5M 37x est. 100% of weight
12 Bybit FLOWUSDT FLOW $13k $490k 36x est. 100% of weight
13 Binance PROMUSDT PROM $69k $2.5M 36x est. 100% of weight
14 Bitget FORMUSDT FORM $41k $1.5M 36x est. 100% of weight
15 Bitget XVSUSDT XVS $7.3k $260k 35x est. 100% of weight
16 Bybit XVSUSDT XVS $7.3k $260k 35x est. 100% of weight
17 Bybit SPXUSDT SPX $48k $1.5M 32x est. 100% of weight
18 Binance XVSUSDT XVS $8.4k $260k 31x est. 100% of weight
19 Bybit GIGGLEUSDT GIGGLE $51k $1.5M 29x est. 100% of weight
20 Bybit SHELLUSDT SHELL $11k $310k 28x est. 100% of weight
21 Bitget GPSUSDT GPS $37k $1M 28x est. 98% of weightheld fixed: KuCoin GPS/USDT
22 Bybit GPSUSDT GPS $37k $1M 28x est. 100% of weight
23 Bybit NEOUSDT NEO $25k $670k 27x est. 100% of weight
24 Bitget LPTUSDT LPT $21k $560k 27x est. 88% of weightheld fixed: OKX LPT/USDT
25 Bitget GIGGLEUSDT GIGGLE $58k $1.5M 26x est. 82% of weightheld fixed: Bitget futures GIGGLE/USDT, Gate GIGGLE/USDT
26 Bitget JOEUSDT JOE $7.8k $200k 26x est. 99% of weightheld fixed: Bitget JOE/USDT
27 Bybit 10000SATSUSDT SATS $14k $330k 24x est. 94% of weightheld fixed: KuCoin SATS-USDT
28 Binance LSKUSDT LSK $90k $2.1M 23x est. 100% of weight
29 Bybit MITOUSDT MITO $29k $680k 23x est. 100% of weight
30 Bybit TUTUSDT TUT $62k $1.3M 21x est. 100% of weight
31 Bitget TUTUSDT TUT $62k $1.3M 21x est. 100% of weight
32 Binance SAGAUSDT SAGA $57k $1.1M 20x est. 100% of weight
33 Bybit NILUSDT NIL $72k $1.4M 20x est. 100% of weight
34 Bybit NOMUSDT NOM $47k $920k 19x est. 93% of weightheld fixed: Coinbase NOM-USD
35 Bitget NILUSDT NIL $77k $1.4M 19x est. 97% of weightheld fixed: Binance NIL/USDC
36 Bybit IDUSDT ID $22k $410k 19x est. 100% of weight
37 Bitget CVCUSDT CVC $21k $390k 19x est. 100% of weight
38 Bitget SOPHUSDT SOPH $34k $620k 18x est. 97% of weightheld fixed: Bitget SOPHNEW/USDT
39 Bybit SOPHUSDT SOPH $34k $620k 18x est. 98% of weightheld fixed: Gate SOPH_USDT
40 Bybit MTLUSDT MTL $13k $230k 18x est. 86% of weightheld fixed: KuCoin MTL-USDT, Upbit KRW-MTL
41 Bybit ALICEUSDT ALICE $62k $1M 17x est. 91% of weightheld fixed: Coinbase ALICE-USD
42 Bybit ACEUSDT ACE $71k $1.2M 16x est. 100% of weight
43 Bitget ACEUSDT ACE $71k $1.2M 16x est. 100% of weight
44 Binance METUSDT MET $59k $970k 16x est. 100% of weight
45 Bybit MNTUSDT MNT $190k $3.1M 16x est. 96% of weightheld fixed: Bybit MNTBTC, Coinbase MANTLE-USD
46 OKX SOFTBANK-USDT-SWAP SOFTBANK $5.5k $87k 16x est. 100% of weight
47 Bybit DUSKUSDT DUSK $30k $470k 16x est. 100% of weight
48 Bybit HEIUSDT HEI $32k $490k 15x est. 100% of weight
49 Bitget DEXEUSDT DEXE $71k $1.1M 15x est. 100% of weight
50 Bybit DEXEUSDT DEXE $71k $1.1M 15x 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 -2% (est.) Est. liquidation exposure within -2% Exposure-to-depth ratio (est.) Coverage Updated (UTC)
Bybit GUNUSDT GUN $58k $310k 5.4x est. Partial coverage 78% of weightheld fixed: Gate GUN_USDT, Kraken GUN/USD
Bitget 10000NEXUSDT NEX $7k $19k 2.7x est. Partial coverage 77% of weightheld fixed: Bitget 10000NEX/USDT, Coinbase 10000NEX/USD
Bybit 10000NEXUSDT NEX $7.1k $19k 2.7x est. Partial coverage 74% of weightheld fixed: binancealpha NEX/USDT, Coinbase NEX-USD

Stale (not ranked)

no position · 20 of 48 shown
Perp Last estimate age Status
Binance POWRUSDT POWR 65 min Stale: last estimate is 65 min old. Figures are shown greyed and alerts are paused.
Bybit CVXUSDT CVX 66 min Stale: last estimate is 66 min old. Figures are shown greyed and alerts are paused.
Bybit RLCUSDT RLC 66 min Stale: last estimate is 66 min old. Figures are shown greyed and alerts are paused.
Bybit SKYAI1USDT SKYAI1 66 min Stale: last estimate is 66 min old. Figures are shown greyed and alerts are paused.
Binance PUNDIXUSDT PUNDIX 66 min Stale: last estimate is 66 min old. Figures are shown greyed and alerts are paused.
Bitget COWUSDT COW 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bitget TRIAUSDT TRIA 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bybit TRIAUSDT TRIA 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bitget ARKUSDT ARK 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bybit TOWNSUSDT TOWNS 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bybit USDCUSDT USDC 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bybit FOGOUSDT FOGO 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bitget UBUSDT UB 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bitget EPICUSDT EPIC 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bybit NEWTUSDT NEWT 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bybit KSMUSDT KSM 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bybit CHRUSDT CHR 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bitget AWEUSDT AWE 68 min Stale: last estimate is 68 min old. Figures are shown greyed and alerts are paused.
Bybit ZILUSDT ZIL 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget MAGICUSDT MAGIC 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.