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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 18:34ZSource: exchange public APIsModel: static-book v1Times in UTCAs of 18:38 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
83
coverage ok, fresh2026-10-01 18:34Z
Incomplete coverage
2
50-80% of index weight modelled
Not ranked
21
20 stale · 0 insufficient · 1 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of -2% · Bybit

highest ratio first · top 50 of 83 · 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 $490 $1.2M 2,400x est. 99% of weightheld fixed: binancealpha TAG/USDT
2 Bybit INUSDT IN $3.3k $380k 120x est. 98% of weightheld fixed: pancakeswapv3 IN/WBNB
3 Bybit MOVRUSDT MOVR $68k $4.2M 61x est. 100% of weight
4 Bybit BBUSDT BB $27k $1.3M 48x est. 100% of weight
5 Bybit MUBARAKUSDT MUBARAK $85k $4M 48x est. 100% of weight
6 Bybit VELODROMEUSDT VELODROME $27k $1.2M 45x est. 100% of weight
7 Bybit FORMUSDT FORM $41k $1.5M 37x est. 100% of weight
8 Bybit FLOWUSDT FLOW $13k $490k 36x est. 100% of weight
9 Bybit XVSUSDT XVS $7.3k $260k 35x est. 100% of weight
10 Bybit ALICEUSDT ALICE $31k $1M 33x est. 91% of weightheld fixed: Coinbase ALICE-USD
11 Bybit GIGGLEUSDT GIGGLE $49k $1.5M 31x est. 100% of weight
12 Bybit SPXUSDT SPX $53k $1.5M 29x est. 100% of weight
13 Bybit SHELLUSDT SHELL $11k $310k 29x est. 100% of weight
14 Bybit NEOUSDT NEO $24k $670k 28x est. 100% of weight
15 Bybit 10000SATSUSDT SATS $14k $330k 23x est. 100% of weight
16 Bybit GPSUSDT GPS $48k $1M 22x est. 100% of weight
17 Bybit MITOUSDT MITO $31k $680k 22x est. 100% of weight
18 Bybit TUTUSDT TUT $63k $1.3M 20x est. 100% of weight
19 Bybit NILUSDT NIL $76k $1.5M 19x est. 100% of weight
20 Bybit BSVUSDT BSV $30k $560k 19x est. 100% of weight
21 Bybit NOMUSDT NOM $50k $920k 18x est. 93% of weightheld fixed: Coinbase NOM-USD
22 Bybit SOPHUSDT SOPH $34k $620k 18x est. 98% of weightheld fixed: Gate SOPH_USDT
23 Bybit IDUSDT ID $23k $420k 18x est. 100% of weight
24 Bybit MNTUSDT MNT $180k $3.1M 17x est. 96% of weightheld fixed: Bybit MNTBTC, Coinbase MANTLE-USD
25 Bybit DEXEUSDT DEXE $66k $1.1M 16x est. 100% of weight
26 Bybit MTLUSDT MTL $15k $230k 16x est. 90% of weightheld fixed: Upbit KRW-MTL
27 Bybit ACEUSDT ACE $75k $1.2M 15x est. 100% of weight
28 Bybit FOGOUSDT FOGO $26k $410k 15x est. 100% of weight
29 Bybit HEIUSDT HEI $33k $490k 15x est. 100% of weight
30 Bybit TUSDT T $25k $360k 14x est. 100% of weight
31 Bybit ROBOUSDT ROBO $48k $660k 14x est. 100% of weight
32 Bybit DUSKUSDT DUSK $34k $470k 14x est. 100% of weight
33 Bybit REZUSDT REZ $49k $650k 13x est. 100% of weight
34 Bybit GENIUSUSDT GENIUS $84k $1.1M 13x est. 96% of weightheld fixed: KuCoin GENIUS-USDT
35 Bybit STOUSDT STO $40k $500k 12x est. 100% of weight
36 Bybit OPENUSDT OPEN $84k $1M 12x est. 100% of weight
37 Bybit C98USDT C98 $22k $270k 12x est. 100% of weight
38 Bybit PHAUSDT PHA $100k $1.2M 12x est. 100% of weight
39 Bybit FIDAUSDT FIDA $18k $220k 12x est. 100% of weight
40 Bybit CUSDT C $77k $900k 12x est. 100% of weight
41 Bybit PORTALUSDT PORTAL $35k $400k 11x est. 100% of weight
42 Bybit MAVUSDT MAV $27k $300k 11x est. 100% of weight
43 Bybit BANANAUSDT BANANA $24k $260k 11x est. 100% of weight
44 Bybit RONINUSDT RONIN $24k $260k 11x est. 100% of weight
45 Bybit 1000FLOKIUSDT FLOKI $76k $800k 11x est. 100% of weight
46 Bybit MIRAUSDT MIRA $35k $360k 10x est. 100% of weight
47 Bybit XAIUSDT XAI $49k $500k 10x est. 100% of weight
48 Bybit HEMIUSDT HEMI $78k $790k 10x est. 100% of weight
49 Bybit TLMUSDT TLM $31k $310k 10x est. 99% of weightheld fixed: Kraken TLM/USD
50 Bybit JSTUSDT JST $150k $1.5M 9.4x est. 99% of weightheld fixed: Kraken JST/USD

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
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 20 shown
Perp Last estimate age Status
Bybit CVXUSDT CVX 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bybit RLCUSDT RLC 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bybit SKYAI1USDT SKYAI1 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bybit TRIAUSDT TRIA 68 min Stale: last estimate is 68 min old. Figures are shown greyed and alerts are paused.
Bybit NEWTUSDT NEWT 69 min Stale: last estimate is 69 min old. Figures are shown greyed and alerts are paused.
Bybit KSMUSDT KSM 69 min Stale: last estimate is 69 min old. Figures are shown greyed and alerts are paused.
Bybit CHRUSDT CHR 69 min Stale: last estimate is 69 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.
Bybit MAGICUSDT MAGIC 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit OKBUSDT OKB 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit LUMIAUSDT LUMIA 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit DGAIUSDT DGAI 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit ASRUSDT ASR 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bybit BELUSDT BEL 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bybit XVGUSDT XVG 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bybit MUSDT M 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bybit CLANKERUSDT CLANKER 4 h Stale: last estimate is 4 h old. Figures are shown greyed and alerts are paused.
Bybit FLUXUSDT FLUX 4 h Stale: last estimate is 4 h old. Figures are shown greyed and alerts are paused.
Bybit ATUSDT AT 5 h Stale: last estimate is 5 h old. Figures are shown greyed and alerts are paused.
Bybit KNCUSDT KNC 5 h Stale: last estimate is 5 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.