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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 17:39ZSource: exchange public APIsModel: static-book v1Times in UTCAs of 17:45 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
58
coverage ok, fresh2026-10-01 17:39Z
Incomplete coverage
1
50-80% of index weight modelled
Not ranked
17
15 stale · 0 insufficient · 2 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of +2% · Bitget

highest ratio first · top 50 of 58 · 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 Bitget 龙虾USDT $20k $8.3M 410x est. 99% of weightheld fixed: binance_alpha ALPHA_772/USDT
2 Bitget ARKUSDT ARK $11k $1.2M 120x est. 100% of weight
3 Bitget BEATUSDT BEAT $15k $1.5M 99x est. 99% of weightheld fixed: binance_alpha ALPHA_451/USDT
4 Bitget TRIAUSDT TRIA $12k $920k 78x est. 81% of weightheld fixed: binance_alpha ALPHA_669/USDT, Coinbase TRIA/USD, MEXC TRIA/USDT
5 Bitget MOVRUSDT MOVR $63k $4M 63x est. 100% of weight
6 Bitget LPTUSDT LPT $11k $570k 54x est. 88% of weightheld fixed: OKX LPT/USDT
7 Bitget VELODROMEUSDT VELODROME $25k $1.2M 47x est. 100% of weight
8 Bitget BBUSDT BB $28k $1.3M 46x est. 98% of weightheld fixed: Gate BB/USDT
9 Bitget NILUSDT NIL $35k $1.5M 44x est. 97% of weightheld fixed: Binance NIL/USDC
10 Bitget FORMUSDT FORM $35k $1.5M 42x est. 100% of weight
11 Bitget XVSUSDT XVS $6.4k $260k 41x est. 100% of weight
12 Bitget GPSUSDT GPS $27k $1M 38x est. 98% of weightheld fixed: KuCoin GPS/USDT
13 Bitget CVCUSDT CVC $11k $390k 37x est. 100% of weight
14 Bitget GIGGLEUSDT GIGGLE $48k $1.5M 31x est. 82% of weightheld fixed: Bitget futures GIGGLE/USDT, Gate GIGGLE/USDT
15 Bitget TUSDT T $12k $360k 31x est. 99% of weightheld fixed: OKX T/USDT
16 Bitget SYNUSDT SYN $52k $1.4M 26x est. 100% of weight
17 Bitget AUCTIONUSDT AUCTION $13k $330k 26x est. 88% of weightheld fixed: OKX AUCTION/USDT
18 Bitget ACEUSDT ACE $47k $1.2M 24x est. 100% of weight
19 Bitget TUTUSDT TUT $62k $1.3M 21x est. 100% of weight
20 Bitget ARPAUSDT ARPA $15k $310k 20x est. 100% of weight
21 Bitget CVXUSDT CVX $24k $460k 19x est. 94% of weightheld fixed: OKX CVX/USDT
22 Bitget AIXBTUSDT AIXBT $21k $380k 18x est. 95% of weightheld fixed: OKX AIXBT/USDT
23 Bitget SOPHUSDT SOPH $35k $620k 18x est. 97% of weightheld fixed: Bitget SOPHNEW/USDT
24 Bitget FLOKIUSDT FLOKI $46k $800k 17x est. 100% of weight
25 Bitget REZUSDT REZ $38k $650k 17x est. 100% of weight
26 Bitget SPELLUSDT SPELL $13k $220k 17x est. 100% of weight
27 Bitget HYPERUSDT HYPER $20k $340k 17x est. 98% of weightheld fixed: KuCoin HYPER/USDT
28 Bitget DEXEUSDT DEXE $66k $1.1M 16x est. 100% of weight
29 Bitget RUNEUSDT RUNE $78k $1.3M 16x est. 95% of weightheld fixed: KuCoin RUNE/USDT
30 Bitget BSVUSDT BSV $34k $550k 16x est. 95% of weightheld fixed: Bitget BSV/USDT
31 Bitget C98USDT C98 $17k $270k 16x est. 100% of weight
32 Bitget MANTRAUSDT MANTRA $20k $320k 16x est. 100% of weight
33 Bitget STOUSDT STO $34k $500k 15x est. 100% of weight
34 Bitget RAREUSDT RARE $35k $510k 14x est. 100% of weight
35 Bitget GENIUSUSDT GENIUS $77k $1.1M 14x est. 100% of weight
36 Bitget GUSDT G $49k $670k 14x est. 97% of weightheld fixed: Bitget G/USDT, Coinbase G/USD
37 Bitget CTSIUSDT CTSI $25k $290k 12x est. 100% of weight
38 Bitget ILVUSDT ILV $19k $220k 12x est. 100% of weight
39 Bitget MAVUSDT MAV $27k $300k 11x est. 99% of weightheld fixed: Gate MAV/USDT
40 Bitget CHRUSDT CHR $28k $290k 10x est. 100% of weight
41 Bitget KERNELUSDT KERNEL $36k $360k 10x est. 100% of weight
42 Bitget MIRAUSDT MIRA $37k $360k 9.9x est. 100% of weightheld fixed: Bitget MIRA/USDT
43 Bitget FLUIDUSDT FLUID $23k $230k 9.7x est. 100% of weight
44 Bitget FIDAUSDT FIDA $23k $220k 9.3x est. 97% of weightheld fixed: Bybit FIDA/USDT, KuCoin FIDA/USDT
45 Bitget CUSDT C $100k $900k 8.8x est. 100% of weight
46 Bitget ERAUSDT ERA $47k $360k 7.6x est. 96% of weightheld fixed: Gate ERA/USDT, KuCoin ERA/USDT
47 Bitget GUNUSDT GUN $45k $310k 6.9x est. 100% of weight
48 Bitget JOEUSDT JOE $30k $200k 6.8x est. 99% of weightheld fixed: Bitget JOE/USDT
49 Bitget ZKCUSDT ZKC $46k $290k 6.3x est. 97% of weightheld fixed: Bitget ZKC/USDT
50 Bitget TLMUSDT TLM $49k $310k 6.3x 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)
Bitget 10000NEXUSDT NEX $5.7k $19k 3.3x est. Partial coverage 77% of weightheld fixed: Bitget 10000NEX/USDT, Coinbase 10000NEX/USD

Stale (not ranked)

no position · 15 of 15 shown
Perp Last estimate age Status
Bitget UBUSDT UB 15 min Stale: last estimate is 15 min old. Figures are shown greyed and alerts are paused.
Bitget EPICUSDT EPIC 15 min Stale: last estimate is 15 min old. Figures are shown greyed and alerts are paused.
Bitget AWEUSDT AWE 15 min Stale: last estimate is 15 min old. Figures are shown greyed and alerts are paused.
Bitget MAGICUSDT MAGIC 74 min Stale: last estimate is 74 min old. Figures are shown greyed and alerts are paused.
Bitget SHELLUSDT SHELL 75 min Stale: last estimate is 75 min old. Figures are shown greyed and alerts are paused.
Bitget NEOUSDT NEO 75 min Stale: last estimate is 75 min old. Figures are shown greyed and alerts are paused.
Bitget DYMUSDT DYM 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget ORCAUSDT ORCA 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget ACTUSDT ACT 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget RVNUSDT RVN 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bitget FLUXUSDT FLUX 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bitget USUALUSDT USUAL 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bitget KSMUSDT KSM 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bitget NEWTUSDT NEWT 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bitget ENJUSDT ENJ 4 h Stale: last estimate is 4 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.