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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 16:14ZSource: exchange public APIsModel: static-book v1Times in UTCAs of 16:20 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
133
coverage ok, fresh2026-10-01 16:14Z
Incomplete coverage
0
50-80% of index weight modelled
Not ranked
49
32 stale · 0 insufficient · 17 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of -5%

highest ratio first · top 50 of 133 · times in UTC

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

# Perp Index depth to -5% (est.) Est. liquidation exposure within -5% Exposure-to-depth ratio (est.) Coverage Updated (UTC)
1 Bybit 1000TAGUSDT TAG $2k $1.8M 920x est. 98% of weightheld fixed: binancealpha TAG/USDT
2 Bitget 龙虾USDT $40k $13M 330x est. 99% of weightheld fixed: binance_alpha ALPHA_772/USDT
3 Bitget BEATUSDT BEAT $16k $2.3M 150x est. 98% of weightheld fixed: binance_alpha ALPHA_451/USDT, KuCoin BEAT/USDT
4 Bybit INUSDT IN $5.6k $590k 110x est. 86% of weightheld fixed: KuCoin IN-USDT, pancakeswapv3 IN/WBNB
5 Bitget VELODROMEUSDT VELODROME $23k $1.9M 81x est. 100% of weight
6 Bybit BBUSDT BB $37k $2.1M 56x est. 100% of weight
7 Bybit LUMIAUSDT LUMIA $27k $1.5M 54x est. 95% of weightheld fixed: KuCoin LUMIA-USDT
8 Bybit MOVRUSDT MOVR $120k $6.8M 54x est. 100% of weight
9 Bitget BBUSDT BB $40k $2.1M 51x est. 100% of weight
10 Bitget MOVRUSDT MOVR $130k $6.8M 51x est. 100% of weight
11 Bybit MUBARAKUSDT MUBARAK $140k $6.3M 47x est. 100% of weight
12 Binance PROMUSDT PROM $92k $3.9M 43x est. 100% of weight
13 Bybit SPXUSDT SPX $60k $2.4M 40x est. 100% of weight
14 Bybit TRIAUSDT TRIA $35k $1.4M 39x est. 87% of weightheld fixed: Coinbase TRIA-USD
15 Bitget ARKUSDT ARK $53k $1.8M 34x est. 100% of weight
16 Bybit EPICUSDT EPIC $45k $1.5M 33x est. 100% of weight
17 Bybit NOMUSDT NOM $48k $1.5M 33x est. 93% of weightheld fixed: Coinbase NOM-USD
18 Bybit CHRUSDT CHR $14k $460k 32x est. 100% of weight
19 Bybit ZILUSDT ZIL $31k $980k 31x est. 93% of weightheld fixed: Gate ZIL_USDT
20 Bybit MITOUSDT MITO $36k $1.1M 30x est. 100% of weight
21 Bybit ALICEUSDT ALICE $59k $1.6M 28x est. 91% of weightheld fixed: Coinbase ALICE-USD, Gate ALICE_USDT
22 Bybit FLOWUSDT FLOW $29k $780k 27x est. 100% of weight
23 Bybit FORMUSDT FORM $90k $2.3M 26x est. 100% of weight
24 Bitget XVSUSDT XVS $16k $410k 26x est. 100% of weight
25 Bybit XVSUSDT XVS $16k $410k 26x est. 100% of weight
26 Binance XVSUSDT XVS $16k $410k 26x est. 100% of weight
27 Bybit SHELLUSDT SHELL $19k $490k 25x est. 100% of weight
28 Bitget SHELLUSDT SHELL $20k $490k 25x est. 97% of weightheld fixed: KuCoin SHELL/USDT
29 Bitget CHRUSDT CHR $21k $460k 22x est. 100% of weight
30 Bitget CVCUSDT CVC $29k $610k 22x est. 100% of weight
31 Bybit 10000SATSUSDT SATS $24k $510k 21x est. 100% of weight
32 Bitget GPSUSDT GPS $78k $1.7M 21x est. 100% of weight
33 Bybit ACEUSDT ACE $88k $1.9M 21x est. 100% of weight
34 Bybit GPSUSDT GPS $79k $1.7M 21x est. 100% of weight
35 Bitget ACEUSDT ACE $90k $1.9M 21x est. 100% of weight
36 Binance LSKUSDT LSK $170k $3.3M 19x est. 100% of weight
37 Bybit TUTUSDT TUT $100k $2M 19x est. 100% of weight
38 Bybit REZUSDT REZ $56k $1.1M 19x est. 100% of weight
39 Bybit MAVUSDT MAV $26k $470k 18x est. 100% of weight
40 Bitget TUTUSDT TUT $120k $2M 17x est. 100% of weight
41 Bitget REZUSDT REZ $61k $1.1M 17x est. 100% of weight
42 Bitget CVXUSDT CVX $41k $710k 17x est. 100% of weight
43 Bybit HEIUSDT HEI $45k $770k 17x est. 100% of weight
44 OKX SOFTBANK-USDT-SWAP SOFTBANK $8.4k $140k 16x est. 100% of weight
45 Bybit NILUSDT NIL $140k $2.3M 16x est. 100% of weight
46 Bybit CVXUSDT CVX $44k $710k 16x est. 91% of weightheld fixed: Kraken CVX/USD
47 Binance SPELLUSDT SPELL $22k $340k 16x est. 100% of weight
48 Bybit FOGOUSDT FOGO $39k $600k 15x est. 100% of weight
49 Bybit STOUSDT STO $52k $790k 15x est. 100% of weight
50 Bitget STOUSDT STO $52k $790k 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.

Stale (not ranked)

no position · 20 of 32 shown
Perp Last estimate age Status
Bitget DYMUSDT DYM 49 min Stale: last estimate is 49 min old. Figures are shown greyed and alerts are paused.
Bybit ASRUSDT ASR 49 min Stale: last estimate is 49 min old. Figures are shown greyed and alerts are paused.
OKX OL-USDT-SWAP OL 49 min Stale: last estimate is 49 min old. Figures are shown greyed and alerts are paused.
Bybit POLYXUSDT POLYX 49 min Stale: last estimate is 49 min old. Figures are shown greyed and alerts are paused.
Bybit BELUSDT BEL 50 min Stale: last estimate is 50 min old. Figures are shown greyed and alerts are paused.
Bitget ORCAUSDT ORCA 50 min Stale: last estimate is 50 min old. Figures are shown greyed and alerts are paused.
Bitget ZKCUSDT ZKC 50 min Stale: last estimate is 50 min old. Figures are shown greyed and alerts are paused.
Bybit XVGUSDT XVG 50 min Stale: last estimate is 50 min old. Figures are shown greyed and alerts are paused.
Bitget ACTUSDT ACT 50 min Stale: last estimate is 50 min old. Figures are shown greyed and alerts are paused.
Bitget TRIAUSDT TRIA 51 min Stale: last estimate is 51 min old. Figures are shown greyed and alerts are paused.
Bybit MUSDT M 51 min Stale: last estimate is 51 min old. Figures are shown greyed and alerts are paused.
Bitget UBUSDT UB 51 min Stale: last estimate is 51 min old. Figures are shown greyed and alerts are paused.
Bybit CLANKERUSDT CLANKER 108 min Stale: last estimate is 108 min old. Figures are shown greyed and alerts are paused.
Bybit TUSDT T 108 min Stale: last estimate is 108 min old. Figures are shown greyed and alerts are paused.
Bitget RVNUSDT RVN 109 min Stale: last estimate is 109 min old. Figures are shown greyed and alerts are paused.
Bitget AIXBTUSDT AIXBT 109 min Stale: last estimate is 109 min old. Figures are shown greyed and alerts are paused.
Bitget FLUXUSDT FLUX 109 min Stale: last estimate is 109 min old. Figures are shown greyed and alerts are paused.
Bybit FLUXUSDT FLUX 109 min Stale: last estimate is 109 min old. Figures are shown greyed and alerts are paused.
Bitget TLMUSDT TLM 109 min Stale: last estimate is 109 min old. Figures are shown greyed and alerts are paused.
Bitget AWEUSDT AWE 110 min Stale: last estimate is 110 min 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.