Swolecharts
Live crypto data · 10 exchanges

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 17:04ZSource: exchange public APIsModel: static-book v1Times in UTCAs of 17:09 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
16
coverage ok, fresh2026-10-01 17:04Z
Incomplete coverage
0
50-80% of index weight modelled
Not ranked
2
0 stale · 0 insufficient · 2 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of -5% · Binance

highest ratio first · top 16 · 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 Binance PROMUSDT PROM $81k $3.9M 48x est. 100% of weight
2 Binance XVSUSDT XVS $11k $410k 36x est. 100% of weight
3 Binance LSKUSDT LSK $170k $3.3M 20x est. 100% of weight
4 Binance PUNDIXUSDT PUNDIX $17k $320k 18x est. 100% of weight
5 Binance POWRUSDT POWR $20k $370k 18x est. 100% of weight
6 Binance SPELLUSDT SPELL $25k $340k 14x est. 100% of weight
7 Binance SAGAUSDT SAGA $130k $1.8M 14x est. 100% of weight
8 Binance EDUUSDT EDU $60k $790k 13x est. 100% of weight
9 Binance METUSDT MET $140k $1.5M 10x est. 100% of weight
10 Binance AIXBTUSDT AIXBT $63k $600k 9.5x est. 100% of weight
11 Binance CTKUSDT CTK $18k $170k 9.4x est. 100% of weight
12 Binance BROCCOLI714USDT BROCCOLI714 $81k $660k 8.2x est. 100% of weight
13 Binance XVGUSDT XVG $62k $460k 7.4x est. 94% of weightheld fixed: binance_cross2 XVGTRY/USDTTRY
14 Binance DIAUSDT DIA $45k $330k 7.3x est. 100% of weight
15 Binance LQTYUSDT LQTY $67k $340k 5x est. 100% of weight
16 Binance HOTUSDT HOT $80k $310k 3.9x est. 94% of weightheld fixed: binance_cross2 HOTTRY/USDTTRY

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.

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.