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 17:39ZSource: exchange public APIsModel: static-book v1Times in UTCAs of 17:44 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
51
coverage ok, fresh2026-10-01 17:39Z
Incomplete coverage
0
50-80% of index weight modelled
Not ranked
25
13 stale · 0 insufficient · 12 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of -5% · Bitget

highest ratio first · top 50 of 51 · 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 Bitget 龙虾USDT $39k $13M 330x est. 99% of weightheld fixed: binance_alpha ALPHA_772/USDT
2 Bitget BEATUSDT BEAT $14k $2.3M 160x est. 99% of weightheld fixed: binance_alpha ALPHA_451/USDT
3 Bitget VELODROMEUSDT VELODROME $30k $1.9M 64x est. 100% of weight
4 Bitget ARKUSDT ARK $38k $1.9M 51x est. 100% of weight
5 Bitget BBUSDT BB $43k $2.1M 49x est. 98% of weightheld fixed: Gate BB/USDT
6 Bitget XVSUSDT XVS $14k $410k 29x est. 100% of weight
7 Bitget GPSUSDT GPS $67k $1.7M 25x est. 98% of weightheld fixed: KuCoin GPS/USDT
8 Bitget CVCUSDT CVC $26k $620k 23x est. 100% of weight
9 Bitget LPTUSDT LPT $43k $900k 21x est. 88% of weightheld fixed: OKX LPT/USDT
10 Bitget TUTUSDT TUT $98k $2M 21x est. 100% of weight
11 Bitget JOEUSDT JOE $16k $320k 20x est. 99% of weightheld fixed: Bitget JOE/USDT
12 Bitget REZUSDT REZ $57k $1M 18x est. 100% of weight
13 Bitget GENIUSUSDT GENIUS $110k $1.7M 16x est. 100% of weight
14 Bitget ACEUSDT ACE $120k $1.8M 15x est. 100% of weight
15 Bitget CTSIUSDT CTSI $32k $460k 15x est. 100% of weight
16 Bitget RAREUSDT RARE $57k $800k 14x est. 100% of weight
17 Bitget AIXBTUSDT AIXBT $45k $610k 14x est. 95% of weightheld fixed: OKX AIXBT/USDT
18 Bitget STOUSDT STO $59k $790k 13x est. 100% of weight
19 Bitget SOPHUSDT SOPH $74k $980k 13x est. 97% of weightheld fixed: Bitget SOPHNEW/USDT
20 Bitget CUSDT C $110k $1.4M 13x est. 100% of weight
21 Bitget TLMUSDT TLM $39k $490k 12x est. 100% of weight
22 Bitget RUNEUSDT RUNE $170k $2.1M 12x est. 95% of weightheld fixed: KuCoin RUNE/USDT
23 Bitget CVXUSDT CVX $60k $730k 12x est. 94% of weightheld fixed: OKX CVX/USDT
24 Bitget MIRAUSDT MIRA $52k $570k 11x est. 100% of weightheld fixed: Bitget MIRA/USDT
25 Bitget AUCTIONUSDT AUCTION $49k $520k 11x est. 88% of weightheld fixed: OKX AUCTION/USDT
26 Bitget CHRUSDT CHR $43k $460k 11x est. 100% of weight
27 Bitget TUSDT T $56k $580k 10x est. 99% of weightheld fixed: OKX T/USDT
28 Bitget FIDAUSDT FIDA $34k $340k 10x est. 97% of weightheld fixed: Bybit FIDA/USDT, KuCoin FIDA/USDT
29 Bitget MANTRAUSDT MANTRA $51k $510k 10x est. 100% of weight
30 Bitget C98USDT C98 $43k $420k 9.9x est. 100% of weight
31 Bitget EPICUSDT EPIC $150k $1.5M 9.7x est. 100% of weight
32 Bitget MAVUSDT MAV $50k $470k 9.5x est. 99% of weightheld fixed: Gate MAV/USDT
33 Bitget SPELLUSDT SPELL $36k $340k 9.5x est. 100% of weight
34 Bitget ARPAUSDT ARPA $53k $490k 9.3x est. 100% of weight
35 Bitget DEXEUSDT DEXE $190k $1.7M 9.1x est. 100% of weight
36 Bitget KERNELUSDT KERNEL $62k $560k 9.1x est. 100% of weight
37 Bitget FLUIDUSDT FLUID $43k $360k 8.3x est. 100% of weight
38 Bitget BSVUSDT BSV $120k $890k 7.6x est. 95% of weightheld fixed: Bitget BSV/USDT
39 Bitget ILVUSDT ILV $48k $350k 7.2x est. 100% of weight
40 Bitget GUNUSDT GUN $80k $490k 6.2x est. 100% of weight
41 Bitget OGNUSDT OGN $57k $350k 6.1x est. 100% of weightheld fixed: Gate OGN/USDT
42 Bitget AVAUSDT AVA $84k $500k 5.9x est. 100% of weight
43 Bitget GUSDT G $180k $1.1M 5.8x est. 97% of weightheld fixed: Bitget G/USDT, Coinbase G/USD
44 Bitget ERAUSDT ERA $110k $570k 5.3x est. 96% of weightheld fixed: Gate ERA/USDT, KuCoin ERA/USDT
45 Bitget THEUSDT THE $85k $440k 5.2x est. 100% of weight
46 Bitget BANDUSDT BAND $84k $370k 4.5x est. 95% of weightheld fixed: Coinbase BAND/USD, Kraken BAND/USD
47 Bitget POLYXUSDT POLYX $100k $430k 4.2x est. 94% of weightheld fixed: KuCoin POLYX/USDT
48 Bitget HYPERUSDT HYPER $130k $540k 4x est. 98% of weightheld fixed: KuCoin HYPER/USDT
49 Bitget ZKCUSDT ZKC $120k $460k 4x est. 97% of weightheld fixed: Bitget ZKC/USDT
50 Bitget COWUSDT COW $160k $590k 3.8x est. 99% of weightheld fixed: KuCoin COW/USDT

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 · 13 of 13 shown
Perp Last estimate age Status
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 74 min Stale: last estimate is 74 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.