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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 18:29ZSource: exchange public APIsModel: static-book v1Times in UTCAs of 18:37 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
69
coverage ok, fresh2026-10-01 18:29Z
Incomplete coverage
2
50-80% of index weight modelled
Not ranked
30
26 stale · 0 insufficient · 4 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of -5% · Bybit

highest ratio first · top 50 of 69 · 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 $1.4k $1.8M 1,400x est. 99% of weightheld fixed: binancealpha TAG/USDT
2 Bybit MUBARAKUSDT MUBARAK $120k $6.4M 53x est. 100% of weight
3 Bybit MOVRUSDT MOVR $130k $6.7M 52x est. 100% of weight
4 Bybit BBUSDT BB $42k $2.1M 49x est. 98% of weightheld fixed: Gate BB_USDT
5 Bybit SPXUSDT SPX $55k $2.4M 44x est. 100% of weight
6 Bybit SHELLUSDT SHELL $11k $490k 44x est. 100% of weight
7 Bybit XVSUSDT XVS $12k $410k 33x est. 100% of weight
8 Bybit FLOWUSDT FLOW $24k $770k 33x est. 100% of weight
9 Bybit MITOUSDT MITO $36k $1.1M 30x est. 100% of weight
10 Bybit FORMUSDT FORM $84k $2.4M 28x est. 100% of weight
11 Bybit 10000SATSUSDT SATS $20k $520k 26x est. 94% of weightheld fixed: KuCoin SATS-USDT
12 Bybit GPSUSDT GPS $72k $1.6M 23x est. 100% of weight
13 Bybit NOMUSDT NOM $72k $1.5M 20x est. 93% of weightheld fixed: Coinbase NOM-USD
14 Bybit TUTUSDT TUT $100k $2M 20x est. 100% of weight
15 Bybit ALICEUSDT ALICE $90k $1.6M 18x est. 91% of weightheld fixed: Coinbase ALICE-USD
16 Bybit NILUSDT NIL $130k $2.3M 17x est. 100% of weight
17 Bybit HEIUSDT HEI $46k $770k 17x est. 100% of weight
18 Bybit ACEUSDT ACE $110k $1.8M 17x est. 100% of weight
19 Bybit NEOUSDT NEO $68k $1.1M 16x est. 100% of weight
20 Bybit GENIUSUSDT GENIUS $120k $1.7M 15x est. 96% of weightheld fixed: KuCoin GENIUS-USDT
21 Bybit MIRAUSDT MIRA $39k $570k 15x est. 100% of weight
22 Bybit ROBOUSDT ROBO $70k $1M 15x est. 100% of weight
23 Bybit MAVUSDT MAV $33k $470k 14x est. 99% of weightheld fixed: Gate MAV_USDT, KuCoin MAV-USDT
24 Bybit DUSKUSDT DUSK $53k $740k 14x est. 100% of weight
25 Bybit APEXUSDT APEX $28k $390k 14x est. 100% of weight
26 Bybit STOUSDT STO $58k $780k 14x est. 100% of weight
27 Bybit REZUSDT REZ $76k $1M 14x est. 100% of weight
28 Bybit RUNEUSDT RUNE $160k $2.1M 13x est. 93% of weightheld fixed: Kraken RUNE/USD, KuCoin RUNE-USDT
29 Bybit TLMUSDT TLM $37k $490k 13x est. 99% of weightheld fixed: Kraken TLM/USD
30 Bybit CUSDT C $110k $1.4M 13x est. 100% of weight
31 Bybit TUSDT T $45k $570k 13x est. 100% of weight
32 Bybit HEMIUSDT HEMI $99k $1.2M 13x est. 100% of weight
33 Bybit PHAUSDT PHA $160k $1.9M 12x est. 100% of weight
34 Bybit BSVUSDT BSV $74k $890k 12x est. 100% of weight
35 Bybit YBUSDT YB $44k $520k 12x est. 100% of weight
36 Bybit PORTALUSDT PORTAL $54k $630k 12x est. 100% of weight
37 Bybit SOPHUSDT SOPH $87k $990k 11x est. 98% of weightheld fixed: Gate SOPH_USDT
38 Bybit REDUSDT RED $78k $870k 11x est. 100% of weight
39 Bybit C98USDT C98 $38k $420k 11x est. 100% of weight
40 Bybit JSTUSDT JST $210k $2.3M 11x est. 99% of weightheld fixed: Kraken JST/USD
41 Bybit SAGAUSDT SAGA $170k $1.8M 11x est. 98% of weightheld fixed: Kraken SAGA/USD
42 Bybit EPICUSDT EPIC $150k $1.5M 9.7x est. 100% of weight
43 Bybit IDUSDT ID $70k $650k 9.4x est. 100% of weight
44 Bybit FIDAUSDT FIDA $38k $340k 9.1x est. 100% of weightheld fixed: KuCoin FIDA-USDT
45 Bybit PHAROSUSDT PHAROS $140k $1.2M 8.9x est. 86% of weightheld fixed: Coinbase PROS-USD
46 Bybit DEXEUSDT DEXE $190k $1.7M 8.9x est. 100% of weight
47 Bybit RONINUSDT RONIN $46k $400k 8.7x est. 100% of weight
48 Bybit KERNELUSDT KERNEL $67k $560k 8.3x est. 96% of weightheld fixed: Coinbase KERNEL-USD
49 Bybit PIXELUSDT PIXEL $59k $490k 8.3x est. 100% of weight
50 Bybit BANANAUSDT BANANA $54k $420k 7.7x est. 97% of weightheld fixed: Gate BANANA_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.

Incomplete coverage

50-80% of index weight modelled · not part of the ranking above
Perp Index depth to -5% (est.) Est. liquidation exposure within -5% Exposure-to-depth ratio (est.) Coverage Updated (UTC)
Bybit GUNUSDT GUN $140k $490k 3.6x est. Partial coverage 78% of weightheld fixed: Gate GUN_USDT, Kraken GUN/USD
Bybit 10000NEXUSDT NEX $13k $30k 2.2x est. Partial coverage 74% of weightheld fixed: binancealpha NEX/USDT, Coinbase NEX-USD

Stale (not ranked)

no position · 20 of 26 shown
Perp Last estimate age Status
Bybit CVXUSDT CVX 66 min Stale: last estimate is 66 min old. Figures are shown greyed and alerts are paused.
Bybit RLCUSDT RLC 66 min Stale: last estimate is 66 min old. Figures are shown greyed and alerts are paused.
Bybit SKYAI1USDT SKYAI1 66 min Stale: last estimate is 66 min old. Figures are shown greyed and alerts are paused.
Bybit TRIAUSDT TRIA 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bybit USDCUSDT USDC 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bybit TOWNSUSDT TOWNS 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bybit FOGOUSDT FOGO 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bybit NEWTUSDT NEWT 68 min Stale: last estimate is 68 min old. Figures are shown greyed and alerts are paused.
Bybit KSMUSDT KSM 68 min Stale: last estimate is 68 min old. Figures are shown greyed and alerts are paused.
Bybit CHRUSDT CHR 68 min Stale: last estimate is 68 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 OGNUSDT OGN 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit INUSDT IN 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.

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.