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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 21:49ZSource: exchange public APIsModel: static-book v1Times in UTCAs of 21:55 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
46
coverage ok, fresh2026-10-01 21:49Z
Incomplete coverage
2
50-80% of index weight modelled
Not ranked
40
31 stale · 1 insufficient · 8 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of +5% · Bitget

highest ratio first · top 46 · 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 $48k $14M 280x est. 98% of weightheld fixed: binance_alpha ALPHA_772/USDT
2 Bitget BEATUSDT BEAT $22k $2.3M 100x est. 99% of weightheld fixed: binance_alpha ALPHA_451/USDT
3 Bitget VELODROMEUSDT VELODROME $30k $1.8M 59x est. 100% of weight
4 Bitget MOVRUSDT MOVR $110k $5.7M 53x est. 100% of weight
5 Bitget BBUSDT BB $43k $2.1M 48x est. 99% of weightheld fixed: Gate BB/USDT
6 Bitget CVCUSDT CVC $13k $610k 46x est. 95% of weightheld fixed: OKX CVC/USDT
7 Bitget SYNUSDT SYN $51k $1.9M 38x est. 100% of weight
8 Bitget FORMUSDT FORM $69k $2.4M 34x est. 100% of weight
9 Bitget XVSUSDT XVS $12k $410k 34x est. 100% of weight
10 Bitget LPTUSDT LPT $29k $880k 31x est. 86% of weightheld fixed: Gate LPT/USDT, OKX LPT/USDT
11 Bitget STOUSDT STO $34k $780k 23x est. 100% of weight
12 Bitget REZUSDT REZ $47k $990k 21x est. 100% of weight
13 Bitget CVXUSDT CVX $38k $710k 19x est. 94% of weightheld fixed: OKX CVX/USDT
14 Bitget GIGGLEUSDT GIGGLE $130k $2.4M 18x est. 100% of weight
15 Bitget TLMUSDT TLM $30k $490k 17x est. 99% of weightheld fixed: Gate TLM/USDT
16 Bitget GENIUSUSDT GENIUS $110k $1.7M 16x est. 98% of weightheld fixed: Bitget GENIUS/USDT
17 Bitget TUTUSDT TUT $120k $2M 16x est. 100% of weight
18 Bitget ACEUSDT ACE $120k $1.9M 16x est. 100% of weight
19 Bitget CTSIUSDT CTSI $31k $460k 15x est. 100% of weight
20 Bitget KSMUSDT KSM $48k $680k 14x est. 91% of weightheld fixed: OKX KSM/USDT
21 Bitget MANTRAUSDT MANTRA $36k $500k 14x est. 100% of weight
22 Bitget RVNUSDT RVN $36k $490k 14x est. 90% of weightheld fixed: Gate RVN/USDT, OKX RVN/USDT
23 Bitget SPELLUSDT SPELL $25k $340k 14x est. 100% of weight
24 Bitget AIXBTUSDT AIXBT $50k $600k 12x est. 95% of weightheld fixed: OKX AIXBT/USDT
25 Bitget MIRAUSDT MIRA $50k $570k 11x est. 99% of weightheld fixed: KuCoin MIRA/USDT
26 Bitget CHRUSDT CHR $40k $460k 11x est. 100% of weight
27 Bitget CUSDT C $130k $1.4M 11x est. 98% of weightheld fixed: Bitget C/USDT
28 Bitget FLUIDUSDT FLUID $34k $360k 10x est. 100% of weight
29 Bitget KERNELUSDT KERNEL $58k $550k 9.5x est. 96% of weightheld fixed: Bitget KERNEL/USDT, KuCoin KERNEL/USDT
30 Bitget DEXEUSDT DEXE $180k $1.7M 9.3x est. 96% of weightheld fixed: Gate DEXE/USDT
31 Bitget HYPERUSDT HYPER $58k $540k 9.3x est. 93% of weightheld fixed: Bybit HYPER/USDT, Gate HYPER/USDT
32 Bitget TREEUSDT TREE $64k $580k 9x est. 100% of weight
33 Bitget SLPUSDT SLP $31k $280k 8.9x est. 100% of weight
34 Bitget ILVUSDT ILV $41k $360k 8.7x est. 95% of weightheld fixed: Gate ILV/USDT, KuCoin ILV/USDT
35 Bitget OGNUSDT OGN $43k $350k 8.2x est. 100% of weight
36 Bitget THEUSDT THE $58k $440k 7.6x est. 100% of weight
37 Bitget WCTUSDT WCT $59k $440k 7.5x est. 86% of weightheld fixed: Bybit WCT/USDT, OKX WCT/USDT
38 Bitget AVAUSDT AVA $70k $500k 7.1x est. 98% of weightheld fixed: Bitget AVA/USDT, Gate AVA/USDT
39 Bitget GUSDT G $160k $1M 6.5x est. 92% of weightheld fixed: Bybit G/USDT, Coinbase G/USD, OKX G/USDT
40 Bitget ARPAUSDT ARPA $81k $490k 6x est. 100% of weight
41 Bitget FIDAUSDT FIDA $59k $340k 5.7x est. 97% of weightheld fixed: Bybit FIDA/USDT
42 Bitget ZKCUSDT ZKC $80k $460k 5.7x est. 100% of weight
43 Bitget POLYXUSDT POLYX $78k $430k 5.5x est. 94% of weightheld fixed: KuCoin POLYX/USDT
44 Bitget USUALUSDT USUAL $110k $610k 5.4x est. 92% of weightheld fixed: KuCoin USUAL/USDT
45 Bitget ERAUSDT ERA $100k $560k 5.4x est. 95% of weightheld fixed: Gate ERA/USDT
46 Bitget VTHOUSDT VTHO $170k $860k 4.9x est. 99% of weightheld fixed: Bitget VTHO/USDT, Coinbase VTHO/USD

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)
Bitget TURBOUSDT TURBO $60k $680k 11x est. Partial coverage 77% of weightheld fixed: Gate TURBO/USDT, OKX TURBO/USDT
Bitget PROVEUSDT PROVE $290k $810k 2.8x est. Partial coverage 70% of weightheld fixed: Bybit PROVE/USDT, Coinbase PROVE/USD

Stale (not ranked)

no position · 20 of 31 shown
Perp Last estimate age Status
Bitget TUSDT T 24 min Stale: last estimate is 24 min old. Figures are shown greyed and alerts are paused.
Bitget SHELLUSDT SHELL 25 min Stale: last estimate is 25 min old. Figures are shown greyed and alerts are paused.
Bitget C98USDT C98 25 min Stale: last estimate is 25 min old. Figures are shown greyed and alerts are paused.
Bitget SKLUSDT SKL 25 min Stale: last estimate is 25 min old. Figures are shown greyed and alerts are paused.
Bitget BSVUSDT BSV 25 min Stale: last estimate is 25 min old. Figures are shown greyed and alerts are paused.
Bitget GUNUSDT GUN 25 min Stale: last estimate is 25 min old. Figures are shown greyed and alerts are paused.
Bitget COWUSDT COW 25 min Stale: last estimate is 25 min old. Figures are shown greyed and alerts are paused.
Bitget NEIROCTOUSDT NEIROCTO 25 min Stale: last estimate is 25 min old. Figures are shown greyed and alerts are paused.
Bitget VANAUSDT VANA 25 min Stale: last estimate is 25 min old. Figures are shown greyed and alerts are paused.
Bitget JOEUSDT JOE 25 min Stale: last estimate is 25 min old. Figures are shown greyed and alerts are paused.
Bitget TOWNSUSDT TOWNS 26 min Stale: last estimate is 26 min old. Figures are shown greyed and alerts are paused.
Bitget RAREUSDT RARE 26 min Stale: last estimate is 26 min old. Figures are shown greyed and alerts are paused.
Bitget SOPHUSDT SOPH 84 min Stale: last estimate is 84 min old. Figures are shown greyed and alerts are paused.
Bitget AUCTIONUSDT AUCTION 84 min Stale: last estimate is 84 min old. Figures are shown greyed and alerts are paused.
Bitget BREVUSDT BREV 85 min Stale: last estimate is 85 min old. Figures are shown greyed and alerts are paused.
Bitget AWEUSDT AWE 85 min Stale: last estimate is 85 min old. Figures are shown greyed and alerts are paused.
Bitget LQTYUSDT LQTY 85 min Stale: last estimate is 85 min old. Figures are shown greyed and alerts are paused.
Bitget MAVUSDT MAV 85 min Stale: last estimate is 85 min old. Figures are shown greyed and alerts are paused.
Bitget DYMUSDT DYM 85 min Stale: last estimate is 85 min old. Figures are shown greyed and alerts are paused.
Bitget GPSUSDT GPS 2 h Stale: last estimate is 2 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.