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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 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
73
coverage ok, fresh2026-10-01 17:04Z
Incomplete coverage
0
50-80% of index weight modelled
Not ranked
24
20 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 73 · 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 $1.2k $1.8M 1,600x est. 98% of weightheld fixed: binancealpha TAG/USDT
2 Bybit BBUSDT BB $31k $2.1M 67x est. 100% of weight
3 Bybit MUBARAKUSDT MUBARAK $98k $6.2M 63x est. 100% of weight
4 Bybit TRIAUSDT TRIA $25k $1.4M 56x est. 84% of weightheld fixed: Coinbase TRIA-USD
5 Bybit MOVRUSDT MOVR $150k $7M 46x est. 100% of weight
6 Bybit SHELLUSDT SHELL $12k $490k 42x est. 100% of weight
7 Bybit XVSUSDT XVS $9.9k $410k 41x est. 100% of weight
8 Bybit FORMUSDT FORM $73k $2.3M 32x est. 100% of weight
9 Bybit ALICEUSDT ALICE $53k $1.7M 32x est. 93% of weightheld fixed: Coinbase ALICE-USD
10 Bybit MITOUSDT MITO $34k $1.1M 31x est. 100% of weight
11 Bybit CHRUSDT CHR $16k $460k 29x est. 84% of weightheld fixed: Bithumb CHR_KRW, Gate CHR_USDT
12 Bybit GPSUSDT GPS $59k $1.6M 28x est. 100% of weight
13 Bybit NOMUSDT NOM $56k $1.5M 27x est. 93% of weightheld fixed: Coinbase NOM-USD
14 Bybit EPICUSDT EPIC $59k $1.5M 25x est. 100% of weight
15 Bybit FLOWUSDT FLOW $31k $780k 25x est. 100% of weight
16 Bybit 10000SATSUSDT SATS $20k $510k 25x est. 100% of weight
17 Bybit ACEUSDT ACE $73k $1.8M 25x est. 100% of weight
18 Bybit NEOUSDT NEO $43k $1.1M 25x est. 100% of weight
19 Bybit NILUSDT NIL $99k $2.4M 25x est. 100% of weight
20 Bybit RUNEUSDT RUNE $85k $2M 23x est. 96% of weightheld fixed: Kraken RUNE/USD
21 Bybit REZUSDT REZ $45k $1M 22x est. 96% of weightheld fixed: KuCoin REZ-USDT
22 Bybit TOWNSUSDT TOWNS $23k $490k 21x est. 100% of weight
23 Bybit MTLUSDT MTL $18k $370k 20x est. 90% of weightheld fixed: Upbit KRW-MTL
24 Bybit STOUSDT STO $40k $780k 20x est. 99% of weightheld fixed: Gate STO_USDT
25 Bybit GENIUSUSDT GENIUS $96k $1.7M 18x est. 100% of weight
26 Bybit DUSKUSDT DUSK $41k $730k 18x est. 100% of weight
27 Bybit BSVUSDT BSV $48k $870k 18x est. 100% of weight
28 Bybit TUTUSDT TUT $120k $2M 17x est. 100% of weight
29 Bybit SAGAUSDT SAGA $110k $1.8M 17x est. 98% of weightheld fixed: Kraken SAGA/USD
30 Bybit PHAUSDT PHA $120k $2M 16x est. 100% of weight
31 Bybit ROBOUSDT ROBO $64k $1M 16x est. 100% of weight
32 Bybit KSMUSDT KSM $46k $710k 15x est. 89% of weightheld fixed: Coinbase KSM-USD
33 Bybit REDUSDT RED $58k $870k 15x est. 100% of weight
34 Bybit PORTALUSDT PORTAL $41k $610k 15x est. 100% of weight
35 Bybit MIRAUSDT MIRA $39k $570k 15x est. 100% of weight
36 Bybit MAVUSDT MAV $33k $470k 14x est. 100% of weight
37 Bybit CUSDT C $110k $1.4M 13x est. 100% of weight
38 Bybit HEMIUSDT HEMI $99k $1.3M 13x est. 100% of weight
39 Bybit C98USDT C98 $35k $420k 12x est. 100% of weight
40 Bybit DEXEUSDT DEXE $150k $1.7M 12x est. 100% of weight
41 Bybit CVXUSDT CVX $62k $710k 11x est. 90% of weightheld fixed: Gate CVX_USDT, Kraken CVX/USD
42 Bybit RONINUSDT RONIN $36k $400k 11x est. 100% of weight
43 Bybit PUNDIXUSDT PUNDIX $30k $320k 11x est. 94% of weightheld fixed: Coinbase PUNDIX-USD
44 Bybit HEIUSDT HEI $75k $770k 10x est. 100% of weight
45 Bybit YBUSDT YB $50k $510k 10x est. 100% of weight
46 Bybit ERAUSDT ERA $60k $560k 9.3x est. 100% of weight
47 Bybit PHAROSUSDT PHAROS $130k $1.2M 9.1x est. 86% of weightheld fixed: Coinbase PROS-USD
48 Bybit KERNELUSDT KERNEL $64k $560k 8.7x est. 96% of weightheld fixed: Coinbase KERNEL-USD
49 Bybit FOGOUSDT FOGO $72k $600k 8.4x est. 100% of weight
50 Bybit JSTUSDT JST $290k $2.3M 8.1x est. 99% of weightheld fixed: Kraken JST/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.

Stale (not ranked)

no position · 20 of 20 shown
Perp Last estimate age Status
Bybit 10000NEXUSDT NEX 36 min Stale: last estimate is 36 min old. Figures are shown greyed and alerts are paused.
Bybit ZILUSDT ZIL 38 min Stale: last estimate is 38 min old. Figures are shown greyed and alerts are paused.
Bybit MAGICUSDT MAGIC 39 min Stale: last estimate is 39 min old. Figures are shown greyed and alerts are paused.
Bybit OKBUSDT OKB 39 min Stale: last estimate is 39 min old. Figures are shown greyed and alerts are paused.
Bybit LUMIAUSDT LUMIA 39 min Stale: last estimate is 39 min old. Figures are shown greyed and alerts are paused.
Bybit SPXUSDT SPX 39 min Stale: last estimate is 39 min old. Figures are shown greyed and alerts are paused.
Bybit DGAIUSDT DGAI 40 min Stale: last estimate is 40 min old. Figures are shown greyed and alerts are paused.
Bybit OGNUSDT OGN 40 min Stale: last estimate is 40 min old. Figures are shown greyed and alerts are paused.
Bybit INUSDT IN 40 min Stale: last estimate is 40 min old. Figures are shown greyed and alerts are paused.
Bybit ASRUSDT ASR 98 min Stale: last estimate is 98 min old. Figures are shown greyed and alerts are paused.
Bybit BELUSDT BEL 99 min Stale: last estimate is 99 min old. Figures are shown greyed and alerts are paused.
Bybit XVGUSDT XVG 99 min Stale: last estimate is 99 min old. Figures are shown greyed and alerts are paused.
Bybit MUSDT M 100 min Stale: last estimate is 100 min old. Figures are shown greyed and alerts are paused.
Bybit CLANKERUSDT CLANKER 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit TUSDT T 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit FLUXUSDT FLUX 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit SOPHUSDT SOPH 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit ATUSDT AT 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bybit VELODROMEUSDT VELODROME 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bybit KNCUSDT KNC 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.