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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 14:39ZSource: exchange public APIsModel: static-book v1Times in UTCAs of 14:45 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
137
coverage ok, fresh2026-10-01 14:39Z
Incomplete coverage
1
50-80% of index weight modelled
Not ranked
34
15 stale · 0 insufficient · 19 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of +5%

highest ratio first · top 50 of 137 · 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 $880 $1.8M 2,100x est. 100% of weight
2 Bitget 龙虾USDT $110k $12M 110x est. 99% of weightheld fixed: binance_alpha ALPHA_772/USDT
3 Bitget BEATUSDT BEAT $22k $2.3M 110x est. 99% of weightheld fixed: binance_alpha ALPHA_451/USDT
4 Binance PROMUSDT PROM $50k $3.9M 78x est. 100% of weight
5 Bybit MUSDT M $20k $1.4M 70x est. 98% of weightheld fixed: binancealpha M/USDT
6 Bybit BBUSDT BB $31k $2.1M 67x est. 98% of weightheld fixed: Gate BB_USDT
7 Bitget BBUSDT BB $31k $2.1M 67x est. 98% of weightheld fixed: Gate BB/USDT
8 Bybit MUBARAKUSDT MUBARAK $120k $6.5M 54x est. 100% of weight
9 Bybit LUMIAUSDT LUMIA $28k $1.5M 53x est. 100% of weight
10 Bitget VELODROMEUSDT VELODROME $37k $1.9M 52x est. 96% of weightheld fixed: OKX VELO/USDT
11 Bybit MOVRUSDT MOVR $120k $6M 50x est. 100% of weight
12 Bitget MOVRUSDT MOVR $130k $6M 47x est. 100% of weight
13 Bitget ARKUSDT ARK $39k $1.8M 46x est. 100% of weight
14 Binance LSKUSDT LSK $78k $3.3M 42x est. 100% of weight
15 Bybit SHELLUSDT SHELL $12k $490k 39x est. 100% of weight
16 Bybit TUTUSDT TUT $51k $2M 39x est. 100% of weight
17 Bitget SHELLUSDT SHELL $13k $490k 38x est. 100% of weight
18 Bitget XVSUSDT XVS $11k $410k 37x est. 100% of weight
19 Bybit XVSUSDT XVS $11k $410k 37x est. 100% of weight
20 Bitget CVCUSDT CVC $17k $620k 37x est. 100% of weight
21 Binance XVSUSDT XVS $12k $410k 33x est. 100% of weight
22 Bybit MITOUSDT MITO $33k $1.1M 32x est. 100% of weight
23 Bybit FORMUSDT FORM $73k $2.3M 32x est. 100% of weight
24 Bybit ACEUSDT ACE $57k $1.8M 32x est. 100% of weight
25 Bybit GPSUSDT GPS $52k $1.6M 32x est. 100% of weight
26 Bitget GPSUSDT GPS $52k $1.6M 32x est. 100% of weight
27 Bybit SPXUSDT SPX $73k $2.3M 31x est. 100% of weight
28 Bitget ACEUSDT ACE $58k $1.8M 31x est. 100% of weight
29 Bybit 10000SATSUSDT SATS $19k $510k 27x est. 100% of weight
30 Bybit TOWNSUSDT TOWNS $20k $480k 25x est. 100% of weight
31 Bybit ROBOUSDT ROBO $43k $1M 24x est. 100% of weight
32 Bybit EPICUSDT EPIC $62k $1.5M 24x est. 100% of weight
33 Bybit MAGICUSDT MAGIC $21k $500k 24x est. 100% of weight
34 Bitget MAGICUSDT MAGIC $21k $500k 24x est. 100% of weight
35 Binance EDUUSDT EDU $34k $790k 23x est. 100% of weight
36 Bybit NEOUSDT NEO $46k $1M 22x est. 100% of weight
37 Bybit NILUSDT NIL $110k $2.4M 21x est. 100% of weight
38 Bitget CVXUSDT CVX $35k $720k 21x est. 100% of weight
39 Bitget REZUSDT REZ $52k $1.1M 20x est. 100% of weight
40 Bybit REZUSDT REZ $52k $1.1M 20x est. 100% of weight
41 Bybit BSVUSDT BSV $44k $860k 20x est. 100% of weight
42 Binance SAGAUSDT SAGA $94k $1.8M 20x est. 100% of weight
43 Bitget TUSDT T $30k $580k 20x est. 100% of weight
44 Bitget TUTUSDT TUT $100k $2M 20x est. 100% of weight
45 Bybit RUNEUSDT RUNE $110k $2.1M 19x est. 97% of weightheld fixed: Kraken RUNE/USD
46 Bybit DUSKUSDT DUSK $39k $740k 19x est. 100% of weight
47 Bybit FLOWUSDT FLOW $43k $780k 18x est. 100% of weight
48 Bybit STOUSDT STO $43k $780k 18x est. 100% of weight
49 Bitget STOUSDT STO $43k $780k 18x est. 100% of weightheld fixed: KuCoin STO/USDT
50 Bybit TUSDT T $33k $580k 18x est. 94% of weightheld fixed: Coinbase T-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)
Bybit 10000NEXUSDT NEX $5.8k $30k 5.1x est. Partial coverage 78% of weightheld fixed: Coinbase NEX-USD

Stale (not ranked)

no position · 15 of 15 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.
Bybit INUSDT IN 15 min Stale: last estimate is 15 min old. Figures are shown greyed and alerts are paused.
Bitget SOPHUSDT SOPH 15 min Stale: last estimate is 15 min old. Figures are shown greyed and alerts are paused.
Bitget USUALUSDT USUAL 15 min Stale: last estimate is 15 min old. Figures are shown greyed and alerts are paused.
Bybit SOPHUSDT SOPH 15 min Stale: last estimate is 15 min old. Figures are shown greyed and alerts are paused.
Bitget KSMUSDT KSM 16 min Stale: last estimate is 16 min old. Figures are shown greyed and alerts are paused.
Bitget NEWTUSDT NEWT 16 min Stale: last estimate is 16 min old. Figures are shown greyed and alerts are paused.
OKX MINIMAX-USDT-SWAP MINIMAX 72 min Stale: last estimate is 72 min old. Figures are shown greyed and alerts are paused.
Bybit ATUSDT AT 73 min Stale: last estimate is 73 min old. Figures are shown greyed and alerts are paused.
Bybit VELODROMEUSDT VELODROME 74 min Stale: last estimate is 74 min old. Figures are shown greyed and alerts are paused.
Bitget AUCTIONUSDT AUCTION 75 min Stale: last estimate is 75 min old. Figures are shown greyed and alerts are paused.
Bitget RUNEUSDT RUNE 75 min Stale: last estimate is 75 min old. Figures are shown greyed and alerts are paused.
Bybit KNCUSDT KNC 75 min Stale: last estimate is 75 min old. Figures are shown greyed and alerts are paused.
Bitget ENJUSDT ENJ 75 min Stale: last estimate is 75 min old. Figures are shown greyed and alerts are paused.
Bitget GENIUSUSDT GENIUS 76 min Stale: last estimate is 76 min 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.