Index depth is a static-book estimate for the index, not the mark. Static-book estimates from public exchange data. Not a real cost to move any price, not a mark-price forecast, and not trading advice. Methodology and limitations · Constituent changes · All perps
Indexes: Binance VELODROMEUSDT · Bitget VELODROMEUSDT · Bybit VELODROMEUSDT
Binance VELODROMEUSDT index
index VELODROMEUSDT · constituents 2026-10-01 14:21ZComposition and constituent price vs index median (observed)
| Constituent | Pair | Type | Weight | Price | vs median | Guard |
|---|---|---|---|---|---|---|
| Binance | VELODROMEUSDT | spot | 54.1% | 0.03473 | +0.03% | |
| Coinbase | VELO-USD*uindex(USDUSDT) | spot | 16.2% | 0.0346634 | -0.16% | |
| OKX | VELODROME-USDT | spot | 16.2% | 0.0346 | -0.35% | |
| MEXC | VELODROMEUSDT | spot | 8.1% | 0.03475 | +0.09% | |
| Gate | VELODROME_USDT | spot | 5.4% | 0.03472 | +0.00% |
Prices as published by Binance with the composition (2026-10-01 14:21Z). Widest constituent spread 0.43%. Guard: Binance caps a source more than 3% from the median (exchange doc, rule set binance-usdm-2026-09-25). Modelled index from these prices: 0.0346992.
Mark and index
Observed mark 0.034815, last price 0.034840 (2026-10-01 14:45Z). Observed mark vs modelled index: +0.33% (snapshot times differ; index from the constituent snapshot). No modelled mark move is shown for this perp.
Index depth and est. liquidation exposure
No static-book estimate for this perp yet: index depth is only estimated for perps whose spot books are sampled.
Bitget VELODROMEUSDT index
index VELODROMEUSDT · constituents 2026-10-01 14:38Z · coverage OkComposition and constituent price vs index median (observed)
| Constituent | Pair | Type | Weight | Price | vs median | Guard |
|---|---|---|---|---|---|---|
| Binance | VELO/USDT | spot | 82.1% | 0.03496 | -0.04% | |
| MEXC | VELO/USDT | spot | 11.4% | 0.03498 | +0.01% | |
| OKX | VELO/USDT | spot | 3.6% | 0.03499 | +0.04% | |
| Gate | VELO/USDT | spot | 2.8% | 0.03497 | -0.01% |
Prices as published by Bitget with the composition (2026-10-01 14:38Z). Widest constituent spread 0.09%. Guard: Bitget drops a source more than 5% from the median (exchange doc, rule set bitget-usdtm-2025-10-13). Modelled index from these prices: 0.0349636.
Mark and index
Observed mark 0.034887, last price 0.034887 (2026-10-01 14:45Z). Observed mark vs modelled index: -0.22% (snapshot times differ; index from the constituent snapshot). No modelled mark move is shown for this perp.
Index depth and est. liquidation exposure
| Range | Index depth (est.) | Depth / OI | Est. liquidation exposure | of which observed | Exposure-to-depth ratio (est.) |
|---|---|---|---|---|---|
| +2% | $29k | 0.3% | $1.2M | $0 | 42x est. |
| +5% | $37k | 0.4% | $1.9M | $0 | 52x est. |
| -2% | $20k | 0.2% | $1.2M | $0 | 61x est. |
| -5% | $26k | 0.3% | $1.9M | $0 | 74x est. |
Sensitivity (uncalibrated). Index depth to +5% under 0.5x $18k, 1x $37k, 2x $73k book refill. Index depth to -5% under 0.5x $13k, 1x $26k, 2x $52k book refill. The multipliers are assumptions, not fitted to observed events.
Coverage 96% of index weight modelled; held fixed: OKX VELO/USDT. Included OI $10M (100% complete, exposure ok). Confidence high. Estimate 2026-10-01 14:39Z, books 2026-10-01 14:41Z, exposure 2026-10-01 14:40Z. Models: static-book v1; bitget-usdtm-2025-10-13; liq-in-range v1; prior hl-2026-09-27.
Bybit VELODROMEUSDT index
index VELODROMEUSDT · constituents 2026-10-01 14:37Z · coverage StaleComposition and constituent price vs index median (observed)
| Constituent | Pair | Type | Weight | Price | vs median | Guard |
|---|---|---|---|---|---|---|
| Binance | VELODROMEUSDT | spot | 66.8% | 0.03506 | +0.14% | |
| Coinbase | VELO-USD | spot | 21.1% | 0.034773 | -0.68% | |
| MEXC | VELODROMEUSDT | spot | 7.9% | 0.03504 | +0.09% | |
| OKX | VELODROME-USDT | spot | 4.3% | 0.03498 | -0.09% |
Prices as published by Bybit with the composition (2026-10-01 14:37Z). Widest constituent spread 0.83%. Guard: Bybit drops a source more than 5% from the median (exchange doc, rule set bybit-linear-2026-09-04). Modelled index from these prices: 0.0349945.
Mark and index
Observed mark 0.034788, last price 0.034839 (2026-10-01 14:45Z). Observed mark vs modelled index: -0.59% (snapshot times differ; index from the constituent snapshot). No modelled mark move is shown for this perp.
Index depth and est. liquidation exposure
Stale Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
| Range | Index depth (est.) | Depth / OI | Est. liquidation exposure | of which observed | Exposure-to-depth ratio (est.) |
|---|---|---|---|---|---|
| +2% | $29k | 0.3% | $1.2M | $0 | 42x est. |
| +5% | $39k | 0.4% | $1.9M | $0 | 49x est. |
| -2% | $25k | 0.2% | $1.2M | $0 | 49x est. |
| -5% | $35k | 0.3% | $1.9M | $0 | 54x est. |
Sensitivity (uncalibrated). Index depth to +5% under 0.5x $19k, 1x $39k, 2x $77k book refill. Index depth to -5% under 0.5x $17k, 1x $35k, 2x $70k book refill. The multipliers are assumptions, not fitted to observed events.
Coverage 80% of index weight modelled; held fixed: Coinbase VELO-USD. Included OI $10M (100% complete, exposure ok). Confidence low. Estimate 2026-10-01 13:29Z, books 2026-10-01 13:31Z, exposure 2026-10-01 13:30Z. Models: static-book v1; bybit-linear-2026-09-04; liq-in-range v1; prior hl-2026-09-27.
Constituent divergence history, last 30 days
| Start (UTC) | Index | Constituent | vs median | Peak | Status | Duration | Observed mark, 1 h | Modelled index, 1 h |
|---|---|---|---|---|---|---|---|---|
| 2026-10-01 13:43Z | Bitget VELODROMEUSDT | MEXC VELO/USDT | -71.04% | -72.17% | open | 64 min | +0.48% | n/a |
| 2026-10-01 13:43Z | Bitget VELODROMEUSDT | Gate VELO/USDT | -71.00% | -72.04% | open | 64 min | +0.48% | n/a |
| 2026-10-01 12:38Z | Bitget VELODROMEUSDT | Binance VELO/USDT | +490.26% | +516.17% | open | 2 h | -1.12% | n/a |
A divergence is recorded when a constituent's live book price stays at least 2% from the median of the other fresh constituents for two 5-minute cycles, and ends when it is back within 1%. Observed states only; the modelled index is our formula over sampled books, not the exchange's published index. n/a: not observed.
Index, not mark. Index depth is a static-book estimate of resting spot liquidity between the index and the stated move, after the exchange's guard. Liquidations use the mark price, which also follows the perp's own price and basis. 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. Constituents and weights come from each exchange's public index API, refreshed hourly. Spot order books are sampled every 5 minutes. Sources we cannot read are held fixed, so the figure is neither an upper nor a lower bound. See how mark and index prices work and the constituent change log.