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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 15:29ZSource: exchange public APIsModel: static-book v1Times in UTCAs of 15:38 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
145
coverage ok, fresh2026-10-01 15:29Z
Incomplete coverage
1
50-80% of index weight modelled
Not ranked
26
22 stale · 0 insufficient · 4 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of +2%

highest ratio first · top 50 of 145 · times in UTC

Move: +2% (up) · -2% (down)   Size: +2% · +5%   Exchange: All · Binance · OKX · Bybit · Bitget

# Perp Index depth to +2% (est.) Est. liquidation exposure within +2% Exposure-to-depth ratio (est.) Coverage Updated (UTC)
1 Bybit 1000TAGUSDT TAG $400 $1.2M 2,900x est. 100% of weight
2 Bitget 龙虾USDT $16k $8M 490x est. 99% of weightheld fixed: binance_alpha ALPHA_772/USDT
3 Bitget BEATUSDT BEAT $4.4k $1.5M 330x est. 99% of weightheld fixed: binance_alpha ALPHA_451/USDT
4 Bybit MUSDT M $11k $890k 78x est. 98% of weightheld fixed: binancealpha M/USDT
5 Bybit BBUSDT BB $17k $1.3M 77x est. 98% of weightheld fixed: Gate BB_USDT
6 Bitget BBUSDT BB $17k $1.3M 77x est. 98% of weightheld fixed: Gate BB/USDT
7 Bybit MOVRUSDT MOVR $54k $3.8M 70x est. 100% of weight
8 Bitget MOVRUSDT MOVR $54k $3.8M 70x est. 100% of weight
9 Bybit LUMIAUSDT LUMIA $16k $950k 59x est. 100% of weight
10 Bybit GIGGLEUSDT GIGGLE $27k $1.5M 56x est. 100% of weight
11 Bitget ARKUSDT ARK $20k $1.1M 56x est. 100% of weight
12 Bybit MUBARAKUSDT MUBARAK $71k $4M 56x est. 100% of weight
13 Bybit SHELLUSDT SHELL $6.6k $310k 47x est. 100% of weight
14 Bitget SHELLUSDT SHELL $6.6k $310k 47x est. 100% of weight
15 Bybit NOMUSDT NOM $21k $940k 44x est. 93% of weightheld fixed: Coinbase NOM-USD
16 Bitget TRIAUSDT TRIA $20k $860k 44x est. 80% of weightheld fixed: binance_alpha ALPHA_669/USDT, Coinbase TRIA/USD, MEXC TRIA/USDT
17 Bitget GIGGLEUSDT GIGGLE $35k $1.5M 43x est. 100% of weight
18 Bitget VELODROMEUSDT VELODROME $28k $1.2M 42x est. 96% of weightheld fixed: OKX VELO/USDT
19 Binance XVSUSDT XVS $6.2k $260k 42x est. 100% of weight
20 Bitget XVSUSDT XVS $6.2k $260k 42x est. 100% of weight
21 Bybit XVSUSDT XVS $6.2k $260k 42x est. 100% of weight
22 Bybit FORMUSDT FORM $36k $1.5M 41x est. 100% of weight
23 Bitget FORMUSDT FORM $36k $1.5M 41x est. 100% of weight
24 Bitget CVCUSDT CVC $9.6k $390k 40x est. 100% of weight
25 Binance LSKUSDT LSK $54k $2.1M 39x est. 100% of weight
26 Bybit NILUSDT NIL $40k $1.5M 38x est. 100% of weight
27 Bybit ALICEUSDT ALICE $27k $990k 37x est. 90% of weightheld fixed: Coinbase ALICE-USD, KuCoin ALICE-USDT
28 Bitget NILUSDT NIL $43k $1.5M 35x est. 100% of weight
29 Bitget MAGICUSDT MAGIC $9.5k $330k 35x est. 100% of weight
30 Bybit MAGICUSDT MAGIC $9.5k $330k 35x est. 100% of weight
31 Binance PROMUSDT PROM $73k $2.5M 34x est. 100% of weight
32 Bybit NEOUSDT NEO $20k $660k 33x est. 100% of weight
33 Bitget GPSUSDT GPS $32k $1M 33x est. 100% of weight
34 Bybit GPSUSDT GPS $32k $1M 33x est. 100% of weight
35 Bybit TOWNSUSDT TOWNS $11k $310k 29x est. 100% of weight
36 Bitget TUSDT T $13k $360k 28x est. 100% of weight
37 Bybit BELUSDT BEL $10k $260k 25x est. 100% of weight
38 Bybit SPXUSDT SPX $57k $1.4M 25x est. 100% of weight
39 Bybit MITOUSDT MITO $28k $680k 24x est. 100% of weight
40 Bybit FLOWUSDT FLOW $20k $490k 24x est. 100% of weight
41 Bitget EPICUSDT EPIC $40k $950k 24x est. 100% of weight
42 Bybit 1000FLOKIUSDT FLOKI $33k $770k 23x est. 100% of weight
43 Bitget FLOKIUSDT FLOKI $33k $770k 23x est. 100% of weight
44 Bitget DYMUSDT DYM $14k $310k 22x est. 87% of weightheld fixed: Gate DYM/USDT, KuCoin DYM/USDT
45 Bybit SAGAUSDT SAGA $51k $1.1M 22x est. 98% of weightheld fixed: Kraken SAGA/USD
46 Bybit 10000SATSUSDT SATS $14k $320k 22x est. 100% of weight
47 Bitget UBUSDT UB $30k $650k 22x est. 100% of weight
48 Bitget SPELLUSDT SPELL $10k $220k 21x est. 100% of weight
49 Binance SPELLUSDT SPELL $10k $220k 21x est. 100% of weight
50 Binance SAGAUSDT SAGA $56k $1.1M 21x est. 100% of weight

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 +2% (est.) Est. liquidation exposure within +2% Exposure-to-depth ratio (est.) Coverage Updated (UTC)
Bybit 10000NEXUSDT NEX $5.6k $19k 3.3x est. Partial coverage 78% of weightheld fixed: Coinbase NEX-USD

Stale (not ranked)

no position · 20 of 22 shown
Perp Last estimate age Status
Bybit CLANKERUSDT CLANKER 65 min Stale: last estimate is 65 min old. Figures are shown greyed and alerts are paused.
Bybit TUSDT T 66 min Stale: last estimate is 66 min old. Figures are shown greyed and alerts are paused.
Bitget RVNUSDT RVN 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bitget AIXBTUSDT AIXBT 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bitget FLUXUSDT FLUX 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bybit FLUXUSDT FLUX 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bitget TLMUSDT TLM 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bitget AWEUSDT AWE 68 min Stale: last estimate is 68 min old. Figures are shown greyed and alerts are paused.
Bybit INUSDT IN 68 min Stale: last estimate is 68 min old. Figures are shown greyed and alerts are paused.
Bitget SOPHUSDT SOPH 68 min Stale: last estimate is 68 min old. Figures are shown greyed and alerts are paused.
Bybit SOPHUSDT SOPH 68 min Stale: last estimate is 68 min old. Figures are shown greyed and alerts are paused.
Bitget USUALUSDT USUAL 68 min Stale: last estimate is 68 min old. Figures are shown greyed and alerts are paused.
Bitget KSMUSDT KSM 69 min Stale: last estimate is 69 min old. Figures are shown greyed and alerts are paused.
Bitget NEWTUSDT NEWT 69 min Stale: last estimate is 69 min old. Figures are shown greyed and alerts are paused.
OKX MINIMAX-USDT-SWAP MINIMAX 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit ATUSDT AT 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit VELODROMEUSDT VELODROME 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget AUCTIONUSDT AUCTION 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget RUNEUSDT RUNE 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit KNCUSDT KNC 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.