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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
147
coverage ok, fresh2026-10-01 17:04Z
Incomplete coverage
0
50-80% of index weight modelled
Not ranked
43
40 stale · 0 insufficient · 3 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of -2%

highest ratio first · top 50 of 147 · 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 $740 $1.2M 1,600x est. 98% of weightheld fixed: binancealpha TAG/USDT
2 Bitget 龙虾USDT $10k $8.1M 810x est. 99% of weightheld fixed: binance_alpha ALPHA_772/USDT
3 Bitget BEATUSDT BEAT $7.3k $1.5M 200x est. 99% of weightheld fixed: binance_alpha ALPHA_451/USDT
4 Bitget VELODROMEUSDT VELODROME $24k $1.2M 49x est. 100% of weight
5 Bybit MOVRUSDT MOVR $92k $4.4M 48x est. 100% of weight
6 Bitget MOVRUSDT MOVR $93k $4.4M 48x est. 100% of weight
7 Bybit BBUSDT BB $30k $1.3M 43x est. 100% of weight
8 Bitget BBUSDT BB $30k $1.3M 43x est. 100% of weight
9 Bybit TRIAUSDT TRIA $21k $910k 43x est. 84% of weightheld fixed: Coinbase TRIA-USD
10 Bybit MUBARAKUSDT MUBARAK $93k $3.9M 42x est. 100% of weight
11 Binance PROMUSDT PROM $58k $2.5M 42x est. 100% of weight
12 Bitget TRIAUSDT TRIA $22k $910k 42x est. 81% of weightheld fixed: binance_alpha ALPHA_669/USDT, Coinbase TRIA/USD, MEXC TRIA/USDT
13 Bybit FORMUSDT FORM $38k $1.5M 39x est. 100% of weight
14 Bitget FORMUSDT FORM $38k $1.5M 39x est. 98% of weightheld fixed: Gate FORM/USDT
15 Bitget ARKUSDT ARK $30k $1.1M 38x est. 100% of weight
16 Bitget XVSUSDT XVS $6.9k $260k 37x est. 100% of weight
17 Bybit XVSUSDT XVS $6.9k $260k 37x est. 100% of weight
18 Binance XVSUSDT XVS $7k $260k 37x est. 100% of weight
19 Bitget AWEUSDT AWE $14k $430k 32x est. 82% of weightheld fixed: KuCoin AWE/USDT
20 Bybit FLOWUSDT FLOW $16k $490k 31x est. 100% of weight
21 Bitget GPSUSDT GPS $38k $1M 28x est. 100% of weight
22 Bybit GPSUSDT GPS $38k $1M 28x est. 100% of weight
23 Bybit NEOUSDT NEO $24k $670k 27x est. 100% of weight
24 Bybit SHELLUSDT SHELL $11k $310k 27x est. 100% of weight
25 Bybit ALICEUSDT ALICE $44k $1.1M 24x est. 93% of weightheld fixed: Coinbase ALICE-USD
26 Bybit NOMUSDT NOM $41k $940k 23x est. 93% of weightheld fixed: Coinbase NOM-USD
27 Bybit 10000SATSUSDT SATS $14k $320k 23x est. 100% of weight
28 Bitget JOEUSDT JOE $8.7k $200k 23x est. 97% of weightheld fixed: OKX JOE/USDT
29 Binance LSKUSDT LSK $93k $2.1M 22x est. 100% of weight
30 Bybit MITOUSDT MITO $31k $680k 22x est. 100% of weight
31 Bitget GIGGLEUSDT GIGGLE $70k $1.5M 22x est. 100% of weight
32 Bybit GIGGLEUSDT GIGGLE $70k $1.5M 22x est. 100% of weight
33 Bybit MTLUSDT MTL $11k $230k 21x est. 90% of weightheld fixed: Upbit KRW-MTL
34 Bybit NILUSDT NIL $75k $1.4M 19x est. 100% of weight
35 Bybit TUTUSDT TUT $69k $1.3M 19x est. 100% of weight
36 Bitget TUTUSDT TUT $69k $1.3M 19x est. 100% of weight
37 Bybit PHAUSDT PHA $68k $1.2M 18x est. 100% of weight
38 Bitget NILUSDT NIL $80k $1.4M 18x est. 100% of weight
39 Bitget CVCUSDT CVC $22k $390k 17x est. 100% of weight
40 Bybit MNTUSDT MNT $180k $3.1M 17x est. 96% of weightheld fixed: Bybit MNTBTC, Coinbase MANTLE-USD
41 Bybit DUSKUSDT DUSK $28k $460k 17x est. 100% of weight
42 Bybit HEIUSDT HEI $30k $480k 16x est. 100% of weight
43 OKX SOFTBANK-USDT-SWAP SOFTBANK $5.4k $87k 16x est. 100% of weight
44 Bybit FOGOUSDT FOGO $24k $380k 16x est. 100% of weight
45 Bitget C98USDT C98 $17k $270k 16x est. 98% of weightheld fixed: KuCoin C98/USDT
46 Bybit C98USDT C98 $17k $270k 16x est. 100% of weight
47 Bitget SOPHUSDT SOPH $39k $610k 16x est. 100% of weight
48 Bybit DEXEUSDT DEXE $71k $1.1M 15x est. 100% of weight
49 Bitget DEXEUSDT DEXE $72k $1.1M 15x est. 100% of weight
50 Bybit ACEUSDT ACE $76k $1.1M 15x 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.

Stale (not ranked)

no position · 20 of 40 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.
Bitget MAGICUSDT MAGIC 39 min Stale: last estimate is 39 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.
Bitget CUSDT C 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.
Bitget SHELLUSDT SHELL 39 min Stale: last estimate is 39 min old. Figures are shown greyed and alerts are paused.
Bybit DGAIUSDT DGAI 39 min Stale: last estimate is 39 min old. Figures are shown greyed and alerts are paused.
Bybit OGNUSDT OGN 39 min Stale: last estimate is 39 min old. Figures are shown greyed and alerts are paused.
Bybit INUSDT IN 39 min Stale: last estimate is 39 min old. Figures are shown greyed and alerts are paused.
Bitget NEOUSDT NEO 40 min Stale: last estimate is 40 min old. Figures are shown greyed and alerts are paused.
Bitget DYMUSDT DYM 98 min Stale: last estimate is 98 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.
OKX OL-USDT-SWAP OL 98 min Stale: last estimate is 98 min old. Figures are shown greyed and alerts are paused.
Bybit BELUSDT BEL 98 min Stale: last estimate is 98 min old. Figures are shown greyed and alerts are paused.
Bitget ORCAUSDT ORCA 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.
Bitget ACTUSDT ACT 99 min Stale: last estimate is 99 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.