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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 17:10 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
52
coverage ok, fresh2026-10-01 17:04Z
Incomplete coverage
0
50-80% of index weight modelled
Not ranked
20
18 stale · 0 insufficient · 2 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of -2% · Bitget

highest ratio first · top 50 of 52 · 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 Bitget 龙虾USDT $10k $8.1M 810x est. 99% of weightheld fixed: binance_alpha ALPHA_772/USDT
2 Bitget BEATUSDT BEAT $7.3k $1.5M 200x est. 99% of weightheld fixed: binance_alpha ALPHA_451/USDT
3 Bitget VELODROMEUSDT VELODROME $24k $1.2M 49x est. 100% of weight
4 Bitget MOVRUSDT MOVR $93k $4.4M 48x est. 100% of weight
5 Bitget BBUSDT BB $30k $1.3M 43x est. 100% of weight
6 Bitget TRIAUSDT TRIA $22k $910k 42x est. 81% of weightheld fixed: binance_alpha ALPHA_669/USDT, Coinbase TRIA/USD, MEXC TRIA/USDT
7 Bitget FORMUSDT FORM $38k $1.5M 39x est. 98% of weightheld fixed: Gate FORM/USDT
8 Bitget ARKUSDT ARK $30k $1.1M 38x est. 100% of weight
9 Bitget XVSUSDT XVS $6.9k $260k 37x est. 100% of weight
10 Bitget AWEUSDT AWE $14k $430k 32x est. 82% of weightheld fixed: KuCoin AWE/USDT
11 Bitget GPSUSDT GPS $38k $1M 28x est. 100% of weight
12 Bitget JOEUSDT JOE $8.7k $200k 23x est. 97% of weightheld fixed: OKX JOE/USDT
13 Bitget GIGGLEUSDT GIGGLE $70k $1.5M 22x est. 100% of weight
14 Bitget TUTUSDT TUT $69k $1.3M 19x est. 100% of weight
15 Bitget NILUSDT NIL $80k $1.4M 18x est. 100% of weight
16 Bitget CVCUSDT CVC $22k $390k 17x est. 100% of weight
17 Bitget C98USDT C98 $17k $270k 16x est. 98% of weightheld fixed: KuCoin C98/USDT
18 Bitget SOPHUSDT SOPH $39k $610k 16x est. 100% of weight
19 Bitget DEXEUSDT DEXE $72k $1.1M 15x est. 100% of weight
20 Bitget CVXUSDT CVX $30k $450k 15x est. 97% of weightheld fixed: KuCoin CVX/USDT
21 Bitget BSVUSDT BSV $40k $560k 14x est. 100% of weight
22 Bitget ACEUSDT ACE $84k $1.1M 14x est. 100% of weight
23 Bitget TUSDT T $27k $360k 14x est. 100% of weight
24 Bitget CHRUSDT CHR $23k $290k 13x est. 99% of weightheld fixed: Gate CHR/USDT
25 Bitget EPICUSDT EPIC $76k $940k 12x est. 100% of weight
26 Bitget SPELLUSDT SPELL $17k $220k 12x est. 100% of weight
27 Bitget REZUSDT REZ $52k $650k 12x est. 100% of weight
28 Bitget STOUSDT STO $41k $500k 12x est. 100% of weight
29 Bitget RAREUSDT RARE $43k $510k 12x est. 100% of weight
30 Bitget CTSIUSDT CTSI $24k $290k 12x est. 100% of weight
31 Bitget FIDAUSDT FIDA $18k $220k 12x est. 100% of weight
32 Bitget ARPAUSDT ARPA $26k $310k 12x est. 100% of weight
33 Bitget MAVUSDT MAV $27k $300k 11x est. 100% of weight
34 Bitget FLOKIUSDT FLOKI $74k $790k 11x est. 100% of weight
35 Bitget MIRAUSDT MIRA $36k $360k 9.9x est. 100% of weight
36 Bitget GUSDT G $70k $660k 9.5x est. 98% of weightheld fixed: Coinbase G/USD
37 Bitget KERNELUSDT KERNEL $43k $350k 8.2x est. 95% of weightheld fixed: KuCoin KERNEL/USDT
38 Bitget ILVUSDT ILV $27k $220k 8.1x est. 100% of weight
39 Bitget MANTRAUSDT MANTRA $47k $320k 6.8x est. 100% of weight
40 Bitget ERAUSDT ERA $54k $350k 6.5x est. 100% of weight
41 Bitget AVAUSDT AVA $56k $310k 5.6x est. 100% of weight
42 Bitget OGNUSDT OGN $40k $220k 5.5x est. 100% of weight
43 Bitget UBUSDT UB $130k $640k 5.1x est. 90% of weightheld fixed: binance_alpha ALPHA_370/USDT, Gate UB/USDT
44 Bitget ZKCUSDT ZKC $58k $290k 5x est. 100% of weight
45 Bitget HYPERUSDT HYPER $72k $340k 4.7x est. 100% of weight
46 Bitget THEUSDT THE $61k $280k 4.5x est. 100% of weight
47 Bitget COWUSDT COW $85k $370k 4.4x est. 99% of weightheld fixed: KuCoin COW/USDT
48 Bitget POLYXUSDT POLYX $71k $270k 3.8x est. 100% of weight
49 Bitget VTHOUSDT VTHO $180k $540k 3x est. 100% of weightheld fixed: Coinbase VTHO/USD
50 Bitget BANDUSDT BAND $91k $230k 2.6x est. 92% of weightheld fixed: Coinbase BAND/USD, Kraken BAND/USD, KuCoin BAND/USDT

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 · 18 of 18 shown
Perp Last estimate age Status
Bitget MAGICUSDT MAGIC 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.
Bitget SHELLUSDT SHELL 40 min Stale: last estimate is 40 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.
Bitget ORCAUSDT ORCA 99 min Stale: last estimate is 99 min old. Figures are shown greyed and alerts are paused.
Bitget ACTUSDT ACT 100 min Stale: last estimate is 100 min old. Figures are shown greyed and alerts are paused.
Bitget RVNUSDT RVN 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget AIXBTUSDT AIXBT 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget FLUXUSDT FLUX 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget TLMUSDT TLM 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget USUALUSDT USUAL 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget KSMUSDT KSM 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget NEWTUSDT NEWT 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget AUCTIONUSDT AUCTION 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bitget RUNEUSDT RUNE 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bitget ENJUSDT ENJ 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bitget GENIUSUSDT GENIUS 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.