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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
76
coverage ok, fresh2026-10-01 17:04Z
Incomplete coverage
0
50-80% of index weight modelled
Not ranked
21
20 stale · 0 insufficient · 1 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of -2% · Bybit

highest ratio first · top 50 of 76 · 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 Bybit MOVRUSDT MOVR $92k $4.4M 48x est. 100% of weight
3 Bybit BBUSDT BB $30k $1.3M 43x est. 100% of weight
4 Bybit TRIAUSDT TRIA $21k $910k 43x est. 84% of weightheld fixed: Coinbase TRIA-USD
5 Bybit MUBARAKUSDT MUBARAK $93k $3.9M 42x est. 100% of weight
6 Bybit FORMUSDT FORM $38k $1.5M 39x est. 100% of weight
7 Bybit XVSUSDT XVS $6.9k $260k 37x est. 100% of weight
8 Bybit FLOWUSDT FLOW $16k $490k 31x est. 100% of weight
9 Bybit GPSUSDT GPS $38k $1M 28x est. 100% of weight
10 Bybit NEOUSDT NEO $24k $670k 27x est. 100% of weight
11 Bybit SHELLUSDT SHELL $11k $310k 27x est. 100% of weight
12 Bybit ALICEUSDT ALICE $44k $1.1M 24x est. 93% of weightheld fixed: Coinbase ALICE-USD
13 Bybit NOMUSDT NOM $41k $940k 23x est. 93% of weightheld fixed: Coinbase NOM-USD
14 Bybit 10000SATSUSDT SATS $14k $320k 23x est. 100% of weight
15 Bybit MITOUSDT MITO $31k $680k 22x est. 100% of weight
16 Bybit GIGGLEUSDT GIGGLE $70k $1.5M 22x est. 100% of weight
17 Bybit MTLUSDT MTL $11k $230k 21x est. 90% of weightheld fixed: Upbit KRW-MTL
18 Bybit NILUSDT NIL $75k $1.4M 19x est. 100% of weight
19 Bybit TUTUSDT TUT $69k $1.3M 19x est. 100% of weight
20 Bybit PHAUSDT PHA $68k $1.2M 18x est. 100% of weight
21 Bybit MNTUSDT MNT $180k $3.1M 17x est. 96% of weightheld fixed: Bybit MNTBTC, Coinbase MANTLE-USD
22 Bybit DUSKUSDT DUSK $28k $460k 17x est. 100% of weight
23 Bybit HEIUSDT HEI $30k $480k 16x est. 100% of weight
24 Bybit FOGOUSDT FOGO $24k $380k 16x est. 100% of weight
25 Bybit C98USDT C98 $17k $270k 16x est. 100% of weight
26 Bybit DEXEUSDT DEXE $71k $1.1M 15x est. 100% of weight
27 Bybit ACEUSDT ACE $76k $1.1M 15x est. 100% of weight
28 Bybit CVXUSDT CVX $32k $450k 14x est. 90% of weightheld fixed: Gate CVX_USDT, Kraken CVX/USD
29 Bybit BSVUSDT BSV $39k $560k 14x est. 100% of weight
30 Bybit GENIUSUSDT GENIUS $82k $1.1M 13x est. 100% of weight
31 Bybit ROBOUSDT ROBO $48k $650k 13x est. 100% of weight
32 Bybit YBUSDT YB $24k $320k 13x est. 100% of weight
33 Bybit EPICUSDT EPIC $75k $940k 13x est. 100% of weight
34 Bybit REZUSDT REZ $52k $650k 12x est. 96% of weightheld fixed: KuCoin REZ-USDT
35 Bybit SAGAUSDT SAGA $94k $1.1M 12x est. 98% of weightheld fixed: Kraken SAGA/USD
36 Bybit RONINUSDT RONIN $21k $250k 12x est. 100% of weight
37 Bybit STOUSDT STO $41k $500k 12x est. 99% of weightheld fixed: Gate STO_USDT
38 Bybit FIDAUSDT FIDA $18k $220k 12x est. 100% of weight
39 Bybit PORTALUSDT PORTAL $33k $390k 12x est. 100% of weight
40 Bybit HEMIUSDT HEMI $69k $780k 11x est. 100% of weight
41 Bybit CUSDT C $80k $900k 11x est. 100% of weight
42 Bybit MAVUSDT MAV $27k $300k 11x est. 100% of weight
43 Bybit 1000FLOKIUSDT FLOKI $72k $790k 11x est. 100% of weight
44 Bybit JSTUSDT JST $130k $1.5M 11x est. 99% of weightheld fixed: Kraken JST/USD
45 Bybit APEXUSDT APEX $23k $250k 11x est. 100% of weight
46 Bybit CHRUSDT CHR $27k $290k 11x est. 84% of weightheld fixed: Bithumb CHR_KRW, Gate CHR_USDT
47 Bybit RUNEUSDT RUNE $130k $1.3M 10x est. 96% of weightheld fixed: Kraken RUNE/USD
48 Bybit MIRAUSDT MIRA $36k $360k 9.9x est. 100% of weight
49 Bybit REDUSDT RED $59k $550k 9.3x est. 100% of weight
50 Bybit TLMUSDT TLM $34k $310k 9.1x est. 99% of weightheld fixed: Kraken TLM/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.

Stale (not ranked)

no position · 20 of 20 shown
Perp Last estimate age Status
Bybit 10000NEXUSDT NEX 37 min Stale: last estimate is 37 min old. Figures are shown greyed and alerts are paused.
Bybit ZILUSDT ZIL 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.
Bybit LUMIAUSDT LUMIA 40 min Stale: last estimate is 40 min old. Figures are shown greyed and alerts are paused.
Bybit SPXUSDT SPX 40 min Stale: last estimate is 40 min old. Figures are shown greyed and alerts are paused.
Bybit DGAIUSDT DGAI 40 min Stale: last estimate is 40 min old. Figures are shown greyed and alerts are paused.
Bybit OGNUSDT OGN 40 min Stale: last estimate is 40 min old. Figures are shown greyed and alerts are paused.
Bybit INUSDT IN 40 min Stale: last estimate is 40 min old. Figures are shown greyed and alerts are paused.
Bybit ASRUSDT ASR 99 min Stale: last estimate is 99 min old. Figures are shown greyed and alerts are paused.
Bybit BELUSDT BEL 99 min Stale: last estimate is 99 min old. Figures are shown greyed and alerts are paused.
Bybit XVGUSDT XVG 100 min Stale: last estimate is 100 min old. Figures are shown greyed and alerts are paused.
Bybit MUSDT M 100 min Stale: last estimate is 100 min old. Figures are shown greyed and alerts are paused.
Bybit CLANKERUSDT CLANKER 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit TUSDT T 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit FLUXUSDT FLUX 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit SOPHUSDT SOPH 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit ATUSDT AT 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bybit VELODROMEUSDT VELODROME 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bybit KNCUSDT KNC 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.