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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 16:14ZSource: exchange public APIsModel: static-book v1Times in UTCAs of 16:22 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
49
coverage ok, fresh2026-10-01 16:14Z
Incomplete coverage
0
50-80% of index weight modelled
Not ranked
19
18 stale · 0 insufficient · 1 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of +2% · Bitget

highest ratio first · top 49 · 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 $12k $8.2M 660x est. 99% of weightheld fixed: binance_alpha ALPHA_772/USDT
2 Bitget BEATUSDT BEAT $9.1k $1.5M 160x est. 98% of weightheld fixed: binance_alpha ALPHA_451/USDT, KuCoin BEAT/USDT
3 Bitget ARKUSDT ARK $13k $1.1M 90x est. 100% of weight
4 Bitget BBUSDT BB $16k $1.3M 79x est. 100% of weight
5 Bitget NEOUSDT NEO $9.3k $670k 72x est. 98% of weightheld fixed: Gate NEO/USDT, KuCoin NEO/USDT
6 Bitget MOVRUSDT MOVR $71k $4.3M 60x est. 100% of weight
7 Bitget MAGICUSDT MAGIC $6.6k $360k 55x est. 97% of weightheld fixed: Gate MAGIC/USDT, KuCoin MAGIC/USDT
8 Bitget CHRUSDT CHR $5.7k $290k 51x est. 100% of weight
9 Bitget GIGGLEUSDT GIGGLE $30k $1.5M 50x est. 100% of weight
10 Bitget NILUSDT NIL $33k $1.5M 47x est. 100% of weight
11 Bitget VELODROMEUSDT VELODROME $25k $1.2M 47x est. 100% of weight
12 Bitget FORMUSDT FORM $33k $1.5M 45x est. 100% of weight
13 Bitget CVCUSDT CVC $9k $390k 43x est. 100% of weight
14 Bitget SHELLUSDT SHELL $7.4k $310k 42x est. 97% of weightheld fixed: KuCoin SHELL/USDT
15 Bitget GPSUSDT GPS $26k $1M 41x est. 100% of weight
16 Bitget XVSUSDT XVS $6.4k $260k 40x est. 100% of weight
17 Bitget TUTUSDT TUT $36k $1.3M 35x est. 100% of weight
18 Bitget TUSDT T $11k $370k 34x est. 99% of weightheld fixed: OKX T/USDT
19 Bitget EPICUSDT EPIC $40k $950k 24x est. 100% of weight
20 Bitget SPELLUSDT SPELL $9.2k $220k 23x est. 100% of weight
21 Bitget CVXUSDT CVX $21k $450k 22x est. 100% of weight
22 Bitget ACEUSDT ACE $55k $1.2M 21x est. 100% of weight
23 Bitget ARPAUSDT ARPA $15k $310k 20x est. 100% of weight
24 Bitget STOUSDT STO $26k $500k 19x est. 100% of weight
25 Bitget RAREUSDT RARE $30k $510k 17x est. 100% of weight
26 Bitget REZUSDT REZ $40k $660k 17x est. 100% of weight
27 Bitget SOPHUSDT SOPH $37k $610k 16x est. 100% of weight
28 Bitget MANTRAUSDT MANTRA $21k $320k 15x est. 100% of weight
29 Bitget FLOKIUSDT FLOKI $60k $780k 13x est. 98% of weightheld fixed: Bybit FLOKI/USDT
30 Bitget DEXEUSDT DEXE $85k $1.1M 13x est. 100% of weight
31 Bitget GUSDT G $54k $660k 12x est. 98% of weightheld fixed: Coinbase G/USD
32 Bitget C98USDT C98 $23k $270k 12x est. 100% of weight
33 Bitget CTSIUSDT CTSI $26k $290k 11x est. 100% of weight
34 Bitget MAVUSDT MAV $27k $300k 11x est. 100% of weight
35 Bitget ILVUSDT ILV $21k $220k 11x est. 95% of weightheld fixed: Gate ILV/USDT, KuCoin ILV/USDT
36 Bitget MIRAUSDT MIRA $36k $360k 9.9x est. 100% of weight
37 Bitget FIDAUSDT FIDA $22k $220k 9.9x est. 100% of weight
38 Bitget KERNELUSDT KERNEL $37k $360k 9.5x est. 100% of weight
39 Bitget CUSDT C $110k $890k 7.9x est. 97% of weightheld fixed: Bitget C/USDT
40 Bitget ERAUSDT ERA $53k $350k 6.7x est. 98% of weightheld fixed: Bitget ERA/USDT
41 Bitget COWUSDT COW $57k $370k 6.6x est. 100% of weight
42 Bitget OGNUSDT OGN $35k $220k 6.2x est. 98% of weightheld fixed: KuCoin OGN/USDT
43 Bitget AVAUSDT AVA $52k $310k 6.1x est. 93% of weightheld fixed: Bybit AVA/USDT, Gate AVA/USDT
44 Bitget THEUSDT THE $47k $280k 6x est. 100% of weight
45 Bitget POLYXUSDT POLYX $54k $270k 5x est. 100% of weight
46 Bitget JSTUSDT JST $340k $1.5M 4.3x est. 99% of weightheld fixed: Gate JST/USDT
47 Bitget VTHOUSDT VTHO $180k $540k 3x est. 100% of weightheld fixed: Coinbase VTHO/USD
48 Bitget BANDUSDT BAND $80k $230k 2.9x est. 95% of weightheld fixed: Coinbase BAND/USD, Kraken BAND/USD
49 Bitget NEIROCTOUSDT NEIROCTO $53k $95k 1.8x est. 99% of weightheld fixed: Bitget NEIROCTO/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 DYMUSDT DYM 50 min Stale: last estimate is 50 min old. Figures are shown greyed and alerts are paused.
Bitget ORCAUSDT ORCA 51 min Stale: last estimate is 51 min old. Figures are shown greyed and alerts are paused.
Bitget ZKCUSDT ZKC 52 min Stale: last estimate is 52 min old. Figures are shown greyed and alerts are paused.
Bitget ACTUSDT ACT 52 min Stale: last estimate is 52 min old. Figures are shown greyed and alerts are paused.
Bitget TRIAUSDT TRIA 52 min Stale: last estimate is 52 min old. Figures are shown greyed and alerts are paused.
Bitget UBUSDT UB 52 min Stale: last estimate is 52 min old. Figures are shown greyed and alerts are paused.
Bitget RVNUSDT RVN 111 min Stale: last estimate is 111 min old. Figures are shown greyed and alerts are paused.
Bitget AIXBTUSDT AIXBT 111 min Stale: last estimate is 111 min old. Figures are shown greyed and alerts are paused.
Bitget FLUXUSDT FLUX 111 min Stale: last estimate is 111 min old. Figures are shown greyed and alerts are paused.
Bitget TLMUSDT TLM 111 min Stale: last estimate is 111 min old. Figures are shown greyed and alerts are paused.
Bitget AWEUSDT AWE 111 min Stale: last estimate is 111 min old. Figures are shown greyed and alerts are paused.
Bitget USUALUSDT USUAL 112 min Stale: last estimate is 112 min old. Figures are shown greyed and alerts are paused.
Bitget KSMUSDT KSM 112 min Stale: last estimate is 112 min old. Figures are shown greyed and alerts are paused.
Bitget NEWTUSDT NEWT 112 min Stale: last estimate is 112 min 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.
Bitget ENJUSDT ENJ 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bitget GENIUSUSDT GENIUS 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.