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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
78
coverage ok, fresh2026-10-01 16:14Z
Incomplete coverage
2
50-80% of index weight modelled
Not ranked
15
12 stale · 0 insufficient · 3 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of +2% · Bybit

highest ratio first · top 50 of 78 · 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 $1.2k $1.2M 970x est. 98% of weightheld fixed: binancealpha TAG/USDT
2 Bybit INUSDT IN $2.5k $370k 150x est. 86% of weightheld fixed: KuCoin IN-USDT, pancakeswapv3 IN/WBNB
3 Bybit BBUSDT BB $16k $1.3M 79x est. 100% of weight
4 Bybit NEOUSDT NEO $9.2k $670k 73x est. 99% of weightheld fixed: Gate NEO_USDT
5 Bybit LUMIAUSDT LUMIA $15k $940k 62x est. 95% of weightheld fixed: KuCoin LUMIA-USDT
6 Bybit MOVRUSDT MOVR $71k $4.3M 61x est. 100% of weight
7 Bybit GIGGLEUSDT GIGGLE $26k $1.5M 58x est. 100% of weight
8 Bybit MAGICUSDT MAGIC $6.6k $360k 55x est. 93% of weightheld fixed: Coinbase MAGIC-USD
9 Bybit CHRUSDT CHR $5.6k $290k 52x est. 100% of weight
10 Bybit TRIAUSDT TRIA $17k $880k 51x est. 87% of weightheld fixed: Coinbase TRIA-USD
11 Bybit NILUSDT NIL $32k $1.5M 49x est. 100% of weight
12 Bybit MUBARAKUSDT MUBARAK $85k $4M 47x est. 100% of weight
13 Bybit FORMUSDT FORM $33k $1.5M 45x est. 100% of weight
14 Bybit GPSUSDT GPS $26k $1M 41x est. 100% of weight
15 Bybit XVSUSDT XVS $6.4k $260k 40x est. 100% of weight
16 Bybit SHELLUSDT SHELL $7.9k $310k 39x est. 100% of weight
17 Bybit TUTUSDT TUT $33k $1.3M 38x est. 100% of weight
18 Bybit TOWNSUSDT TOWNS $9.4k $310k 33x est. 100% of weight
19 Bybit ZILUSDT ZIL $19k $620k 32x est. 93% of weightheld fixed: Gate ZIL_USDT
20 Bybit SPXUSDT SPX $54k $1.5M 27x est. 100% of weight
21 Bybit FLOWUSDT FLOW $19k $490k 27x est. 100% of weight
22 Bybit ALICEUSDT ALICE $39k $1M 26x est. 91% of weightheld fixed: Coinbase ALICE-USD, Gate ALICE_USDT
23 Bybit NOMUSDT NOM $37k $980k 26x est. 93% of weightheld fixed: Coinbase NOM-USD
24 Bybit 10000SATSUSDT SATS $13k $320k 24x est. 100% of weight
25 Bybit SAGAUSDT SAGA $48k $1.2M 24x est. 98% of weightheld fixed: Kraken SAGA/USD
26 Bybit MITOUSDT MITO $30k $680k 23x est. 100% of weight
27 Bybit MNTUSDT MNT $140k $3.1M 22x est. 96% of weightheld fixed: Bybit MNTBTC, Coinbase MANTLE-USD
28 Bybit CVXUSDT CVX $21k $450k 21x est. 91% of weightheld fixed: Kraken CVX/USD
29 Bybit EPICUSDT EPIC $45k $950k 21x est. 100% of weight
30 Bybit ACEUSDT ACE $55k $1.2M 21x est. 100% of weight
31 Bybit STOUSDT STO $26k $500k 19x est. 100% of weight
32 Bybit ROBOUSDT ROBO $34k $660k 19x est. 100% of weight
33 Bybit RONINUSDT RONIN $15k $250k 17x est. 100% of weight
34 Bybit HEIUSDT HEI $28k $490k 17x est. 100% of weight
35 Bybit RUNEUSDT RUNE $75k $1.3M 17x est. 96% of weightheld fixed: Kraken RUNE/USD
36 Bybit REZUSDT REZ $40k $660k 17x est. 100% of weight
37 Bybit AVAUSDT AVA $19k $310k 16x est. 100% of weight
38 Bybit BSVUSDT BSV $33k $550k 16x est. 100% of weight
39 Bybit DUSKUSDT DUSK $29k $460k 16x est. 100% of weight
40 Bybit PHAROSUSDT PHAROS $51k $760k 15x est. 86% of weightheld fixed: Coinbase PROS-USD
41 Bybit 1000FLOKIUSDT FLOKI $60k $780k 13x est. 100% of weight
42 Bybit DEXEUSDT DEXE $85k $1.1M 13x est. 100% of weight
43 Bybit YBUSDT YB $25k $320k 13x est. 100% of weight
44 Bybit HEMIUSDT HEMI $63k $790k 12x est. 100% of weight
45 Bybit C98USDT C98 $23k $270k 12x est. 98% of weightheld fixed: Coinbase C98-USD, Gate C98_USDT
46 Bybit MAVUSDT MAV $27k $300k 11x est. 100% of weight
47 Bybit MIRAUSDT MIRA $36k $360k 9.9x est. 100% of weight
48 Bybit FIDAUSDT FIDA $22k $220k 9.9x est. 100% of weight
49 Bybit REDUSDT RED $58k $560k 9.6x est. 100% of weight
50 Bybit KERNELUSDT KERNEL $37k $360k 9.5x est. 94% of weightheld fixed: Coinbase KERNEL-USD, KuCoin KERNEL-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.

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 MTLUSDT MTL $12k $230k 19x est. Partial coverage 79% of weightheld fixed: Bithumb MTL_KRW, KuCoin MTL-USDT, Upbit KRW-MTL
Bybit 10000NEXUSDT NEX $1.5k $19k 12x est. Partial coverage 69% of weightheld fixed: binancealpha NEX/USDT, Coinbase NEX-USD, KuCoin NEX-USDT

Stale (not ranked)

no position · 12 of 12 shown
Perp Last estimate age Status
Bybit ASRUSDT ASR 51 min Stale: last estimate is 51 min old. Figures are shown greyed and alerts are paused.
Bybit POLYXUSDT POLYX 51 min Stale: last estimate is 51 min old. Figures are shown greyed and alerts are paused.
Bybit BELUSDT BEL 51 min Stale: last estimate is 51 min old. Figures are shown greyed and alerts are paused.
Bybit XVGUSDT XVG 52 min Stale: last estimate is 52 min old. Figures are shown greyed and alerts are paused.
Bybit MUSDT M 52 min Stale: last estimate is 52 min old. Figures are shown greyed and alerts are paused.
Bybit CLANKERUSDT CLANKER 109 min Stale: last estimate is 109 min old. Figures are shown greyed and alerts are paused.
Bybit TUSDT T 110 min Stale: last estimate is 110 min old. Figures are shown greyed and alerts are paused.
Bybit FLUXUSDT FLUX 111 min Stale: last estimate is 111 min old. Figures are shown greyed and alerts are paused.
Bybit SOPHUSDT SOPH 112 min Stale: last estimate is 112 min 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.
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.