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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 15:29ZSource: exchange public APIsModel: static-book v1Times in UTCAs of 15:37 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
132
coverage ok, fresh2026-10-01 15:29Z
Incomplete coverage
1
50-80% of index weight modelled
Not ranked
39
22 stale · 0 insufficient · 17 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of -5%

highest ratio first · top 50 of 132 · times in UTC

Move: +5% (up) · -5% (down)   Size: -2% · -5%   Exchange: All · Binance · OKX · Bybit · Bitget

# Perp Index depth to -5% (est.) Est. liquidation exposure within -5% Exposure-to-depth ratio (est.) Coverage Updated (UTC)
1 Bybit 1000TAGUSDT TAG $1.7k $1.8M 1,100x est. 100% of weight
2 Bitget 龙虾USDT $48k $13M 260x est. 99% of weightheld fixed: binance_alpha ALPHA_772/USDT
3 Bitget BEATUSDT BEAT $15k $2.3M 150x est. 99% of weightheld fixed: binance_alpha ALPHA_451/USDT
4 Bitget VELODROMEUSDT VELODROME $23k $1.9M 81x est. 96% of weightheld fixed: OKX VELO/USDT
5 Bybit LUMIAUSDT LUMIA $27k $1.5M 55x est. 100% of weight
6 Binance PROMUSDT PROM $77k $4M 51x est. 100% of weight
7 Bybit MUBARAKUSDT MUBARAK $140k $6.3M 45x est. 100% of weight
8 Bitget ARKUSDT ARK $43k $1.8M 42x est. 100% of weight
9 Bybit BBUSDT BB $50k $2.1M 41x est. 98% of weightheld fixed: Gate BB_USDT
10 Bybit MOVRUSDT MOVR $150k $6M 41x est. 100% of weight
11 Bybit SPXUSDT SPX $59k $2.4M 40x est. 100% of weight
12 Bybit MUSDT M $35k $1.4M 40x est. 98% of weightheld fixed: binancealpha M/USDT
13 Bitget MOVRUSDT MOVR $160k $6M 37x est. 100% of weight
14 Bybit SHELLUSDT SHELL $13k $490k 37x est. 100% of weight
15 Bitget SHELLUSDT SHELL $14k $490k 35x est. 100% of weight
16 Bitget BBUSDT BB $59k $2.1M 35x est. 98% of weightheld fixed: Gate BB/USDT
17 Bybit EPICUSDT EPIC $46k $1.5M 33x est. 100% of weight
18 Bybit NOMUSDT NOM $46k $1.5M 33x est. 93% of weightheld fixed: Coinbase NOM-USD
19 Bybit MTLUSDT MTL $12k $370k 30x est. 82% of weightheld fixed: Bithumb MTL_KRW, Upbit KRW-MTL
20 Bybit FLOWUSDT FLOW $28k $780k 28x est. 100% of weight
21 Bybit FORMUSDT FORM $85k $2.3M 28x est. 100% of weight
22 Bybit ALICEUSDT ALICE $58k $1.6M 27x est. 90% of weightheld fixed: Coinbase ALICE-USD, KuCoin ALICE-USDT
23 Bybit MITOUSDT MITO $41k $1.1M 26x est. 100% of weight
24 Bitget XVSUSDT XVS $16k $410k 26x est. 100% of weight
25 Bybit XVSUSDT XVS $16k $410k 26x est. 100% of weight
26 Bybit 10000SATSUSDT SATS $20k $510k 25x est. 100% of weight
27 Bybit HEIUSDT HEI $33k $790k 24x est. 100% of weight
28 Binance LSKUSDT LSK $140k $3.3M 23x est. 100% of weight
29 Bitget CVCUSDT CVC $27k $610k 23x est. 100% of weight
30 Bitget GPSUSDT GPS $76k $1.6M 22x est. 100% of weight
31 Bybit GPSUSDT GPS $76k $1.6M 22x est. 100% of weight
32 Bitget ARPAUSDT ARPA $24k $490k 20x est. 100% of weight
33 Bybit TUTUSDT TUT $100k $2M 20x est. 100% of weight
34 Bitget TUTUSDT TUT $100k $2M 20x est. 100% of weight
35 Bitget REZUSDT REZ $55k $1M 19x est. 100% of weight
36 Bybit REZUSDT REZ $56k $1M 19x est. 100% of weight
37 Binance SPELLUSDT SPELL $19k $340k 18x est. 100% of weight
38 Bybit ACEUSDT ACE $110k $1.9M 18x est. 100% of weight
39 Bybit NEOUSDT NEO $59k $1M 18x est. 100% of weight
40 Bitget ACEUSDT ACE $110k $1.9M 18x est. 100% of weight
41 Bybit FOGOUSDT FOGO $34k $590k 17x est. 100% of weight
42 Bybit NILUSDT NIL $130k $2.3M 17x est. 100% of weight
43 Bitget MAGICUSDT MAGIC $31k $520k 17x est. 100% of weight
44 Bybit MAGICUSDT MAGIC $31k $520k 17x est. 100% of weight
45 Bitget CVXUSDT CVX $43k $710k 16x est. 100% of weight
46 Bybit MAVUSDT MAV $29k $470k 16x est. 100% of weight
47 Bybit CVXUSDT CVX $45k $710k 16x est. 92% of weightheld fixed: Kraken CVX/USD
48 Bybit STOUSDT STO $51k $780k 15x est. 100% of weight
49 Bitget CTSIUSDT CTSI $30k $460k 15x est. 98% of weightheld fixed: KuCoin CTSI/USDT
50 Bitget STOUSDT STO $52k $780k 15x est. 100% of weightheld fixed: KuCoin STO/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 -5% (est.) Est. liquidation exposure within -5% Exposure-to-depth ratio (est.) Coverage Updated (UTC)
Bybit 10000NEXUSDT NEX $8.6k $30k 3.4x est. Partial coverage 78% of weightheld fixed: Coinbase NEX-USD

Stale (not ranked)

no position · 20 of 22 shown
Perp Last estimate age Status
Bybit CLANKERUSDT CLANKER 65 min Stale: last estimate is 65 min old. Figures are shown greyed and alerts are paused.
Bybit TUSDT T 65 min Stale: last estimate is 65 min old. Figures are shown greyed and alerts are paused.
Bitget RVNUSDT RVN 66 min Stale: last estimate is 66 min old. Figures are shown greyed and alerts are paused.
Bitget AIXBTUSDT AIXBT 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bitget FLUXUSDT FLUX 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bybit FLUXUSDT FLUX 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bitget TLMUSDT TLM 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bitget AWEUSDT AWE 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bybit INUSDT IN 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bitget SOPHUSDT SOPH 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bitget USUALUSDT USUAL 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bybit SOPHUSDT SOPH 67 min Stale: last estimate is 67 min old. Figures are shown greyed and alerts are paused.
Bitget KSMUSDT KSM 68 min Stale: last estimate is 68 min old. Figures are shown greyed and alerts are paused.
Bitget NEWTUSDT NEWT 68 min Stale: last estimate is 68 min old. Figures are shown greyed and alerts are paused.
OKX MINIMAX-USDT-SWAP MINIMAX 2 h Stale: last estimate is 2 h 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.
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.
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.