Swolecharts
Live crypto data · 10 exchanges

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 17:09 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
44
coverage ok, fresh2026-10-01 17:04Z
Incomplete coverage
0
50-80% of index weight modelled
Not ranked
28
18 stale · 0 insufficient · 10 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of -5% · Bitget

highest ratio first · top 44 · 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 Bitget 龙虾USDT $47k $13M 280x est. 99% of weightheld fixed: binance_alpha ALPHA_772/USDT
2 Bitget BEATUSDT BEAT $17k $2.3M 130x est. 99% of weightheld fixed: binance_alpha ALPHA_451/USDT
3 Bitget BBUSDT BB $35k $2.1M 59x est. 100% of weight
4 Bitget VELODROMEUSDT VELODROME $33k $1.9M 56x est. 100% of weight
5 Bitget AWEUSDT AWE $15k $680k 44x est. 82% of weightheld fixed: KuCoin AWE/USDT
6 Bitget XVSUSDT XVS $12k $410k 34x est. 100% of weight
7 Bitget ARKUSDT ARK $60k $1.8M 30x est. 100% of weight
8 Bitget GPSUSDT GPS $72k $1.6M 23x est. 100% of weight
9 Bitget CVXUSDT CVX $33k $710k 21x est. 97% of weightheld fixed: KuCoin CVX/USDT
10 Bitget CVCUSDT CVC $31k $610k 20x est. 100% of weight
11 Bitget TUTUSDT TUT $110k $2M 18x est. 100% of weight
12 Bitget REZUSDT REZ $63k $1M 16x est. 100% of weight
13 Bitget CTSIUSDT CTSI $28k $460k 16x est. 100% of weight
14 Bitget RAREUSDT RARE $50k $810k 16x est. 100% of weight
15 Bitget ACEUSDT ACE $120k $1.8M 15x est. 100% of weight
16 Bitget MIRAUSDT MIRA $42k $570k 14x est. 100% of weight
17 Bitget STOUSDT STO $60k $780k 13x est. 100% of weight
18 Bitget MAVUSDT MAV $36k $470k 13x est. 100% of weight
19 Bitget SOPHUSDT SOPH $75k $960k 13x est. 100% of weight
20 Bitget JOEUSDT JOE $26k $320k 12x est. 97% of weightheld fixed: OKX JOE/USDT
21 Bitget GUSDT G $95k $1.1M 11x est. 98% of weightheld fixed: Coinbase G/USD
22 Bitget C98USDT C98 $38k $420k 11x est. 98% of weightheld fixed: KuCoin C98/USDT
23 Bitget BSVUSDT BSV $85k $880k 10x est. 100% of weight
24 Bitget ARPAUSDT ARPA $47k $490k 10x est. 100% of weight
25 Bitget TUSDT T $57k $580k 10x est. 100% of weight
26 Bitget SPELLUSDT SPELL $34k $340k 10x est. 100% of weight
27 Bitget FIDAUSDT FIDA $35k $340k 9.8x est. 100% of weight
28 Bitget MANTRAUSDT MANTRA $52k $500k 9.6x est. 100% of weight
29 Bitget CHRUSDT CHR $48k $460k 9.5x est. 99% of weightheld fixed: Gate CHR/USDT
30 Bitget EPICUSDT EPIC $160k $1.5M 9.1x est. 100% of weight
31 Bitget DEXEUSDT DEXE $190k $1.7M 9.1x est. 100% of weight
32 Bitget ERAUSDT ERA $65k $560k 8.6x est. 100% of weight
33 Bitget KERNELUSDT KERNEL $70k $560k 8x est. 95% of weightheld fixed: KuCoin KERNEL/USDT
34 Bitget ILVUSDT ILV $45k $350k 7.8x est. 100% of weight
35 Bitget OGNUSDT OGN $53k $350k 6.6x est. 100% of weight
36 Bitget THEUSDT THE $84k $440k 5.2x est. 100% of weight
37 Bitget AVAUSDT AVA $96k $490k 5.1x est. 100% of weight
38 Bitget POLYXUSDT POLYX $85k $430k 5x est. 100% of weight
39 Bitget HYPERUSDT HYPER $110k $540k 4.9x est. 100% of weight
40 Bitget ZKCUSDT ZKC $95k $460k 4.8x est. 100% of weight
41 Bitget COWUSDT COW $160k $590k 3.7x est. 99% of weightheld fixed: KuCoin COW/USDT
42 Bitget VTHOUSDT VTHO $260k $860k 3.4x est. 100% of weightheld fixed: Coinbase VTHO/USD
43 Bitget 10000NEXUSDT NEX $9.8k $30k 3x est. 86% of weightheld fixed: Coinbase 10000NEX/USD
44 Bitget BANDUSDT BAND $130k $370k 2.8x 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 39 min Stale: last estimate is 39 min old. Figures are shown greyed and alerts are paused.
Bitget NEOUSDT NEO 39 min Stale: last estimate is 39 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 99 min Stale: last estimate is 99 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.