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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
75
coverage ok, fresh2026-10-01 16:14Z
Incomplete coverage
0
50-80% of index weight modelled
Not ranked
20
12 stale · 0 insufficient · 8 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of -5% · Bybit

highest ratio first · top 50 of 75 · 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 $2k $1.8M 920x est. 98% of weightheld fixed: binancealpha TAG/USDT
2 Bybit INUSDT IN $5.6k $590k 110x est. 86% of weightheld fixed: KuCoin IN-USDT, pancakeswapv3 IN/WBNB
3 Bybit BBUSDT BB $37k $2.1M 56x est. 100% of weight
4 Bybit LUMIAUSDT LUMIA $27k $1.5M 54x est. 95% of weightheld fixed: KuCoin LUMIA-USDT
5 Bybit MOVRUSDT MOVR $120k $6.8M 54x est. 100% of weight
6 Bybit MUBARAKUSDT MUBARAK $140k $6.3M 47x est. 100% of weight
7 Bybit SPXUSDT SPX $60k $2.4M 40x est. 100% of weight
8 Bybit TRIAUSDT TRIA $35k $1.4M 39x est. 87% of weightheld fixed: Coinbase TRIA-USD
9 Bybit EPICUSDT EPIC $45k $1.5M 33x est. 100% of weight
10 Bybit NOMUSDT NOM $48k $1.5M 33x est. 93% of weightheld fixed: Coinbase NOM-USD
11 Bybit CHRUSDT CHR $14k $460k 32x est. 100% of weight
12 Bybit ZILUSDT ZIL $31k $980k 31x est. 93% of weightheld fixed: Gate ZIL_USDT
13 Bybit MITOUSDT MITO $36k $1.1M 30x est. 100% of weight
14 Bybit ALICEUSDT ALICE $59k $1.6M 28x est. 91% of weightheld fixed: Coinbase ALICE-USD, Gate ALICE_USDT
15 Bybit FLOWUSDT FLOW $29k $780k 27x est. 100% of weight
16 Bybit FORMUSDT FORM $90k $2.3M 26x est. 100% of weight
17 Bybit XVSUSDT XVS $16k $410k 26x est. 100% of weight
18 Bybit SHELLUSDT SHELL $19k $490k 25x est. 100% of weight
19 Bybit 10000SATSUSDT SATS $24k $510k 21x est. 100% of weight
20 Bybit ACEUSDT ACE $88k $1.9M 21x est. 100% of weight
21 Bybit GPSUSDT GPS $79k $1.7M 21x est. 100% of weight
22 Bybit TUTUSDT TUT $100k $2M 19x est. 100% of weight
23 Bybit REZUSDT REZ $56k $1.1M 19x est. 100% of weight
24 Bybit MAVUSDT MAV $26k $470k 18x est. 100% of weight
25 Bybit HEIUSDT HEI $45k $770k 17x est. 100% of weight
26 Bybit NILUSDT NIL $140k $2.3M 16x est. 100% of weight
27 Bybit CVXUSDT CVX $44k $710k 16x est. 91% of weightheld fixed: Kraken CVX/USD
28 Bybit FOGOUSDT FOGO $39k $600k 15x est. 100% of weight
29 Bybit STOUSDT STO $52k $790k 15x est. 100% of weight
30 Bybit ROBOUSDT ROBO $75k $1M 14x est. 100% of weight
31 Bybit CUSDT C $110k $1.4M 13x est. 100% of weight
32 Bybit NEOUSDT NEO $80k $1.1M 13x est. 99% of weightheld fixed: Gate NEO_USDT
33 Bybit MAGICUSDT MAGIC $44k $570k 13x est. 93% of weightheld fixed: Coinbase MAGIC-USD
34 Bybit MIRAUSDT MIRA $46k $570k 12x est. 100% of weight
35 Bybit YBUSDT YB $42k $510k 12x est. 100% of weight
36 Bybit PORTALUSDT PORTAL $50k $600k 12x est. 100% of weight
37 Bybit RUNEUSDT RUNE $180k $2.1M 12x est. 96% of weightheld fixed: Kraken RUNE/USD
38 Bybit SAGAUSDT SAGA $160k $1.8M 11x est. 98% of weightheld fixed: Kraken SAGA/USD
39 Bybit REDUSDT RED $79k $890k 11x est. 100% of weight
40 Bybit BSVUSDT BSV $79k $880k 11x est. 100% of weight
41 Bybit HEMIUSDT HEMI $110k $1.2M 11x est. 100% of weight
42 Bybit C98USDT C98 $40k $420k 11x est. 98% of weightheld fixed: Coinbase C98-USD, Gate C98_USDT
43 Bybit PHAUSDT PHA $200k $2M 10x est. 100% of weight
44 Bybit FIDAUSDT FIDA $35k $340k 9.8x est. 100% of weight
45 Bybit OGNUSDT OGN $36k $350k 9.6x est. 93% of weightheld fixed: Coinbase OGN-USD, KuCoin OGN-USDT
46 Bybit RONINUSDT RONIN $42k $400k 9.6x est. 100% of weight
47 Bybit DUSKUSDT DUSK $75k $720k 9.6x est. 100% of weight
48 Bybit TOWNSUSDT TOWNS $53k $490k 9.3x est. 100% of weight
49 Bybit DEXEUSDT DEXE $190k $1.7M 9.2x est. 100% of weight
50 Bybit PHAROSUSDT PHAROS $130k $1.2M 9.1x est. 86% of weightheld fixed: Coinbase PROS-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 · 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.