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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 15:38 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
47
coverage ok, fresh2026-10-01 15:29Z
Incomplete coverage
0
50-80% of index weight modelled
Not ranked
17
13 stale · 0 insufficient · 4 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of +5% · Bitget

highest ratio first · top 47 · 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 $49k $13M 260x est. 99% of weightheld fixed: binance_alpha ALPHA_772/USDT
2 Bitget BEATUSDT BEAT $25k $2.3M 93x est. 99% of weightheld fixed: binance_alpha ALPHA_451/USDT
3 Bitget BBUSDT BB $31k $2.1M 65x est. 98% of weightheld fixed: Gate BB/USDT
4 Bitget VELODROMEUSDT VELODROME $34k $1.9M 56x est. 96% of weightheld fixed: OKX VELO/USDT
5 Bitget MOVRUSDT MOVR $130k $6M 45x est. 100% of weight
6 Bitget XVSUSDT XVS $9.2k $410k 44x est. 100% of weight
7 Bitget CVCUSDT CVC $16k $610k 37x est. 100% of weight
8 Bitget ARKUSDT ARK $49k $1.8M 37x est. 100% of weight
9 Bitget MAGICUSDT MAGIC $16k $520k 33x est. 100% of weight
10 Bitget GPSUSDT GPS $56k $1.6M 29x est. 100% of weight
11 Bitget SHELLUSDT SHELL $17k $490k 29x est. 100% of weight
12 Bitget NILUSDT NIL $100k $2.4M 24x est. 100% of weight
13 Bitget REZUSDT REZ $48k $1M 22x est. 100% of weight
14 Bitget ACEUSDT ACE $86k $1.9M 22x est. 100% of weight
15 Bitget TUSDT T $27k $580k 21x est. 100% of weight
16 Bitget CVXUSDT CVX $34k $710k 21x est. 100% of weight
17 Bitget STOUSDT STO $42k $780k 19x est. 100% of weightheld fixed: KuCoin STO/USDT
18 Bitget TUTUSDT TUT $120k $2M 17x est. 100% of weight
19 Bitget SPELLUSDT SPELL $21k $340k 16x est. 100% of weight
20 Bitget RAREUSDT RARE $58k $800k 14x est. 100% of weight
21 Bitget EPICUSDT EPIC $110k $1.5M 13x est. 100% of weight
22 Bitget ARPAUSDT ARPA $37k $490k 13x est. 100% of weight
23 Bitget DYMUSDT DYM $39k $500k 13x est. 87% of weightheld fixed: Gate DYM/USDT, KuCoin DYM/USDT
24 Bitget MAVUSDT MAV $37k $470k 13x est. 100% of weight
25 Bitget CUSDT C $120k $1.4M 12x est. 96% of weightheld fixed: KuCoin C/USDT
26 Bitget CHRUSDT CHR $38k $450k 12x est. 100% of weight
27 Bitget MANTRAUSDT MANTRA $42k $500k 12x est. 100% of weight
28 Bitget CTSIUSDT CTSI $39k $460k 12x est. 98% of weightheld fixed: KuCoin CTSI/USDT
29 Bitget UBUSDT UB $89k $1M 12x est. 100% of weight
30 Bitget KERNELUSDT KERNEL $50k $560k 11x est. 100% of weight
31 Bitget C98USDT C98 $38k $420k 11x est. 100% of weight
32 Bitget ORCAUSDT ORCA $110k $1M 9.7x est. 93% of weightheld fixed: KuCoin ORCA/USDT
33 Bitget MIRAUSDT MIRA $60k $570k 9.5x est. 99% of weightheld fixed: KuCoin MIRA/USDT
34 Bitget DEXEUSDT DEXE $190k $1.7M 9.1x est. 100% of weight
35 Bitget GIGGLEUSDT GIGGLE $280k $2.4M 8.6x est. 100% of weight
36 Bitget ACTUSDT ACT $57k $480k 8.5x est. 87% of weightheld fixed: OKX ACT/USDT
37 Bitget GUSDT G $140k $1.1M 7.3x est. 97% of weightheld fixed: Coinbase G/USD, KuCoin G/USDT
38 Bitget ERAUSDT ERA $77k $560k 7.3x est. 99% of weightheld fixed: KuCoin ERA/USDT
39 Bitget ILVUSDT ILV $51k $350k 6.9x est. 100% of weight
40 Bitget THEUSDT THE $66k $440k 6.7x est. 100% of weight
41 Bitget FIDAUSDT FIDA $52k $340k 6.6x est. 100% of weight
42 Bitget FLOKIUSDT FLOKI $190k $1.2M 6.6x est. 100% of weight
43 Bitget AVAUSDT AVA $77k $500k 6.4x est. 100% of weight
44 Bitget VTHOUSDT VTHO $180k $860k 4.8x est. 100% of weightheld fixed: Coinbase VTHO/USD
45 Bitget COWUSDT COW $120k $590k 4.7x est. 100% of weight
46 Bitget ZKCUSDT ZKC $120k $460k 3.9x est. 93% of weightheld fixed: Bitget ZKC/USDT, Gate ZKC/USDT
47 Bitget BANDUSDT BAND $96k $370k 3.8x est. 91% 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 · 13 of 13 shown
Perp Last estimate age Status
Bitget RVNUSDT RVN 67 min Stale: last estimate is 67 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.
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.
Bitget SOPHUSDT SOPH 68 min Stale: last estimate is 68 min old. Figures are shown greyed and alerts are paused.
Bitget USUALUSDT USUAL 68 min Stale: last estimate is 68 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.
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.