logo

ChainThink

Stay ahead, master crypto insights

Research: Emerging Perp DEXs Pose High Risk, with Some Platforms Exhibiting OI/TVL Ratios Exceeding 3

Research: Emerging Perp DEXs Pose High Risk, with Some Platforms Exhibiting OI/TVL Ratios Exceeding 3

2025-12-02 14:09

View Original
report, according to Eugene Bulltime, Analysis Lead at Contribution Capital, the OI/TVL ratio measures the risk exposure of traders on exchanges; a higher ratio indicates greater platform risk, as the probability of Adverse Liquidation (ADL) events increases during "black swan" scenarios. The average OI/TVL ratio for CEXs is 0.5, while older Perp DEXs such as dYdX and GMX have an average OI/TVL ratio of 0.25. For younger, emerging Perp DEXs, the OI/TVL ratio can exceed 3—examples include Variational, GRVT, and Ostium. For more mature Perp DEXs, the OI/TVL ratio should be below 1; currently, Lighter stands at 1.36, Hyperliquid at 1.39, edgeX at 1.84, and Aster at 1.85.
#GMX

Disclaimer: Contains third-party opinions, does not constitute financial advice

Recommended Reading
Current mainstream CEX and DEX funding rates indicate a broadly bearish market, with BTC funding rates negative across multiple trading platforms.
Current mainstream CEX and DEX funding rates indicate a broadly bearish market, with BTC funding rates negative across multiple trading platforms.
Bitcoin rebounds nearly 20% from its lower point, while on-chain funding rates still indicate a bearish sentiment
Bitcoin rebounds nearly 20% from its lower point, while on-chain funding rates still indicate a bearish sentiment
Despite a clear market rebound, funding rates still reflect a strongly bearish market sentiment
Despite a clear market rebound, funding rates still reflect a strongly bearish market sentiment
Insight: Decibel addresses the persistent challenges of centralized system outages and opaque black-box risks through its composable on-chain transaction engine.
Insight: Decibel addresses the persistent challenges of centralized system outages and opaque black-box risks through its composable on-chain transaction engine.
Binance will list the TRIA/USDT Perpetual Contract
Binance will list the TRIA/USDT Perpetual Contract
The current mainstream CEX and DEX funding rates indicate that the market has once again fully shifted to bearish sentiment.
The current mainstream CEX and DEX funding rates indicate that the market has once again fully shifted to bearish sentiment.
Overview of Major Perp DEXs: Overall volatility remains stable across platforms, with Hyperliquid's open interest slightly declining to $5.71 billion
Overview of Major Perp DEXs: Overall volatility remains stable across platforms, with Hyperliquid's open interest slightly declining to $5.71 billion