Research: The emerging Perp DEX carries high risks, with some platforms having an OI/TVL over 3.

WuSaidBlockchainW

2025-12-02 06:12:42

GMX0,53%

According to Wu, Eugene Bulltime, the analysis director of Contribution Capital, stated that the OI/TVL ratio measures the risk taken by traders on the exchange. The higher the ratio, the greater the platform risk, as the probability of ADL triggered during a “black swan” event may be higher; the average OI/TVL ratio for CEX is 0.5, while the average OI/TVL for older Perp DEXs like dYdX and GMX is 0.25; for younger growth-stage Perp DEXs, this OI/TVL ratio can exceed 3, such as Variational, GRVT, and Ostium; for more mature Perp DEXs, this OI/TVL ratio should be below 1, while currently Lighter is at 1.36, Hyperliquid is at 1.39, edgeX is at 1.84, and Aster is at 1.85.

View Original

Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to Disclaimer.

Comment

0/400

No comments