{"slug":"perp-capital-efficiency","title":"Perp DEX capital efficiency: active markets per $M TVL, live","subtitle":"Active perp markets divided by trading TVL in USD millions. Higher means more instruments supported per dollar of locked collateral. Synthetic oracle venues like Gains carry many markets on a shared pool; CLOB venues like Hyperliquid require dedicated market-maker inventory per pair.","category":"Trading","metric":"Markets per $M TVL","unit":"count","status":"live","higherIsBetter":true,"filters":null,"value":29.8928,"leader":{"name":"Gains","slug":"gains","value":29.8928},"rankings":[{"name":"Gains","slug":"gains","ms":{"p50":29.8928,"p90":29.8928,"p99":29.8928,"mean":29.8928},"successRate":83.27550000000001,"sampleSize":2880},{"name":"Ostium","slug":"ostium","ms":{"p50":6.79612,"p90":6.79612,"p99":6.79612,"mean":6.79612},"successRate":83.3275,"sampleSize":2880},{"name":"dYdX v4","slug":"dydx","ms":{"p50":0.71751,"p90":0.71751,"p99":0.71751,"mean":0.71751},"successRate":85.7093,"sampleSize":2880},{"name":"Hyperliquid","slug":"hyperliquid","ms":{"p50":0.0260333,"p90":0.0260333,"p99":0.0260333,"mean":0.0260333},"successRate":85.5903,"sampleSize":2880}],"sparkline":[31.5643,31.5443,31.5443,31.5443,31.3919,31.3919,31.3919,31.3919,31.3919,31.3919,30.8827,30.8827,30.8827,30.8752,30.8752,30.8752,30.8752,30.8752,30.8752,30.8266,30.8266,30.8266,30.7319,30.7319,30.7319,30.7319,30.7319,30.7319,30.6724,30.6724,30.6724,30.4412,30.4412,30.4412,30.4412,30.4412,30.4412,29.799,29.799,29.799,29.778,29.778,29.778,29.778,29.778,29.778,29.6593,29.6593,29.6593,29.668,29.668,29.668,29.668,29.668,29.668,28.7156,28.7156,28.7156,28.7156,28.7156,28.7156,28.0802,28.0802,28.0802,27.8234,27.8234,27.8234,27.7339,27.7339,27.7339,27.7339,27.7339,27.7339],"sampleSize":11520,"asOf":"2026-09-18T21:11:58.232Z","headline":"Gains leads markets per $m tvl at 30 (24h) on Perp DEX capital efficiency: active markets per $M TVL, live.","quote":"Gains leads markets per $m tvl at 30 (24h) on Perp DEX capital efficiency: active markets per $M TVL, live. Source: OpenChainBench (https://openchainbench.com/benchmarks/perp-capital-efficiency).","cite":{"plain":"OpenChainBench. \"Perp DEX capital efficiency: active markets per $M TVL, live\". Retrieved 2026-09-18. https://openchainbench.com/benchmarks/perp-capital-efficiency","bibtex":"@misc{ocb_perp_capital_efficiency,\n  author = {OpenChainBench},\n  title  = {Perp DEX capital efficiency: active markets per $M TVL, live},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/perp-capital-efficiency},\n  note   = {Retrieved 2026-09-18}\n}","apa":"OpenChainBench. (2026). Perp DEX capital efficiency: active markets per $M TVL, live. Retrieved September 18, 2026, from https://openchainbench.com/benchmarks/perp-capital-efficiency","ris":"TY  - GEN\r\nAU  - OpenChainBench\r\nTI  - Perp DEX capital efficiency: active markets per $M TVL, live\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/perp-capital-efficiency\r\nY2  - 2026-09-18\r\nER  - \r\n"},"pageUrl":"https://openchainbench.com/benchmarks/perp-capital-efficiency","ogImage":"https://openchainbench.com/api/og/perp-capital-efficiency","source":"https://github.com/ChainBench/OpenChainBench/tree/main/harnesses/perp-cohort-stats","methodology":["Cadence: every 5 minutes. Both active_markets and TVL are re-read on the same sweep cycle.","Active markets: native venue API per the perp-active-markets bench methodology. Gains: Mobula perp pairs catalog (mainnet only). Hyperliquid: info metaAndAssetCtxs. dYdX: indexer perpetualMarkets. Others: native endpoints.","TVL: DefiLlama /protocol/{slug} currentChainTvls. Staking and pool2 keys excluded. Multi-chain TVL summed across all deployment chains.","Gains TVL: GToken vault across Arbitrum, Base, Polygon and ApeChain. This is the shared liquidity pool that backs all synthetic pairs simultaneously.","Hyperliquid TVL: total user deposits (USDC). Funds serve as both margin and implicit market-maker collateral; every listed pair draws from this pool for maker fills.","Ratio formula: avg_over_time(markets[24h]) / avg_over_time(tvl_usd[24h]) * 1_000_000.","Interpretation: a ratio of 40 means the venue can sustain 40 active markets per $1M locked. Higher is more capital-efficient in terms of market breadth."],"license":"CC-BY-4.0"}