{"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.trade 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":33.2948,"leader":{"name":"gains.trade","slug":"gains","value":33.2948},"rankings":[{"name":"gains.trade","slug":"gains","ms":{"p50":33.2948,"p90":33.2948,"p99":33.2948,"mean":33.2948},"successRate":62.134699999999995,"sampleSize":5754},{"name":"Ostium","slug":"ostium","ms":{"p50":4.21342,"p90":4.21342,"p99":4.21342,"mean":4.21342},"successRate":62.1562,"sampleSize":5754},{"name":"dYdX v4","slug":"dydx","ms":{"p50":0.996931,"p90":0.996931,"p99":0.996931,"mean":0.996931},"successRate":84.1034,"sampleSize":5754},{"name":"Hyperliquid","slug":"hyperliquid","ms":{"p50":0.0293727,"p90":0.0293727,"p99":0.0293727,"mean":0.0293727},"successRate":84.10300000000001,"sampleSize":5754}],"sparkline":[33.1793,33.1793,33.1793,33.2868,33.2868,33.2868,33.2984,33.2984,33.2984,33.2984,33.2984,33.2984,33.2928,33.2928,33.2928,33.2928,33.2928,33.2928,33.3646,33.3646,33.3646,33.3735,33.3735,33.3735],"sampleSize":23016,"asOf":"2026-08-04T18:04:16.837Z","headline":"gains.trade leads markets per $m tvl at 33 (24h) on Perp DEX capital efficiency: active markets per $M TVL, live.","quote":"gains.trade leads markets per $m tvl at 33 (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 2026-08-04. 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 2026-08-04}\n}","apa":"OpenChainBench. (2026). Perp DEX capital efficiency: active markets per $M TVL, live. Retrieved August 4, 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  - 2026-08-04\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.trade: 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.trade 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"}