{"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":34.0591,"leader":{"name":"Ostium","slug":"ostium","value":34.0591},"leaders":[{"name":"Ostium","slug":"ostium","value":34.0591}],"rankings":[{"name":"Ostium","slug":"ostium","value":34.0591,"unit":"count","ms":{"p50":34.0591,"p90":34.0591,"p99":34.0591,"mean":34.0591},"successRate":99.9722,"sampleSize":2880},{"name":"Gains","slug":"gains","value":26.7151,"unit":"count","ms":{"p50":26.7151,"p90":26.7151,"p99":26.7151,"mean":26.7151},"successRate":99.9722,"sampleSize":2880},{"name":"Aevo","slug":"aevo","value":15.5221,"unit":"count","ms":{"p50":15.5221,"p90":15.5221,"p99":15.5221,"mean":15.5221},"successRate":83.0208,"sampleSize":2880},{"name":"GRVT","slug":"grvt","value":5.81175,"unit":"count","ms":{"p50":5.81175,"p90":5.81175,"p99":5.81175,"mean":5.81175},"successRate":83.3333,"sampleSize":2880},{"name":"Extended","slug":"extended","value":3.09486,"unit":"count","ms":{"p50":3.09486,"p90":3.09486,"p99":3.09486,"mean":3.09486},"successRate":99.88430000000001,"sampleSize":2880},{"name":"edgeX","slug":"edgex","value":2.62063,"unit":"count","ms":{"p50":2.62063,"p90":2.62063,"p99":2.62063,"mean":2.62063},"successRate":83.1713,"sampleSize":2880},{"name":"Paradex","slug":"paradex","value":2.58088,"unit":"count","ms":{"p50":2.58088,"p90":2.58088,"p99":2.58088,"mean":2.58088},"successRate":99.9884,"sampleSize":2880},{"name":"Aster","slug":"aster","value":0.823708,"unit":"count","ms":{"p50":0.823708,"p90":0.823708,"p99":0.823708,"mean":0.823708},"successRate":99.9884,"sampleSize":2880},{"name":"dYdX v4","slug":"dydx","value":0.736782,"unit":"count","ms":{"p50":0.736782,"p90":0.736782,"p99":0.736782,"mean":0.736782},"successRate":99.9769,"sampleSize":2880},{"name":"Lighter","slug":"lighter","value":0.268467,"unit":"count","ms":{"p50":0.268467,"p90":0.268467,"p99":0.268467,"mean":0.268467},"successRate":99.9074,"sampleSize":2880},{"name":"Papertrade","slug":"papertrade","value":0.0772011,"unit":"count","ms":{"p50":0.0772011,"p90":0.0772011,"p99":0.0772011,"mean":0.0772011},"successRate":80,"sampleSize":2880},{"name":"Hyperliquid","slug":"hyperliquid","value":0.0196073,"unit":"count","ms":{"p50":0.0196073,"p90":0.0196073,"p99":0.0196073,"mean":0.0196073},"successRate":99.9884,"sampleSize":2880}],"sparkline":[34.9347,34.9347,34.9347,34.9528,34.9528,34.9528,34.9549,34.9549,34.9549,34.9549,34.9549,34.9549,34.9582,34.9582,34.9582,34.9073,34.9073,34.9073,34.9085,34.9085,34.9085,34.9044,34.9044,34.9044,34.9044,34.9044,34.9044,34.901,34.901,34.901,34.9008,34.9008,34.9008,34.8957,34.8957,34.8957,34.8898,34.8898,34.8898,34.9523,34.9523,34.9523,34.3805,34.3805,34.3805,34.3805,34.3805,34.3805,33.1055,33.1055,33.1055,32.6255,32.6255,32.6255,32.5922,32.5922,32.5922,32.5922,32.5922,32.5922,32.5651,32.5651,32.5651,32.5273,32.5273,32.5273,32.5273,32.5273,32.5273,32.5371,32.5371,32.5371,32.5444],"sampleSize":34560,"asOf":"2026-11-03T01:33:38.002Z","freshness":{"asOf":"2026-11-03T01:33:38.002Z","ageHours":0.2,"stale":false},"measured":12,"ranked":12,"headline":"Ostium leads markets per $M TVL at 34 (24h at the average daily rate) across 12 ranked venues.","quote":"Ostium leads markets per $M TVL at 34 (24h at the average daily rate) across 12 ranked venues. Source: OpenChainBench (https://openchainbench.com/benchmarks/perp-capital-efficiency).","cite":{"plain":"OpenChainBench. \"Perp DEX capital efficiency: active markets per $M TVL, live\". Retrieved 2026-11-03. 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 2026-11-03}\n}","apa":"OpenChainBench. (2026). Perp DEX capital efficiency: active markets per $M TVL, live. Retrieved November 3, 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  - 2026-11-03\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: its Arbitrum trading variables minus delisted pairs. 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.","Floor. A venue ranks only with at least $1M of trading TVL. The metric divides by TVL, so a small vault inflates the ratio: one market on $120k of backing reads 8.4 and ranks fourth, above four venues carrying 66 to 334 markets, which inverts what a high number means here. The threshold sits in a gap in the data: on 2026-10-22 the smallest ranked vault was $3.95M, so no row in the field moves.","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.","Cohort: every venue of the perp-cohort-stats harness that publishes both an active market count and a DefiLlama TVL, 12 venues as of 2026-09-22 (Gains, Hyperliquid, dYdX v4, Ostium, Aster, Extended, Lighter, Paradex, edgeX, Pacifica, Aevo, GRVT). Ondo Perps, Polymarket and Vertex have a market count but no TVL series; GMX v2 has a TVL but no native market count. The four are left out."],"license":"CC-BY-4.0"}