{"slug":"perp-liq-rate","title":"Perp DEX liquidation rate: 24h liquidated notional as % of open interest, live","subtitle":"Liquidated notional over the trailing 24 hours divided by current open interest, in percent. Higher means more positions are being forcibly closed relative to the venue's total exposure. Measured live every 5 minutes on ETH and BTC across 7 perpetual DEX venues.","category":"Trading","metric":"Liquidation rate","unit":"pct","status":"live","higherIsBetter":false,"filters":null,"value":0.0129909,"leader":{"name":"Lighter","slug":"lighter","value":0.0129909},"rankings":[{"name":"Lighter","slug":"lighter","ms":{"p50":0.0129909,"p90":0.0172404,"p99":0.0174851,"mean":0.0129909},"successRate":100,"sampleSize":2880},{"name":"dYdX v4","slug":"dydx","ms":{"p50":1.51698,"p90":2.12443,"p99":2.31915,"mean":1.51698},"successRate":100,"sampleSize":2880},{"name":"Paradex","slug":"paradex","ms":{"p50":4.89746,"p90":6.42968,"p99":6.57515,"mean":4.89746},"successRate":100,"sampleSize":2880},{"name":"Hyperliquid","slug":"hyperliquid","ms":{"p50":9.83889,"p90":11.3764,"p99":12.2467,"mean":9.83889},"successRate":100,"sampleSize":2880}],"sparkline":[0.0011862,0.00118614,0.00118252,0.00117046,0.00116327,0.00115591,0.00114435,0.00115339,0.00115163,0.00115217,0.00114126,0.00114702,0.00114605,0.00114432,0.00113168,0.008037,0.00802576,0.00806883,0.00809796,0.00807263,0.00803173,0.0080902,0.00827079,0.00859081,0.00866032,0.0087187,0.00862729,0.0086213,0.00872603,0.00866743,0.00861611,0.00861632,0.00856652,0.00853216,0.00848163,0.00844157,0.00855073,0.00820718,0.00815755,0.00815786,0.00818735,0.00817958,0.00814602,0.00818807,0.0081081,0.00809741,0.0080692,0.00806742,0.00809488,0.00791346,0.00792463,0.00783909,0.00779195,0.00787575,0.00779387,0.00774999,0.00778849,0.00778563,0.00776059,0.00777725,0.00788369,0.00785891,0.00789084,0.00785192,0.0078314,0.00782813,0.00778987,0.0078075,0.00782792,0.00775388,0.00780417,0.00795085,0.00816501],"sampleSize":14400,"asOf":"2026-08-22T04:09:02.180Z","headline":"Lighter posts the lowest liquidation rate at 0.013% (24h avg) on Perp DEX liquidation rate: 24h liquidated notional as % of open interest, live.","quote":"Lighter posts the lowest liquidation rate at 0.013% (24h avg) on Perp DEX liquidation rate: 24h liquidated notional as % of open interest, live. Source: OpenChainBench (https://openchainbench.com/benchmarks/perp-liq-rate).","cite":{"plain":"OpenChainBench. \"Perp DEX liquidation rate: 24h liquidated notional as % of open interest, live\". Retrieved 2026-08-22. https://openchainbench.com/benchmarks/perp-liq-rate","bibtex":"@misc{ocb_perp_liq_rate,\n  author = {OpenChainBench},\n  title  = {Perp DEX liquidation rate: 24h liquidated notional as % of open interest, live},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/perp-liq-rate},\n  note   = {Retrieved 2026-08-22}\n}","apa":"OpenChainBench. (2026). Perp DEX liquidation rate: 24h liquidated notional as % of open interest, live. Retrieved August 22, 2026, from https://openchainbench.com/benchmarks/perp-liq-rate","ris":"TY  - GEN\r\nAU  - OpenChainBench\r\nTI  - Perp DEX liquidation rate: 24h liquidated notional as % of open interest, live\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/perp-liq-rate\r\nY2  - 2026-08-22\r\nER  - \r\n"},"pageUrl":"https://openchainbench.com/benchmarks/perp-liq-rate","ogImage":"https://openchainbench.com/api/og/perp-liq-rate","source":"https://github.com/ChainBench/OpenChainBench/tree/main/harnesses/perp-liq-rate","methodology":["Cadence: every 5 minutes, in parallel across all venue/asset pairs.","Sliding window: liquidation events are stored in a 24-hour ring buffer keyed by a dedup string (trade hash or composite timestamp+size key). Events older than 24 hours are pruned on each tick. The window sum is the numerator of the liq rate.","Hyperliquid: OI from POST /info {type:metaAndAssetCtxs} (openInterest in base units × midPx). Liquidations from 0xArchive GET /v1/hyperliquid/liquidations/{coin} with cursor pagination, covering all liquidation types. Fallback without OXARCHIVE_API_KEY: userFillsByTime on HLP vault address (backstop-only subset).","dYdX v4: OI from GET /v4/perpetualMarkets (openInterest base units * oraclePrice). Liquidations from GET /v4/trades/perpetualMarket/{ticker}?limit=100 paginated backwards, keeping type == LIQUIDATED rows; notional = size * price.","GMX v2 (Arbitrum): OI from arbitrum-api.gmxinfra.io/markets/info (openInterestLong + openInterestShort per market, 30-decimal USD, summed across all listed markets for the asset). Liquidation source: unavailable (TheGraph subgraph defunct; Subsquid positionChanges does not expose orderType/isLiquidation). liq_rate and liq_volume are not published for GMX; perp_liq_source_available{venue='gmx'} = 0.","Lighter: OI from GET /api/v1/orderBookDetails?filter=perp (open_interest in base units × mark_price). Liquidations from Coinalyze /v1/liquidation-history (hourly buckets, symbols 0.T=ETH 1.T=BTC, base asset units × current mark_price). Requires COINALYZE_API_KEY.","gains.trade (Base): OI from GET backend-base.gains.trade/trading-variables, sum of oiLongCollateral + oiShortCollateral for the USDC collateral at the asset's pair index (BTC=0, ETH=1), divided by 1e6. Liquidations from eth_getLogs on the Gains diamond (0x6cd5ac19...) filtering TradeClosed events with cancelReason=1; notional = collateralAmount/1e6 × leverage/1e3.","Aevo: OI from GET /statistics?asset=BASE&instrument_type=PERPETUAL (open_interest.total contracts * mark_price). Liquidation source: none; Aevo has no public liquidation feed as of 2025-08. liq_rate and liq_volume are not published; perp_liq_source_available{venue='aevo'} = 0.","Paradex: OI from GET /v1/markets/summary?market=X (open_interest base units * mark_price). Liquidations from GET /v1/trades?market=X&start_at=<ms>&end_at=<ms> paginated by cursor, keeping trade_type == LIQUIDATION rows.","Apple-to-apple: OI = current notional USD (collateral × leverage) at all venues. Liquidation events = notional USD of forcibly closed positions. Both sides use the same definition across all venues with available data.","GMX caveat: liq_rate is effectively 0% due to missing liquidation data; OI is real and per-asset. Do not compare GMX liq_rate to other venues until a working source is added."],"license":"CC-BY-4.0"}