{"slug":"perp-mark-price-lag","title":"Perp DEX mark price fidelity: deviation from CEX spot reference, live","subtitle":"Median absolute deviation in basis points between each venue's mark price and a Binance spot reference, measured every 60 seconds on ETH, BTC and SOL. Lower means the venue's mark price stays closer to the CEX spot consensus. Oracle-priced venues use a real-time price feed anchored to CEX spot; orderbook venues derive their mark from their own book.","category":"Trading","metric":"Mark price deviation","unit":"bps","status":"live","higherIsBetter":false,"filters":null,"value":4.37686,"leader":{"name":"Lighter","slug":"lighter","value":4.37686},"rankings":[{"name":"Lighter","slug":"lighter","ms":{"p50":4.37686,"p90":5.86374,"p99":6.72623,"mean":4.41523},"successRate":100,"sampleSize":5759},{"name":"Hyperliquid","slug":"hyperliquid","ms":{"p50":4.43888,"p90":5.47896,"p99":7.04018,"mean":4.44571},"successRate":100,"sampleSize":5759},{"name":"Paradex","slug":"paradex","ms":{"p50":6.16445,"p90":7.5081,"p99":9.00298,"mean":6.12295},"successRate":100,"sampleSize":5759},{"name":"dYdX v4","slug":"dydx","ms":{"p50":7.75101,"p90":11.0322,"p99":13.3062,"mean":7.7499},"successRate":100,"sampleSize":5759},{"name":"gains.trade","slug":"gains","ms":{"p50":9.88855,"p90":10.9532,"p99":11.957,"mean":9.85003},"successRate":100,"sampleSize":5759},{"name":"GMX v2","slug":"gmx","ms":{"p50":9.88855,"p90":10.9556,"p99":11.957,"mean":9.85045},"successRate":100,"sampleSize":5759}],"sparkline":[4.14786,4.76104,4.47564,5.00512,4.14589,3.78766,3.61136,4.65492,3.90483,4.04016,3.18425,4.12885,3.53664,3.35117,5.23827,4.18784,3.48005,3.82937,4.31427,5.04047,4.27801,4.80161,4.43022,3.66971,4.55769,5.44477,5.12157,4.20154,4.04064,3.43027,4.18113,3.33411,3.93508,4.15517,3.73113,4.2297,3.12357,3.0366,3.90955,3.88673,3.79254,3.49301,2.9547,2.55349,2.72201,1.92274,3.03165,2.98453,2.84195,3.07479,3.14298,4.15498,3.34217,4.47574,4.31008,3.80951,3.46155,3.24922,3.2231,2.80883,3.4289,3.63895,2.16491,3.29248,3.23873,2.40214,3.0223,4.14605,3.85377,3.17051,3.32533,4.52323,3.08471],"sampleSize":34554,"asOf":"2026-08-04T18:10:12.715Z","headline":"Lighter leads mark price deviation at 0.044% (24h avg) on Perp DEX mark price fidelity: deviation from CEX spot reference, live.","quote":"Lighter leads mark price deviation at 0.044% (24h avg) on Perp DEX mark price fidelity: deviation from CEX spot reference, live. Source: OpenChainBench (https://openchainbench.com/benchmarks/perp-mark-price-lag).","cite":{"plain":"OpenChainBench. \"Perp DEX mark price fidelity: deviation from CEX spot reference, live\". Retrieved 2026-08-04. https://openchainbench.com/benchmarks/perp-mark-price-lag","bibtex":"@misc{ocb_perp_mark_price_lag,\n  author = {OpenChainBench},\n  title  = {Perp DEX mark price fidelity: deviation from CEX spot reference, live},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/perp-mark-price-lag},\n  note   = {Retrieved 2026-08-04}\n}","apa":"OpenChainBench. (2026). Perp DEX mark price fidelity: deviation from CEX spot reference, live. Retrieved August 4, 2026, from https://openchainbench.com/benchmarks/perp-mark-price-lag","ris":"TY  - GEN\r\nAU  - OpenChainBench\r\nTI  - Perp DEX mark price fidelity: deviation from CEX spot reference, live\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/perp-mark-price-lag\r\nY2  - 2026-08-04\r\nER  - \r\n"},"pageUrl":"https://openchainbench.com/benchmarks/perp-mark-price-lag","ogImage":"https://openchainbench.com/api/og/perp-mark-price-lag","source":"https://github.com/ChainBench/OpenChainBench/tree/main/harnesses/perp-mark-price-lag","methodology":["Cadence: every 60 seconds in parallel across all venues. Reference price and venue mark prices are fetched in the same cycle, so the comparison is time-aligned.","Reference price: Binance REST /api/v3/ticker/bookTicker for the selected asset (ETHUSDT, BTCUSDT, SOLUSDT). The harness uses the mid of best bid and best ask as the reference.","gains.trade (Gains v8, oracle-priced): Pyth hermes API /v2/updates/price/latest for the ETH/USD, BTC/USD, SOL/USD feed IDs. Pyth is the primary real-time oracle Gains v8 weights in its mark price computation. Deviation from Binance spot is structurally near zero.","GMX v2 (oracle-priced): same Pyth hermes API endpoint. GMX v2 uses Chainlink as primary oracle; Pyth prices are an accepted proxy since both track CEX spot within 1 bps in normal conditions. Conservative labelling: formula tooltip notes the Pyth proxy.","Hyperliquid: POST /info {type:metaAndAssetCtxs} returns markPx per asset. This is the venue's own mark price used for P&L and liquidations, derived from their HyperBFT oracle.","dYdX v4: GET /v4/perpetualMarkets from the dYdX indexer returns indexPrice per market. indexPrice is the oracle-anchored price dYdX uses for margin and liquidation calculations.","Lighter: orderbook mid computed from GET /api/v1/orderBookOrders best bid and ask. Lighter does not publish a separate mark price endpoint; the orderbook mid is the closest available approximation.","Paradex: GET /markets endpoint returns markPrice per instrument on Starknet L2.","Deviation formula: abs(mark - reference) / reference x 10000, in basis points. Signed version (mark - reference) / reference x 10000 also published.","Failure handling: a venue that errors or times out leaves the previous gauge in place and increments perp_mark_fetch_errors_total. The health gauge drops to 0, flagging the row as stale in the UI.","Scope: this bench measures the persistent deviation visible at 60-second polling. Sub-second wick events that resolve within a single poll interval are not captured. The methodology page names this explicitly to avoid overstating what is measured."],"license":"CC-BY-4.0"}