{"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":3.48227,"leader":{"name":"Lighter","slug":"lighter","value":3.48227},"rankings":[{"name":"Lighter","slug":"lighter","ms":{"p50":3.48227,"p90":4.68573,"p99":5.98528,"mean":3.47553},"successRate":100,"sampleSize":2880},{"name":"Hyperliquid","slug":"hyperliquid","ms":{"p50":3.64575,"p90":5.27469,"p99":7.20279,"mean":3.55033},"successRate":100,"sampleSize":2880},{"name":"Paradex","slug":"paradex","ms":{"p50":5.50713,"p90":7.58087,"p99":11.658,"mean":5.32816},"successRate":100,"sampleSize":2880},{"name":"dYdX v4","slug":"dydx","ms":{"p50":6.89529,"p90":10.7627,"p99":13.9242,"mean":6.66078},"successRate":100,"sampleSize":2880}],"sparkline":[5.14373,4.24203,4.42529,4.45696,4.34284,4.218,5.05629,5.03151,5.50215,5.43664,5.89262,5.6607,4.76998,6.27876,5.59502,5.39914,6.17013,5.673,4.89285,3.50776,4.83441,3.83683,3.57836,3.54127,2.90947,3.82918,1.6733,3.87731,3.17423,3.21674,3.05818,3.28068,2.32093,1.69729,3.07263,2.00832,3.29993,2.98742,1.27731,2.11672,1.95362,2.08333,3.0969,2.44823,3.00423,3.38618,2.48913,2.42879,1.95437,3.18693,2.43424,1.68343,1.91189,1.90483,1.55746,2.20443,1.54083,1.85039,1.97633,1.10027,1.90048,1.87446,1.53719,1.44687,1.99668,1.66094,2.50122,2.29491,2.17111,2.26973,1.63655,1.12229,1.73757],"sampleSize":17280,"asOf":"2026-09-18T21:05:40.612Z","headline":"Lighter posts the lowest mark price deviation at 0.035% (24h avg) on Perp DEX mark price fidelity: deviation from CEX spot reference, live.","quote":"Lighter posts the lowest mark price deviation at 0.035% (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 2026-09-18. 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 2026-09-18}\n}","apa":"OpenChainBench. (2026). Perp DEX mark price fidelity: deviation from CEX spot reference, live. Retrieved September 18, 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  - 2026-09-18\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 (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"}