{"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":1.51034,"leader":{"name":"Hyperliquid","slug":"hyperliquid","value":1.51034},"rankings":[{"name":"Hyperliquid","slug":"hyperliquid","ms":{"p50":1.51034,"p90":3.39813,"p99":5.3094,"mean":1.72852},"successRate":100,"sampleSize":5760},{"name":"Lighter","slug":"lighter","ms":{"p50":4.94146,"p90":6.03062,"p99":6.59193,"mean":4.92198},"successRate":100,"sampleSize":5760},{"name":"Paradex","slug":"paradex","ms":{"p50":8.19267,"p90":10.1286,"p99":11.5209,"mean":8.41802},"successRate":100,"sampleSize":5760},{"name":"dYdX v4","slug":"dydx","ms":{"p50":9.24828,"p90":12.6737,"p99":15.2146,"mean":9.3388},"successRate":100,"sampleSize":5760},{"name":"GMX v2","slug":"gmx","ms":{"p50":10.5535,"p90":11.7819,"p99":13.5791,"mean":10.6257},"successRate":100,"sampleSize":5760},{"name":"gains.trade","slug":"gains","ms":{"p50":10.5537,"p90":11.7819,"p99":13.5791,"mean":10.6258},"successRate":100,"sampleSize":5760}],"sparkline":[4.55539,4.32442,3.99661,3.96478,4.27475,2.69101,4.65033,3.44041,3.79809,2.97406,4.5642,5.61362,2.5987,4.04673,3.59046,3.20417,4.24611,3.29287,4.38917,3.36729,4.02156,3.14045,3.44648,2.59779,3.6978,4.08518,3.22975,2.72065,2.95653,2.6868,1.7939,2.67514,2.45371,1.25665,2.28034,1.86786,2.98756,2.68799,3.13051,3.46587,3.17457,3.28697,3.15944,3.16854,3.11066,3.88182,2.17336,3.03663,3.62578,1.95556,4.15828,2.74491,4.05988,4.22036,3.88443,3.19603,3.79866,4.40776,3.40291,5.02464,3.06408,3.88779,4.1952,3.30522,3.71567,3.90255,6.08039,1.16966,2.40634,3.65694,4.78578,4.23399,4.52144],"sampleSize":34560,"asOf":"2026-08-14T15:12:27.878Z","headline":"Hyperliquid leads mark price deviation at 0.015% (24h avg) on Perp DEX mark price fidelity: deviation from CEX spot reference, live.","quote":"Hyperliquid leads mark price deviation at 0.015% (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 2026-08-14. 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 2026-08-14}\n}","apa":"OpenChainBench. (2026). Perp DEX mark price fidelity: deviation from CEX spot reference, live. Retrieved August 14, 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  - 2026-08-14\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"}