Perp DEX volume to open interest: 24h turnover per dollar of OI, live

For every venue in the perp cohort the harness publishes perp_venue_volume_24h_usd (24h traded notional from the venue's own API) and perp_venue_oi_usd (open interest in USD, from the venue's API or, for GMX v2, from DefiLlama). The bench divides the 24h time average of the first by the 24h time average of the second. The result is the number of times a venue turned its open interest over in a day. Venues where one of the two series is missing (Vest publishes no open interest) are left out rather than shown at zero. The ranking sorts ascending so the venues whose volume is most position-backed read first, but the interesting reading is the distribution: order-book venues with real holders cluster between 0.3x and 3x, oracle and pool venues between 1x and 4x, and outliers above 8x are where the volume figure deserves a second look.

• ·Cadence: both gauges come from the perp-cohort-stats harness (every 60 seconds, one native call per venue); the ratio is computed in PromQL at query time from 24h time averages.
• ·Ratio = avg_over_time(perp_venue_volume_24h_usd[24h]) / avg_over_time(perp_venue_oi_usd[24h]), per venue. Volume is the venue's own rolling 24h notional; OI is the venue's own USD open interest (GMX v2: DefiLlama).
• ·Bands: 0.3x to 3x is the range of order-book venues with real position holders (Hyperliquid 0.5x, dYdX 1.3x, Lighter 2.5x on 2026-09-22); 1x to 4x for pool and oracle venues (Gains 1.4x, GMX v2 4.0x); above 8x the daily volume is many multiples of what stays open (Pacifica 8.5x, Kalshi 41x).
• ·Venues without one of the two series are excluded: Vest publishes no open interest; SynFutures, KiloEx, Orderly and Backpack publish no OI to the harness.
• ·Nova is excluded for the opposite reason: both series exist and the open interest is too small to divide by. On 2026-10-22 it held 11269 USD across a single pair against 1.38M USD of 24h volume, a ratio of 123x that would top this board. That describes a venue with almost no open positions rather than one turning its book over 123 times a day, and one position opening would halve it. It joins when the denominator is large enough for the quotient to mean what the other rows mean.
• ·Both terms are as the venue reports them. A venue counting both legs of every fill doubles its ratio against one that counts one; the bench does not normalise that, the venue formula on each row says what the API returns.
• ·Ranking sorts ascending (lower is first) so the venues whose volume is most backed by open positions lead; the subtitle and the bands are the reading, not the rank alone.
• ·A one-print spike does not move the board: both terms are 24h time averages of gauges sampled every minute.
• ·Why this ratio does not equal volume over open interest where both are shown beside it: the /capital open-interest table reads the latest value of these same two gauges, and this bench divides their 24-hour averages. Same gauges, same harness, different window, so a venue whose book moved during the day disagrees, by a lot on one that turns over in under an hour. Pages read the ratio from here rather than recomputing it, so one named ratio has one value across the site.