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Research: The emerging Perp DEX carries high risks, with some platforms having an OI/TVL over 3.
According to Wu, Eugene Bulltime, the analysis director of Contribution Capital, stated that the OI/TVL ratio measures the risk taken by traders on the exchange. The higher the ratio, the greater the platform risk, as the probability of ADL triggered during a “black swan” event may be higher; the average OI/TVL ratio for CEX is 0.5, while the average OI/TVL for older Perp DEXs like dYdX and GMX is 0.25; for younger growth-stage Perp DEXs, this OI/TVL ratio can exceed 3, such as Variational, GRVT, and Ostium; for more mature Perp DEXs, this OI/TVL ratio should be below 1, while currently Lighter is at 1.36, Hyperliquid is at 1.39, edgeX is at 1.84, and Aster is at 1.85.