Aperiodic Indices

Spread, depth and price impact for crypto and RWA perps

The Cost, Depth and Impact indices. Each is one of the 220 metrics in our catalog, read per contract.

Shown: the median perpetual’s dollar depth at the top of the book, as a share of its 20:00–20:45 average, per venue, 18:00–01:00 UTC on 10 Oct 2025; minutes under half of normal take the strong tone, and the lowest of all, OKX’s 26.1% at 22:33, is orange · built with l1_liquidity 1m

The three indices

Aperiodic Cost Index

What does crossing the spread cost?

0.013bpsBTC perp · Binance · 24h

SanDisk · Binance: 0.089 bps
Gold · Binance: 0.025 bps

API access from Prime, $399/moAperiodic Cost Index →

Aperiodic Depth Index

How much is quoted at the best bid and ask?

$1.2MBTC perp · Binance · 24h

SanDisk · Binance: $13.6K
Gold · Binance: $345.6K

API access from Prime, $399/moAperiodic Depth Index →

Aperiodic Impact Index

How far does $1M of net taker flow move the price?

0.036bps per $1MBTC perp · Binance · 24h

SanDisk · Binance: 2.4 bps per $1M
Gold · Binance: 0.082 bps per $1M

API access from Pro, $199/moAperiodic Impact Index →

Latest values

The busiest perps in crypto, US stocks and commodities, over the last 24 hours.

Contract	Cost	Depth	Impact
Crypto
Bitcoin USDT perp · Binance	0.013bps	$1.2M	0.036bps per $1M
Ether USDT perp · Binance	0.044bps	$497.1K	0.13bps per $1M
Bitcoin USDT perp · OKX	0.013bps	$1.5M	—
Ether USDT perp · OKX	0.044bps	$716.7K	—
Bitcoin USDC perp · Hyperliquid	0.13bps	$1.1M	0.26bps per $1M
Bitcoin USDC perp · Binance	0.013bps	$138.8K	0.45bps per $1M
US stocks
SanDisk USDT perp · Binance	0.089bps	$13.6K	2.4bps per $1M
SanDisk USDT perp · OKX	0.89bps	$75.9K	—
Micron USDT perp · Binance	0.12bps	$4.0K	6.0bps per $1M
S&P 500 USDC perp · Hyperliquid	0.13bps	$150.5K	0.99bps per $1M
Alphabet USDT perp · Binance	0.36bps	$20.1K	5.5bps per $1M
Nasdaq 100 ETF USDT perp · Binance	0.15bps	$67.4K	2.3bps per $1M
Commodities
Gold USDT perp · Binance	0.025bps	$345.6K	0.082bps per $1M
Silver USDT perp · Binance	2.0bps	$375.7K	6.8bps per $1M
WTI crude oil USDT perp · Binance	1.0bps	$124.1K	6.0bps per $1M
Brent crude oil USDT perp · Binance	0.97bps	$119.0K	4.1bps per $1M
Gold USDT perp · OKX	0.25bps	$383.7K	—
WTI crude oil USDC perp · Hyperliquid	0.11bps	$41.0K	2.7bps per $1M

Indices and metrics

An index

A value we name and publish a method for. The method changes only in a new version, announced in advance.

A metric

A column we compute from raw exchange data for each contract and interval. The catalog has 220 in 19 datasets.

Point-in-time

Both use only data available at the time, with exchange and local timestamps. Published history is not rewritten.

Method

These rules apply to all three. Each index’s page has its own formula.

What goes in

Stablecoin-settled perpetuals. No coin-margined contracts or dated futures.

One column each

Cost is spread_bps, Depth is total_dollar_depth, Impact is kyle_like_lambda in bps per $1M. The API serves the same columns.

Per contract

Each value is one contract’s last 24 hours. Nothing is combined across contracts or venues.

Next version

Indices for the whole market and for US-stock and commodity baskets, combined across Binance, OKX and Hyperliquid, with a daily fixing and history back to 2020.

As of 15:15 UTC, 15 minutes behind. Each value is one contract’s last 24 hours of 5-minute rows. The charts plot those rows.