Aperiodic Indices · Impact

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

The Aperiodic Impact Index is how far $1M of net taker flow moves the price, in basis points, for crypto and RWA perps on Binance and Hyperliquid.

Get it through the API All indices

Shown: net taker flow (buys minus sells) summed over each venue’s perpetuals, per minute, 18:00–01:00 UTC on 10 Oct 2025, buys above each venue’s line and sells below it on a square-root scale; the deepest sell minute, 21:13 UTC with $1.9B net sold across the three venues, is orange · built with flow 1m

Aperiodic Impact Index

Binance’s BTC-USDT perp, then the busiest perps in crypto, US stocks and commodities.

Aperiodic Impact IndexBitcoin USDT perpetual on Binance: 0.036bps per $1M

Crypto

Contract	Impact
Bitcoin USDT perp · Binance	0.036bps per $1M
Ether USDT perp · Binance	0.13bps per $1M
Bitcoin USDC perp · Hyperliquid	0.26bps per $1M
Bitcoin USDC perp · Binance	0.45bps per $1M

US stocks

Contract	Impact
SanDisk USDT perp · Binance	2.4bps per $1M
Micron USDT perp · Binance	6.0bps per $1M
S&P 500 USDC perp · Hyperliquid	0.99bps per $1M
Alphabet USDT perp · Binance	5.5bps per $1M
Nasdaq 100 ETF USDT perp · Binance	2.3bps per $1M

Commodities

Contract	Impact
Gold USDT perp · Binance	0.082bps per $1M
Silver USDT perp · Binance	6.8bps per $1M
WTI crude oil USDT perp · Binance	6.0bps per $1M
Brent crude oil USDT perp · Binance	4.1bps per $1M
WTI crude oil USDC perp · Hyperliquid	2.7bps per $1M

Get the Aperiodic Impact Index

In the APIimpact.kyle_like_lambda

For every perp we cover, at intervals from 1 minute to 1 day. On Binance and Hyperliquid, λ × 1,000,000 ÷ close × 10,000 gives bps per $1M.

In Pro and up, from $199/month billed yearly.

Get it with Pro See the dataset

The example needs no key and returns the free sample: BTC-USDT on Binance, 5m bars, May 2025.

# Install the Aperiodic CLI into ~/.local/bin
mkdir -p "$HOME/.local/bin"
curl -fsSL https://raw.githubusercontent.com/aperiodic-io/cli/main/install.sh | INSTALL_DIR="$HOME/.local/bin" bash
export PATH="$HOME/.local/bin:$PATH"

# Free preview — no API key required
aperiodic impact --preview \
  --exchange binance-futures \
  --symbol perpetual-BTC-USDT:USDT \
  --interval 5m \
  --timestamp exchange \
  --start-date 2025-05-01 \
  --end-date 2025-05-31 \
  --output-dir ./data && echo "Saved to $PWD/data"

Best and worst contracts

The 283 contracts with at least $10M of 24-hour volume, ranked by impact.

Lowest impact

Contract	Venue	Impact	24h volume
Bitcoin USDT	Binance	0.036 bps per $1M	$17.18B
Gold USDT	Binance	0.082 bps per $1M	$2.89B
Ether USDT	Binance	0.13 bps per $1M	$11.18B
Bitcoin USDC	Hyperliquid	0.26 bps per $1M	$4.46B
Bitcoin USDC	Binance	0.45 bps per $1M	$4.22B
Ether USDC	Binance	0.59 bps per $1M	$2.86B
Ether USDC	Hyperliquid	0.96 bps per $1M	$1.60B
S&P 500 USDC	Hyperliquid	0.99 bps per $1M	$750.4M
Nasdaq 100 ETF USDT	Binance	2.3 bps per $1M	$549.2M
SanDisk USDT	Binance	2.4 bps per $1M	$2.92B

Highest impact

Contract	Venue	Impact	24h volume
RUNE USDC	Hyperliquid	4,278 bps per $1M	$15.2M
UAI USDT	Binance	3,777 bps per $1M	$39.6M
SAGA USDT	Binance	2,907 bps per $1M	$11.9M
LYN USDT	Binance	2,788 bps per $1M	$55.9M
SKDD USDT	Binance	2,783 bps per $1M	$14.8M
NET USDC	Hyperliquid	2,681 bps per $1M	$11.2M
SKUU USDT	Binance	2,598 bps per $1M	$17.9M
ANT USDC	Hyperliquid	2,418 bps per $1M	$24.8M
AIO USDT	Binance	2,275 bps per $1M	$59.4M
FLUID USDT	Binance	2,190 bps per $1M	$19.5M

Method

Kyle’s λ: the price return per unit of signed trade size (impact.kyle_like_lambda).
Converted to bps per $1M of flow at the contract’s close. OKX is left out because its λ is per contract, not per coin.
A contract’s value is the median of its last 24 hours of 5-minute rows. The chart plots those rows.

Columns it reads

The other indices

Aperiodic Cost IndexWhat does crossing the spread cost?Aperiodic Depth IndexHow much is quoted at the best bid and ask?

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.