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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 APIAll 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
0.034bps per $1M

Crypto

ContractImpact
Bitcoin
USDT perp · Binance
0.034bps per $1M
Ether
USDT perp · Binance
0.076bps per $1M
Bitcoin
USDC perp · Hyperliquid
0.28bps per $1M
Bitcoin
USDC perp · Binance
0.43bps per $1M

US stocks

ContractImpact
SanDisk
USDT perp · Binance
2.8bps per $1M
Micron
USDT perp · Binance
5.3bps per $1M
Alphabet
USDT perp · Binance
9.2bps per $1M
Intel
USDT perp · Binance
26bps per $1M
S&P 500
USDC perp · Hyperliquid
1.6bps per $1M

Commodities

ContractImpact
Gold
USDT perp · Binance
0.11bps per $1M
WTI crude oil
USDT perp · Binance
5.1bps per $1M
Brent crude oil
USDT perp · Binance
4.7bps per $1M
Silver
USDT perp · Binance
6.4bps per $1M
WTI crude oil
USDC perp · Hyperliquid
3.9bps 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 ProSee the dataset

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

Or have your agent pull the last 30 days. Start in Claude · Claude Code · Codex · See the prompt

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

Lowest impact

ContractVenueImpact24h volume
Bitcoin USDTBinance0.034 bps per $1M$13.62B
Ether USDTBinance0.076 bps per $1M$9.89B
Gold USDTBinance0.11 bps per $1M$2.91B
Bitcoin USDCHyperliquid0.28 bps per $1M$3.94B
Bitcoin USDCBinance0.43 bps per $1M$3.31B
Ether USDCBinance0.68 bps per $1M$2.43B
Ether USDCHyperliquid1.4 bps per $1M$1.43B
S&P 500 USDCHyperliquid1.6 bps per $1M$416.0M
SanDisk USDTBinance2.8 bps per $1M$3.02B
Zcash USDTBinance3.0 bps per $1M$1.96B

Highest impact

ContractVenueImpact24h volume
THE USDTBinance8,785 bps per $1M$10.5M
1000CAT USDTBinance4,999 bps per $1M$11.7M
UAI USDTBinance3,649 bps per $1M$59.7M
ARX USDTBinance3,510 bps per $1M$36.1M
SKUU USDTBinance3,380 bps per $1M$15.3M
HAEDAL USDTBinance3,096 bps per $1M$10.9M
LYN USDTBinance2,944 bps per $1M$37.2M
ON USDTBinance2,748 bps per $1M$34.2M
SXT USDTBinance2,348 bps per $1M$18.8M
WLFI USDCHyperliquid2,265 bps per $1M$12.5M

Method

  1. Kyle’s λ: the price return per unit of signed trade size (impact.kyle_like_lambda).
  2. 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.
  3. A contract’s value is the median of its last 24 hours of 5-minute rows. The chart plots those rows.

Columns it reads

  • kyle_like_lambdaImpact Metrics
  • closeCandlesticks

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 12:15 UTC, 15 minutes behind. Each value is one contract’s last 24 hours of 5-minute rows. The charts plot those rows.

Aperiodic

Built from hundreds of terabytes of raw data and distilled into point-in-time metrics you can pull as parquet files. Plus the raw trades, quotes and derivatives data behind them.

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Shown: minute closes of 847 perpetuals, 20:30–22:30 UTC on 10 Oct 2025, IOTX in orange · built with ohlcv 1m