According to Chainthink, Eugene Bulltime from Contribution Capital analyzed that the OI/TVL ratio indicates the risk traders take on exchanges. A higher ratio suggests greater platform risk, as the probability of ADL during 'black swan' events may increase. The average OI/TVL ratio for CEXs is 0.5, while older Perp DEXs like dYdX and GMX average 0.25. Emerging Perp DEXs such as Variational, GRVT, and Ostium have OI/TVL ratios exceeding 3. More mature Perp DEXs should have ratios below 1, but Lighter, Hyperliquid, edgeX, and Aster currently have ratios of 1.36, 1.39, 1.84, and 1.85, respectively.
Study: Emerging Perp DEXs Carry Higher Risk, Some Platforms' OI/TVL Exceeds 3
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