⌘K

Live evidencecounted 17m ago

1.42days of PURR volume to unwind the crowd99%of the XMR book on one side, across 26 vaults$1.69Bunder one key with no guardian, 103 of the 492 vaults whose control we have read$232.1Mwhose control we have never read, across 3,353 vaults$1.99Bsitting in vaults and not lent out$11.73Bunder 3,845 vaults we read$4.69Bin 335 vaults where we saw automated execution, nothing declared2,234vaults declared or on a venue built to run software, holding $1.07M337software-run vaults scored, 13% of them457operators identified behind them26networks where we read capital, from Ethereum to Cardano32,228,596deposits and withdrawals read from chain213changes recorded in the last day1,653,626ERC-8004 agent registrations read+10.94/ 30 days1,402,306distinct owners behind those registrations204,639registrations carrying a readable card, 12%3,409,554paid requests on the Olas rail (deliveries are counted apart)−0.36/ 30 days88suppliers delivering that work413,122agent-to-agent jobs read on Base+0.36/ 30 days$1.0Msettled between agents, all time1,177suppliers listed on the ACP rail187agents live on Cardano78Cardano agents deregistered, 29% of all ever minted29,882escrows between Cardano agents since Jun 2025, 156 still open75%of every agent payment we read comes from 3,179 addresses that never stop351,892addresses paid once and never came back, of 605,095 that ever paid4,908of those payers are an agent we can name, 0.811% of them312agent hosts answered when we asked, of 2,328 probed17,114agents sit behind a host that answers nothing at all414msmedian answer from the 645 hosts that answer38%of all agent ratings were written by ten addresses, of 808,672 ratings read144,029rated agents have exactly one rater, of 162,234 rated at all129,182service endpoints declared across 55,887 agent cards we read1.42days of PURR volume to unwind the crowd99%of the XMR book on one side, across 26 vaults$1.69Bunder one key with no guardian, 103 of the 492 vaults whose control we have read$232.1Mwhose control we have never read, across 3,353 vaults$1.99Bsitting in vaults and not lent out$11.73Bunder 3,845 vaults we read$4.69Bin 335 vaults where we saw automated execution, nothing declared2,234vaults declared or on a venue built to run software, holding $1.07M337software-run vaults scored, 13% of them457operators identified behind them26networks where we read capital, from Ethereum to Cardano32,228,596deposits and withdrawals read from chain213changes recorded in the last day1,653,626ERC-8004 agent registrations read+10.94/ 30 days1,402,306distinct owners behind those registrations204,639registrations carrying a readable card, 12%3,409,554paid requests on the Olas rail (deliveries are counted apart)−0.36/ 30 days88suppliers delivering that work413,122agent-to-agent jobs read on Base+0.36/ 30 days$1.0Msettled between agents, all time1,177suppliers listed on the ACP rail187agents live on Cardano78Cardano agents deregistered, 29% of all ever minted29,882escrows between Cardano agents since Jun 2025, 156 still open75%of every agent payment we read comes from 3,179 addresses that never stop351,892addresses paid once and never came back, of 605,095 that ever paid4,908of those payers are an agent we can name, 0.811% of them312agent hosts answered when we asked, of 2,328 probed17,114agents sit behind a host that answers nothing at all414msmedian answer from the 645 hosts that answer38%of all agent ratings were written by ten addresses, of 808,672 ratings read144,029rated agents have exactly one rater, of 162,234 rated at all129,182service endpoints declared across 55,887 agent cards we read

Where the leverage is

Four perpetual venues, read from their own indexers rather than from an aggregator. On GMX every open position is counted, 4,023 of them across two chains and not a sample, so the leverage on this page is measured rather than estimated.

The exposure column is never added up. GMX, dYdX and Veranta publish open interest; Ostium’s figure is summed notional over its own open trades, every one of them (1,148 trades read page by page). Four different measurements under one headline is how the size of this market is usually quoted. It is not quoted that way here.

Venues read

each from its own indexer

4,023

Positions counted

every open position on GMX

$16.59M

Standing on

$59.60M of size we read, 4.5% from the venue's own open interest · 3.6x venue-wide

Attributable to an agent

of 2,102 addresses we hold

Venue

Exposure the venue is carrying

GMX

$57.02M

dYdX

$51.93M

Ostium

$7.94M

Veranta (formerly Avantis)

$69.16M

0$69.16M

Collateral standing behind it

GMX

$16.59M

dYdX

not reported

Ostium

$1.49M

Veranta (formerly Avantis)

not reported

0$16.59M

Exposure ÷ collateral

GMX

3.6x

dYdX

not reported

Ostium

5.3x

Veranta (formerly Avantis)

not reported

05.3x

Accounts holding a position

GMX

2,137

dYdX

not reported

Ostium

421

Veranta (formerly Avantis)

not reported

02,137

One panel per measure and one scale per panel. A hatched track is a figure the venue does not publish, which is not the same as a zero. Two of these report no collateral at all, so nothing here can say how levered they are.

GMX, every open position

How much of the book is standing on very little

under 2x: 1,47737%
2–5x: 1,36334%
5–10x: 69417%
10–25x: 3298.2%
25x and over: 1604.0%

Measured, not sampled: 4,023 open positions. The median is 2.7x and the largest is 112.8x, which is why the bands are drawn. 160 positions are levered 25 times or more.

How this figure was arrived at

Metric: gmx-leverage
Population: gmx_open_positionsEvery open position on GMX across both chains, counted rather than sampled.
Denominator: 4,023 positions · 100.0% of it
Source: The venue’s own figure, fetched from its own endpoint.
Grade: B
Read at: 2026-10-25 01:06 UTC
Methodology: aspern-0.3
Snapshot: cmvn4n5ma0l9qj7o164bx1puw

GMX capacity

How much of what the venue could carry, it is carrying

In use: $57.02M15%
Free: $333.18M85%

Open interest against available liquidity. Neither number says this on its own, and it is the figure that separates a venue with no demand from a venue at its ceiling. They report the same open interest.

How this figure was arrived at

Metric: gmx-capacity
Population: gmx_markets_read
Denominator: 390,204,673.599 ratio · 100.0% of it
Source: Read from the chain itself, at a block.
Grade: B
Read at: 2026-10-24 22:08 UTC
Methodology: aspern-0.3
Snapshot: cmvmy9yqt02dlj7d4s5sj95in

Agent trading, day by day

105 vaults traded on 23 October 2026, 7.5x the 14 in 15 June 2026

Vaults that traded at least once that day. This is the series that survives our own coverage changing: on the day fills per day rose thirty-six fold, this count went from 112 to 119. Instruments sit flat at about 177 throughout, which is the venue’s list rather than anything the sector did.

Two leverage figures, and why this page publishes ours

GMX’s indexer carries a leverage field of its own. Read at the scale that makes it comparable, it lands within a quarter of our figure on 513 of 971 positions and outside it on the rest. The median ratio between the two is 1.04, with a tenth of positions below 0.66 and a tenth above 1.91.

A median near one with a spread that wide is not a scale error. A wrong scale would be wrong on every position by the same factor. It is a different definition, and the likeliest one is that the venue divides by equity where this divides by collateral: a position deep in profit or loss is exactly where those two part company. Ours is published because its units are established from the venue’s own price convention; theirs is described here because a reader comparing this page to GMX’s own interface deserves to know they differ.

Cross-venue model

Can these venues actually be compared?

4 of 6 carry an account

One vocabulary for six venues that share none, five perpetual and one prediction market. Every square says which of four things a blank would otherwise hide, and only two of the four are ours to close. 89% of the fields that can be filled are filled, 22 of 22 fields are readable on at least one venue, and 0 are readable on none.

Hyperliquid, the deepest read here and the last to be listed: 219 of 327 open vaults on the Hyperliquid chain had their account state read this run, 102 sit below the $10,000 floor the reader works down to, and 6 were tried and did not answer. Only the last of those three is a gap. 321 of them are the venue’s own vaults; the rest are other platforms deployed on its chain, which is a different population and the reason two pages can both be right about different counts.

Field	GMX	dYdX	Ostium	Avantis	Polymarket	Hyperliquid
Account	●	×

Real-world exposure held through these venues: what the capital is exposed to. Which venues we read at all: what we cover.