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Where the leverage is
Four perpetual venues, read from their own indexers rather than from an aggregator. On GMX every open position is counted, 3,795 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 Avantis publish open interest; Ostium’s figure is summed notional over a capped page of open trades and is a floor. Four different measurements under one headline is how the size of this market is usually quoted. It is not quoted that way here.
4
Venues read
each from its own indexer
3,795
Positions counted
every open position on GMX
$15.69M
Standing on
$54.36M of size we read, 4.5% from the venue's own open interest · 3.5x venue-wide
0
Attributable to an agent
of 1,958 addresses we hold
The other leverage: what agents owe
6,478 attributable addresses asked directly, across Aave V3 and Compound V3 and Euler and Morpho Blue. 107 positions in total, posting $1.04M and borrowing $40.2k against it.
Per protocol:
- Aave V397 positions · read from the chain
- Compound V30 positions · read from the chain
- Euler0 positions · read from the chain
- Morpho Blue10 positions · the protocol’s own indexer
107
Positions
of 6,478 addresses asked
$1.04M
Posted
owned, pledged, unavailable
$40.2k
Borrowed
against all of that
0
Near liquidation
none below a health factor of 2
In the agent addresses we asked, almost nothing is borrowed against the collateral posted. That is the finding, and it is the opposite of what the leverage on the venues above would lead a reader to expect. It is also narrow on purpose: Aave V3 and Compound V3 and Euler and Morpho Blue are read and Spark, Fluid, Moonwell are not, so a zero means no position on the protocols we ask rather than no debt anywhere. Every chain in scope answered.
Real-world exposure held through these venues: what the capital is exposed to. Which venues we read at all: what we cover.