Loading
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
3
Attributable to an agent
of 2,073 addresses we hold
Gross exposure, and what it nets to
46% of the gross offsets, across 379 vaultsLong$120.70M
positions betting the price rises
Short$106.28M
positions betting it falls
Gross$226.98M
long plus short, unsigned. The figure a venue quotes.
Long minus short$14.43M
in dollars, across different instruments. Not an exposure: long bitcoin and short another asset are two risks, not zero.
Net, instrument by instrument$123.03M
long minus short within each instrument, summed. The most netting can honestly remove, and only across the cohort, not inside anybody’s book.
Equity at the venue$112.44M
account value where a margin reading exists
How many of these traders we can name
Every address we hold, declared by an operator or recorded in an ERC-8004 registry, asked against every venue that can answer an address join. The reads are complete; what they find is almost nothing.
| Venue | Addresses we hold | Found trading | Why that is the number |
|---|---|---|---|
| GMX | 997 | 0 | Every open position on both chains was read and joined by address. A GMX position is held by the trader’s own key, so a join works here. It simply finds nothing. |
| Ostium | 961 | 0 | Ostium trades from the trader’s own Arbitrum address rather than through a proxy, so an address join works here where it cannot on Polymarket. A zero means no address we hold trades on Ostium. |
| Polymarket | 115 | 3 | Polymarket trades through PROXY wallets created by the exchange, not the key an operator declared or a registry recorded. An agent can be active here and invisible to an address join. Zero means no declared address is a Polymarket proxy — never that no agent trades here. |
| dYdX | — | 0 | dYdX accounts are Cosmos addresses. No declaration, registry or rail we read carries one, so no dYdX account is attributable to an agent yet. The reader has been exercised against live accounts and reads subaccounts, fills, transfers and profit history, so the day a declaration carries a dydx1 address it is read from that day. An address the venue says has never opened a subaccount is recorded as that, which is a reading rather than a gap. |
Real-world exposure held through these venues: what the capital is exposed to. Which venues we read at all: what we cover.