Recently noticed a quite interesting risk indicator - the OI/TVL ratio. Simply put, this thing can show how "aggressive" a platform really is.

The higher this ratio, the more leveraged positions traders open on the platform relative to the locked funds. Once extreme market conditions occur, the probability of triggering automatic liquidation (ADL) increases significantly. Currently, the average OI/TVL of centralized exchanges is around 0.5, while established decentralized derivatives platforms like dYdX and GMX have an average of only 0.25.

Why is the ratio of DEX so low? It may be related to early projects focusing more on capital security and a conservative user base. However, for those newly launched protocols, this data can be more extreme—either super low ( that no one dares to engage with ), or skyrocketing ( during a wild growth period ). When a black swan event occurs, the risk resistance capability of these new platforms really raises a question mark.