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feat: perp-capital-efficiency bench (bench 144) + TVL gauge - #1764

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Flotapponnier merged 2 commits into
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feat/perp-capital-efficiency
Aug 4, 2026
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feat: perp-capital-efficiency bench (bench 144) + TVL gauge#1764
Flotapponnier merged 2 commits into
devfrom
feat/perp-capital-efficiency

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Summary

  • Adds perp_venue_tvl_usd{venue} gauge to perp-cohort-stats by fetching DefiLlama /protocol/{slug} currentChainTvls (staking/pool2 excluded) for 13 venues in parallel
  • New bench 144 perp-capital-efficiency: active markets divided by TVL in $M. Surfaces the structural gap between synthetic oracle venues and CLOB venues
  • All DefiLlama slugs verified live: gains-network ($11M), hyperliquid ($6B), gmx ($177M), dydx ($114M), ostium ($18M)

Live numbers (verified)

Venue Markets TVL Ratio
gains.trade 449 $11M ~41 /$M
dYdX v4 296 $114M 2.6 /$M
Ostium ~35 $18M ~2 /$M
GMX v2 134 $177M 0.76 /$M
Hyperliquid 232 $6,028M 0.04 /$M

Deployment needed after merge

  1. Redeploy perp-cohort-stats on Railway (new perp_venue_tvl_usd gauge)
  2. Rebuild materialize-worker on ocb-par-main (new bench spec)

Test plan

  • SpecSchema.safeParse passes (verified)
  • Go build passes (verified)
  • DefiLlama slugs verified live for all 5 bench providers
  • After Railway redeploy: confirm perp_venue_tvl_usd{venue="gains"} emits ~11M

…ohort-stats

Adds perp_venue_tvl_usd{venue} to perp-cohort-stats by fetching DefiLlama
/protocol/{slug} currentChainTvls (staking/pool2 excluded) for 13 venues in
parallel alongside the existing fees/OI sweep.

New bench 144 computes active_markets / (tvl_usd / 1M) to surface the
structural gap between synthetic oracle venues (gains.trade: ~40 markets/$M)
and CLOB venues (Hyperliquid: ~0.04 markets/$M). Shows capital efficiency as
a distinct dimension absent from all current perp leaderboards.
@Flotapponnier
Flotapponnier merged commit 16455e9 into dev Aug 4, 2026
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@Flotapponnier
Flotapponnier deleted the feat/perp-capital-efficiency branch August 4, 2026 10:13
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