According to Eugene Bulltime, Head of Analysis at Contribution Capital, the Open Interest to Total Value Locked (OI/TVL) ratio is a critical measure of risk for traders on exchanges. A higher OI/TVL ratio suggests greater platform risk, as it increases the likelihood of Auto-Deleveraging (ADL) during "black swan" events. The average OI/TVL ratio for centralized exchanges (CEX) is 0.5, while older perpetual decentralized exchanges (Perp DEX) like dYdX and GMX have an average ratio of 0.25. In contrast, newer Perp DEXs such as Variational, GRVT, and Ostium exhibit OI/TVL ratios exceeding 3, indicating higher risk levels. More mature Perp DEXs are expected to maintain ratios below 1; however, current figures show Lighter at 1.36, Hyperliquid at 1.39, edgeX at 1.84, and Aster at 1.85, suggesting elevated risk profiles.