Real Risk Score rubric
Short answer: Each of 8 factors is scored 0-10, where 10 means lowest risk, using the rules below. Scores are weighted (exit 20%, security 15%, liquidation 15%, execution 15%, volume 10%, access 10%, token 10%, cost 5%) and scaled to 100. Incidents count for 12 months. Missing information never earns points. Every factor score on a DEX's page shows its reason and sources.
Version 0.2 · 14 Nov 2026 · Changes to the rubric are logged in the Changelog.
1. Exit risk (20%)
Can you get your money out if the operator or sequencer fails or acts badly? - 10: self-custody with a working forced withdrawal or escape hatch to a major L1, canonical bridge only. - 7: self-custody, depends on the operator, no withdrawal pauses in the last 12 months. - 4: relies on a small validator set or multisig bridge, or has paused or delayed withdrawals before. - 1: custodial, or withdrawals frozen in the last 12 months.
We check custody, settlement, bridge control, escape hatches, upgrade keys and pause history. For rollups and appchains we use ETHBEAT (formerly L2BEAT) where it covers the DEX. Scores between the anchors reflect a mix, explained on the DEX's page.
2. Security record (15%)
Start at 10. - No public audit: -4 - Exploit in which users were made whole: -3. Not made whole: -6 - Live under 1 year: -2 - Bug bounty under $1M: -1
3. Liquidation and ADL (15%)
Start at 10. - Each major ADL, socialized-loss or manipulation incident in the last 12 months: -2 (max -6) - No disclosed backstop (insurance fund or vault): -2 - Opaque liquidation logic: -2
4. Execution check (15%)
Slippage plus taker fee on a $100K market order, from public order books, averaged over 7 daily snapshots. Not scored yet; preview in Perp DEX fees compared: what a $100K trade really costs. Until it's scored, totals are re-weighted over the other 7 factors.
5. Volume quality (10%)
Ratio = 24-hour volume divided by open interest. - 10: ratio under 5 and no wash-trading allegations - 7: ratio 5-15, or minor allegations - 4: ratio over 15, or credible public wash-trading or points-farming concerns - 1: both
6. Access and legal (10%)
Start at 10. - Unclear terms or restricted list: -3 - No named legal entity: -3 - Regulator's public warning about the DEX: -2 - Regulator enforcement action: -4
We list who's blocked (US, UK, Canada, India, EU) for information. Being blocked in more countries doesn't lower the score; unclear rules do. See Which perp DEXs block the US, UK, India and Canada?.
7. Token, unlocks and team (10%)
Start at 10. - Anonymous team: -3 - Insiders hold over 40%: -2 - Big unlock within 3 months: -2 - No published schedule: -3
No token yet: we score team transparency and the published token terms.
8. Cost (5%)
Relative scale from base-tier fees: 0% maker and taker scores 10; around 0.04% taker scores 7-8; 0.045% scores 6. Venues whose cost sits in a spread are capped at 8 until the execution check measures it.
Ties and rounding
Totals round to the nearest whole number. DEXs with equal totals share a rank.
Related: How Perpd scores perp DEXs, Perp DEX risk scorecard: 10 DEXs ranked by risk.
FAQ
How long does an incident count against a DEX?
12 months. A withdrawal pause, exploit or ADL event counts for 12 months from its date, then drops out at the next re-score and is logged in the Changelog.
What if information isn't public?
Missing information doesn't earn points. If a DEX doesn't publish an audit, a legal entity or an exit mechanism, the rubric applies the deduction for that gap.
Scores are never for sale. This page has no affiliate links and no paid placements. Not financial advice: perps are leveraged and you can lose more than you deposit.