DefiLlama Launches 'Realized Perp Slippage' Metric for Perpetual Futures

DefiLlama has launched a metric that compares the expected slippage just before an order is placed with the actual slippage incurred during execution in perpetual futures trading. The indicator measures the difference between the quoted price on exchanges and the actual order fulfillment result. DefiLlama founder 0xngmi announced the release of the 'Realized Perp Slippage' metric on X on June 16, with Odaily reporting the news at 12:59 PM KST the same day. The metric works by saving a snapshot of order book liquidity just before market orders are executed, then comparing the theoretically expected execution price with the actual price. A larger-than-expected slippage indicates possible reduction in displayed liquidity or changed execution conditions during the order process. 0xngmi noted that while initially focusing on tracking order book liquidity, they discovered many orders don't execute as expected due to speed-focused mechanisms. They found market makers sometimes withdraw liquidity just before order execution, prompting them to start tracking actual liquidity instead. The company explained that traditional order book metrics alone couldn't confirm whether prices remained stable up to the point of order placement.