The Perdix is 39mm at its thickest, yeah. Once on your arm, the Ratio and the OSTC4 should be about the same profile...I know the iX3M is and the OSTC4 looks at least as big. The Perdix at least wraps around your arm, so it's not sticking 39mm up from the "top" of your arm (if that makes sense).
The Perdix is 39mm. The Ratio is 28mm, the OSTC 3 is 22mm, and the OSTC 4 is 23mm. And the SeaBear H3 is 13mm.