1. Timeline: total depth is not persistent liquidity
Total 1% depth and representative price, with peak / thinnest / current marked.
0. Animated replay: depth flickers across venues
Press play, then pause at any point. The subtitle updates like narration, explaining what changed in that frame.
What the timeline shows
- Peak depth was a temporary quote state, not a durable baseline.
- Current depth is above the weekly minimum, but far below the peak.
- Price can move while headline depth looks “acceptable” because the usable spot side is small.
2. Current composition
Current headline depth split by bucket. The problem is concentration, not just aggregate size.
3. Current venue ranking
Current 1% depth by venue/type. Perps dominate the top of book depth.
4. Flashing evidence
Each dot is a 6-hour window. Red dots are windows where total depth fell more than 50% while price moved less than 3.5% — evidence that liquidity was pulled/managed rather than simply consumed by price movement.
Flash summary
This does not prove intent. It shows observed quote instability: large depth changes without equivalent price movement.
5. Spot bid vs ask
The weak point is spot-side ask depth, especially CEX spot ask.
6. Price decline windows
Worst 6-hour price-decline windows. Use this to compare price movement with available depth.
7. Biggest depth collapses
Sorted by 6-hour total depth change. These are the clearest examples of depth vanishing.
8. Daily summary
End-of-day and average bucket depths in $k.
Shareable conclusion
EDGE’s total 1% depth is not at the observed low, but the quality of that depth is weak: it is concentrated in perps, CEX spot ask is small, and the archive shows repeated 6-hour windows where depth collapses without equivalent price movement. Aggregate depth ≠ stable executable liquidity.