Reading guide
Read order-book sides, not headline depth.
Spot first. Bid = support. Ask = supply. Perp = context.
Report map
Findings
Key evidence only.
1 · Usable liquidity
CEX spot ask is the clearest measure of immediately usable spot liquidity.
- Spot ask shows the visible offer liquidity available near the market.
- Perp depth, spot bid depth, and spot ask depth describe different liquidity conditions.
- That is why headline depth or perp depth can look acceptable while the actual spot book remains fragile.
Snapshot-end depth composition
Spot vs perp bucketsSnapshot-end venue ranking
Perps dominate top visible depth2 · Persistence test
Depth repeatedly appears and disappears.
Does visible depth stay, or vanish?
Spot depth vs price, with perp as context
Spot is primary because it sets token price. Perp is shown as context. Pullback markers are highlighted.6h spot change vs 6h perp change
Orange = spot flash · blue = perp flash · red = both3 · Spot-side stress
Bid/ask split matters more than total spot depth.
Total spot depth hides side imbalance.
- Thin bids mean less visible support when sellers hit the book.
- Heavy asks without matching bids can make depth look healthy while the book stays one-sided.
- Use this together with the collapse table, not alone.
Spot bid vs spot ask
CEX spot ask highlighted separately4 · Replay the book
Replay snapshots.
5 · Audit trail
Audit tables
Largest 6h depth pullbacks
Sorted by combined depth change for reference. The main charts above keep spot and perp separate.
Worst 6h price-decline windows
Use this to compare price movement with available visible depth.
Daily depth summary
End-of-day and average bucket depths in $k. Read spot columns separately from perp columns.