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Bathymark

live, on open data

Read crypto as depth, not as a bet.

Bathymark turns live on-chain data into plain-language readings of where liquidity is deepening and draining, across every chain, protocol, and stablecoin. Built entirely on free, open data.

Open The AlmanacRead The Current
Signal
One plain-language reading, always linked to the number behind it.
Sounding
How deep a venue is: the capital it holds, and how that depth has moved.
The Current
The live stream of readings, the strongest and freshest first.
The Current live readings
$9.14B of open interest still rides on Hyperliquid Perps, but it is 5.5% lighter this week as positions closed.$4.98B left SSV Network this week, the pool -39.5% shallower on Ethereum.Leverage is stacking on tradeXYZ: $3.05B of open interest, +10.3% heavier this week.$2.28B drained off Ethereum this week, the chain -5.8% thinner.Binance CEX is -1.5% thinner today, $2.04B headed for the exit.Aster Perps shed leverage this week, $1.69B of open interest left after a 7.2% unwind.$1.27B left Lido this week, the pool -8.2% shallower.Binance staked ETH is -8.9% thinner this week, $561.73M headed for the exit.A7A5 slipped 9875 bps below its RUB peg, $563.01M circulating.$484.01M of liquidity flowed into Bitget this week, a +11.0% deepening.Polygon Bridge is running +21.2% deeper this week on Ethereum, $477.16M of new capital.$445.45M left EigenCloud this week, the pool -9.4% shallower on Ethereum.USYC is holding 1292 bps above its USD peg, $3.13B circulating.Gate thinned -8.4% this week, $379.26M of liquidity drained out.$321.76M drained off Bitcoin this week, the chain -7.6% thinner.Base Bridge is -13.5% thinner this week on Ethereum, $318.31M headed for the exit.USDY is holding 1318 bps above its USD peg, $2.15B circulating.$273.19M left Bybit today, the pool -2.0% shallower.USDA slipped 10000 bps below its USD peg, $270.84M circulating.Aave V3 thinned -2.2% today, $262.14M of liquidity drained out.$262.00M drained off BSC this week, the chain -5.0% thinner.$255.87M left ether.fi Stake this week, the pool -9.0% shallower.$187.08M drained off Solana this week, the chain -3.9% thinner.$176.74M drained off Base this week, the chain -4.2% thinner.Uniswap V3 is paying 78.4% on WETH-USDC on Base, a pool running hotter than its $97.90M of depth would suggest.ETH-USDC on Uniswap V4 pays 35.2% APY on Ethereum on only $26.98M of depth, a yield the crowd has not chased.USDC-AERO on Aerodrome V1 is paying 40.8% APY on Base while its depth stays at $24.85M, more yield than the liquidity has answered.Ethena USDe earned $2.09M in fees today, +223.9% above its weekly pace.

Signals, not prices

Each reading is a truthful observation: fresh liquidity arriving, a venue draining, a peg under stress. Plain language, linked to the number behind it.

Depth, not candles

Every chain and protocol is shown as depth: the capital it holds, and how that depth has moved. Deep water is safe water; shallow water is where things lurch.

Honest by default

We tell you what a reading can and cannot mean. No green-and-red mood lighting, no signal we cannot source. Information, never advice.

The Current

Latest readings

All of The Current →
  1. $9.14B of open interest still rides on Hyperliquid Perps, but it is 5.5% lighter this week as positions closed.perps · $9.14B open interest
  2. $4.98B left SSV Network this week, the pool -39.5% shallower on Ethereum.staking pool · now holds $7.61B
  3. Leverage is stacking on tradeXYZ: $3.05B of open interest, +10.3% heavier this week.perps · $3.05B open interest
  4. $2.28B drained off Ethereum this week, the chain -5.8% thinner.chain · now holds $36.87B
  5. Binance CEX is -1.5% thinner today, $2.04B headed for the exit.cex · now holds $132.07B
  6. Aster Perps shed leverage this week, $1.69B of open interest left after a 7.2% unwind.perps · $1.69B open interest
  7. $1.27B left Lido this week, the pool -8.2% shallower.liquid staking · now holds $14.11B
  8. Binance staked ETH is -8.9% thinner this week, $561.73M headed for the exit.liquid staking · now holds $5.77B
  9. A7A5 slipped 9875 bps below its RUB peg, $563.01M circulating.stablecoin · RUB peg
Soundings

The depth map

All chains →

$69.74B of liquidity sits on-chain across 453 chains. Here is where the water is deepest.

Ethereum$36.87B
BSC$4.94B
Solana$4.62B
Tron$4.45B
Base$4.04B
Bitcoin$3.93B
Hyperliquid L1$1.45B
Provenance$1.34B
The leverage tide

Funding, live from Hyperliquid

live book

$5.90B of leverage is open across Hyperliquid's perps, and shorts are paying to hold 2 of the major markets. The sharpest lean is LIT, funding +56% a year.

BTC$1.99B-6.5%shorts pay
HYPE$1.29B+11.0%longs pay
ETH$1.06B-17.2%shorts pay
SOL$340.24M+11.0%longs pay
ZEC$181.04M+11.0%longs pay
XRP$79.63M-31.4%shorts pay
LIT$64.00M+55.8%longs pay
What funding tells you →open data · api.hyperliquid.xyz
Builders

What is being shipped

commits / week

3 major protocols shipped 52 commits last week, led by Foundry at 51. Code is the demand that does not lie.

Foundry51-19%Aave v31-20%Uniswap v40+0%
open data · GitHub commit activity
The instrument

A sounding line measured the deep long before sonar. We do the same with liquidity.

Every reading on Bathymark is a sounding you can pull up yourself: one open number, plainly stated, with a link to its source. No proprietary feed, no black box, no “trust us.”

How we read depth →
A brass sextant, the classic instrument for taking a soundingMike Peel (mikepeel.net)·CC BY-SA 4.0·Wikimedia Commons