live, on open data

Read thedepthbefore you touch the token.

See the liquidity underneath a move, the evidence behind the read, and the condition that would change it. Ten seconds first, complete source trails underneath.

Analyse 88 assets88assets

Open data. No sign-in, wallet connection, or paid feed.

Sounding Sphere · instrument 01Nominal USD depth

chain depth globe | live open-data rows

World reference. Crypto marks are spread for legibility, not mapped to countries. Size reflects reported depth, and lines are not capital flows.

Chain depth instrument with 12 validated rows, led by Ethereum at $41.4B. Values are source-reported nominal USD depth. Chain positions in the animated view are a visual layout, not geography.

Waterline · current depth regime41 / 100

Depth is holding near balance, with meaningful disagreement underneath.

confidence high27 readingssnapshot captured 2026-08-11 03:12 UTC

major warningPaid activity: 4 venues reporting fees above their weekly pace.

Open the complete Waterline

Open dataSource trailsNo paid rankingsUnknowns stay unknown

reported TVL seafloor · nominal USD$75.33B across 461 chains

Profile of source-reported nominal TVL across 20 chains, with the largest row at Ethereum.

What this helps you decide

Know whether the risk is liquidity, backing, redemption, or the wrapper. Bathymark separates issuer claims from what open market data can show, then points to the source trail and the next question to ask before treating a product as safe.

stablecoin stress index tokenized asset source-trail coverage crypto product risk map

Signal: One plain-language reading, always linked to the number behind it.
Sounding: A source-reported nominal USD depth proxy, plus how that reported value moved.
The Current: The live stream of source-balanced readings, rotated without comparing unlike units.

Current market stateSlack water

Reported USD depth is holding steady near balance: $2.03B of nominal increases against $2.25B of nominal decreases. Price effects are not removed.

DeFiLlama open dataRead the Waterline

41Waterline / 100

Signal Lab · 88 assetsSignal Lab: 11 from 88Choose any asset, then inspect its separate outputs and evidence: market state, risk, Evidence Grade, benchmark overlays, sources, and invalidation.BTCETHSOLBNBTRX+6 rotatingChoose an asset to analyse Flagship reportTokenized Asset Trust and Exit ReviewTokenized Treasuries, gold, yield-bearing wrappers, redemption access, liquidity visibility, and the source gaps that still matter.SourceFreshnessLimitsExportView report

Global liquidityChecking official coverage

Reservoir, funding pressure, and reported currents remain separate.

Enter the Liquidity Ocean

Bathymark Intelligence Graph

Ask the question underneath the token.

Source-backed control, dependency, change, valuation, exit, peg, and yield evidence. Start with the retail question, then open the exact source trail.

Open the full graph

01 · The Helm

Who can change this token?

Recognized owners, proxy implementations, Safe thresholds, pause state, and verified source.

9 products mapped02 · Notice to Mariners

What materially changed?

Control events and checkpoint gaps, with what each event proves and what it cannot prove.

64 stored events03 · Exit Sounding

How much can the market absorb?

Fixed-block direct-route simulations at standard notionals, separate from primary redemption.

2 products with stored quotes04 · Oracle Watch

What does valuation depend on?

Published oracle addresses, deployed code, verification, and the interfaces still unresolved.

4 oracle dependencies mapped05 · Depeg Memory

How did it behave under stress?

Fixed USD reference observations only. NAV, accumulating, and non-USD instruments are not forced against $1.

53 instruments beginning history06 · Yield Provenance

Where does the yield come from?

Base APY and reward APY stay separate, ranked with pool depth and explicit source coverage.

Open adapter evidence

Stored intelligence capture 2026-08-11T02:23:21.882Z. Current pages retain source, observation, and limitation receipts.

Transparent time and liquidity intelligence

Read now, inspect what is approaching, then check what happened.

Waterline, Tide Pressure, and Visibility stay separate. The Evidence Ledger preserves the result, the Research Observatory maps published evidence, and the Academy teaches the method behind the read.

Coverage ledger

What the instrument proves before anyone pays.

The public product is an inspectable record: what Bathymark reads, who can use it, and which proof is visible on the surface.

public proof18product records tracked before a sales call

example product trail

PAXG shows the method.

One record should make the whole review path visible: claim, observable data, exit path, unknowns, source status, review timing, and comparison.

Open PAXG record

01ClaimGold-backed tokenIssuer language is recorded as a claim, not treated as chain proof.02Visible dataPrice, timestamp, source confidenceThe current PAXG connector exposes these fields, not reserve supply, redemption access, or exit depth.03Exit pathRedemption terms plus market saleEligibility, minimums, timing, KYC, and venue depth still matter.04UnknownsCustody, legal rights, private experienceUnknowns stay visible instead of becoming fake certainty.05FreshnessSource status and review dateA stale or changed source becomes a monitoring event.06ComparePAXG vs XAUTThe alternative wrapper can change the risk question.

what Bathymark reads

Source, freshness, limits, and use case.

Liquidity depthWhere reported depth is strengthening or weakening Reference stressReference-price drift and USD market-value movement Backing claimsWhat the product says it represents Redemption accessWho can redeem and under what terms Source statusLive, fresh, attached, stale, broken, unknown Off-chain dependencyCustody, legal claim, NAV, attestations, KYC rails

who uses it

Built for source-backed language.

AnalystsTrack source-backed changes across tokenized products FundsReview wrapper risk before exposure Compliance teamsMonitor source changes, review dates, and redemption constraints Wallets and exchangesUnderstand product risk before display or integration JournalistsUse citation-ready source trails instead of issuer slogans RWA buildersSee what serious buyers expect you to disclose

proof in public

No fake logos. No trusted-by theatre.

The proof is coverage, source discipline, and an inspectable record.

Registry18product records RWA maps10category maps Public recordLiveThe Log Commercial firewall0paid rankings Correction pathLivepolicy Paid path3Pro, enterprise, reports

commercial use case

Need source-backed monitoring for stablecoins or tokenized assets?

Request Pro, enterprise access, or a source-backed report. Serious requests route by intent.

Request Pro Access Request a Report

The Currentlive readings

confluence · currents in agreementdecisive

4/7source categories align

Four independent source categories align with a supportive read: chain TVL, DEX turnover, attention with chain TVL, and paid activity.

protocol liquidity, the cash layer, and leverage provide counterpressure. Breadth, not size: activity, stress, flow, and nominal TVL stay distinct even when they confirm the same reading.

Source alignment

Each independent source category gets one vote.

4/7 aligned

Source	Pressure	Evidence	Field
Chain TVL	Supportive	5 readings	Agrees
DEX turnover	Supportive	3 readings	Agrees
Attention + TVL	Supportive	2 readings	Agrees
Paid activity	Supportive	4 readings	Agrees
Protocol liquidity	Adverse	7 readings	Counters
Cash layer	Adverse	4 readings	Counters
Leverage	Adverse	2 readings	Counters

Evidence counts supporting readings inside a category. It does not give that category extra weight.

Claims, not hype

Each reading separates issuer claims from observable data: reported depth changing, a reference under stress, observed activity rising, or a source trail going stale.

See the signals

Depth, not candles

Every chain, protocol, and token wrapper is shown through source-reported nominal depth, how that value moved, and where the exit path is still unclear.

Rank protocols by depth

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.

See every source

Product trust intelligence

Backing is not exit liquidity.

Open RWA map →

Tokenized goldPAXGPax GoldOff-chain dependencySource attachedPaxos3 src

Tokenized goldXAUTTether GoldOff-chain dependencySource attachedTether Gold2 src

Tokenized TreasuryBUIDLBlackRock USD Institutional Digital Liquidity FundRedemption limitedSource attachedBlackRock3 src

The Current

Latest readings

All of The Current →

Bars show source-specific relative magnitude within each lane. They are not comparable across USD, basis-point, APY, open-interest, and attention lanes. Exact values and source labels stay visible.

Soundings

The depth map

All chains →

$75.33B in source-reported nominal TVL is attributed across 461 chains. This is a balance profile, not executable exit depth.

The leverage tide

Funding, live from Hyperliquid

live book

$7.12B of leverage is open across Hyperliquid's perps, and longs are paying to hold 2 of 24 observed major markets. The sharpest lean is XMR, funding +94% a year.

BTC$2.48B+11.0%longs pay

ETH$1.6B-4.7%shorts pay

HYPE$1.19B+11.0%longs pay

SOL$384.45M+11.0%longs pay

ZEC$205.39M+3.0%longs pay

XRP$110.51M+11.0%longs pay

PUMP$99.89M+11.0%longs pay

What funding tells you →open data · api.hyperliquid.xyz · funding 24/24 major markets

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 →

01 · sourceStart with an exact public number.
The provider, URL, market date, and retrieval time remain attached.
02 · methodApply one narrow transformation.
The formula and missing-data rule are stated before the result is published.
03 · readingSay what changed in plain language.
Every Signal names its limit and links back to the evidence.

sounding open dataReading the waterlineLive sources are loading. Nothing is filled with placeholder market data.

Read thedepthbefore you touch the token.