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Bathymark

the market, synthesized

The Reading

Not a feed of events, a read of the whole. Where the water is deepening and draining on net, which chains are pulling capital, whether the cash layer is calm, and where real demand is surging. Derived from live open data, with the limits stated.

the reading right now

The water is draining: $13.26B more left than arrived across 57 readings, 33 venues thinning against 21 rising.

$1.83Bflowing in
$15.09Bdraining out
−$13.26Bnet depth
6pegs drifting

6 stablecoins are drifting from peg.

confluence · currents in agreementdecisive

Six independent currents are pulling the same way: protocol liquidity, chain flows, narrative pressure, the cash layer, yield pressure, and leverage are all draining.

liquiditychainsnarrativecash layeryieldleverageDEX volumedemand6 of 8 agree

DEX volume and real demand are leaning the other way. Breadth, not size: this counts independent currents agreeing, not the dollars behind them.

The newswire

What the desks are saying, alongside what the depth shows. Every headline links out to its source; we aggregate the wire, never the article.

Liquidity tides

3 venues are deepening against 17 draining, ranked by the dollars that actually moved rather than the loudest percentage.

  1. $4.93B left SSV Network this week, the pool -39.1% shallower on Ethereum.staking pool · now holds $7.66B
  2. Binance CEX is -1.3% thinner today, $1.73B headed for the exit.cex · now holds $132.83B
  3. $517.84M of liquidity flowed into Bitget this week, a +11.8% deepening.cex · now holds $4.90B
  4. Binance staked ETH is -8.1% thinner this week, $515.00M headed for the exit.liquid staking · now holds $5.81B
  5. Polygon Bridge is running +21.9% deeper this week on Ethereum, $492.01M of new capital.chain · now holds $2.74B
  6. $466.37M left Lido today, the pool -3.2% shallower.liquid staking · now holds $14.20B
  7. $410.62M left EigenCloud this week, the pool -8.7% shallower on Ethereum.restaking · now holds $4.31B
  8. $356.11M left Bybit today, the pool -2.6% shallower.cex · now holds $13.29B

Where capital sits

0 chains are pulling capital in and 9 leaking it. Capital is not loyal; this is where it is moving this week.

  1. $2.18B drained off Ethereum this week, the chain -5.6% thinner.chain · now holds $36.97B
  2. $329.42M drained off Bitcoin this week, the chain -7.7% thinner.chain · now holds $3.92B
  3. $234.91M drained off BSC this week, the chain -4.5% thinner.chain · now holds $4.96B
  4. $190.69M drained off Solana this week, the chain -4.0% thinner.chain · now holds $4.62B
  5. $169.01M drained off Base this week, the chain -4.0% thinner.chain · now holds $4.04B
  6. $139.59M drained off Hyperliquid L1 this week, the chain -8.7% thinner.chain · now holds $1.46B
  7. $91.34M drained off Tron this week, the chain -2.0% thinner.chain · now holds $4.46B
  8. $90.91M drained off Arbitrum this week, the chain -7.0% thinner.chain · now holds $1.20B

The cash layer

6 stablecoins are drifting from peg. Small drifts are plumbing; size and persistence are what matter.

  1. A7A5 slipped 9875 bps below its RUB peg, $563.08M circulating.stablecoin · RUB peg
  2. USYC is holding 1292 bps above its USD peg, $3.13B circulating.stablecoin · USD peg
  3. USDY is holding 1381 bps above its USD peg, $2.16B circulating.stablecoin · USD peg
  4. USDA slipped 10000 bps below its USD peg, $270.84M circulating.stablecoin · USD peg
  5. USPD slipped 10000 bps below its USD peg, $98.93M circulating.stablecoin · USD peg
  6. apxUSD slipped 2517 bps below its USD peg, $278.06M circulating.stablecoin · USD peg

Real demand

5 venues are earning well above their weekly pace. Fees are the realest demand signal on-chain.

  1. Hyperliquid Perps earned $2.38M in fees today, +47.9% above its weekly pace.derivatives · fees today
  2. Ethena USDe earned $2.09M in fees today, +344.7% above its weekly pace.basis trading · fees today
  3. Chainlink Staking earned $1.16M in fees today, +600.0% above its weekly pace.services · fees today
  4. Fragment earned $1.03M in fees today, +69.8% above its weekly pace.nft marketplace · fees today
  5. Uniswap V3 earned $908.8K in fees today, +96.0% above its weekly pace.dexs · fees today

DEX volume

7 venues are turning over heavier volume against 0 cooling. DEX volume is demand pressure, not capital depth, so it corroborates the water without moving the net-flow count.

  1. Sablier Lockup turned over $655.01M in DEX volume today, far above last week's pace.payments · DEX volume today
  2. AlphaQ turned over $240.73M in DEX volume today, +346.3% heavier this week.dexs · DEX volume today
  3. PancakeSwap AMM V3 turned over $647.36M in DEX volume today, -6.2% heavier this week.dexs · DEX volume today
  4. Tessera V turned over $158.46M in DEX volume today, +356.9% heavier this week.dexs · DEX volume today
  5. BisonFi turned over $358.56M in DEX volume today, +84.3% heavier this week.dexs · DEX volume today
  6. Kalshi turned over $444.88M in DEX volume today, +41.9% heavier this week.prediction market · DEX volume today
  7. Unit turned over $81.89M in DEX volume today, +600.0% above its weekly pace.bridge · DEX volume today

Yield pressure

2 pools are paying more than their depth has answered. A hot yield on thin liquidity is a question to investigate, not a recommendation.

  1. USDC-AERO on Aerodrome V1 is paying 40.4% APY on Base while its depth stays at $24.62M, more yield than the liquidity has answered.pool · 40.4% apy on $24.62M
  2. Orca DEX is paying 101.3% on SOL-USDC on Solana, a pool running hotter than its $22.62M of depth would suggest.pool · 101.3% apy on $22.62M

Leverage tide

2 venues are taking on leverage against 1 unwinding. Open interest rising while spot depth stays flat is pressure building, not depth.

  1. Hyperliquid Perps is holding $9.14B of open interest, a large standing pile of leverage against the venue.perps · $9.14B open interest
  2. Leverage is stacking on tradeXYZ: $3.03B of open interest, +10.1% heavier this week.perps · $3.03B open interest
  3. Aster Perps is holding $1.68B of open interest, a large standing pile of leverage against the venue.perps · $1.68B open interest
  4. Kalshi is carrying $1.11B of open interest, up +8.7% this week, leverage building while spot depth has not followed.perps · $1.11B open interest
  5. Variational is holding $992.13M of open interest, a large standing pile of leverage against the venue.perps · $992.13M open interest
  6. Lighter Perps shed leverage this week, $719.23M of open interest left after a 8.3% unwind.perps · $719.23M open interest

Narrative spikes

0 harbors are talking over deepening chains against 2 above thinning chains. This is attention plus on-chain movement, not sentiment analysis.

  1. /ethereum has 334.3K followers and 10 live cast interactions while $2.18B drained off Ethereum this week, attention sitting above thinning depth.farcaster · 334.3K followers, 10 live interactions
  2. /base has 481.1K followers and 5 live cast interactions while $169.01M drained off Base this week, attention sitting above thinning depth.farcaster · 481.1K followers, 5 live interactions