Flow balance11
$12.10B more drained than arrived.
40% of the readingthe waterline
Ebb tide
The Waterline reads 37: the tide is ebbing, more capital is leaving than arriving. Open interest is shifting against the venues in view. Read as depth, not price; this is where liquidity sits, not a forecast.
main pressureLeverageopen interest is shifting against the venues in view
$1.72Bflowing in$13.82Bdraining out
net depth-$12.10B
as of 2026-06-26 00:35 UTCderived from 39 live readingssource: DeFiLlama
The Current under it live inputs
Hyperliquid Perps is holding $9.14B of open interest, a large standing pile of leverage against the venue.$4.93B left SSV Network this week, the pool -39.1% shallower on Ethereum.Leverage is stacking on tradeXYZ: $3.03B of open interest, +10.1% heavier this week.$2.18B drained off Ethereum this week, the chain -5.6% thinner./ethereum has 334.3K followers and 10 live cast interactions while $2.18B drained off Ethereum this week, attention sitting above thinning depth.Binance CEX is -1.3% thinner today, $1.73B headed for the exit.Sablier Lockup turned over $655.01M in DEX volume today, far above last week's pace.A7A5 slipped 9875 bps below its RUB peg, $563.08M circulating.$517.84M of liquidity flowed into Bitget this week, a +11.8% deepening.Binance staked ETH is -8.1% thinner this week, $515.00M headed for the exit.Polygon Bridge is running +21.9% deeper this week on Ethereum, $492.01M of new capital.AlphaQ turned over $240.73M in DEX volume today, +346.3% heavier this week.USYC is holding 1292 bps above its USD peg, $3.13B circulating.$329.42M drained off Bitcoin this week, the chain -7.7% thinner.
Drivers
What moves it now
Five sourced readings are scored from 0 to 100, where 50 is slack water. The widest pulls away from 50 move the line first.
- Breadth43
16 readings rising against 21 falling.
20% of the reading - Leverage90
open interest is shifting against the venues in view.
15% of the reading - Real demand74
4 venues earning above their weekly pace.
10% of the reading - Cash layer17
4 stablecoins drifting from peg.
15% of the reading
Reading method
A tide scale, not a mood gauge
The scale is a tide. 0 aground, the water drained to the shallows. 50 slack water, flows near balance. 100 spring flood, capital pouring in. The number is computed from the same sourced readings that feed The Current, so every point is backed by a figure you can click to verify. No model writes the number; the math is the floor.
What it cannot tell you: the Waterline reads where liquidity sits and moves, not price, and not what happens next. A high reading can be froth, not safety; a low one can be capitulation, not the floor. It is a depth sounding, not a forecast, and never financial advice. Full methodology.
- 0 to 20Aground
- 20 to 40Ebb tide
- 40 to 60Slack water
- 60 to 80Flood tide
- 80 to 100Spring flood
Next driver to watch: flow balance, $12.10B more drained than arrived.