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Crypto Waterline Index | Live Market Depth Signal · Bathymark

The Waterline41/100Slack water

the waterline

Slack water

Name: The Waterline Index
Creator: Bathymark
License: https://creativecommons.org/licenses/by/4.0/

The Waterline reads 41: slack water, the observed depth pressures are near balance. 3 rising open-interest rows against 0 falling. TVL inputs are nominal USD values, so price effects are not removed. This is depth context, not a forecast.

main pressureLeverage health-6.0 weighted points. 3 rising open-interest rows against 0 falling

$2.11Bnominal depth up$2.25Bnominal depth down

net nominal change-$140.28M

snapshot captured 2026-08-11 03:55 UTCderived from 27 live readingssource: DeFiLlamaconfidence: high

Read The Current Methodology

What this page answers

The Waterline is Bathymark's live crypto liquidity index. It reads whether reported market depth is strengthening or weakening by combining nominal protocol and chain TVL, breadth, stablecoin reference stress, paid-fee activity, and open-interest pressure into a 0 to 100 liquidity tide. DEX turnover and yield screens remain separate context in The Current and do not enter the value or its coverage gate. The index does not relabel nominal TVL change as measured deposits.

Live liquidity inputs What is approaching Pressure Window record DeFi liquidity tracker Waterline methodology

State: Slack water
Confidence: high100% source coverage and 67% component agreement.
Snapshot captured: 2026-08-11 03:55 UTC

Three strongest drivers

Corroborating currents from The Current separate source context

Binance CEX reported TVL fell -0.7% today, a $1.04B nominal USD decrease. Price effects are not removed.cex · $138.63B reported TVL

Drivers

What moves it now

Five sourced components are scored from 0 to 100, where 50 is slack water. Driver order uses each component's weighted point pull, not its raw distance from 50.

Nominal depth48
$140.28M more nominal USD depth decrease than increase.
40% weight · -0.6 point pull
Nominal depth breadth53
8 nominal TVL rows rising against 7 falling.
20% weight · +0.7 point pull
Leverage health10
3 rising open-interest rows against 0 falling.
15% weight · -6.0 point pull

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, observed pressures near balance. 100 spring flood, reported depth measures running high. The number is computed from sourced DeFi, leverage, and cash-layer readings also carried by The Current, so every point is backed by a figure you can click to verify. Regulated-wrapper ETF flow remains a separate Current lane and does not move this index. 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. TVL inputs are nominal USD values, so token-price repricing is not removed. A high reading can be froth, not durable depth; 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: cash layer, 4 stablecoins drifting from peg.

Open the evidence trailCounterevidence, invalidation, sources, and method

What argues against this reading

Paid activity: 4 venues reporting fees above their weekly pace.

Protocol and chain TVL are nominal USD series, so asset-price changes can move the input without a deposit or withdrawal.

The stored Waterline record is still building and may not yet support a full-cycle comparison.

What would change the call

The holding call changes when the Waterline closes outside 40 to 60 and stays there for seven daily observations.

Measured byDaily Waterline close, seven-observation nominal-depth balance, and component breadth under the same method version.

Next review

Next daily source-health review

Exact sources

DeFiLlama Protocols APIhttps://api.llama.fi/protocolsSupports: Nominal protocol TVL level and reported percentage change.Limit: Does not separate deposits from token-price repricing.
DeFiLlama Stablecoins APIhttps://stablecoins.llama.fi/stablecoins?includePrices=trueSupports: Reference-aware stablecoin price, reference stress, and circulating USD market-value context.Limit: Does not prove reserve backing or universal redemption access.
DeFiLlama Fees Overview APIhttps://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=trueSupports: Paid-activity component inputs.Limit: Fees do not prove unique users, deposits, or executable liquidity.
DeFiLlama DEX Overview APIhttps://api.llama.fi/overview/dexs?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=trueSupports: A corroborating turnover lane in The Current and the broader Reading. It is excluded from the Waterline value and coverage gate.Limit: Turnover is gross activity, not deposit flow or executable depth at a requested size.
DeFiLlama Open Interest Overview APIhttps://api.llama.fi/overview/open-interest?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=trueSupports: Leverage-health component inputs.Limit: Open interest is outstanding exposure, not direction, spot demand, or depth.

Formula

Waterline = 40% nominal depth + 20% breadth + 15% leverage + 10% paid activity + 15% cash layer

Every component is normalized to 0 to 100. Missing or stale coverage in the five weighted source lanes withholds the composite instead of lowering the market score. DEX turnover remains separate context. The yield capability is license-blocked and excluded.

Open formula note

Snapshot receipt

Snapshot captured: 2026-08-11 03:55 UTC
Ingested: 2026-08-11 03:56 UTC
Method version: 2.0.0Confidence is separate from the Waterline value.

Missing inputs

Price-adjusted protocol and chain deposit flows

Slack water

Is this market move backed by depth?

Three strongest drivers

What moves it now

A tide scale, not a mood gauge

What changed

Is it unusual

How it compares

Why it matters

What argues against this reading

What would change the call

Next review

Exact sources

Formula

Snapshot receipt

Missing inputs

Waterline history, under one method

Broader conditions are mixed

Bull run depth check

At a glance

Breakdown

Depth can rise, drain, or distort.

Slack water

Three strongest drivers

What moves it now

A tide scale, not a mood gauge

What changed

Is it unusual

How it compares

Why it matters

What argues against this reading

What would change the call

Next review

Exact sources

Formula

Snapshot receipt

Missing inputs

Waterline history, under one method

Broader conditions are mixed

One reading, three deterministic cards

Bull run depth check

At a glance

Breakdown

Depth can rise, drain, or distort.