Liquidity depth · Robinhood Chain 4663 · read from pool state

Every pool of liquidity
has a bottom.

A price without a size is decoration.

The liquidity behind any share on this chain is scattered across six venues that do not agree on the price — and each one runs out at a different size. Sounder reads every pool’s own state and publishes both numbers: how far apart they are, and how much each can actually take.

New to this? Start with what liquidity actually is — four sentences, no jargon.

Take a sounding How it is derived

Venues read: 11
Pools indexed: 461
Ether leg: $2,497

Liquidity behind NVDA$2.89M fillable

Deepest first

Uniswap v3

NVDA/USDG · 5 bp

Absorbs

$1.72M

then it stops

5 separate pools · hover a band to hold it

One instant, every venueBLOCK 53,585,612

NVDA

5 venues · 827 ticks walked

Spread, bps

18.7

$227.25

$227.67

Uniswap v3

Each mark is one pool, priced from its own state. Read in 2244 ms.

01What liquidity actually isno jargon in this section

There is no seller. There is only the pile.

The rest of this page is measurements. This part is what they measure — in plain language, because the interesting thing here is genuinely simple and the machinery around it is not.

01
A pool is a pile of two things
People deposit shares of NVIDIA and dollars into one contract. When you buy, you are not matched against another trader — you take shares out of the pile and put dollars in. That pile is the liquidity, and it is the only thing standing behind the price.
02
Every purchase moves the price against you
Take shares out and the pile has fewer left, so the next ones cost more. A deep pile barely notices a small order. A thin one lurches. The gap between the price you saw and the price you actually paid is what this site calls the cost to fill.
03
And then the pile runs out
This is the part nobody quotes. Liquidity is not spread evenly — it is deposited in bands, and past the last band there is nothing left to sell you at any price. Every venue hits that wall at a different size, and until you look, it is invisible.
04
The same share sits in six different piles
Six venues each keep their own NVIDIA pool on this chain. They do not talk to each other, so at any instant they disagree about the price — and the cheapest of them is often the shallowest, which is exactly the trap.

Each block is real liquidity read from the chain. On the charts below, a venue’s line simply ends at its own wall — a short line is a fact about that venue, not a gap in the data.

02On the board nowread in 2582 ms

Nobody agrees on the price.

Some of the gap is fee tiers. Some is inventory nobody has moved. Some is simply that no one has looked. Put every quote on one axis and the disagreement stops being invisible.

The spread counts only venues holding enough depth to fill the smallest order on the ladder. A pool that has been drained keeps whatever price it was abandoned at, and that is not a disagreement anyone could trade.

Computed from pool storage, not taken from an indexer.

NVDA
NVIDIA
$227.46
Spread
18.7BPS
5 fillable
Up → Uniswap v3
deepest venue takes $1.72M · Uniswap v3
SPY
S&P 500 ETF
$772.79
Spread
22.8BPS
6 fillable
Uniswap v4 → Uniswap v4
deepest venue takes $1.55M · Uniswap v4
AAPL
Apple
$329.06
Spread
34.3BPS
5 fillable
Uniswap v3 → Uniswap v3
deepest venue takes $276k · Uniswap v4
TSLA
Tesla
$382.13
Spread
24.8BPS
5 fillable
Uniswap v4 → Uniswap v3
deepest venue takes $59k · Uniswap v3
GLD
Gold Trust
$414.22
Spread
45.2BPS
4 fillable
Giga → Uniswap v3
deepest venue takes $907k · Uniswap v3
MSTR
Strategy
$139.92
Spread
108.3BPS
3 fillable
Uniswap v3 → Giga
deepest venue takes $563k · Uniswap v3

03The soundingdepth walked tick by tick

Pick a size. The answer changes.

A venue that is cheapest for a hundred dollars is often not the one that can take a hundred thousand. Move the size and watch the ranking reorder itself — and watch the lines that simply end.

Sound

Order size$25.0k

Ticker

NVDA6 venues

Best fill at $25.0k

$227.58Uniswap v3 · 7.1 bps

Spread across venues

18.7BPSUp → Uniswap v3· 5 fillable

Note · the cheapest quote is on Up, but at $25.0k the best fill is on Uniswap v3. Size changes the answer.

cost to fill stops absorbing leaves the framesize axis is logarithmic

Uniswap v3best
$227.42
NVDA/USDG · 5 bp
Fill $25.0k
$227.58 · 7.1 bp
Stops at
$1.72M
Uniswap v3
$227.30
NVDA/WETH · 5 bp
Fill $25.0k
$227.95 · 28.7 bp
Stops at
$431k
Uniswap v4
$227.27
NVDA/USDG · 30 bp
Fill $25.0k
$228.83 · 68.7 bp
Stops at
$360k
Uniswap v3
$227.67
NVDA/WETH · 30 bp
Fill $25.0k
$230.31 · 115.9 bp
Stops at
$355k
Up
$227.25
NVDA/USDG · 1 bp
Fill $25.0k
$232.90 · 248.7 bp
Stops at
$28.0k
Uniswap v4
$227.33
NVDA/WETH · 10 bp · excluded from spread
Fill $25.0k
not readable
Stops at
—

Every venue quoting NVDA, its spot price, the cost of filling $25.0k, and where it stops absorbing.
Venue	Pair	Fee	Spot	Fill $25.0k	Cost	Stops at
Uniswap v3best	NVDA/USDG	5 bp	$227.42	$227.58	7.1 bp	$1.72M
Uniswap v3	NVDA/WETH	5 bp	$227.30	$227.95	28.7 bp	$431k
Uniswap v4	NVDA/USDG	30 bp	$227.27	$228.83	68.7 bp	$360k
Uniswap v3	NVDA/WETH	30 bp	$227.67	$230.31	115.9 bp	$355k
Up	NVDA/USDG	1 bp	$227.25	$232.90	248.7 bp	$28.0k
Uniswap v4excluded from spread	NVDA/WETH	10 bp	$227.33	not readable	—	—

block 53,585,612 · 827 ticks walked · read in 2244 ms

04What it insists on

Three things this refuses to guess at.

Sounding is an old trade. You drop a weight on a marked line and read where it stops. What is being measured here is newer; the discipline is not.

Engraving of a sounding lead hanging from a marked line beside a graduated scale. — Plate i · a lead on a marked line. The reading is where it stops, not where you hoped it would.

Depth ends somewhere

Concentrated pools take input until their liquidity runs out, and then they stop. That point is different on every venue and is never quoted. Sounder finds it by replaying the pool’s own swap loop against its own ticks, and when the input exceeds what the pool holds it reports that, rather than extrapolating a price nobody could get.

the line simply ends

A ticker is not an identity

Several tokens on this chain answer to the same symbol. Resolving by name alone is how a book ends up quoting a nine-cent impostor beside a two-hundred-dollar share. Every ticker here resolves to the address whose pools actually carry turnover, and the ones dropped are named rather than hidden.

resolved by turnover, not by name

iii

The geometry decides the read

Constant product, concentrated liquidity, a singleton with no pool contract at all, a dynamic fee read from a different slot — each is priced by its own arithmetic. Reading one as another is not a rounding error; it is how a quote lands tens of percent away from the market.

four geometries, four read paths

A quote you cannot take is not a quote

A pool that has been drained keeps whatever price it was abandoned at, and that price will sit in an aggregate feed forever looking like an opportunity. It is excluded from every spread published here, shown in the table, and labelled — because the interesting number is the disagreement between venues you could actually trade.

excluded from the spread, never hidden

05Where the reading comes from

Every venue, and how it is read.

A venue whose geometry we cannot classify is left out of the book rather than guessed at. That is why this list is shorter than the number of names on the chain, and why nothing on it needs a caveat.

Uniswap v3
concentrated
Deepest USDG books on the chain. Price read from slot0, depth walked tick by tick.
Uniswap v4
singleton
No pool contract exists. State comes out of the singleton through extsload, keyed by pool id.
Uniswap v2
constant product
Constant product. Depth is closed-form, so the curve is exact rather than sampled.
PancakeSwap v3
concentrated
A v3 fork with a renamed callback. Read path is identical.
PancakeSwap v2
constant product
Constant product.
RobinSwap
concentrated
Native venue, v3 geometry.
Giga
concentrated
Bounded liquidity — the sounding shows where it stops absorbing.
Up
concentrated
Equity-paired only, which is why the depth has to be walked rather than assumed.
Orvex
singleton
Singleton geometry. Pools are ids, not addresses.
Ramses
concentrated
v3 fork, renamed callback.
Alandale
algebra
Dynamic fee, priced from globalState. Reading it as v2 is what puts a quote 40% off.

06Nothing here asks to be believed

Every number is derived, and every derivation is a command.

If what you compute disagrees with what is published here, what is published is wrong. These are the same entry points the site itself calls.

Sound one ticker

Reads every pool quoting the ticker, walks the ticks around the price, and prints the same ladder the instrument shows. No arguments beyond the symbol.

$ npm run book NVDA

Recompute the board

One batched storage read across the whole watchlist. Prints the spread between the outermost venues per ticker, and what it read the ether leg at.

$ npm run pulse

Rebuild the registry

The only step that consults an indexer. Resolves which address carries the real market for each ticker and which pools quote it, then writes it to disk so nothing on the request path needs it.

$ npm run canon

Take the reading directly

The endpoint the page calls, unchanged. It answers with the block it read at, how long the read took, and every venue including the ones that failed.

$ curl `/api/sound?ticker=SPY`

Uniswap v4 singleton

0x8366a39cc670b4001a1121b8f6a443a643e40951

pools mapping at storage slot 6 · read through extsload

Orvex singleton

0xd01c774d4a66408326bc65728ac5ae5aaf004032

pools mapping at storage slot 4 · read through extsload

Registry last recomputed 2026-09-01 22:53 UTC · 461 pools seen · prices are never taken from it.

Every pool of liquidity has a bottom.