Every liquidity pool has a
bottom.
A price without a size is decoration.
Sounder reads every pool on this chain from its own state and publishes the two numbers nobody quotes: how far the venues are apart, and how much each one can actually take.
- Venues read
- 11
- Pools indexed
- 916
- Ether leg
- $2,407
NVDA
11 venues · 1633 ticks walked
Spread, bps
16.7
$217.52
Uniswap v4
$217.88
Orvex
Each mark is one pool, priced from its own state. Read in 6872 ms.
Reading
Uniswap v3
NVDA/USDG · 5 bp
Absorbs
past $2.00M
then it stops
6 pools, deepest first · hover a band to hold it
There is no seller. There is only the pile.
Four sentences, no jargon. The longer version, with the diagram, is in the documentation.
01
A pool is a pile of two things
People deposit shares and dollars into one contract. When you buy you are not matched against a seller: you take shares out of the pile and put dollars in.
02
Every purchase moves the price
Take shares out and the next ones cost more. A deep pile barely notices a small order; a thin one lurches. That gap is the cost to fill.
03
And then the pile runs out
Past the last band of liquidity there is nothing left to sell you at any price. Every venue hits that wall at a different size, and nobody quotes it.
04
The same share sits in six piles
Six venues keep their own pool and never speak to each other, so they disagree on the price, and the cheapest is often the shallowest.
Nobody agrees on the price.
Put every venue’s quote on one axis and the disagreement stops being invisible. Only venues holding enough depth to fill the smallest order count: a drained pool keeps whatever price it was abandoned at, and that is not a disagreement anyone could trade.
NVDA
NVIDIA
$217.70
Spread
16.7BPS
11 fillable
Uniswap v4 → Orvexdeepest venue absorbs past $2M · Uniswap v3
SPY
S&P 500 ETF
$768.68
Spread
20.5BPS
11 fillable
Uniswap v4 → Uniswap v3deepest venue takes $1.79M · Uniswap v4
AAPL
Apple
$344.38
Spread
22.4BPS
8 fillable
Uniswap v3 → Uniswap v4deepest venue takes $70k · Uniswap v3
TSLA
Tesla
$366.21
Spread
25.5BPS
8 fillable
Orvex → Updeepest venue takes $357k · Uniswap v4
GLD
Gold Trust
$380.46
Spread
24.6BPS
9 fillable
Giga → Uniswap v3deepest venue takes $1.90M · Uniswap v3
MSTR
Strategy
$139.62
Spread
123.6BPS
8 fillable
Uniswap v4 → Updeepest venue takes $510k · Uniswap v3
Most of it cannot move.
Every dashboard quotes value locked. None of them tell you how much of it you could take out at a price you would accept. Those are different numbers, and the gap is large.
Reserves in money-quoted pools
$34.65M
What an order can take out
$16.22M
Share that can actually move
47%
| Ticker | Reserves | Fillable | Share | Venues | |
|---|---|---|---|---|---|
| SPY | $9.60M | $4.25M | 44% | 11 | |
| NVDA | $9.27M | $3.95M | 43% | 11 | |
| GLD | $5.93M | $4.77M | 80% | 9 | |
| MSTR | $3.82M | $996k | 26% | 8 | |
| TSLA | $2.26M | $753k | 33% | 8 | |
| QQQ | $1.63M | $1.01M | 62% | 6 | |
| GME | $1.22M | $270k | 22% | 6 | |
| AAPL | $906k | $225k | 25% | 8 |
Reserves are the indexer’s own figures, taken offline. Fillable depth is measured live at block 92,703,956. Pools paired against other tokens rather than dollars or ether are excluded: for NVDA alone that is $183M of reserves that no dollar order can reach.
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.
Open the instrument →
Every number is derived.
Read from pool storage at a stated block, never from a feed. If what you compute disagrees with what is published here, what is published is wrong.
The whole method →Depth ends somewhere
Sounder replays each pool’s own swap loop against its own ticks. Where the pool stops absorbing, the line stops: nothing is extrapolated past it.
A ticker is not an identity
Several tokens answer to the same symbol here. Every ticker resolves to the address whose pools carry the turnover, and the ones dropped are named rather than hidden.
The geometry decides the read
Four arithmetics live on this chain, each priced its own way. A venue whose geometry cannot be established is left out of the book rather than guessed at.
On chain · ours
Two contracts of our own.
One enforces the floor on a trade instead of promising it. The other takes the same readings this page publishes, from inside the chain, so they can be checked without asking us.
SounderExecutor0xA9385698EB94dDc3578C00686E38A90095F7a552
SounderLens0xdbd0dd015baab7aa9bfc6ab618f203d4f727d6f3
Read what they do, and what they cannot do →