Concepts ·
The depth metric
Depth at x% is the notional you can sell (down-depth) or buy (up-depth) before the marginal price moves x% from the mid. For constant-product pools this is closed-form. For concentrated-liquidity pools the indexer walks initialised ticks outward from the current tick, summing liquidity in each range until the cumulative price impact reaches the threshold.
Three details matter in practice:
- Fees are included. The fee tier is part of the price you pay, so a 1% pool has strictly less 1%-depth than a 0.05% pool with identical liquidity.
- Both sides are reported. Depth is usually asymmetric. The explorer shows skew, the ratio of up to down depth, because a pool that is deep on one side only is a pool that can move easily in the other direction.
- Depth is quoted in USD using the pool's own quote asset and a reference price taken from the deepest stable pools, computed by the same indexers, so no external oracle is involved.
The depth score (0–99) on the explorer is depth-1% divided by TVL, scaled. It rewards liquidity that is actually near the price.