Liquidity Depth Index · Jul 7, 2026Calibrating
24.9 bps of onchain DEX exit depth.
5 instruments · 7 DEX pools · Ethereum · methodology v1.0-liquidity-depth
The OCB Liquidity Depth Index measures onchain DEX exit capacity as a basis-point fraction of covered supply — daily, at 09:00 UTC. For every covered instrument, the Index sums 1%-slippage depth across all configured DEX pools, divides by total covered supply, and expresses the ratio in basis points. A higher reading means the covered market can absorb a larger exit relative to its size without moving price more than 1%.
The v1.0 launch population covers five instruments with configured DEX pools on Ethereum: USDY (treasury RWA), USDT, PYUSD, USDe, and USD0 (stablecoins). OUSG, BUIDL, BENJI, and USYC have no material DEX liquidity and are excluded from the denominator — not because they lack merit, but because the index measures DEX depth specifically, and they redeem via issuer mechanisms rather than onchain pools.
What Liquidity Depth measures
For each configured pool, depth at 1% slippage in USD — the size a seller can exit before price moves more than 1 cent per dollar. Curve StableSwap and Uniswap V3 closed-form approximations. Summed across pools per instrument.
Total USD supply of all instruments with at least one configured DEX pool. Stablecoin supply from on-chain totalSupply; USDY supply from Ondo normalized redemption data. Denominator for the depth ratio.
Aggregate DEX depth divided by aggregate supply, multiplied by 10,000. One basis point = 0.01%. A reading of 5 bps means $5 of every $10,000 of covered supply can exit via DEX at 1% slippage.
Where the depth sits
The exit-capacity mix.
Onchain DEX exit capacity is not spread evenly. The mix below shows each instrument’s share of the total 1%-slippage depth OCB measures — where the market can actually be exited today.
Share of 1%-slippage DEX depth · Jul 7, 2026
What it’s made of
Five instruments, seven pools.
Each instrument below has at least one configured DEX pool on Ethereum. Instruments with multiple pools (PYUSD, USDe) have their pool depths summed before dividing into supply. Pool depth figures update daily from the 08:00 UTC collector.
Ondo Finance · Tokenized US Treasury yield note
1%-slippage depth
$418.29K
Share of total depth
0.2%
DEX
curve
Structural facts you should know
How to read this index correctly.
The Liquidity Depth Index measures onchain DEX exit capacity specifically. It does not measure issuer redemption depth, OTC liquidity, or total market exit risk. Each item below is a structural fact about what the index captures and what it does not.
DEX only
This index measures DEX pools, not total exit capacity.
Instruments like OUSG, BUIDL, and USYC have robust issuer-direct redemption mechanisms but no material Ethereum DEX pools. Their exit capacity is real; it is simply not visible in this index. The Liquidity Depth Index is one lens — DEX-exit depth specifically — not a comprehensive liquidity judgment.
Approximation
1%-slippage depth figures are closed-form approximations, not on-chain tick scans.
Curve StableSwap depth uses a coefficient calibrated to A=100 (±20% accuracy). Uniswap V3 depth assumes the entire 1% trade executes within the current tick — if the trade crosses to adjacent ticks with lower liquidity, actual fillable depth is lower. Both approximations are documented in docs/data-gaps.md. Tick-scan upgrades are planned for v1.1.
Stablecoin-dominant
The v1.0 population is stablecoin-heavy by necessity.
Five of the five configured instruments are either stablecoins or a treasury RWA (USDY). RWA instruments with large supplies — BUIDL, BENJI, USYC — have no DEX pools. As the RWA market develops onchain DEX infrastructure, future versions will expand coverage. The v1.0 index should be read as a stablecoin DEX depth measure with USDY as a bellwether for the RWA DEX market.
How it’s computed
The formula is published and reproducible.
The full methodology — the population rules, the 1%-slippage depth formula for each DEX type, the supply source per instrument class, the freshness SLA of 36 hours, the minimum three-constituent gate before publishing, the calibration window of thirty days, and the rebasing to an inception level of 100 — is OCB Liquidity Depth Methodology v1.0-liquidity-depth. Any analyst applying the same formula to the same onchain evidence should arrive at the same number. Methodology changes are version-bumped, marked on the chart, and logged in the public changelog.
Core formula
raw_index = (Σ depthi / Σ supplyi) × 10,000
where depthi = sum of 1%-slippage DEX depth in USD across all configured pools for instrument i; supplyi = total outstanding supply in USD; result in basis points.
Published: index_level = (raw_index / inception_raw_index) × 100, rebased to 100 at inception.
Cite: OnChain Benchmark (OCB). OCB Liquidity Depth Index, methodology v1.0-liquidity-depth. Published daily. Retrieved from onchainbenchmark.com/index/liquidity-depth.
Read the methodology →