Liquidity

Quiet 1h p25 / p50 — the 6 lowest-volume UTC hours of each market's day over the last 28 days; p25 is the hour a resting order actually meets at 3am. The number nobody else publishes, and the one that decides what a market absorbs.

50bp depth — USD resting within 0.5% of mid on each side of the book, sampled hourly. Bid / ask shown separately; the thin side is the binding one. Spread is the top-of-book gap in basis points.

HL share — Hyperliquid's 24h perp volume divided by HL + Binance + OKX combined, per market. 100% = listed nowhere else that we track. Refreshed daily; venue symbols are identity-checked by price parity, never name-matched.

Tier — decade of quiet-hour p25 volume: deep ≥ $1M, liquid ≥ $100k, thin ≥ $10k, micro below. A classification of what we measure, not advice. A thin book flag marks markets whose thinner 50bp side sits more than a decade below the tier's volume floor — volume tier ≠ book depth. Missing values render as — and each block carries its own as-of stamp above.