Every market hides a
deeper story.
Read the depth behind the number.
Fathom brings the distance between venues into focus: the price they show, the size they can absorb, and the point where liquidity ends.
- Venues read
- 11
- Pools indexed
- 916
- Ether leg
- $2,245
NVDA
11 venues · 1525 ticks walked
Spread, bps
1,188.6
$187.68
Orvex
$209.98
Giga
Each mark is one pool, priced from its own state. Read in 6294 ms.
Reading
Uniswap v4
NVDA/USDG · 34.98 bp
Absorbs
$475k
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
$198.83
Spread
1188.6BPS
11 fillable
Orvex → Gigadeepest venue absorbs past $2M · Uniswap v3
SPY
S&P 500 ETF
$738.30
Spread
19.5BPS
11 fillable
Uniswap v4 → Ramses v3deepest venue absorbs past $2M · Uniswap v4
AAPL
Apple
$342.90
Spread
6.5BPS
6 fillable
Uniswap v4 → Uniswap v3deepest venue takes $59k · Uniswap v3
TSLA
Tesla
$358.87
Spread
15.7BPS
7 fillable
Up → Uniswap v3deepest venue takes $436k · Uniswap v3
GLD
Gold Trust
$372.74
Spread
37.5BPS
8 fillable
Uniswap v4 → Ramses v3deepest venue takes $1.78M · Uniswap v3
MSTR
Strategy
$128.79
Spread
72.7BPS
7 fillable
Uniswap v3 → Uniswap v3deepest venue takes $555k · 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
$15.64M
Share that can actually move
45%
| Ticker | Reserves | Fillable | Share | Venues | |
|---|---|---|---|---|---|
| SPY | $9.60M | $4.14M | 43% | 11 | |
| NVDA | $9.27M | $4.10M | 44% | 11 | |
| GLD | $5.93M | $3.44M | 58% | 8 | |
| MSTR | $3.82M | $1.24M | 33% | 7 | |
| TSLA | $2.26M | $1.00M | 44% | 7 | |
| QQQ | $1.63M | $1.31M | 80% | 7 | |
| GME | $1.22M | $214k | 18% | 5 | |
| AAPL | $906k | $182k | 20% | 6 |
Reserves are the indexer’s own figures, taken offline. Fillable depth is measured live at block 108,273,339. 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
Fathom 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 · method
Two reference contracts.
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 →
The depth instrument