⌘K

Live evidencecounted 4m ago

0.48days of MEME volume to unwind the crowd99%of the XMR book on one side, across 28 vaults$1.30Bunder one key with no guardian, 52 of the 424 vaults whose control we have read$334.1Mwhose control we have never read, across 3,229 vaults$1.95Bsitting in vaults and not lent out$11.27Bunder 3,653 vaults we read$4.79Bin 323 vaults where we saw automated execution, nothing declared2,080vaults declared or on a venue built to run software, holding $1.01M324software-run vaults scored, 13% of them450operators identified behind them26networks where we read capital, from Ethereum to Cardano31,298,687deposits and withdrawals read from chain5changes recorded in the last day588,846ERC-8004 agent registrations read−0.61/ 30 days360,982distinct owners behind those registrations199,780registrations carrying a readable card, 34%3,330,722paid requests on the Olas rail (deliveries are counted apart)−0.69/ 30 days87suppliers delivering that work411,027agent-to-agent jobs read on Base+0.04/ 30 days$1.0Msettled between agents, all time1,175suppliers listed on the ACP rail189agents live on Cardano76Cardano agents deregistered, 29% of all ever minted29,141escrows between Cardano agents since Jun 2025, 142 still open78%of every agent payment we read comes from 2,571 addresses that never stop307,376addresses paid once and never came back, of 494,774 that ever paid934of those payers are an agent we can name, 0.189% of them635agent hosts answered when we asked, of 2,532 probed17,125agents sit behind a host that answers nothing at all404msmedian answer from the 635 hosts that answer44%of all agent ratings were written by ten addresses, of 671,178 ratings read29,502rated agents have exactly one rater, of 47,110 rated at all86,979service endpoints declared across 33,840 agent cards we read0.48days of MEME volume to unwind the crowd99%of the XMR book on one side, across 28 vaults$1.30Bunder one key with no guardian, 52 of the 424 vaults whose control we have read$334.1Mwhose control we have never read, across 3,229 vaults$1.95Bsitting in vaults and not lent out$11.27Bunder 3,653 vaults we read$4.79Bin 323 vaults where we saw automated execution, nothing declared2,080vaults declared or on a venue built to run software, holding $1.01M324software-run vaults scored, 13% of them450operators identified behind them26networks where we read capital, from Ethereum to Cardano31,298,687deposits and withdrawals read from chain5changes recorded in the last day588,846ERC-8004 agent registrations read−0.61/ 30 days360,982distinct owners behind those registrations199,780registrations carrying a readable card, 34%3,330,722paid requests on the Olas rail (deliveries are counted apart)−0.69/ 30 days87suppliers delivering that work411,027agent-to-agent jobs read on Base+0.04/ 30 days$1.0Msettled between agents, all time1,175suppliers listed on the ACP rail189agents live on Cardano76Cardano agents deregistered, 29% of all ever minted29,141escrows between Cardano agents since Jun 2025, 142 still open78%of every agent payment we read comes from 2,571 addresses that never stop307,376addresses paid once and never came back, of 494,774 that ever paid934of those payers are an agent we can name, 0.189% of them635agent hosts answered when we asked, of 2,532 probed17,125agents sit behind a host that answers nothing at all404msmedian answer from the 635 hosts that answer44%of all agent ratings were written by ten addresses, of 671,178 ratings read29,502rated agents have exactly one rater, of 47,110 rated at all86,979service endpoints declared across 33,840 agent cards we read

Crowding

Nominally independent vaults are often in the same trade. When the market moves against them they do not leave one by one, they leave together, through the same liquidity, turning a controlled loss into a cascade. This page measures how much of that is happening, and is honest about how much of it we can see. Click an instrument to see exactly which vaults hold it.

57 days of clusters, swept daily, from 13 August 2026. That is short, and it is short because we started recording it then rather than because nothing happened before. This is a reading we took and stored rather than an event a chain kept, so the series itself begins when we began; the underlying activity may well be reconstructable from an archive node or the venue’s own history, and we have not done it.

Hyperliquid: positions read for 188 of 320 vaults, $95.06M of $273.98M recorded capital (35%). The rest are flat or unread, and the figures above cannot tell those apart.

dYdX: positions read for 0 of 1 vaults, $0.00 of $1.77M recorded capital (0%). The rest are flat or unread, and the figures above cannot tell those apart.

What this page can see

positions are read on Drift, Euler, Hyperliquid, Kamino, Lista Lending, Morpho, Morpho Vaults V2

Vaults: 72320%; of 3,653 open vaults
Venues: 721%; of 34 we hold vaults on
Networks: 1869%; of 26 we read
Capital: $8.16B72%; of $11.27B we can size

Two ways in. Lending markets: 403 vaults holding $8.07B. Perpetual positions: 320 vaults holding $95.06M. Gross exposure is never divided by capital: a leveraged notional over money is not a share of anything.

The largest capital with neither, and why:

Concrete$1.24Bpublishes nothing about where the capital went
Euler$466.93Mwe hold its allocation in a shape this page does not read
ether.fi Liquid$380.98Mpublishes nothing about where the capital went
Hyperliquid$178.91Mits book has not been read recently

Is the crowd building?

2026-08-13 to 2026-10-09

Instruments that are both materially covered and one-sided went from 15 to 33 over 57 days of sweeps. More of the book is in a trade that is hard to leave than when we started watching.

Range

A count of instruments, not capital: the capital moves with the price and the count does not. The series starts the day the sweep started.

Vaults with live positions

374

Hyperliquid, currently observable

Every vault

Gross exposure observed

$226.90M

longs and shorts, not netted

Long: $139.97M
Short: $86.94M
Net: +$53.03M

Every instrument

Instruments

178

Priced: 178
One-sided

Hard to exit

How this figure was arrived at

Metric: hard-to-exit
Population: vaults_with_positions
Denominator: not a share of anything
Source: The venue’s own figure, fetched from its own endpoint.
Grade: B
Read at: 2026-10-09 22:26 UTC
Methodology: aspern-0.3
Snapshot: cmv1jbosx01mjle70rax2q9w3

Composition

Where the crowd's exposure sits

BTC: $48.03M21%
SOL: $40.74M18%
ETH: $22.89M10%
HYPE: $20.30M8.9%
XMR: $12.40M5.5%
173 other instruments: $82.55M36%

Gross exposure, longs and shorts together rather than netted, because a crowd leaving is a crowd on both sides going through the same book. The tail is a slice rather than a rounding error: dropping the smaller instruments would overstate the largest by whatever they weigh, and here that is close to a third.