⌘K

Live evidencecounted 10m ago

0.57days of MEME volume to unwind the crowd97%of the XMR book on one side, across 34 vaults$601.9Munder one key with no guardian — 17 of the 148 vaults whose control we have read$1.97Bwhose control we have never read, across 2,961 vaults$808.7Msitting in vaults and not lent out$6.01Bunder 3,109 vaults we read2,035agent-managed, of 3,109 tracked205agent vaults scored, 10% of them424operators identified behind them24networks where we read capital, from Ethereum to Cardano4,645,820deposits and withdrawals read from chain187changes recorded in the last day549,458ERC-8004 agent registrations read+5.69/ 30 days339,384distinct owners behind those registrations194,245registrations carrying a readable card, 35%3,267,011paid requests on the Olas rail (deliveries are counted apart)−0.54/ 30 days72suppliers delivering that work405,511agent-to-agent jobs read on Base−0.3/ 30 days$1.0Msettled between agents, all time1,168suppliers listed on the ACP rail189agents live on Cardano76Cardano agents deregistered, 29% of all ever minted28,292open escrows between Cardano agents0.57days of MEME volume to unwind the crowd97%of the XMR book on one side, across 34 vaults$601.9Munder one key with no guardian — 17 of the 148 vaults whose control we have read$1.97Bwhose control we have never read, across 2,961 vaults$808.7Msitting in vaults and not lent out$6.01Bunder 3,109 vaults we read2,035agent-managed, of 3,109 tracked205agent vaults scored, 10% of them424operators identified behind them24networks where we read capital, from Ethereum to Cardano4,645,820deposits and withdrawals read from chain187changes recorded in the last day549,458ERC-8004 agent registrations read+5.69/ 30 days339,384distinct owners behind those registrations194,245registrations carrying a readable card, 35%3,267,011paid requests on the Olas rail (deliveries are counted apart)−0.54/ 30 days72suppliers delivering that work405,511agent-to-agent jobs read on Base−0.3/ 30 days$1.0Msettled between agents, all time1,168suppliers listed on the ACP rail189agents live on Cardano76Cardano agents deregistered, 29% of all ever minted28,292open escrows between Cardano agents

Where the leverage is

Four perpetual venues, read from their own indexers rather than from an aggregator. On GMX every open position is counted, 3,795 of them across two chains and not a sample, so the leverage on this page is measured rather than estimated.

The exposure column is never added up. GMX, dYdX and Avantis publish open interest; Ostium’s figure is summed notional over a capped page of open trades and is a floor. Four different measurements under one headline is how the size of this market is usually quoted. It is not quoted that way here.

Venues read

each from its own indexer

3,795

Positions counted

every open position on GMX

$15.69M

Standing on

$54.36M of size we read, 4.5% from the venue's own open interest · 3.5x venue-wide

Attributable to an agent

of 1,958 addresses we hold

Cost of trading

What a dollar costs to move through GMX

28,533 executions · 7 days

9.5 bps

All-in cost

on $257.36M moved

$127.0k

Trading fees

charged for the trade itself

$67.8k

Funding

paid to the other side of the book

$48.5k

Borrowing

rent on holding the position

Three costs, kept apart, because they answer different questions: a fee is charged for trading, funding is paid to whoever is on the other side, and borrowing is rent on the position. A venue quoting only the first is quoting a third of what it costs to be there.

Of 18,973 orders that set a limit price, 99.8% filled inside it, which is not news, because the venue enforces that. The informative figure is the room they had: 99 bps of margin against their own limit at the median. 9,560 more set no limit at all and are counted apart rather than scored as perfect.

Dearest markets	Moved	Cost
PUMP/USD	$141.81

Real-world exposure held through these venues: what the capital is exposed to. Which venues we read at all: what we cover.