Market-Time Report #1

generated 2026-09-21 00:53 UTC

What happened to executable liquidity while the underlying markets were shut.

What was measured

Window: 2026-09-19 06:37 UTC to 2026-09-21 00:52 UTC
42.25 hours
Readings: 35,130 across 15 pools
Largest hole in the record: 03:16:22
Reported rather than interpolated across. Nothing in this report is filled in over it.

Every 60 seconds the collector reads slot0, liquidity, tickSpacing, fee and the initialised ticks spanning at least +/-60% around spot from each pool on X Layer, and appends the reading with its block, a hash of the payload and the payload itself. The figures below are those stored readings. `liquidity` is the in-range liquidity L at the observed tick, the quantity a swap consumes first; it is not a dollar depth, and it is not converted into one here.

Findings

In-range liquidity did not hold still while the underlying markets were closed: 7 of 10 asset pools ended the window with less in-range liquidity than they started it.

Largest fall MIXUx -49.12%, largest rise SLVx 4.94%, over 35,130 readings.

A capacity number fixed at Friday's close would have been wrong by the size of those moves for the whole weekend.

This is the arithmetic consequence of the row above, not a separate measurement: debtCeiling is a fraction of C(1%), and C(1%) is computed from exactly this pool state.

In-range liquidity, pool by pool

The first and last reading of the window, and the range it moved through in between. A negative change means the pool ended the window with less in-range liquidity than it started with.

Scroll the table sideways for the range and the pool address.

Asset	At start	At end	Change	Low	High	Readings	Pool
KOx	0.184	0.163	-11.80%	0.163	0.184	2,342	0x273D…3114
HKEXCx	0.206	0.212	3.14%	0.093	0.251	2,342	0x293A…7Ed4
BRK.Bx	0.127	0.078	-38.13%	0.070	0.131	2,342	0x34Fa…A507
COINx	1,661.347	1,483.910	-10.68%	1,172.665	1,661.347	2,342	0x7013…5edF
ICEx	0.062	0.051	-18.60%	0.043	0.114	2,342	0x8D01…736f
MIXUx	0.232	0.118	-49.12%	0.055	0.232	2,342	0x94D6…c3b8
KUAIx	0.665	0.467	-29.70%	0.467	0.665	2,342	0x9D5d…a0f2
SHEINx	0.356	0.362	1.56%	0.333	1.427	2,342	0xF1ef…4497
BMNRx	7,890.218	7,734.373	-1.97%	6,913.366	7,897.162	2,342	0xcd5a…729b
SLVx	0.055	0.057	4.94%	0.016	0.058	2,342	0xd510…f4a6
route leg	0.079	0.037	-52.42%	0.037	0.392	2,342	0x6E18…F6D5
route leg	0.016	0.016	-0.48%	0.016	0.016	2,342	0x91db…2663
route leg	0.000	0.000	0.00%	0.000	0.000	2,342	0xFD69…00ab
route leg	0.001	0.001	0.00%	0.001	0.001	2,342	0xbB9a…0d40
route leg	0.000	0.000	-0.05%	0.000	0.000	2,342	0xf055…cC0e

Sources behind this report

Source	Observations	First	Last
xstocks:price-data	6,889	2026-09-19 06:37 UTC	2026-09-21 00:52 UTC
yahoo:chart:0388.HK	4,659	2026-09-19 06:44 UTC	2026-09-21 00:52 UTC
yahoo:chart:0625.HK	4,660	2026-09-19 06:44 UTC	2026-09-21 00:52 UTC
yahoo:chart:1024.HK	4,660	2026-09-19 06:44 UTC	2026-09-21 00:52 UTC
yahoo:chart:2097.HK	4,659	2026-09-19 06:44 UTC	2026-09-21 00:52 UTC
yahoo:chart:BMNR	4,659	2026-09-19 06:44 UTC	2026-09-21 00:52 UTC
yahoo:chart:BRK-B	4,659	2026-09-19 06:44 UTC	2026-09-21 00:52 UTC
yahoo:chart:COIN	4,660	2026-09-19 06:44 UTC	2026-09-21 00:52 UTC
yahoo:chart:HKD=X	4,659	2026-09-19 06:44 UTC	2026-09-21 00:52 UTC
yahoo:chart:ICE	4,660	2026-09-19 06:44 UTC	2026-09-21 00:52 UTC
yahoo:chart:KO	4,661	2026-09-19 06:44 UTC	2026-09-21 00:52 UTC
yahoo:chart:SLV	4,660	2026-09-19 06:44 UTC	2026-09-21 00:52 UTC

What this report does not show

The window observed so far is entirely outside the underlying markets' regular sessions. It therefore measures how liquidity behaves while they are shut, and cannot yet compare that with how it behaves while they are open. That comparison needs a session in the record and will be added once one is.
In-range liquidity L is not executable depth in dollars. Kerb computes C(i) by walking ticks, which uses more of the stored state than L alone; L is used here because it is a single stored number per reading and needs no re-derivation.
The record has a hole. It is reported in the window above rather than interpolated across.

Reproduce it

pnpm --filter @kerb/engine market-time-report regenerates this file from the observation store. Every row is a SELECT over append-only tables whose UPDATE, DELETE and TRUNCATE are rejected by database triggers.

The proof page carries the live row counts these figures come from →