exit_cost
What selling a position of a given USD size costs RIGHT NOW, venue by venue, from live public order books (BTC, six venues). Returns the per-venue cost in basis points at the nearest published size rung, the cheapest and dearest venue with approximate dollar cost, and the venue spread. Estimates interpolated from published quote depth — never a book walk, refreshed roughly hourly. Not investment advice.
venue_concentration
How concentrated the BTC depth backbone is today: which venue holds the largest share of ±1% aggregate depth, the HHI, the effective venue count (1/HHI), and per-venue depth in USD. Low effective venue count means an exit depends on one venue staying open.
depth_episodes
Realized depth-collapse episodes in BTC ±1% aggregate depth: onset, trough, drawdown fraction and recovery time for each episode that crossed the pre-registered threshold. Detection rules were declared before any episode accrued. Use when asked whether crypto liquidity has actually broken lately, as opposed to how it looks right now.
venue_price_reconciliation
What the price IS when venues disagree: the cross-venue consensus mark for BTC and ETH, weighted by resting depth over squared half-spread (NOT a median of last prices), with the BLINDNESS GAP — how far the deepest venue sits from consensus, i.e. how wrong you would be pricing off the venue you would naturally trust — plus depth concentration (CR1/HHI) and the names of any dislocated venues. Use for 'what is BTC/ETH actually worth right now', 'is an exchange dislocated', or before trusting any single venue's price. Experimental until its accrual gates pass; the payload says so. Not investment advice.
liquidity_tiers
The full Undertow board: liquidity tier per market segment (UST, IG, HY, EQUITY, ETF, FX, CN, CRYPTO, BSTOCK) plus the funding-stress overlay regime. PARTIAL means insufficient scoring history, reported honestly instead of guessed. Use for 'how liquid are markets today' at one glance, then drill into crypto with the other tools.
sealed_record
Undertow's own sealed forward-calls record: every call hash-chained and signed BEFORE its outcome, scored against the immutable point-in-time board for its horizon date, with misses kept published. Returns the full record with outcomes and the ledger root. Use when asked whether Undertow's judgements can be trusted, and quote the misses as prominently as the hits.