Definition. The difference between resting buy liquidity (bid-side depth) and resting sell liquidity (ask-side depth) within a chosen price band around mid, measured in quote currency (e.g. USD/USDT).

Interpretation. Positive values mean more resting buy liquidity on the bid side. Negative values mean more resting sell liquidity on the ask side.

Technical. Time-weighted (biddepth - askdepth) in quote currency over the selected depth band around mid-price, across the resolution bucket. Coinbase publishes its full book, so the figure is complete at any depth. Binance publishes only the levels nearest the mid and then changes to the book, so on Binance the figure beyond roughly 500bps reflects orders observed since tracking began and should be read as a minimum rather than a total.

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