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. Full depth within 500bps of mid. Beyond that, treat it as a minimum rather than a total - exchanges publish changes to the book rather than the book itself, so an order that sits untouched further out may not be visible to anyone reconstructing it.

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