Order-book risk: reading walls that may not be there when you arrive
A large resting order looks like support until it is cancelled. This page publishes the measured depth on either side of the mid and the service status of each venue that reported it, so quoted liquidity can be read as what it is — an offer that can be withdrawn — rather than as a floor under the price.
What you can do with it
Treat a wall as a claim
Visible size is an intention to trade at a price, not a commitment. On some venues large walls are routinely pulled as price approaches. The useful question is not how big the wall is but how long walls of that size have tended to survive there.
Read depth on both sides
Asymmetry is more informative than absolute size. A book with heavy depth below and thin depth above will behave differently under the same news than a balanced one, whatever the last trade says.
Separate a venue problem from a market signal
Depth that vanishes across every venue at once is a market event. Depth that vanishes at one is often that venue's problem, which is why the service status is collected on the same pass and shown beside it.
Work the book in the app
The crypto workspace keeps the order-book views next to the chart for a selected pair, so a change in depth can be read against what the price was doing at the time.
How it works
What can be observed, and what cannot
What is observable from public data: how much size is quoted, how it is distributed, and how it changes. What is not observable: who placed it, what they meant by it, and whether they intended to trade. Spoofing is defined by intent, and intent does not appear in a public feed.
This public page therefore provides depth and service context rather than cancellation histories. It does not establish that any order was spoofed, and it names no participant.
Rapid change is normal as well as suspicious
Market makers adjust quotes constantly, and a book that repaints many times a second is a healthy book, not a manipulated one. That is precisely why a single snapshot of a large wall proves nothing in either direction, and why the honest framing is a question about persistence rather than a flag on an order.
Why this sits next to the depth tables
The same measured depth that makes a venue look resilient is the input to any judgement about resting liquidity, so the two belong on one page. The published research linked below the tables goes into the observable shapes in more detail, with the windows it measured over.
Reading persistence instead of size
The question worth asking about a wall is not how big it is but how long walls like it have survived on that venue. Size is a single observation; persistence is a pattern, and only a pattern can support any inference at all.
That is also the honest limit of a public page. Following a specific order through its life needs a level of feed access this site does not publish, so what is here is depth and venue status, and the research beside it describes the shapes that have been observed elsewhere.
In the app, order-book views sit next to the chart so a change in quoted size can be read against what the price did next. That pairing is usually more informative than any single snapshot of the book.
What it costs
This page, its tables and the app are currently free to use. Some tools inside the app ask for a free account. The charter says how Vultax Research is funded.
Compared with the manipulation-alert products
Some products issue per-order spoofing alerts. The gap between what a public feed can show and what such an alert asserts is large, and Vultax does not close it by asserting more than the data supports. What is published here is the depth, the venue status and the research, and the conclusion is left to the reader.
Competitor details last checked . They describe other products as their operators published them, not as an assessment of them.
Every table on this page
Each table carries its own source, observation time, coverage and limits. Research summaries have JSON or CSV downloads where indicated; source rows are display only. A missing value means the source did not report it; it is never rendered as a zero.
01 Market snapshot
Reported BTC market depth
Reported cost to move the market by 2%, alongside the corresponding BTC pair and reported turnover.
UnavailableSource time unavailable0 rowsThis source dataset is no longer published here. Related research and the app remain available.
| Exchange | Pair | +2% depth (USD) | −2% depth (USD) | Reported 24h volume (USD) | Pair status |
|---|---|---|---|---|---|
| No rows in this section. This source dataset is no longer published here. Related research and the app remain available. | |||||
Scroll to see all columns.
CoverageSource rows withheld from public publication.
This is a publication restriction, not a statement that the source has no observations.
02 Market snapshot
Exchange service status
The service-status responses already collected by Vultax.
StaleObserved 5 rowsThe source observation is older than this table’s 20-minute freshness window.
| Exchange | Indicator | Source message |
|---|---|---|
| Binance | none | normal |
| Coinbase | none | All Systems Operational |
| Kalshi | none | exchange active |
| Kraken | minor | Partially Degraded Service |
| OKX | none | All systems operational |
CoverageConfigured exchange status endpoints; operational status does not establish feed completeness or execution access.
The upstream status messages retain the provider’s meaning; different providers use different status vocabularies.
Questions
Can Vultax tell me an order is spoofed?
No, and neither can anyone else from public data alone. Spoofing turns on intent. This page provides depth and status context and links research on the observable patterns.
What is layering?
Placing multiple orders at successive price levels to give an impression of depth, with the intention of cancelling them. The pattern can be described from public data; the intention cannot.
Does a disappearing wall mean manipulation?
Usually not. Quotes are cancelled all the time for ordinary reasons. Frequency and context matter far more than any single instance.
Does this cover every venue?
Only the venues that responded on the observation pass, named in the table. Coverage depends on the feeds available.
Do I need an account?
This page is free. The order-book risk views inside the crypto workspace need an account.
Is this an accusation against an exchange?
No. Nothing here alleges wrongdoing by any exchange or participant, and no figure on this page should be read as such.
Coverage and methodology
- Downloads contain Vultax research summaries and simulation results. Exchange quotes, individual source trades, leaderboards and vendor datasets are not included. Third-party rights remain with their owners.
- Source time, coverage and limitations apply to each table. Missing values are unavailable, not zero.
- This public mirror provides depth and service context. It does not expose cancellation histories or establish spoofing intent.
Published research behind this page
Dated write-ups of the same sources. A figure in a study describes the window it was written about, not the snapshot above.
$920.2MLargest spoofing penaltyOrder-Book Spoofing: What It Looks Like in Live Data
Spoofing is defined by intent, which no market-data feed can observe. Here are the order-book patterns that stand in for it, and where they fail.
51%–95%Published fake-volume estimatesCrypto Wash Trading and Real Liquidity: Fake-Volume Estimates Run From 51% to 95%
Published estimates put fake or non-economic bitcoin volume at 51% to 95%, and above 70% on unregulated venues. Why the studies disagree, why depth and slippage judge a venue better than volume (Binance: 64.3% of volume, 30.7% of depth, per Kaiko), and what to check yourself.
Keep reading
Take this into the workspace
The depth and status tables are public. The order-book risk views inside the app need an account.
A free account needs no payment card and starts no subscription. Figures on this page were observed . JSON, Markdown, Schema
