Metrics framework
USDSSparkLend · Ethereum
Every row states its formula, its inputs, its source and when it was retrieved. Where there is no figure there is a reason, not a dash.
23 of 109 metrics carry a value. The rest state what they are missing. That is not a gap in the presentation: this application's data is a yield and capital series — no price, no order book, no holder distribution and no contract data.
Liquidity
Locked capital is not tradable capital. Total value locked therefore sits beside the liquidity measures rather than in their place; spread, depth and execution slippage require an order book and are not approximated without one.
Total value locked — Show the explanation563,700,000 USD
- Definition
- One period's trading volume relative to the available liquidity of the same reference base.
- Formula
- volume / liquidity
- Inputs
- volume, liquidity
- Reading
- A turnover measure. It says nothing about the price at which turnover happened.
- Limit
- TVL is not liquidity: locked capital is not tradable capital. Which base was used is recorded with the result.
- Method
- In-house definition, formed from this application's inputs. · volumeToLiquidity · TV-1.0 · EXPERIMENTAL
- Source: DeFiLlama Yields (INFRASTRUCTURE) · retrieved Oct 5, 2026, 8:21 PM UTC
- Total value locked is not tradable liquidity: locked capital is not available for a withdrawal.
- Never reconciled by this application against supply and borrow.
Available liquidity — Show the explanationINSUFFICIENT_DATA · Inputs incomplete
Reason: missing: totalSupplyUsd, totalBorrowUsd
- Definition
- One period's trading volume relative to the available liquidity of the same reference base.
- Formula
- volume / liquidity
- Inputs
- volume, liquidity
- Reading
- A turnover measure. It says nothing about the price at which turnover happened.
- Limit
- TVL is not liquidity: locked capital is not tradable capital. Which base was used is recorded with the result.
- Method
- In-house definition, formed from this application's inputs. · volumeToLiquidity · TV-1.0 · EXPERIMENTAL
- Source: DeFiLlama Yields (INFRASTRUCTURE) · retrieved Oct 5, 2026, 8:21 PM UTC
- Supply minus borrowed, only for lending markets that report both.
Market depth — Show the explanationORDERBOOK_DATA_UNAVAILABLE · No order book
Reason: no order book in this application's sources
- Definition
- The relative distance between best bid and ask, over the midpoint.
- Formula
- (ask - bid) / ((ask + bid) / 2)
- Inputs
- bid, ask
- Reading
- A snapshot at one venue.
- Limit
- Not computable without an order book, and not approximated here. An AMM has no bid/ask in this formula's sense.
- Method
- Market microstructure, standard relative quoted spread. · spread · TV-1.0 · EXPERIMENTAL
- Source: DeFiLlama Yields (INFRASTRUCTURE) · retrieved Oct 5, 2026, 8:21 PM UTC
- No order book in this application's data sources. Without one, nothing is approximated here.
Slippage — Show the explanationORDERBOOK_DATA_UNAVAILABLE · No order book
Reason: no order book in this application's sources
- Definition
- The distance of the achieved execution price from the pre-trade midpoint.
- Formula
- (executionPrice - midPrice) / midPrice
- Inputs
- executionPrice, midPrice
- Reading
- Applies to the order size it was measured at, and only that size.
- Limit
- At an AMM it follows the pool's curve, not an order book; without reserves and curve shape it cannot be determined.
- Method
- Market microstructure. · priceImpact · TV-1.0 · EXPERIMENTAL
- Source: DeFiLlama Yields (INFRASTRUCTURE) · retrieved Oct 5, 2026, 8:21 PM UTC
- No order book in this application's data sources. Without one, nothing is approximated here.
Spread — Show the explanationORDERBOOK_DATA_UNAVAILABLE · No order book
Reason: no order book in this application's sources
- Definition
- The relative distance between best bid and ask, over the midpoint.
- Formula
- (ask - bid) / ((ask + bid) / 2)
- Inputs
- bid, ask
- Reading
- A snapshot at one venue.
- Limit
- Not computable without an order book, and not approximated here. An AMM has no bid/ask in this formula's sense.
- Method
- Market microstructure, standard relative quoted spread. · spread · TV-1.0 · EXPERIMENTAL
- Source: DeFiLlama Yields (INFRASTRUCTURE) · retrieved Oct 5, 2026, 8:21 PM UTC
- No order book in this application's data sources. Without one, nothing is approximated here.
Trading volume — Show the explanationDATA_NOT_AVAILABLE · Field not available
Reason: vol1
- Definition
- One period's trading volume relative to the available liquidity of the same reference base.
- Formula
- volume / liquidity
- Inputs
- volume, liquidity
- Reading
- A turnover measure. It says nothing about the price at which turnover happened.
- Limit
- TVL is not liquidity: locked capital is not tradable capital. Which base was used is recorded with the result.
- Method
- In-house definition, formed from this application's inputs. · volumeToLiquidity · TV-1.0 · EXPERIMENTAL
- Source: DeFiLlama Yields (INFRASTRUCTURE) · retrieved Oct 5, 2026, 8:21 PM UTC
Volume to liquidity — Show the explanationINSUFFICIENT_DATA · Inputs incomplete
Reason: missing: volume, liquidity
- Definition
- One period's trading volume relative to the available liquidity of the same reference base.
- Formula
- volume / liquidity
- Inputs
- volume, liquidity
- Reading
- A turnover measure. It says nothing about the price at which turnover happened.
- Limit
- TVL is not liquidity: locked capital is not tradable capital. Which base was used is recorded with the result.
- Method
- In-house definition, formed from this application's inputs. · volumeToLiquidity · TV-1.0 · EXPERIMENTAL
- Source: DeFiLlama Yields (INFRASTRUCTURE) · retrieved Oct 5, 2026, 8:21 PM UTC
- Reference base: AVAILABLE_LIQUIDITY.
Illiquidity measure — Show the explanationINSUFFICIENT_DATA · Inputs incomplete
Reason: missing: per-period returns with matching per-period volume
- Definition
- Average absolute return per unit of trading volume.
- Formula
- mean(|return_t| / volume_t)
- Inputs
- returns, volumes
- Reading
- Higher values mean less volume moved the price more, over the measured window.
- Limit
- Requires per-period volume in one unit. Zero-volume periods are skipped, not counted as 0.
- Method
- Amihud (2002), Illiquidity and stock returns. · amihudIlliquidity · TV-1.0 · EXPERIMENTAL
- Source: DeFiLlama Yields (INFRASTRUCTURE) · retrieved Oct 5, 2026, 8:21 PM UTC
- No per-period return series with a matching per-period volume.
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Data as of: Oct 5, 2026, 8:21 PM UTC