Notes from the field.

Markets is the flat directory: every tracked asset, its reference price, its normalized price, and how far apart those two numbers currently sit, in one searchable, sortable table. It's built for breadth — the question it answers is "across everything tracked, what needs a closer look," not "tell me everything about one asset," which is what Topology is for.

Reading a row

Reference and Normalized are the two prices normalization maps onto the same axis; Δ Ref is the gap between them, computed the same way for every row so it's directly comparable across assets. Dispersion is the pool-to-pool spread described in the Pool dispersion note — a separate figure from Δ Ref, since an asset can have a small gap to reference while its own pools still disagree with each other. Depth and Pools describe how much liquidity and how many venues back the reading. State is the five-value label — Aligned, Diverged, Thin, Moving or Stale — that condenses all of the above into one word; see the Market states note for exactly what each commits to.

The divergence matrix, read correctly

The matrix below the table breaks that single Δ Ref number apart by venue — the same asset can be tight on one pool and wide on another, and the matrix is where that becomes visible instead of averaged away into one figure. One detail worth being precise about: a dash in a cell means that pool doesn't route that asset at all, not that its divergence happens to be zero. Reading a dash as "perfectly aligned" rather than "not applicable" is the single easiest way to misread this table.

The metric cards

Assets, Pools, Median Dispersion, Widest State, Reference Age and Block are aggregate context for the table beneath them — a way to tell, before reading a single row, whether the market as a whole is calm or unsettled, and which single asset is currently driving the most disagreement.