Market depth
Plain definition. Market depth is the total value of limit orders on an exchange order book, split into bids and asks, within a set percentage of the mid-price.
Technical definition. In its October 19, 2023 data blog, Kaiko defines depth as “the sum of limit orders a certain percentage away from the mid-price,” measured separately for bids and asks at levels from 0.1% to 10% from the mid-price. At 0.1% depth, for example, the ask side is the value of limit sells 0.1% above the mid-price and the bid side is the value of limit buys 0.1% below it. Kaiko’s most commonly used depth measures are 0.1% and 1%.
On this site
On this site, Market depth comes up in Why does liquidity depth matter for XRP as a bridge?, How deep is XRP’s market liquidity, and is it enough for global settlement?, What does the public evidence show about what drives XRP’s price? and Where does XRP trade, and how much of its reported trading volume is real?.
Source
Understanding Centralized Exchange Liquidity Data - Kaiko (kaiko.com), read October 1, 2026.