The book
Raydium concentrated pool, devnetSell rungs above, funded buy rungs below, like an order book.
Pool price now
Below $23.50 this pool holds nothing to trade against, so a sell that tries to push under it is refused by the chain. The trade log shows the test.
Dollars in the pool
Includes the $27,000.00 we locked in to open this shape.
SHASH in the pool
Started at 2,301. Buys take tokens out, sells put them back.
Toll the token kept
Every SHASH transfer pays a 2.5% toll to the token itself ($27,000 of bids plus 2,360 SHASH of asks placed). It sits on the pool account, outside the market, until the weekly sweep collects it.
Where the liquidity sits
$27,000 of bids plus 2,360 SHASH of asks placedGold is tokens for sale, green is standing buy money. Faded means the side has been traded through.
Bars are computed from the recorded size of each position plus the live pool price, the same math the chain uses.
How this shape works
The closest to a trader's mental model: four sell rungs from $27.11 up to $30.93 holding 590 SHASH each, and four buy rungs from $23.50 up to $27.00 holding $6,750 each. There is even a real spread: the top bid sits at $27.00, the bottom ask at $27.11.
Sells do not need to wait for buyers, because the bid rungs are pre-funded: the sell of 300 filled instantly against the $27 bid rung. Buys walk up the ask rungs exactly like the stairs.
Depth is finite and visible. The whole bid stack could absorb $35,827 of selling before hitting bottom; the ask stack could deliver 1,643 tokens before topping out.
Where it breaks
Both walls were found, measured: the buy of 2,000 was refused because the asks top out at $30.93, and the sell of 3,000 was refused because the bid stack only reaches $23.50. An order book is exactly as deep as the money someone chose to park in it.
The bids are our capital at risk: $27,000 that stands ready to buy tokens on the way down, including below hardware parity, at prices we set in advance.
What it proves for SHASH
The most market-like feel: real spread, instant fills against funded bids, visible depth. But every dollar of downside protection is a dollar Segments parks in advance, which is the exact spending the zero-cash stairs avoid.
Every trade, signed
What the model quoted before sending versus what the chain actually delivered, for every trade of the series, including any the chain refused.
| Trade | Expected | Got | Price | Proof |
|---|---|---|---|---|
| Bought 100 Aug 11, 21:41 UTC | 100 SHASH for $2,788.00 | 100 SHASH | $27.00 → $27.25 | t1Sw…9eiV |
| Bought 500 Aug 11, 21:41 UTC | 500 SHASH for $14,165.83 | 500 SHASH | $27.25 → $28.00 | 2o6t…fPNE |
| Tried to buy 2,000 Aug 11, 21:41 UTC | quote stopped at $30.93 | refused by the chain no room past $23.50, so nothing moved | $28.00 → $28.00 | no transaction |
| Sold 300 Aug 11, 21:41 UTC | $8,124.77 for 300 SHASH | $8,124.77 | $28.00 → $27.57 | 5dFU…B4pv |
| Tried to sell 3,000 Aug 11, 21:41 UTC | quote stopped at $23.50 | refused by the chain no room past $23.50, so nothing moved | $27.57 → $27.57 | no transaction |
| Sold 500 Aug 11, 21:41 UTC | $13,220.15 for 500 SHASH | $13,220.15 | $27.57 → $26.40 | 2JXV…sg2J |
| Bought 1,000 Aug 11, 21:42 UTC | 1,000 SHASH for $28,281.60 | 1,000 SHASH | $26.40 → $28.44 | 4hC2…macs |
The other shapes
How this page measures: price and pool balances are read straight from the devnet pool accounts every ten seconds where the venue allows raw reads, band bars use the recorded positions plus the live price, and the table replays the signed trade log. Practice network, practice dollars: the mechanics are real, the money is not. Pool GFHb…XVMw on Solana devnet, opened with $27,000.00 seeded and 2,301 SHASH placed.