Retained incident replay

MERL liquidity is low relative to open interest

What happened

Two-sided depth within 1% is 4.88% of open interest.

Why it matters

This deterministic condition affected MERL on native. It is evidence to review, not proof that a loss or manipulation occurred.

Lifecycle

• Status resolved; severity warning
• Detected 2026-08-07T00:16:20.905Z
• Current cycle 2026-09-20T01:03:26.508Z
• Resolved 2026-09-20T01:04:09.642Z

Recommended action

Compare the current oracle, mark, liquidity, funding, exposure, coverage, and freshness before changing a position or operating decision.

Open MERL market evidence

{
  "depth100BpsUsd": 19668.298056,
  "openInterestNotionalUsd": 403036.01157000003,
  "adequacyPercent": 4.880034907894074,
  "thresholdPercent": 5
}