The Liquid Fleet

Daily Weather: the Meteora DLMM Sea Index

The headline reads the last 24 hours of volume against its 400-day average, like for like. A record, not a forecast. Information, not advice.

How we read the sea

Dead calm60% or more below the baseline.
Smooth seasBetween 30% and 60% below the baseline.
Normal tidesFrom 30% below to 5% above the baseline.
Choppy watersBetween 5% and 45% above the baseline.
StormMore than 45% above the baseline.

One volume, one TVL

The headline shows Meteora's own live count: the last 24 hours of volume and the TVL right now. DefiLlama keeps its own books, counted its own way, so the two rarely match to the dollar. We measure the gap between them each night at midnight UTC and scale each older day by its own gap, or by its period's gap when that night was not measured, so what you see is compared like for like.

The baseline

The average daily volume over the last 400 days of records. Each day is read against that average: how far above or below it the day's volume landed.

One number decides

The sea state is read from one number: the day's volume against its 400-day average. Fees, TVL and fee yield are shown for context; they never change the state.

Closed days for the record

The daily history, the calendar, the climate and the month view stay on the days DefiLlama has closed, in UTC. A day still in progress would read calm every single morning; the live reading always spans a full 24 hours. When DefiLlama changes how it counts, its older days are brought to its current count by the gaps measured on each side, so no average mixes the two.

Fee yield

A day's fees over that day's TVL: what a dollar of liquidity took in across the whole protocol. Gross, before Meteora's cut and any impermanent loss.

Warm-up

The readings start once 30 days of history exist. Before that, an average says nothing fair, so those first weeks show no reading.

Sources

  • DefiLlama: daily volume, fees and TVL of Meteora DLMM, and the volume of every Solana DEX.
  • Meteora: the live 24h volume and TVL behind the headline, and its running totals for the nightly gap.
  • CoinGecko: SOL and BTC prices. Its free history covers the last 365 days.
  • alternative.me: the crypto Fear & Greed index.

We check the sources about every 15 minutes. A day becomes final once DefiLlama closes it. All dates are UTC.

Today in numbers

LPs, last full day

Daily history

Every day since January 2025, from DefiLlama's closed books. Pick a range, pick your panels, and hover any day to see why the sea read the way it did.

Drag the handles under the chart to move through time. On a computer, drag inside the chart to pan and hold Ctrl while scrolling to zoom.
View as table
DateSeaVolumeFeesTVLvs baselineDEX share

Month view

The monthly report I post on X, except you pick the period. Every number is set against the window just before it.

Climate

A year of readings at a glance, then the mix of weather month by month.

The last 12 months, day by day

Dead calm Smooth seas Normal tides Choppy waters Storm No reading

Weather mix by month