Lesson 03 · Unit 9 · RingScore
Liquidity is the exit
The price floats on the surface. The pool underneath decides what it is worth.
Liquidity is how much money actually sits in the pool — and it is the ceiling on what you can take out. A position 'worth' $50K in a pool holding $20K is a fiction: selling it would crater the price long before you got the number on your screen. Your real exit is always bounded by depth.
Selling a $100K position — what you actually receive
$98K
$10M pool
$83K
$1M pool
$56K
$250K pool
$29K
$80K pool
One convention worth knowing before you read those bars: the "liquidity" a chart page prints is the whole pool, both sides, so only about half of it is the cash that can pay you. This is the same price-impact math from Jupiter's quote, seen from the exit side. It is also why the scanner treats liquidity as a core signal: every other number on the screen is theoretical until it fits through the pool.
Mark-to-market stops at the pool
The screenshot multiplies your tokens by the LAST price — a price the pool can only pay for the first few sells. Mark-to-market is real exactly up to the depth of the exit; past that it is a brochure.
Where this goes next
Depth that can be withdrawn is not depth. Locks are the other half of this lesson; supply is the other half of the cap.