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The second question NOSHASHI answers is: could you actually get out of a position?

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The answer is in the order book, but not in the number most tools show.

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The XRP Ledger has had a built-in exchange since twenty twelve.

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Anyone can post an offer, and all the offers for one pair form an order book: bids on one side, asks on the other.

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The average of the best bid and best ask is the mid price, and the gap between them is the spread.

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Here is the catch most tools miss.

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An offer stays on the book even after its owner no longer has the funds to fill it.

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It is still listed, but it cannot trade.

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Say three offers each list ten thousand.

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The first owner holds ten thousand, the second holds five hundred, and the third holds nothing.

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Listed depth says thirty thousand.

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Funded depth, what owners can actually deliver, is ten thousand five hundred.

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Try to sell twenty thousand into that book and most of it will not fill.

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NOSHASHI is not guessing.

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When a server returns a book, any offer whose owner cannot cover it carries an extra field, taker gets funded, showing what they really have.

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NOSHASHI adds up those funded amounts instead of the listed ones.

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Here are six real pairs, measured on the eighth of September twenty twenty-six at ledger one hundred six million, eight hundred fifty thousand, two hundred sixty-six.

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The ratio is listed depth divided by funded depth, within ten percent of the mid price.

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The deep stablecoin books are close to honest: Bitstamp and GateHub dollars are at one point zero and one point one times.

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The long tail is where the gap lives.

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The Sologenic book listed about two and a half thousand times more than was funded, and the Bitstamp bitcoin book had nothing funded in the band at all.

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The median across the six was four point four times.

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Three honest disclosures.

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The ten percent band is a parameter we chose, and a wider band gives a smaller gap.

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Automated market maker pools are left out, so where a pool exists, the real exit is better.

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And a server returns at most sixty price levels of a book.

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All three push the gap upward.

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Books change every few seconds, so re-measure before you quote any figure.

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In the app, the Order Book screen does this with one button: Read this book.