{"success":true,"engine":"Black Belt Labs","metric_id":"M50008","name":"Liquidity Fragmentation Index","category":"volume","classification":"classic","update_frequency":"15min","inputs":["Aggregated crypto market data","Exchange market data","Traditional-markets and macro data"],"inputs_are":"types of input","lookback_windows":["26 HOUR","800 DAY"],"lookback_basis":"windows found in the implementation (INTERVAL clauses)","formula":"Cross-venue liquidity fragmentation from BBL orderbook snapshots (Binance, Coinbase, Kraken; BTC and ETH books). Each venue's share of total quoted depth within 2% of mid (bids+asks, latest snapshot per book) feeds a Herfindahl index, normalized so 0 = all depth on one venue and 100 = depth spread evenly across the three tracked venues; averaged over BTC and ETH. Venue set is declared and fixed at three.","formula_published":true,"definition_version":"v00001","definition_history":[{"version":"v00001","effective_from":"2026-02-05T18:07:42Z","change_note":"initial recorded definition"}],"methods":["progr","quant-hw","quant-sim"],"disclaimer":"Madjik metrics are informational market indicators computed by Black Belt Labs. They are not investment advice, an offer, or a recommendation to buy or sell any asset."}