Perceived depth in the stereokinetic effect (SKE) illusion and in the monocular derivation of depth from motion parallax were compared. Motion parallax gradients of velocity can be decomposed into 2 components: object- and observer-relative transformations. SKE displays present only the object-relative component. Observers were asked to estimate the magnitude and near-far order of depth in motion parallax and SKE displays. Monocular derivation of depth magnitude from motion parallax is fully accounted for by the perceptual response to the SKE, and observer-relative transformations absent in the SKE are of perceptual utility only as determinants of the near-far signing of perceived sequential depth. The amount of depth and rigidity perceived in motion parallax and SKE displays covaries with the projective size of the stimuli. The monocular derivation of depth from motion is mediated by a perceptual heuristic of which the SKE is symptomatic.