 Schwarzschild circular-orbit local speed

A Schwarzschild static observer at a circular orbit measures speed $v_{\mathrm{loc}}=r(d\varphi /dt)/\sqrt{1-2\mu /r}$. Combining the circular geodesic frequency with this clock rate gives the displayed formula. The observer-relative Lorentz factor is $\gamma =\sqrt{(r-2\mu )/(r-3\mu )}$, and $rd\varphi /d\tau =\gamma v_{\mathrm{loc}}$. Thus the local speed is $c/2$ at the Schwarzschild innermost stable circular orbit. Coordinate and locally measured speeds are distinct.