The geoid is becoming increasingly important in interpretation of global tectonics. Most of the topography of the earth is isostatically compensated, so removal of its effect from the geoid is appropriate before tectonic modeling. The oceanic trenches, however, are dynamically depressed features and cannot be isostatically compensated in the classical way. Continental topography compensated at 35 km gives intracontinental geoidal undulations of up to 15 m over mountain ranges in a spherical harmonic expansion to order and degree 22. Oceanic topography compensated at 40 km, reasonable for the thermally supported long wavelengths, matches the +10 m difference between old continents and old oceans in a detailed NASA/GSFC geoid. Removing the assumed compensation for the oceanic trenches leaves negative anomalies of up to 9 m amplitude caused by their uncompensated mass deficit. This mass deficit acts as a partial ''regional compensation'' for the excess mass of the subducting slabs, and partly explains why geoidal (and gravity) anomalies over the cold slabs are less than thermal models predict.