We consider the maximum coding rate achievable by uniformly-random codes for the deletion channel. We prove an upper bound that's within 0.1 of the best known lower bounds for all values of the deletion probability $d,$ and much closer for small and large $d.$ We give simulation results which suggest that our upper bound is within 0.05 of the exact value for all $d$, and within $0.01$ for $d>0.75$. Despite our upper bounds, based on simulations, we conjecture that a positive rate is achievable with uniformly-random codes for all deletion probabilities less than 1. Our results imply impossibility results for the (equivalent) problem of compression of i.i.d. sources correlated via the deletion channel, a relevant model for DNA storage.