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Keel
Ledger
64,489,410
Methodology
1.0.8-draft
Age
7s

What depth stands behind this price?

AUDD against USDC · GDC7X2…LB2EEU

How much can this asset safely back?

The ceiling is the lower of two independent limits. Which one binds is the part a lender acts on, so both are shown.
  1. Low
  2. Medium
  3. High
  4. Critical — this asset

Criticalpartial confidence

A band marked partial is a floor. At least one high-severity check could not be evaluated, so the real band can only be worse than the one shown, never better.

57.86 USDC (shortened; full value 57.860296823128449046278045 USDC)

Limited by manipulation cost

Liquidation term
179.66 USDC (shortened; full value 179.665339677401750546990406428869914323840881150179 USDC)

Sell-side depth at the liquidation delta, times the haircut.

Manipulation termbinds
57.86 USDC (shortened; full value 57.860296823128449046278045 USDC)

Order-book-only manipulation cost at the critical delta, times the safety margin.

These bands come from thresholds that were chosen, not calibrated

The thresholds were chosen based on the magnitude of the Blend incident of February 2026 and on conservative judgement, not calibrated against a set of incidents. Every flag is reported separately so that consumers can apply their own thresholds.

Every threshold, as the engine serves it

Where this number comes from
Source
GET /asset/{assetId}/depth → maxSafeCollateral, maxSafeCollateralLiquidation, maxSafeCollateralManipulation
What it is
Awaiting methodology copy.
What it does not account for
Awaiting methodology copy.

What this computation could not do

  • maxReachablePrice and costToMaxReachablePrice are null because an active pool is present: under a constant product curve the price tends to infinity as the base reserve tends to zero, so every target is reachable and a highest price has no meaning

Served by the engine with this response and shown as written.

Where does the price come from?

Two venues can disagree. Both readings are shown, not only the one that won.
Mid price
0.74640394 USDC (shortened; full value 0.7464039402949093 USDC)

Source: order book mid

Spread
0.6653 % (shortened; full value 0.66533418725743430637550108 %)

Undefined unless the price came from a two-sided book

Pool spot price
0.72478723 USDC (shortened; full value 0.7247872375675848 USDC)

Reported whenever an active pool exists, whichever source won

Divergence between the two
2.9824 % (shortened; full value 2.98248942681041489584300727 %)

Null means there is no pool to diverge from, not that the sources agree

Where this number comes from
Source
GET /asset/{assetId}/depth → midPrice, priceSource, spreadPct, poolSpotPrice, priceDivergencePct
What it is
Awaiting methodology copy.
What it does not account for
Awaiting methodology copy.

What volume can it absorb before the price moves?

Three rungs at 2, 5 and 10 per cent, in each direction. The buy side matters for oracle manipulation and the sell side for liquidation.
  • SDEX
  • AMM
  • Sell side, composition not reported

2% from mid

Buy side
246.01 USDC (shortened; full value 246.0187366825438829905112548249 USDC)
Sell side
0.0000051 USDC (shortened; full value 0.000005100000000036940796316376 USDC)

5% from mid

Buy side
391.13 USDC (shortened; full value 391.1358169623587618522127855747 USDC)
Sell side
105.00 USDC (shortened; full value 105.007954169552435885042285201407542264261312129853 USDC)

10% from mid

Buy side
628.46 USDC (shortened; full value 628.4650233833849228971900195068 USDC)
Sell side
359.33 USDC (shortened; full value 359.330679354803501093980812857739828647681762300358 USDC)

Bars share one scale. The venue split decomposes the buy side; the sell side is drawn as an outline because its composition is not reported.

Where this number comes from
Source
GET /asset/{assetId}/depth → depth[]
What it is
Awaiting methodology copy.
What it does not account for
Awaiting methodology copy.

What would it cost to move the price?

Read cost together with reachability: a figure on an unreachable rung says how far the book goes, not what the move costs.
Cost to move the price by each delta, through all venues and through the order book alone, with whether the target is reachable at all.
MoveTarget priceCost, all venuesCost, order book only
0.5%1.119605 USDC (shortened; full value 1.11960591044236395 USDC)2,586.95 USDC (shortened; full value 2586.9595828633787014314301440647 USDC)231.44 USDC (shortened; full value 231.44118729251379618511218 USDC)
1%1.492807 USDC (shortened; full value 1.4928078805898186 USDC)4,451.72 USDC (shortened; full value 4451.7219628967777887089994413906 USDC)231.44 USDC (shortened; full value 231.44118729251379618511218 USDC)
10%8.210443 USDC (shortened; full value 8.2104433432440023 USDC)23,175.36 USDC (shortened; full value 23175.3689724220572414127074214877 USDC)231.44 USDC (shortened; full value 231.44118729251379618511218 USDC)
100%75.386797 USDC (shortened; full value 75.3867979697858393 USDC)89,444.43 USDC (shortened; full value 89444.4331618489935603124839484588 USDC)231.44 USDC (shortened; full value 231.44118729251379618511218 USDC)

Reachability on the all-venues ladder is unconditionally true whenever an active pool exists, because a constant product curve has no upper price bound. The order-book-only column is the one that answers whether a target is attainable, and it is the one Keel itself uses.

How far the book actually goes

Furthest price the book reaches
not computed

Null by structure, not by failure: an active pool means every target is reachable and a highest price has no meaning

Cost to walk it that far
not computed

Null for the same reason as the price above

Against genuine volume

Not reported for this asset. Without it there is no comparison between the cost of an attack and the genuine trading it would have to hide inside.

Where this number comes from
Source
GET /asset/{assetId}/depth → manipulationCostCombined[], manipulationCostOrderbookOnly[], oracleResistance
What it is
Awaiting methodology copy.
What it does not account for
Awaiting methodology copy.

Which checks fired, and which could not run?

An unevaluated check is not a check that came back clear. The two never share a treatment.

Triggered(5)

  • MANIPULATION_CHEAP
  • MANIPULATION_RATIO_LOW
  • HOLDER_CONCENTRATION_EXTREME
  • THIN_DEPTH_5PCT
  • HOLDER_CONCENTRATION_HIGH

Could not be evaluated(3)

  • NO_GENUINE_TRADE_30D
  • NO_GENUINE_TRADE_7D
  • WASH_TRADE_SUSPECTED
Where this number comes from
Source
GET /asset/{assetId}/depth → flags[], unevaluatedFlags[], bandConfidence
What it is
Awaiting methodology copy.
What it does not account for
Awaiting methodology copy.

Who holds it, and is it genuinely traded?

Concentration and wash trading bound how much of the depth above is real.
Largest holder
74.4575 % (shortened; full value 74.45755173646307593245437733 %)
Top ten holders
99.5611 % (shortened; full value 99.56113228199657223698611127 %)
Concentration index
5,896.36 (shortened; full value 5896.3620587457472450416406123824551391238658402115929028)

Herfindahl–Hirschman, over the holder distribution

Volume excluded as not genuine
not computed

Of 30 day volume. A high share indicates suspected wash trading

Volume to supply, 30 day
not computed
Last genuine trade
not computed

No genuine trade was found in the window

Where this number comes from
Source
GET /asset/{assetId}/depth → holderTop1Pct, holderTop10Pct, holderHhi, volumeToSupply, lastGenuineTrade, tradesExcludedPct
What it is
Awaiting methodology copy.
What it does not account for
Awaiting methodology copy.

How has this moved over time?

A single reading cannot separate a thin asset from one that just got thin. This is a stored series, not the historical replay that health reports as unavailable — those are different endpoints.

No readings were stored in this range from this source

The engine accepted the request and returned nothing for Hubble. The series is as old as the deployment, and the reconstruction sources are not populated in production, so a window can reach back further than anything that was recorded. It is not empty because the figures were zero.

Where this number comes from
Source
GET /asset/{assetId}/history → points[], gaps[], dataSource
What it is
Awaiting methodology copy.
What it does not account for
Awaiting methodology copy.

What was this computed from?

Ledger
64,489,410

Closed at 2026-09-18T12:00:28Z

Computed at
2026-09-18T12:00:35.668948Z
Data source
horizon
Methodology
1.0.8-draft

The version that produced these figures, not the one this page was built against