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Keel
Ledger
64,491,932
Methodology
1.0.8-draft
Age
3s

EMN against USDC — what depth stands behind this price?

How has this moved over time?

WindowLast 24 hoursLast 7 daysLast 30 days
ResolutionHourlyDaily
SourceHorizonHubbleOffers impliedTrades implied

Price

Mid price
105.48495803 USDC (shortened; full value 105.4849580398448684 USDC)

Unchanged across the window

Buy-side depth

What an order can absorb before the price moves against a buyer. The rungs are nested, so one scale covers all three.

2% from mid
2.51 USDC (shortened; full value 2.5133034959318181079613409158 USDC)
5% from mid
6.23 USDC (shortened; full value 6.237501712234994677100351996 USDC)
10% from mid
12.32 USDC (shortened; full value 12.3281769485722506015619603334 USDC)

Unchanged across the window

Cost to move the price by half

One manipulation rung, at the delta the engine treats as critical. A reading it could not produce breaks the line rather than sitting at zero.

Manipulation cost, 0.5%
13.68 USDC (shortened; full value 13.6803208 USDC)

Unchanged across the window

Collateral ceiling

Max safe collateral
3.42 USDC (shortened; full value 3.4200802 USDC)

Unchanged across the window

2026-09-17T23:45:33Z — 2026-09-18T15:15:33Z

Which checks were firing

Whether a finding has been there all along or started recently. Only checks that fired at least once appear.

MANIPULATION_CHEAPthroughout
MANIPULATION_RATIO_LOWthroughout
HOLDER_CONCENTRATION_EXTREMEthroughout
THIN_DEPTH_5PCTthroughout
HOLDER_CONCENTRATION_HIGHthroughout

2 readings from horizon, with no gaps reported. One source per chart.

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.

Risk band

Critical

partial 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.

3.42 USDC (shortened; full value 3.4200802 USDC)

Limited by manipulation cost

Liquidation term
6.44 USDC (shortened; full value 6.441979795736203371294595463690566574931224130804 USDC)

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

Manipulation termbinds
3.42 USDC (shortened; full value 3.4200802 USDC)

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

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
2.51 USDC (shortened; full value 2.5133034959318181079613409158 USDC)
Sell side
2.52 USDC (shortened; full value 2.523356190560179877406146048686232349493869477 USDC)

5% from mid

Buy side
6.23 USDC (shortened; full value 6.237501712234994677100351996 USDC)
Sell side
6.35 USDC (shortened; full value 6.357172822651101016446641048685500563161133210062 USDC)

10% from mid

Buy side
12.32 USDC (shortened; full value 12.3281769485722506015619603334 USDC)
Sell side
12.88 USDC (shortened; full value 12.883959591472406742589190927381133149862448261608 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.

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%158.227437 USDC (shortened; full value 158.2274370597673026 USDC)70.44 USDC (shortened; full value 70.4465557486462063322300799408 USDC)13.68 USDC (shortened; full value 13.6803208 USDC)
1%210.969916 USDC (shortened; full value 210.9699160796897368 USDC)118.30 USDC (shortened; full value 118.3027055289393903484257816454 USDC)13.68 USDC (shortened; full value 13.6803208 USDC)
10%1,160.334538 USDC (shortened; full value 1160.3345384382935524 USDC)647.91 USDC (shortened; full value 647.9152176406067518934643962799 USDC)unreachablebook ends at 62.78 USDC (shortened; full value 62.7803208 USDC)
100%10,653.980762 USDC (shortened; full value 10653.9807620243317084 USDC)2,348.60 USDC (shortened; full value 2348.604965356493910618934967316 USDC)unreachablebook ends at 62.78 USDC (shortened; full value 62.7803208 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.

Who holds it, and is it genuinely traded?

Concentration and wash trading bound how much of the depth above is real.
Largest holder
70.7749 % (shortened; full value 70.77493888173603829442509279 %)
Top ten holders
99.9990 % (shortened; full value 99.9990081631325201908297173 %)
Concentration index
5,193.87 (shortened; full value 5193.8704318713908124231875474630032190407772002488436531)

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