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keel
Ledger
65,279,655
Methodology
1.0.8-draft
Age
7s

ETH against USDC — what depth stands behind this price?

All assets

ETH / USDC

GBFX…SOCC

Risk band

Critical

partial confidence

A floor: the real band can only be worse.

Max safe collateral
28.70 USDC (shortened; full value 28.706467979490491445300892158834741902189077244814 USDC)Limited by liquidation depth
Depth within 5%
buy27.79 USDC (shortened; full value 27.7952817071553712242630292507 USDC)sell28.32 USDC (shortened; full value 28.328554863569769782096246234236759213716045983717 USDC)
Cost to move +50%
5,212.04 USDC (shortened; full value 5212.0475955 USDC)Reachable through the order book
Checks
6 triggered3 not evaluated

History

Window
Resolution
Source

Collateral ceiling

The most this asset could back at each reading: the lower of the liquidation and manipulation limits.

Lower at the end of the window than at its start

Lowest
14.41 USDC (shortened; full value 14.416833964663777802172082532274028753798551651533 USDC)
Highest
264.46 USDC (shortened; full value 264.465623101108312888915509758126232982979647228408 USDC)
2026-10-04T05:53:37Z — 2026-10-25T01:23:33Z
Max safe collateral
16.91 USDC (shortened; full value 16.918463806509332577809144256525481605389768842488 USDC)
501 readings from horizon, with no gaps reported. One source per chart.

Checks

What fires now, how long it has been firing across the window above, and what could not run.
One holder owns most of itnowHOLDER_CONCENTRATION_EXTREMEthroughout
Thin depth at 5%nowTHIN_DEPTH_5PCTthroughout
Supply is concentratednowHOLDER_CONCENTRATION_HIGHthroughout
Cheap to move the pricenowMANIPULATION_CHEAP489 of 501
Extreme spreadnowSPREAD_EXTREME461 of 501
Price sources disagreenowPRICE_SOURCE_CONFLICT7 of 501
Nothing tradable within 2%ZERO_DEPTH_2PCT241 of 501

Not evaluated3

  • No genuine trade in 30 days
  • No genuine trade in 7 days
  • Volume may be wash traded

Evidence

The figures behind the verdict, as the engine served them.

The ceiling is the lower of two independent limits. Which one binds is the part a lender acts on, so both are shown.

28.70 USDC (shortened; full value 28.706467979490491445300892158834741902189077244814 USDC)

Limited by liquidation depth

Liquidation termbinds
28.70 USDC (shortened; full value 28.706467979490491445300892158834741902189077244814 USDC)

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

Manipulation term
1,303.01 USDC (shortened; full value 1303.011898875 USDC)

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