What depth stands behind this price?

EURC against USDC · GAQRF3…DXZ7NM

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.

Low
Medium
High
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.

6.31 USDC (shortened; full value 6.318263415364470622808635875761899553532808800432 USDC)

Limited by liquidation depth

Liquidation termbinds: 6.31 USDC (shortened; full value 6.318263415364470622808635875761899553532808800432 USDC)
Sell-side depth at the liquidation delta, times the haircut.
Manipulation term: 18.71 USDC (shortened; full value 18.71880146542167431677848 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: 0.59653605 USDC
Source: order book mid
Spread: 22.0440 % (shortened; full value 22.04401561313855214617792169 %)
Undefined unless the price came from a two-sided book
Pool spot price: 0.60808508 USDC (shortened; full value 0.6080850898241211 USDC)
Reported whenever an active pool exists, whichever source won
Divergence between the two: 1.8992 % (shortened; full value 1.89924732860354713019312874 %)
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.

SPREAD_EXTREME is triggered, so this ladder is not meaningful

The spread is past the threshold at which the engine says the mid price, and every figure derived from it including these rungs, stops describing an executable market.

SDEX
AMM
Sell side, composition not reported

2% from mid

Buy side

0.06 USDC

Sell side

4.08 USDC

5% from mid

Buy side

3.14 USDC

Sell side

7.24 USDC

10% from mid

Buy side

8.17 USDC

Sell side

12.63 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.

Every target price below is measured from the same unreliable mid

SPREAD_EXTREME is triggered. A target price is the mid price moved by the delta, so when the mid sits between quotes that are far apart, the targets describe a market that is not there. Reachability and the furthest price the book reaches are the readings that still mean something here.

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.
Move	Target price	Cost, all venues	Cost, order book only
0.5%	0.894804 USDC (shortened; full value 0.894804075 USDC)	119.74 USDC (shortened; full value 119.7418893122757185237039826972 USDC)	74.87 USDC (shortened; full value 74.87520586168669726711392 USDC)
1%	1.193072 USDC (shortened; full value 1.1930721 USDC)	248.23 USDC (shortened; full value 248.2349249531987684551377578341 USDC)	163.84 USDC (shortened; full value 163.84992641064721806711392 USDC)
10%	6.561896 USDC (shortened; full value 6.56189655 USDC)	645.02 USDC (shortened; full value 645.0291707593852713103734067507 USDC)	163.84 USDC (shortened; full value 163.84992641064721806711392 USDC)
100%	60.250141 USDC (shortened; full value 60.25014105 USDC)	2,049.41 USDC (shortened; full value 2049.4128002920439865480222984503 USDC)	163.84 USDC (shortened; full value 163.84992641064721806711392 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(3)

MANIPULATION_CHEAP
SPREAD_EXTREME
THIN_DEPTH_5PCT

Could not be evaluated(6)

MANIPULATION_RATIO_LOW
NO_GENUINE_TRADE_30D
HOLDER_CONCENTRATION_EXTREME
NO_GENUINE_TRADE_7D
HOLDER_CONCENTRATION_HIGH
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: not computed
Top ten holders: not computed
Concentration index: not computed
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.

WindowLast 24 hours Last 7 days Last 30 days

ResolutionHourly Daily

SourceHorizon Hubble Offers implied Trades implied

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

Band at each reading

Critical: 25 of 25

Which checks were firing

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

MANIPULATION_CHEAP

throughout

SPREAD_EXTREME

throughout

THIN_DEPTH_5PCT

throughout

ZERO_DEPTH_2PCT

12 of 25

Price

Lowest: 0.59653605 USDC
Highest: 0.59653605 USDC

2026-09-17T12:45:38Z — 2026-09-18T12:00:33Z

Mid price: 0.59653605 USDC

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, and the lines darken as the rung widens.

Lowest: 0 USDC
Highest: 8.63 USDC (shortened; full value 8.6377307856885487390392156127 USDC)

2026-09-17T12:45:38Z — 2026-09-18T12:00:33ZOne scale across every line on this chart

2% from mid: 0.06 USDC (shortened; full value 0.0660789378145970767053006011 USDC)
5% from mid: 3.14 USDC (shortened; full value 3.1414211718319052892199230372 USDC)
10% from mid: 8.17 USDC (shortened; full value 8.1709361707904038536513648843 USDC)

Cost to move the price by half

The series carries one manipulation rung, at the half per cent delta the engine treats as critical. A reading the engine could not produce breaks the line rather than sitting at zero.

Lowest: 74.87 USDC (shortened; full value 74.87519415699313726711392 USDC)
Highest: 74.87 USDC (shortened; full value 74.87520586168669726711392 USDC)

2026-09-17T12:45:38Z — 2026-09-18T12:00:33Z

Manipulation cost, 0.5%: 74.87 USDC (shortened; full value 74.87519415699313726711392 USDC)

Collateral ceiling

Lowest: 6.08 USDC (shortened; full value 6.08603905027506313527234468057170282346720749798 USDC)
Highest: 6.69 USDC (shortened; full value 6.69355196667612057967140443603662676307805644172 USDC)

2026-09-17T12:45:38Z — 2026-09-18T12:00:33Z

Max safe collateral: 6.31 USDC (shortened; full value 6.318263415364470622808635875761899553532808800432 USDC)

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: 64,489,592
Closed at 2026-09-18T12:15:38Z
Computed at: 2026-09-18T12:15:42.730468Z
Data source: horizon
Methodology: 1.0.8-draft
The version that produced these figures, not the one this page was built against