What depth stands behind this price?

GQX against USDC · GD7TC7…WTDAQF

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.

4.50 USDC (shortened; full value 4.501366734850974206414412594718265049026027332584 USDC)

Limited by liquidation depth

Liquidation termbinds: 4.50 USDC (shortened; full value 4.501366734850974206414412594718265049026027332584 USDC)
Sell-side depth at the liquidation delta, times the haircut.
Manipulation term: not applicable
Not applied: the critical target is not reachable through the order book.

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
manipulation to delta 0.5 is unreachable through the order book; the manipulation term was not applied

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: 8.62 USDC
Source: order book mid
Spread: 30.8584 % (shortened; full value 30.85846867749419953596287703 %)
Undefined unless the price came from a two-sided book
Pool spot price: 7.90068369 USDC (shortened; full value 7.9006836901327076 USDC)
Reported whenever an active pool exists, whichever source won
Divergence between the two: 9.1044 % (shortened; full value 9.10448181548716147488535337 %)
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

54.83 USDC

Sell side

0 USDC

5% from mid

Buy side

70.21 USDC

Sell side

0 USDC

10% from mid

Buy side

95.36 USDC

Sell side

9.00 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%	12.93 USDC	322.63 USDC (shortened; full value 322.6301369620591881787692425846 USDC)	unreachablebook ends at 43.77 USDC (shortened; full value 43.776665755 USDC)
1%	17.24 USDC	520.23 USDC (shortened; full value 520.231050002413385040437610761 USDC)	unreachablebook ends at 43.77 USDC (shortened; full value 43.776665755 USDC)
10%	94.82 USDC	2,504.29 USDC (shortened; full value 2504.2960355161315962634795711723 USDC)	unreachablebook ends at 43.77 USDC (shortened; full value 43.776665755 USDC)
100%	870.62 USDC	9,526.54 USDC (shortened; full value 9526.5460178039905381104217338744 USDC)	unreachablebook ends at 43.77 USDC (shortened; full value 43.776665755 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)

ZERO_DEPTH_2PCT
SPREAD_EXTREME
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: 99.9748 % (shortened; full value 99.97488420388449572690980492 %)
Top ten holders: 99.9917 % (shortened; full value 99.991714704277162091756297 %)
Concentration index: 9,994.97 (shortened; full value 9994.977520346104355756153241794066908706077501796774007)
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

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

Band at each reading

Critical: 5 of 8
High: 3 of 8

Which checks were firing

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

SPREAD_EXTREME

throughout

THIN_DEPTH_5PCT

throughout

HOLDER_CONCENTRATION_EXTREME

7 of 8

HOLDER_CONCENTRATION_HIGH

7 of 8

ZERO_DEPTH_2PCT

5 of 8

PRICE_SOURCE_CONFLICT

3 of 8

Price

Lowest: 7.72010947 USDC (shortened; full value 7.7201094785946604 USDC)
Highest: 8.62 USDC

2026-09-11T23:48:05Z — 2026-09-18T12:45:38Z

Mid price: 8.62 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: 9.81 USDC (shortened; full value 9.8187574468416972691796433972 USDC)
Highest: 96.48 USDC (shortened; full value 96.4836617801564933142001903494 USDC)

2026-09-11T23:48:05Z — 2026-09-18T12:45:38ZOne scale across every line on this chart

2% from mid: 54.83 USDC (shortened; full value 54.8398629374965608578041285445 USDC)
5% from mid: 70.21 USDC (shortened; full value 70.2173007644695644485191764282 USDC)
10% from mid: 95.36 USDC (shortened; full value 95.3660641576357841535836122176 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.

No point in this range carried a value.

Collateral ceiling

Lowest: 3.91 USDC (shortened; full value 3.91446695063369829788465148972147666591800044787 USDC)
Highest: 25.27 USDC (shortened; full value 25.278353344354295351780763628233769184761819779006 USDC)

2026-09-11T23:48:05Z — 2026-09-18T12:45:38Z

Max safe collateral: 4.50 USDC (shortened; full value 4.501366734850974206414412594718265049026027332584 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: 64,490,132
Closed at 2026-09-18T13:00:38Z
Computed at: 2026-09-18T13:00:47.452597Z
Data source: horizon
Methodology: 1.0.8-draft
The version that produced these figures, not the one this page was built against