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Keel
Ledger
64,492,833
Methodology
1.0.8-draft
Age
4s

GQX against USDC — what depth stands behind this price?

How has this moved over time?

Price

Mid price
8.62 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
40.55 USDC (shortened; full value 40.5509113363970635824799319273 USDC)
5% from mid
55.92 USDC (shortened; full value 55.9288035615312813361823786843 USDC)
10% from mid
81.07 USDC (shortened; full value 81.0783100922716045848192217314 USDC)

Lower than at the start of 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.

No point in this range carried a value.

Not enough readings in this window to show a direction.

Collateral ceiling

Max safe collateral
11.60 USDC (shortened; full value 11.603978390392781783490463144919180611415531641752 USDC)

Higher than at the start of the window

2026-09-17T16:45:43Z2026-09-18T16:30:43Z

Which checks were firing

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

SPREAD_EXTREMEthroughout
HOLDER_CONCENTRATION_EXTREMEthroughout
THIN_DEPTH_5PCTthroughout
HOLDER_CONCENTRATION_HIGHthroughout
ZERO_DEPTH_2PCT16 of 25
PRICE_SOURCE_CONFLICT9 of 25

25 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.

12.18 USDC (shortened; full value 12.1838763705615853747975209894559454173652390821375 USDC)

Limited by liquidation depth

Liquidation termbinds
12.18 USDC (shortened; full value 12.1838763705615853747975209894559454173652390821375 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.

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
39.38 USDC (shortened; full value 39.3842356337475280481686981618 USDC)
Sell side
0 USDC

5% from mid

Buy side
54.76 USDC (shortened; full value 54.7621544455102859597267259499 USDC)
Sell side
0 USDC

10% from mid

Buy side
79.91 USDC (shortened; full value 79.9117044568901085680478649991 USDC)
Sell side
24.36 USDC (shortened; full value 24.367752741123170749595041978911890834730478164275 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%12.93 USDC307.18 USDC (shortened; full value 307.1815164912746591851428767157 USDC)unreachablebook ends at 43.77 USDC (shortened; full value 43.776665755 USDC)
1%17.24 USDC504.78 USDC (shortened; full value 504.7886102123562568804993990868 USDC)unreachablebook ends at 43.77 USDC (shortened; full value 43.776665755 USDC)
10%94.82 USDC2,488.91 USDC (shortened; full value 2488.91565450925109806210127197 USDC)unreachablebook ends at 43.77 USDC (shortened; full value 43.776665755 USDC)
100%870.62 USDC9,511.38 USDC (shortened; full value 9511.3852829741479656924096669486 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.

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