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Keel
Ledger
64,492,833
Methodology
1.0.8-draft
Age
6s

GZC 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
15.80948414 USDC (shortened; full value 15.8094841441197797 USDC)

Higher than at the start of 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
29.17 USDC (shortened; full value 29.1793565953247495803753107249 USDC)
5% from mid
72.41 USDC (shortened; full value 72.4171541637767843902359367312 USDC)
10% from mid
143.12 USDC (shortened; full value 143.129658608651813074272010354 USDC)

Higher 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
74.79 USDC (shortened; full value 74.791136822086117917113582664117946979074284003108 USDC)

Higher than at the start of the window

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

Which checks were firing

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

THIN_DEPTH_5PCTthroughout
HOLDER_CONCENTRATION_HIGHthroughout

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

Medium

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.

74.79 USDC (shortened; full value 74.791524487373112344646968859169938602630140506864 USDC)

Limited by liquidation depth

Liquidation termbinds
74.79 USDC (shortened; full value 74.791524487373112344646968859169938602630140506864 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
29.17 USDC (shortened; full value 29.1795078408349729105378843882 USDC)
Sell side
29.29 USDC (shortened; full value 29.296219842471308322160110544276111439029631132 USDC)

5% from mid

Buy side
72.41 USDC (shortened; full value 72.4175295239871660297363387638 USDC)
Sell side
73.80 USDC (shortened; full value 73.806913699181475140916399173591250681585653877992 USDC)

10% from mid

Buy side
143.13 USDC (shortened; full value 143.1304004933528563145663111412 USDC)
Sell side
149.58 USDC (shortened; full value 149.583048974746224689293937718339877205260281013728 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%23.714471 USDC (shortened; full value 23.71447167514947945 USDC)659.05 USDC (shortened; full value 659.0572131299967806298880539609 USDC)unreachablebook ends at 0 USDC
1%31.619295 USDC (shortened; full value 31.6192955668659726 USDC)1,214.66 USDC (shortened; full value 1214.6681451191354428349382428065 USDC)unreachablebook ends at 0 USDC
10%173.906125 USDC (shortened; full value 173.9061256177628493 USDC)6,793.42 USDC (shortened; full value 6793.4287832502328890949236443462 USDC)unreachablebook ends at 0 USDC
100%1,596.774426 USDC (shortened; full value 1596.7744261267316163 USDC)26,538.47 USDC (shortened; full value 26538.4734659277585220797138835293 USDC)unreachablebook ends at 0 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
30.7734 % (shortened; full value 30.77340288970846053198143468 %)
Top ten holders
96.5138 % (shortened; full value 96.51384988518863377252412117 %)
Concentration index
1,955.60 (shortened; full value 1955.6063027693415377869729473503484545557632268090980528)

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