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Keel
Ledger
64,488,693
Methodology
1.0.8-draft
Age
6s

What depth stands behind this price?

IDRT against USDC · GDPKQ2…3EVBVT

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.
  1. Low
  2. Medium
  3. High
  4. 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.

147.49 USDC (shortened; full value 147.4937965000016700146717675 USDC)

Limited by manipulation cost

Liquidation term
232.31 USDC (shortened; full value 232.31239753986838042285152737048576262240685520088 USDC)

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

Manipulation termbinds
147.49 USDC (shortened; full value 147.4937965000016700146717675 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
0.000046 USDC

Source: order book mid

Spread
4.3478 % (shortened; full value 4.34782608695652173913043478 %)

Undefined unless the price came from a two-sided book

Pool spot price
0.00004701 USDC (shortened; full value 0.0000470107890085 USDC)

Reported whenever an active pool exists, whichever source won

Divergence between the two
2.1501 % (shortened; full value 2.15012134409664914526702545 %)

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.
  • SDEX
  • AMM
  • Sell side, composition not reported

2% from mid

Buy side
0 USDC
Sell side
156.04 USDC (shortened; full value 156.043539762586623076778500403157598881894780910764 USDC)

5% from mid

Buy side
103.03 USDC (shortened; full value 103.0313504080866965678579338081 USDC)
Sell side
270.44 USDC (shortened; full value 270.443132792609810192676404433358948191750746063878 USDC)

10% from mid

Buy side
283.97 USDC (shortened; full value 283.9784723769790974401703745263 USDC)
Sell side
464.62 USDC (shortened; full value 464.62479507973676084570305474097152524481371040176 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.
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%0.000069 USDC2,190.05 USDC (shortened; full value 2190.0582485036113479646653241115 USDC)589.97 USDC (shortened; full value 589.97518600000668005868707 USDC)
1%0.000092 USDC3,665.29 USDC (shortened; full value 3665.2994799830220623850636770677 USDC)647.34 USDC (shortened; full value 647.34692870000928005868707 USDC)
10%0.000506 USDC17,901.79 USDC (shortened; full value 17901.7985094230172202763646162058 USDC)647.34 USDC (shortened; full value 647.34692870000928005868707 USDC)
100%0.004646 USDC68,289.38 USDC (shortened; full value 68289.3895345431464808302851007749 USDC)647.34 USDC (shortened; full value 647.34692870000928005868707 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)

  • ZERO_DEPTH_2PCT
  • MANIPULATION_CHEAP
  • 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.

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

Band at each reading

Critical
162 of 162

Which checks were firing

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

MANIPULATION_CHEAPthroughout
THIN_DEPTH_5PCTthroughout
ZERO_DEPTH_2PCT4 of 162

Price

Lowest
0.000046 USDC
Highest
0.000047 USDC
2026-09-11T17:48:07Z2026-09-18T10:45:43Z
Mid price
0.000046 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
439.97 USDC (shortened; full value 439.9732254285621255578566144044 USDC)
2026-09-11T17:48:07Z2026-09-18T10:45:43ZOne scale across every line on this chart
2% from mid
0 USDC
5% from mid
103.03 USDC (shortened; full value 103.0313504080866965678579338081 USDC)
10% from mid
283.97 USDC (shortened; full value 283.9784723769790974401703745263 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
589.97 USDC (shortened; full value 589.97518110000288005868707 USDC)
Highest
590.42 USDC (shortened; full value 590.42116410000288005868707 USDC)
2026-09-11T17:48:07Z2026-09-18T10:45:43Z
Manipulation cost, 0.5%
589.97 USDC (shortened; full value 589.97518600000668005868707 USDC)

Collateral ceiling

Lowest
147.49 USDC (shortened; full value 147.4937952750007200146717675 USDC)
Highest
147.60 USDC (shortened; full value 147.6052910250007200146717675 USDC)
2026-09-11T17:48:07Z2026-09-18T10:45:43Z
Max safe collateral
147.49 USDC (shortened; full value 147.4937965000016700146717675 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
64,488,693

Closed at 2026-09-18T11:00:43Z

Computed at
2026-09-18T11:00:49.857335Z
Data source
horizon
Methodology
1.0.8-draft

The version that produced these figures, not the one this page was built against