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Keel
Ledger
64,489,413
Methodology
1.0.8-draft
Age
8s

What depth stands behind this price?

LIBRE against USDC · GAYCCW…7TF5CY

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.

0.00013 USDC (shortened; full value 0.00013385001377 USDC)

Limited by manipulation cost

Liquidation term
11.54 USDC (shortened; full value 11.541481767695523075003789757307431340808693222816 USDC)

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

Manipulation termbinds
0.00013 USDC (shortened; full value 0.00013385001377 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
0.0009866 USDC

Source: order book mid

Spread
17.5552 % (shortened; full value 17.55524021893371173727954592 %)

Undefined unless the price came from a two-sided book

Pool spot price
0.00106730 USDC (shortened; full value 0.0010673057312975 USDC)

Reported whenever an active pool exists, whichever source won

Divergence between the two
7.5616 % (shortened; full value 7.56163196082417971355838858 %)

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
12.19 USDC (shortened; full value 12.193461400224768452132187729108841817218597879659 USDC)

5% from mid

Buy side
0 USDC
Sell side
15.90 USDC (shortened; full value 15.906401479293387776936610727079516910803248325412 USDC)

10% from mid

Buy side
2.13 USDC (shortened; full value 2.1315902925424284849190598893 USDC)
Sell side
23.08 USDC (shortened; full value 23.082963535391046150007579514614862681617386445632 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%0.001479 USDC (shortened; full value 0.0014799 USDC)45.16 USDC (shortened; full value 45.1685590414790663372822470218 USDC)0.00053 USDC (shortened; full value 0.00053540005508 USDC)
1%0.001973 USDC (shortened; full value 0.0019732 USDC)91.88 USDC (shortened; full value 91.8839684225623949637590408035 USDC)0.36 USDC (shortened; full value 0.36865340005508 USDC)
10%0.010852 USDC (shortened; full value 0.0108526 USDC)657.24 USDC (shortened; full value 657.2463829364560875047899867835 USDC)100.36 USDC (shortened; full value 100.36865340005508 USDC)
100%0.099646 USDC (shortened; full value 0.0996466 USDC)6,804.31 USDC (shortened; full value 6804.3150177531206740096926732315 USDC)4,600.36 USDC (shortened; full value 4600.36865340005508 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(4)

  • ZERO_DEPTH_2PCT
  • MANIPULATION_CHEAP
  • MANIPULATION_RATIO_LOW
  • THIN_DEPTH_5PCT

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
18.8581 % (shortened; full value 18.8581899811774271572253229 %)
Top ten holders
58.2889 % (shortened; full value 58.28892806391237274676345208 %)
Concentration index
588.90 (shortened; full value 588.909821998497259852891247048553545274161453474962869)

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.

No readings were stored in this range from this source

The engine accepted the request and returned nothing for Trades implied. The series is as old as the deployment, and the reconstruction sources are not populated in production, so a window can reach back further than anything that was recorded. It is not empty because the figures were zero.

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
64,489,413

Closed at 2026-09-18T12:00:43Z

Computed at
2026-09-18T12:00:51.326987Z
Data source
horizon
Methodology
1.0.8-draft

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