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Keel
Ledger
64,492,834
Methodology
1.0.8-draft
Age
6s

PAYBO 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
0.00009838 USDC (shortened; full value 0.0000983808008306 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
8.18 USDC (shortened; full value 8.1879281350781897232929245971 USDC)
5% from mid
20.32 USDC (shortened; full value 20.3207514909662953277591328803 USDC)
10% from mid
40.16 USDC (shortened; full value 40.1631665474655895718313633719 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
20.98 USDC (shortened; full value 20.986907351417075453290880208836317557382993735872 USDC)

Higher than at the start of the window

2026-09-17T16:45:48Z — 2026-09-18T16:30:48Z

Which checks were firing

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

HOLDER_CONCENTRATION_EXTREMEthroughout
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

High

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.

20.98 USDC (shortened; full value 20.986907351417075453290880208836317557382993735872 USDC)

Limited by liquidation depth

Liquidation termbinds
20.98 USDC (shortened; full value 20.986907351417075453290880208836317557382993735872 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
8.18 USDC (shortened; full value 8.1879281350781897232929245971 USDC)
Sell side
8.22 USDC (shortened; full value 8.220678155644406958512714718984307657230767536 USDC)

5% from mid

Buy side
20.32 USDC (shortened; full value 20.3207514909662953277591328803 USDC)
Sell side
20.71 USDC (shortened; full value 20.710620224892835686982330372953865338508822102816 USDC)

10% from mid

Buy side
40.16 USDC (shortened; full value 40.1631665474655895718313633719 USDC)
Sell side
41.97 USDC (shortened; full value 41.973814702834150906581760417672635114765987471744 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%0.000147 USDC (shortened; full value 0.0001475712012459 USDC)184.93 USDC (shortened; full value 184.9350279466162447502998304132 USDC)unreachablebook ends at 0 USDC
1%0.000196 USDC (shortened; full value 0.0001967616016612 USDC)340.84 USDC (shortened; full value 340.8424684355338447517466934131 USDC)unreachablebook ends at 0 USDC
10%0.001082 USDC (shortened; full value 0.0010821888091366 USDC)1,906.27 USDC (shortened; full value 1906.2729560565778430996651019069 USDC)unreachablebook ends at 0 USDC
100%0.009936 USDC (shortened; full value 0.0099364608838906 USDC)7,446.83 USDC (shortened; full value 7446.8395676504317788120123212156 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
63.6061 % (shortened; full value 63.60618073762578220055165328 %)
Top ten holders
93.1042 % (shortened; full value 93.10422200174522441771665347 %)
Concentration index
4,171.87 (shortened; full value 4171.8797538332223903962969698338622055208751509574122779)

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