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Keel
Ledger
64,491,934
Methodology
1.0.8-draft
Age
7s

RCW 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
2.28199928 USDC (shortened; full value 2.281999285264554 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
3.15 USDC (shortened; full value 3.1559449183420253179582912492 USDC)
5% from mid
7.83 USDC (shortened; full value 7.8324053834888476984812644429 USDC)
10% from mid
15.48 USDC (shortened; full value 15.4804413618351868413375460055 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
8.08 USDC (shortened; full value 8.089167676456056639873446592279598721227373920512 USDC)

Higher than at the start of the window

2026-09-17T23:45:48Z — 2026-09-18T15:15:48Z

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

2 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.

8.08 USDC (shortened; full value 8.089167676456056639873446592279598721227373920512 USDC)

Limited by liquidation depth

Liquidation termbinds
8.08 USDC (shortened; full value 8.089167676456056639873446592279598721227373920512 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
3.15 USDC (shortened; full value 3.1559449183420253179582912492 USDC)
Sell side
3.16 USDC (shortened; full value 3.168568045862985552097577950935010529166561856 USDC)

5% from mid

Buy side
7.83 USDC (shortened; full value 7.8324053834888476984812644429 USDC)
Sell side
7.98 USDC (shortened; full value 7.982675907284078175186093760465033598137940580736 USDC)

10% from mid

Buy side
15.48 USDC (shortened; full value 15.4804413618351868413375460055 USDC)
Sell side
16.17 USDC (shortened; full value 16.178335352912113279746893184559197442454747841024 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%3.422998 USDC (shortened; full value 3.422998927896831 USDC)71.28 USDC (shortened; full value 71.2811290039480204717495203434 USDC)unreachablebook ends at 0 USDC
1%4.563998 USDC (shortened; full value 4.563998570529108 USDC)131.37 USDC (shortened; full value 131.3739005116467247392017319318 USDC)unreachablebook ends at 0 USDC
10%25.101992 USDC (shortened; full value 25.101992137910094 USDC)734.75 USDC (shortened; full value 734.7514962748433749082410484114 USDC)unreachablebook ends at 0 USDC
100%230.481927 USDC (shortened; full value 230.481927811719954 USDC)2,870.30 USDC (shortened; full value 2870.3006552475410838173151640823 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
96.4270 % (shortened; full value 96.42701591564272466907881962 %)
Top ten holders
99.9893 % (shortened; full value 99.989351426069169195031564 %)
Concentration index
9,300.80 (shortened; full value 9300.8047866062835720533468831205439247042539441594856286)

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