What depth stands behind this price?

SHX against USDC · GDSTRS…7KJ6JH

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.

Low
Medium
High
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.

364.42 USDC (shortened; full value 364.4291108013552029795387925 USDC)

Limited by manipulation cost

Liquidation term: 445.10 USDC (shortened; full value 445.10688785869415472431897069505490613033601330628 USDC)
Sell-side depth at the liquidation delta, times the haircut.
Manipulation termbinds: 364.42 USDC (shortened; full value 364.4291108013552029795387925 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: 0.00356449 USDC (shortened; full value 0.00356449511423665 USDC)
Source: order book mid
Spread: 13.1572 % (shortened; full value 13.15726949940667871342337025 %)
Undefined unless the price came from a two-sided book
Pool spot price: 0.00334559 USDC (shortened; full value 0.0033455948996256 USDC)
Reported whenever an active pool exists, whichever source won
Divergence between the two: 6.5429 % (shortened; full value 6.54293843631656544866114009 %)
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

637.42 USDC

Sell side

0 USDC

5% from mid

Buy side

865.86 USDC

Sell side

0 USDC

10% from mid

Buy side

1,574.88 USDC

Sell side

890.21 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.
Move	Target price	Cost, all venues	Cost, order book only
0.5%	0.005346 USDC (shortened; full value 0.005346742671354975 USDC)	5,422.94 USDC (shortened; full value 5422.9491136087761773887948750237 USDC)	1,457.71 USDC (shortened; full value 1457.71644320542081191815517 USDC)
1%	0.007128 USDC (shortened; full value 0.0071289902284733 USDC)	8,861.78 USDC (shortened; full value 8861.7868026769775428614699704222 USDC)	1,961.11 USDC (shortened; full value 1961.11500700856113136421647 USDC)
10%	0.039209 USDC (shortened; full value 0.03920944625660315 USDC)	115,857.77 USDC (shortened; full value 115857.7759881862906268134919653842 USDC)	79,483.04 USDC (shortened; full value 79483.0400501319389075229325 USDC)
100%	0.360014 USDC (shortened; full value 0.36001400653790165 USDC)	527,826.73 USDC (shortened; full value 527826.7325140280977633304538974975 USDC)	unreachablebook ends at 387,133.71 USDC (shortened; full value 387133.7167247567495175229325 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.

WindowLast 24 hours Last 7 days Last 30 days

ResolutionHourly Daily

SourceHorizon Hubble Offers implied Trades implied

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

Band at each reading

Critical: 25 of 25

Which checks were firing

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

MANIPULATION_CHEAP

throughout

THIN_DEPTH_5PCT

throughout

ZERO_DEPTH_2PCT

23 of 25

Price

Lowest: 0.00330475 USDC
Highest: 0.00361499 USDC (shortened; full value 0.003614995059122 USDC)

2026-09-17T12:45:53Z — 2026-09-18T12:00:48Z

Mid price: 0.00356449 USDC (shortened; full value 0.00356449511423665 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: 89.26 USDC (shortened; full value 89.2625245618346149386077391066 USDC)
Highest: 2,300.61 USDC (shortened; full value 2300.6116794864864429058332756989 USDC)

2026-09-17T12:45:53Z — 2026-09-18T12:00:48ZOne scale across every line on this chart

2% from mid: 637.19 USDC (shortened; full value 637.1952788549158393055217690597 USDC)
5% from mid: 865.63 USDC (shortened; full value 865.633148507290179208381695132 USDC)
10% from mid: 1,574.66 USDC (shortened; full value 1574.6621197706929521560798852389 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: 1,420.53 USDC (shortened; full value 1420.53730090418433103052831 USDC)
Highest: 3,094.49 USDC (shortened; full value 3094.49985810388454290323886 USDC)

2026-09-17T12:45:53Z — 2026-09-18T12:00:48Z

Manipulation cost, 0.5%: 1,457.71 USDC (shortened; full value 1457.71644320542081191815517 USDC)

Collateral ceiling

Lowest: 244.57 USDC (shortened; full value 244.570679686796031261166782327375857445803946502562 USDC)
Highest: 773.62 USDC (shortened; full value 773.624964525971135725809715 USDC)

2026-09-17T12:45:53Z — 2026-09-18T12:00:48Z

Max safe collateral: 364.42 USDC (shortened; full value 364.4291108013552029795387925 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: 64,489,595
Closed at 2026-09-18T12:15:53Z
Computed at: 2026-09-18T12:15:58.153099Z
Data source: horizon
Methodology: 1.0.8-draft
The version that produced these figures, not the one this page was built against