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keel
Ledger
65,278,222
Methodology
1.0.8-draft
Age
7s

SHX against USDC — what depth stands behind this price?

All assets

SHX / USDC

GDST…J6JH

Risk band

Critical

partial confidence

A floor: the real band can only be worse.

Max safe collateral
537.22 USDC (shortened; full value 537.22782021252499499500009014431192265338091939248 USDC)Limited by liquidation depth
Depth within 5%
buy879.97 USDC (shortened; full value 879.9798467138774368800575511774 USDC)sell14.17 USDC (shortened; full value 14.1752927115509425217456500874566366529844487226 USDC)
Cost to move +50%
2,937.61 USDC (shortened; full value 2937.61813720329890395941496 USDC)Reachable through the order book
Checks
4 triggered3 not evaluated

History

Window
Resolution
Source

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.

Lower at the end of the window than at its start

Lowest
0 USDC
Highest
5,336.40 USDC (shortened; full value 5336.4049905167872381886939965949 USDC)
2026-10-04T23:54:12Z — 2026-10-24T23:24:08ZOne scale across every line on this chart
2% from mid
752.19 USDC (shortened; full value 752.1904096061222393590149528186 USDC)
5% from mid
1,039.81 USDC (shortened; full value 1039.8118908152298995614336211804 USDC)
10% from mid
3,115.46 USDC (shortened; full value 3115.4632794296610891083751638338 USDC)
21 readings from horizon, with no gaps reported. One source per chart.

Checks

What fires now, how long it has been firing across the window above, and what could not run.
Cheap next to real tradingnowMANIPULATION_RATIO_LOWthroughout
Thin depth at 5%nowTHIN_DEPTH_5PCTthroughout
Nothing tradable within 2%nowZERO_DEPTH_2PCT13 of 21
Cheap to move the pricenowMANIPULATION_CHEAP13 of 21

Not evaluated3

  • No genuine trade in 30 days
  • No genuine trade in 7 days
  • Volume may be wash traded

Evidence

The figures behind the verdict, as the engine served them.

The ceiling is the lower of two independent limits. Which one binds is the part a lender acts on, so both are shown.

537.22 USDC (shortened; full value 537.22782021252499499500009014431192265338091939248 USDC)

Limited by liquidation depth

Liquidation termbinds
537.22 USDC (shortened; full value 537.22782021252499499500009014431192265338091939248 USDC)

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

Manipulation term
734.40 USDC (shortened; full value 734.40453430082472598985374 USDC)

Order-book-only manipulation cost at the critical delta, times the safety margin.