What depth stands behind this price?

USDM against USDC · GDHDC4…SUUSDM

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 — this asset
High
Critical

Mediumpartial 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.

2,738.16 USDC (shortened; full value 2738.16306924118488498721928855327253841710082849124 USDC)

Limited by liquidation depth

Liquidation termbinds: 2,738.16 USDC (shortened; full value 2738.16306924118488498721928855327253841710082849124 USDC)
Sell-side depth at the liquidation delta, times the haircut.
Manipulation term: 117,057.36 USDC (shortened; full value 117057.36989411253460976159435 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: 0.97363601 USDC (shortened; full value 0.9736360189244893 USDC)
Source: order book mid
Spread: 0.8011 % (shortened; full value 0.80113546414144555152508738 %)
Undefined unless the price came from a two-sided book
Pool spot price: 0.97233910 USDC (shortened; full value 0.9723391094894667 USDC)
Reported whenever an active pool exists, whichever source won
Divergence between the two: 0.1333 % (shortened; full value 0.13338036312285650727379488 %)
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

3.39 USDC

Sell side

5,463.23 USDC

5% from mid

Buy side

468,237.57 USDC

Sell side

5,468.08 USDC

10% from mid

Buy side

468,245.26 USDC

Sell side

5,476.32 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%	1.460454 USDC (shortened; full value 1.46045402838673395 USDC)	468,301.40 USDC (shortened; full value 468301.4024624242807922486220230788 USDC)	468,229.47 USDC (shortened; full value 468229.4795764501384390463774 USDC)
1%	1.947272 USDC (shortened; full value 1.9472720378489786 USDC)	468,361.85 USDC (shortened; full value 468361.8570480475610690408663809033 USDC)	468,229.47 USDC (shortened; full value 468229.4795764501384390463774 USDC)
10%	10.709996 USDC (shortened; full value 10.7099962081693823 USDC)	468,968.86 USDC (shortened; full value 468968.8675355162905222434005945142 USDC)	468,229.47 USDC (shortened; full value 468229.4795764501384390463774 USDC)
100%	98.337237 USDC (shortened; full value 98.3372379113734193 USDC)	471,117.27 USDC (shortened; full value 471117.274677418527233008338371665 USDC)	468,229.47 USDC (shortened; full value 468229.4795764501384390463774 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(1)

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: 27.3368 % (shortened; full value 27.33688427337877221595929823 %)
Top ten holders: 70.3876 % (shortened; full value 70.3876173527611307517209757 %)
Concentration index: 1,029.91 (shortened; full value 1029.9182773764104686184709240713001266186126112258409993)
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

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

Band at each reading

Medium: 164 of 164

Which checks were firing

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

THIN_DEPTH_5PCT

throughout

Price

Lowest: 0.95712319 USDC (shortened; full value 0.95712319000282255 USDC)
Highest: 0.98300175 USDC

2026-09-11T17:48:23Z — 2026-09-18T12:00:58Z

Mid price: 0.97363601 USDC (shortened; full value 0.9736360189244893 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: 2.36 USDC (shortened; full value 2.3691961923665983985322903653 USDC)
Highest: 468,254.94 USDC (shortened; full value 468254.9420887846406455193236454004 USDC)

2026-09-11T17:48:23Z — 2026-09-18T12:00:58ZOne scale across every line on this chart

2% from mid: 3.39 USDC (shortened; full value 3.3906880312214442256928016938 USDC)
5% from mid: 468,237.57 USDC (shortened; full value 468237.571718749736162517177996493 USDC)
10% from mid: 468,245.26 USDC (shortened; full value 468245.2658029848697080138476324045 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: 467,903.24 USDC (shortened; full value 467903.24174389347414023581042 USDC)
Highest: 468,238.73 USDC (shortened; full value 468238.73645279242407 USDC)

2026-09-11T17:48:23Z — 2026-09-18T12:00:58Z

Manipulation cost, 0.5%: 468,229.47 USDC (shortened; full value 468229.4795764501384390463774 USDC)

Collateral ceiling

Lowest: 1,643.32 USDC (shortened; full value 1643.3242205038614254888253063477585878011516794255575 USDC)
Highest: 3,789.50 USDC (shortened; full value 3789.509053760188407308114134618415313567402970423781 USDC)

2026-09-11T17:48:23Z — 2026-09-18T12:00:58Z

Max safe collateral: 2,738.16 USDC (shortened; full value 2738.16306924118488498721928855327253841710082849124 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: 64,489,416
Closed at 2026-09-18T12:00:58Z
Computed at: 2026-09-18T12:01:05.597947Z
Data source: horizon
Methodology: 1.0.8-draft
The version that produced these figures, not the one this page was built against