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Keel
Ledger
64,491,937
Methodology
1.0.8-draft
Age
3s

USDM 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
0.97785961 USDC (shortened; full value 0.9778596159396206 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
3.18 USDC (shortened; full value 3.1802874997161858413804659821 USDC)
5% from mid
468,237.37 USDC (shortened; full value 468237.3715449760694846659489453456 USDC)
10% from mid
468,245.08 USDC (shortened; full value 468245.0823543845417603405184473238 USDC)

Lower 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.

Manipulation cost, 0.5%
468,229.62 USDC (shortened; full value 468229.6224116568910780825364 USDC)

Higher than at the start of the window

Collateral ceiling

Max safe collateral
2,738.61 USDC (shortened; full value 2738.6108800875533200695622349865400356057237987793175 USDC)

Higher than at the start of the window

2026-09-17T23:45:58Z — 2026-09-18T15:15:58Z

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_5PCTthroughout

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

Medium

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.

2,738.61 USDC (shortened; full value 2738.6108800875533200695622349865400356057237987793175 USDC)

Limited by liquidation depth

Liquidation termbinds
2,738.61 USDC (shortened; full value 2738.6108800875533200695622349865400356057237987793175 USDC)

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

Manipulation term
117,057.40 USDC (shortened; full value 117057.4056029142227695206341 USDC)

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

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
3.18 USDC (shortened; full value 3.1802874997161858413804659821 USDC)
Sell side
2,471.71 USDC (shortened; full value 2471.71440290336273379040317210098281827258352829039 USDC)

5% from mid

Buy side
468,237.37 USDC (shortened; full value 468237.3715449760694846659489453456 USDC)
Sell side
5,468.95 USDC (shortened; full value 5468.958832524020013299270088128862333937514106737011 USDC)

10% from mid

Buy side
468,245.08 USDC (shortened; full value 468245.0823543845417603405184473238 USDC)
Sell side
5,477.22 USDC (shortened; full value 5477.221760175106640139124469973080071211447597558635 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%1.466789 USDC (shortened; full value 1.4667894239094309 USDC)468,301.34 USDC (shortened; full value 468301.3410420382391049494717958232 USDC)468,229.62 USDC (shortened; full value 468229.6224116568910780825364 USDC)
1%1.955719 USDC (shortened; full value 1.9557192318792412 USDC)468,361.92 USDC (shortened; full value 468361.927042056367493019152025942 USDC)468,229.62 USDC (shortened; full value 468229.6224116568910780825364 USDC)
10%10.756455 USDC (shortened; full value 10.7564557753358266 USDC)468,970.25 USDC (shortened; full value 468970.2570310162533384184220666513 USDC)468,229.62 USDC (shortened; full value 468229.6224116568910780825364 USDC)
100%98.763821 USDC (shortened; full value 98.7638212099016806 USDC)471,123.33 USDC (shortened; full value 471123.3343169866303578582210677265 USDC)468,229.62 USDC (shortened; full value 468229.6224116568910780825364 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
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