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keel
Ledger
65,294,245
Methodology
1.0.8-draft
Age
7s

USDT against USDC — what depth stands behind this price?

All assets

USDT / USDC

GCQT…TG6V

Risk band

Critical

partial confidence

A floor: the real band can only be worse.

Max safe collateral
0 USDCLimited by manipulation cost
Depth within 5%
buy10.64 USDC (shortened; full value 10.6462514988786427588982617275 USDC)sell10.85 USDC (shortened; full value 10.850507753612949201455296934527546092790863479629 USDC)
Cost to move +50%
0 USDCReachable at no cost: nothing stands in the way
Checks
7 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
4.28 USDC (shortened; full value 4.2897400826706154288891218316 USDC)
Highest
21.27 USDC (shortened; full value 21.2714376198394431282576449246 USDC)
2026-11-03T02:54:29Z — 2026-11-04T01:54:24ZOne scale across every line on this chart
2% from mid
4.28 USDC (shortened; full value 4.2897400826706154288891218316 USDC)
5% from mid
10.64 USDC (shortened; full value 10.6462514988786427588982617275 USDC)
10% from mid
21.04 USDC (shortened; full value 21.0418976013635315218617775697 USDC)
24 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 to move the pricenowMANIPULATION_CHEAPthroughout
Cheap next to real tradingnowMANIPULATION_RATIO_LOWthroughout
Price sources disagreenowPRICE_SOURCE_CONFLICTthroughout
Extreme spreadnowSPREAD_EXTREMEthroughout
One holder owns most of itnowHOLDER_CONCENTRATION_EXTREMEthroughout
Thin depth at 5%nowTHIN_DEPTH_5PCTthroughout
Supply is concentratednowHOLDER_CONCENTRATION_HIGHthroughout

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.

0 USDC

Limited by manipulation cost

Liquidation term
17.70 USDC (shortened; full value 17.706616231605280667448081291108788613327947816318 USDC)

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

Manipulation termbinds
0 USDC

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