Skip to content
Keel
Ledger
64,489,957
Methodology
1.0.8-draft
Age
5s

What depth stands behind this price?

USTRY against USDC · GCRYUG…ATMYWC

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.
  1. Low
  2. Medium
  3. High — this asset
  4. Critical

Highpartial 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.

67,145.71 USDC (shortened; full value 67145.71578757305171972980527 USDC)

Limited by manipulation cost

Liquidation term
135,574.93 USDC (shortened; full value 135574.937239631377643414834883904009144429930791341952 USDC)

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

Manipulation termbinds
67,145.71 USDC (shortened; full value 67145.71578757305171972980527 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
1.07457899 USDC (shortened; full value 1.0745789999994999 USDC)

Source: order book mid

Spread
0.0499 % (shortened; full value 0.04999999999998604569789657 %)

Undefined unless the price came from a two-sided book

Pool spot price
1.07588483 USDC (shortened; full value 1.0758848325490397 USDC)

Reported whenever an active pool exists, whichever source won

Divergence between the two
0.1213 % (shortened; full value 0.12137289327203886362605376 %)

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
268,371.86 USDC (shortened; full value 268371.861010550475896651198118428 USDC)
Sell side
271,061.63 USDC (shortened; full value 271061.63994268398013242243730204737804753374226083328 USDC)

5% from mid

Buy side
268,484.39 USDC (shortened; full value 268484.3968883271223734081025744953 USDC)
Sell side
271,149.44 USDC (shortened; full value 271149.444402370145579775068397571401647234885393877504 USDC)

10% from mid

Buy side
268,583.66 USDC (shortened; full value 268583.6653950986038008277705717296 USDC)
Sell side
271,149.87 USDC (shortened; full value 271149.874479262755286829669767808018288859861582683904 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.
MoveTarget priceCost, all venuesCost, order book only
0.5%1.611868 USDC (shortened; full value 1.61186849999924985 USDC)268,586.59 USDC (shortened; full value 268586.5936019751604867426512654262 USDC)268,582.86 USDC (shortened; full value 268582.86315029220687891922108 USDC)
1%2.149157 USDC (shortened; full value 2.1491579999989998 USDC)268,589.74 USDC (shortened; full value 268589.7470410132018885601449966947 USDC)268,582.86 USDC (shortened; full value 268582.86315029220687891922108 USDC)
10%11.820368 USDC (shortened; full value 11.8203689999944989 USDC)268,621.40 USDC (shortened; full value 268621.4099917711888946228097600846 USDC)268,582.86 USDC (shortened; full value 268582.86315029220687891922108 USDC)
100%108.532478 USDC (shortened; full value 108.5324789999494899 USDC)276,564.03 USDC (shortened; full value 276564.0369984190704175057650012726 USDC)276,413.42 USDC (shortened; full value 276413.42469687559079891922108 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(2)

  • HOLDER_CONCENTRATION_EXTREME
  • HOLDER_CONCENTRATION_HIGH

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
91.4596 % (shortened; full value 91.45963439897362907368446483 %)
Top ten holders
99.9398 % (shortened; full value 99.93988431057693373493864052 %)
Concentration index
8,396.02 (shortened; full value 8396.020629517634499061498942315955113619504843907143132)

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.

No readings were stored in this range from this source

The engine accepted the request and returned nothing for Hubble. The series is as old as the deployment, and the reconstruction sources are not populated in production, so a window can reach back further than anything that was recorded. It is not empty because the figures were zero.

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
64,489,957

Closed at 2026-09-18T12:46:03Z

Computed at
2026-09-18T12:46:08.685382Z
Data source
horizon
Methodology
1.0.8-draft

The version that produced these figures, not the one this page was built against