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Keel
Ledger
64,490,496
Methodology
1.0.8-draft
Age
10s

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.

68,790.42 USDC (shortened; full value 68790.420095373211520221622795 USDC)

Limited by manipulation cost

Liquidation term
133,229.06 USDC (shortened; full value 133229.069769117394931762889205075396495057483232613952 USDC)

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

Manipulation termbinds
68,790.42 USDC (shortened; full value 68790.420095373211520221622795 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
1.07458899 USDC (shortened; full value 1.0745889999995 USDC)

Source: order book mid

Spread
0.0500 % (shortened; full value 0.05000000000002326470864676 %)

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
0.1204 % (shortened; full value 0.12044342575864270354775532 %)

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
274,950.67 USDC (shortened; full value 274950.678319963893843272444145124 USDC)
Sell side
266,369.90 USDC (shortened; full value 266369.904998479415824873868960509885581876054294127616 USDC)

5% from mid

Buy side
275,063.21 USDC (shortened; full value 275063.2141988823931099520917197111 USDC)
Sell side
266,457.70 USDC (shortened; full value 266457.709459341043469228116503584684028553255411605248 USDC)

10% from mid

Buy side
275,162.48 USDC (shortened; full value 275162.4827075212978341984771419034 USDC)
Sell side
266,458.13 USDC (shortened; full value 266458.139538234789863525778410150792990114966465227904 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%1.611883 USDC (shortened; full value 1.61188349999925 USDC)275,165.41 USDC (shortened; full value 275165.410928022725582025272760855 USDC)275,161.68 USDC (shortened; full value 275161.68038149284608088649118 USDC)
1%2.149177 USDC (shortened; full value 2.149177999999 USDC)275,168.56 USDC (shortened; full value 275168.5643817336374831556236243809 USDC)275,161.68 USDC (shortened; full value 275161.68038149284608088649118 USDC)
10%11.820478 USDC (shortened; full value 11.8204789999945 USDC)275,200.22 USDC (shortened; full value 275200.2274798185176029083487930329 USDC)275,161.68 USDC (shortened; full value 275161.68038149284608088649118 USDC)
100%108.533488 USDC (shortened; full value 108.5334889999495 USDC)283,142.85 USDC (shortened; full value 283142.8550079040940157413296925814 USDC)282,992.24 USDC (shortened; full value 282992.24192807623000088649118 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
64,490,496

Closed at 2026-09-18T13:30:58Z

Computed at
2026-09-18T13:31:08.235256Z
Data source
horizon
Methodology
1.0.8-draft

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