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Keel
Ledger
64,491,937
Methodology
1.0.8-draft
Age
6s

VAQM 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
0.2848 USDC

Unchanged across 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
867.87 USDC (shortened; full value 867.8725939528762666396448820148 USDC)
5% from mid
873.22 USDC (shortened; full value 873.2298442143541239269772420366 USDC)
10% from mid
881.99 USDC (shortened; full value 881.99126603116437523305435022 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%
866.88 USDC (shortened; full value 866.8851379146 USDC)

Lower than at the start of the window

Collateral ceiling

Max safe collateral
10.57 USDC (shortened; full value 10.572867265463245635525791057246726528753817193434 USDC)

Higher than at the start of the window

2026-09-17T23:46:03Z — 2026-09-18T15:16:03Z

Which checks were firing

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

MANIPULATION_CHEAPthroughout
MANIPULATION_RATIO_LOWthroughout
HOLDER_CONCENTRATION_EXTREMEthroughout
THIN_DEPTH_5PCTthroughout
HOLDER_CONCENTRATION_HIGHthroughout

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

Critical

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.

10.57 USDC (shortened; full value 10.572867265463245635525791057246726528753817193434 USDC)

Limited by liquidation depth

Liquidation termbinds
10.57 USDC (shortened; full value 10.572867265463245635525791057246726528753817193434 USDC)

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

Manipulation term
216.68 USDC (shortened; full value 216.686936781315 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
867.73 USDC (shortened; full value 867.7352031635362666396448820148 USDC)
Sell side
6.24 USDC (shortened; full value 6.242031222217599711000598511143243149680785771844 USDC)

5% from mid

Buy side
873.09 USDC (shortened; full value 873.0924534250141239269772420366 USDC)
Sell side
11.75 USDC (shortened; full value 11.756967313646962572973275923219697013656426841464 USDC)

10% from mid

Buy side
881.85 USDC (shortened; full value 881.85387524182437523305435022 USDC)
Sell side
21.14 USDC (shortened; full value 21.145734530926491271051582114493453057507634386868 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%0.4272 USDC945.77 USDC (shortened; full value 945.77791580397798642111173066 USDC)866.74 USDC (shortened; full value 866.74774712526 USDC)
1%0.5696 USDC1,014.61 USDC (shortened; full value 1014.6188732485825400228761962778 USDC)866.74 USDC (shortened; full value 866.74774712526 USDC)
10%3.1328 USDC1,705.83 USDC (shortened; full value 1705.8349771295719702699492702155 USDC)866.74 USDC (shortened; full value 866.74774712526 USDC)
100%28.7648 USDC4,152.27 USDC (shortened; full value 4152.2731274296646169356912946464 USDC)866.74 USDC (shortened; full value 866.74774712526 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
91.9649 % (shortened; full value 91.96498287335784592326426971 %)
Top ten holders
99.9999 % (shortened; full value 99.99990664317014948709639926 %)
Concentration index
8,521.60 (shortened; full value 8521.6097912732167768221161429288749841474207783365589926)

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