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Keel
Ledger
64,492,837
Methodology
1.0.8-draft
Age
7s

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
867.99 USDC (shortened; full value 867.9945659196255322654016904313 USDC)
5% from mid
873.35 USDC (shortened; full value 873.3518226675884429684587814695 USDC)
10% from mid
882.11 USDC (shortened; full value 882.1132550926079224416590079157 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%
866.74 USDC (shortened; full value 866.74774712526 USDC)

Lower than at the start of the window

Collateral ceiling

Max safe collateral
10.44 USDC (shortened; full value 10.443976204249708986708003916141486745161219245745 USDC)

Lower than at the start of the window

2026-09-11T23:48:22Z — 2026-09-18T16:31:03Z

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
THIN_DEPTH_5PCTthroughout
MANIPULATION_RATIO_LOW7 of 8
HOLDER_CONCENTRATION_EXTREME7 of 8
HOLDER_CONCENTRATION_HIGH7 of 8

8 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.

10.44 USDC (shortened; full value 10.443976204249708986708003916141486745161219245745 USDC)

Limited by liquidation depth

Liquidation termbinds
10.44 USDC (shortened; full value 10.443976204249708986708003916141486745161219245745 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
867.99 USDC (shortened; full value 867.9945659196255322654016904313 USDC)
Sell side
5.98 USDC (shortened; full value 5.98423105459121070798325405761363233011390518368 USDC)

5% from mid

Buy side
873.35 USDC (shortened; full value 873.3518226675884429684587814695 USDC)
Sell side
11.49 USDC (shortened; full value 11.499173823429464625055071571681962900624513212015 USDC)

10% from mid

Buy side
882.11 USDC (shortened; full value 882.1132550926079224416590079157 USDC)
Sell side
20.88 USDC (shortened; full value 20.88795240849941797341600783228297349032243849149 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 USDC946.03 USDC (shortened; full value 946.0373730531120721326917298523 USDC)866.74 USDC (shortened; full value 866.74774712526 USDC)
1%0.5696 USDC1,014.87 USDC (shortened; full value 1014.878413849402608773356530317 USDC)866.74 USDC (shortened; full value 866.74774712526 USDC)
10%3.1328 USDC1,706.09 USDC (shortened; full value 1706.0953546453591713283341369061 USDC)866.74 USDC (shortened; full value 866.74774712526 USDC)
100%28.7648 USDC4,152.53 USDC (shortened; full value 4152.5364670591708903567537761471 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