What depth stands behind this price?

VELO against USDC · GDM4RQ…RM2M5M

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.

Low
Medium
High
Critical — this asset

Criticalpartial 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.

146.83 USDC (shortened; full value 146.831239729121550154035909822655834248804140174114 USDC)

Limited by liquidation depth

Liquidation termbinds: 146.83 USDC (shortened; full value 146.831239729121550154035909822655834248804140174114 USDC)
Sell-side depth at the liquidation delta, times the haircut.
Manipulation term: 994.90 USDC (shortened; full value 994.9011667010088405927194625 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: 0.00409705 USDC (shortened; full value 0.0040970545286139 USDC)
Source: order book mid
Spread: 6.7340 % (shortened; full value 6.73408404466955285906738157 %)
Undefined unless the price came from a two-sided book
Pool spot price: 0.00421418 USDC (shortened; full value 0.004214182187345 USDC)
Reported whenever an active pool exists, whichever source won
Divergence between the two: 2.7793 % (shortened; full value 2.77936865384769322846139823 %)
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

0 USDC

Sell side

10.39 USDC

5% from mid

Buy side

194.04 USDC

Sell side

23.23 USDC

10% from mid

Buy side

3,898.12 USDC

Sell side

293.66 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.
Move	Target price	Cost, all venues	Cost, order book only
0.5%	0.006145 USDC (shortened; full value 0.00614558179292085 USDC)	4,070.46 USDC (shortened; full value 4070.4639404254137123360710257414 USDC)	3,979.60 USDC (shortened; full value 3979.60466680403536237087785 USDC)
1%	0.008194 USDC (shortened; full value 0.0081941090572278 USDC)	17,322.09 USDC (shortened; full value 17322.0905229576860367087785404023 USDC)	17,149.46 USDC (shortened; full value 17149.46982630998162079517362 USDC)
10%	0.045067 USDC (shortened; full value 0.0450675998147529 USDC)	76,781.14 USDC (shortened; full value 76781.142549937061625683266822863 USDC)	75,787.57 USDC (shortened; full value 75787.5743480560188628668945 USDC)
100%	0.413802 USDC (shortened; full value 0.4138025073900039 USDC)	1,007,879.91 USDC (shortened; full value 1007879.916498997034184006250014743 USDC)	1,003,980.74 USDC (shortened; full value 1003980.7486085093136928668945 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(3)

ZERO_DEPTH_2PCT
MANIPULATION_CHEAP
THIN_DEPTH_5PCT

Could not be evaluated(6)

MANIPULATION_RATIO_LOW
NO_GENUINE_TRADE_30D
HOLDER_CONCENTRATION_EXTREME
NO_GENUINE_TRADE_7D
HOLDER_CONCENTRATION_HIGH
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: not computed
Top ten holders: not computed
Concentration index: not computed
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.

WindowLast 24 hours Last 7 days Last 30 days

ResolutionHourly Daily

SourceHorizon Hubble Offers implied Trades implied

162 readings from horizon, with no gaps reported. One source per chart.

Band at each reading

Critical: 162 of 162

Which checks were firing

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

MANIPULATION_CHEAP

throughout

THIN_DEPTH_5PCT

throughout

ZERO_DEPTH_2PCT

50 of 162

Price

Lowest: 0.00383201 USDC (shortened; full value 0.0038320187523618 USDC)
Highest: 0.00492384 USDC (shortened; full value 0.00492384245475535 USDC)

2026-09-11T17:48:23Z — 2026-09-18T10:45:58Z

Mid price: 0.00409705 USDC (shortened; full value 0.0040970545286139 USDC)

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, and the lines darken as the rung widens.

Lowest: 0 USDC
Highest: 4,556.01 USDC (shortened; full value 4556.0123394583156832422605892997 USDC)

2026-09-11T17:48:23Z — 2026-09-18T10:45:58ZOne scale across every line on this chart

2% from mid: 0 USDC
5% from mid: 508.67 USDC (shortened; full value 508.671866176908088771044986406 USDC)
10% from mid: 4,212.75 USDC (shortened; full value 4212.7536825035577444906574578313 USDC)

Cost to move the price by half

The series carries one manipulation rung, at the half per cent delta the engine treats as critical. A reading the engine could not produce breaks the line rather than sitting at zero.

Lowest: 100.27 USDC (shortened; full value 100.27926720344698975170535 USDC)
Highest: 6,478.48 USDC (shortened; full value 6478.48949190486601893215988 USDC)

2026-09-11T17:48:23Z — 2026-09-18T10:45:58Z

Manipulation cost, 0.5%: 4,293.86 USDC (shortened; full value 4293.86355690409722935378462 USDC)

Collateral ceiling

Lowest: 18.17 USDC (shortened; full value 18.1789766927500223830878137406572957400900224376 USDC)
Highest: 917.73 USDC (shortened; full value 917.730310073518332675016615395782166741538231515477 USDC)

2026-09-11T17:48:23Z — 2026-09-18T10:45:58Z

Max safe collateral: 146.64 USDC (shortened; full value 146.649789529289871498927526489542815914105346686228 USDC)

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: 64,488,696
Closed at 2026-09-18T11:00:58Z
Computed at: 2026-09-18T11:01:09.294882Z
Data source: horizon
Methodology: 1.0.8-draft
The version that produced these figures, not the one this page was built against