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keel
Ledger
65,295,146
Methodology
1.0.8-draft
Age
7s

VELO against USDC — what depth stands behind this price?

All assets

VELO / USDC

GDM4…2M5M

Risk band

Critical

partial confidence

A floor: the real band can only be worse.

Max safe collateral
68.75 USDC (shortened; full value 68.755668075681581343069825 USDC)Limited by manipulation cost
Depth within 5%
buy187.02 USDC (shortened; full value 187.0205768316915995122398804429 USDC)sell59.48 USDC (shortened; full value 59.486015946726843299075766160309916329985760179349 USDC)
Cost to move +50%
275.02 USDC (shortened; full value 275.0226723027263253722793 USDC)Reachable through the order book
Checks
3 triggered3 not evaluated

History

Window
Resolution
Source

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.

Higher at the end of the window than at its start

Lowest
0 USDC
Highest
200.48 USDC (shortened; full value 200.4821938227668821906256812577 USDC)
2026-11-03T23:54:29Z — 2026-11-04T02:54:29ZOne scale across every line on this chart
2% from mid
0 USDC
5% from mid
181.93 USDC (shortened; full value 181.9369578855978927678034685578 USDC)
10% from mid
200.48 USDC (shortened; full value 200.4821938227668821906256812577 USDC)
2 readings from horizon, with no gaps reported. One source per chart.

Checks

What fires now, how long it has been firing across the window above, and what could not run.
Cheap to move the pricenowMANIPULATION_CHEAPthroughout
Cheap next to real tradingnowMANIPULATION_RATIO_LOWthroughout
Thin depth at 5%nowTHIN_DEPTH_5PCTthroughout
Nothing tradable within 2%ZERO_DEPTH_2PCTthroughout

Not evaluated3

  • No genuine trade in 30 days
  • No genuine trade in 7 days
  • Volume may be wash traded

Evidence

The figures behind the verdict, as the engine served them.

The ceiling is the lower of two independent limits. Which one binds is the part a lender acts on, so both are shown.

68.75 USDC (shortened; full value 68.755668075681581343069825 USDC)

Limited by manipulation cost

Liquidation term
1,589.19 USDC (shortened; full value 1589.1919058895279718769900454786975945343204933169265 USDC)

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

Manipulation termbinds
68.75 USDC (shortened; full value 68.755668075681581343069825 USDC)

Order-book-only manipulation cost at the critical delta, times the safety margin.