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keel
Ledger
65,294,246
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
68.87 USDC (shortened; full value 68.8700921756212134985068525 USDC)Limited by manipulation cost
Depth within 5%
buy182.45 USDC (shortened; full value 182.4561125274594461716650777099 USDC)sell81.58 USDC (shortened; full value 81.585703641477508606440889980384228307974111764734 USDC)
Cost to move +50%
275.48 USDC (shortened; full value 275.48036870248485399402741 USDC)Reachable through the order book
Checks
4 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
241.00 USDC (shortened; full value 241.0009142291309126771174416433 USDC)
2026-10-05T01:54:32Z — 2026-10-25T21:39:28ZOne scale across every line on this chart
2% from mid
203.82 USDC (shortened; full value 203.8222287866486438762316879967 USDC)
5% from mid
209.99 USDC (shortened; full value 209.999921191342755917346403682 USDC)
10% from mid
236.88 USDC (shortened; full value 236.8899829501467848007405204441 USDC)
501 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 next to real tradingnowMANIPULATION_RATIO_LOWthroughout
Thin depth at 5%nowTHIN_DEPTH_5PCTthroughout
Cheap to move the pricenowMANIPULATION_CHEAP348 of 501
Nothing tradable within 2%nowZERO_DEPTH_2PCT117 of 501
Extreme spreadSPREAD_EXTREME84 of 501
Price sources disagreePRICE_SOURCE_CONFLICT42 of 501

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.

68.87 USDC (shortened; full value 68.8700921756212134985068525 USDC)

Limited by manipulation cost

Liquidation term
1,637.06 USDC (shortened; full value 1637.065962880555814278692708640497074255974274863427 USDC)

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

Manipulation termbinds
68.87 USDC (shortened; full value 68.8700921756212134985068525 USDC)

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