What depth stands behind this price?

XAU against USDC · GBCB4W…ACLXAU

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.

0.000012 USDC (shortened; full value 0.0000129750000736727 USDC)

Limited by manipulation cost

Liquidation term: 17.41 USDC (shortened; full value 17.4192412282410927001389971822647249935880681205 USDC)
Sell-side depth at the liquidation delta, times the haircut.
Manipulation termbinds: 0.000012 USDC (shortened; full value 0.0000129750000736727 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: 0.00000250 USDC (shortened; full value 0.00000250120745675 USDC)
Source: order book mid
Spread: 6.1800 % (shortened; full value 6.18009857930190260296568261 %)
Undefined unless the price came from a two-sided book
Pool spot price: 0.00000243 USDC (shortened; full value 0.0000024386883841 USDC)
Reported whenever an active pool exists, whichever source won
Divergence between the two: 2.5636 % (shortened; full value 2.56363515148626569455598532 %)
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

20.35 USDC

Sell side

0 USDC

5% from mid

Buy side

33.67 USDC

Sell side

11.49 USDC

10% from mid

Buy side

55.45 USDC

Sell side

34.83 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%	0.000003 USDC (shortened; full value 0.000003751811185125 USDC)	214.38 USDC (shortened; full value 214.3887012984681518735639633897 USDC)	0.000051 USDC (shortened; full value 0.0000519000002946908 USDC)
1%	0.000005 USDC (shortened; full value 0.0000050024149135 USDC)	385.54 USDC (shortened; full value 385.5484821886066051114382496476 USDC)	0.000051 USDC (shortened; full value 0.0000519000002946908 USDC)
10%	0.000027 USDC (shortened; full value 0.00002751328202425 USDC)	2,104.12 USDC (shortened; full value 2104.1241859505218705143232345085 USDC)	0.000051 USDC (shortened; full value 0.0000519000002946908 USDC)
100%	0.000252 USDC (shortened; full value 0.00025262195313175 USDC)	8,186.72 USDC (shortened; full value 8186.7214261703089328286065068857 USDC)	0.000051 USDC (shortened; full value 0.0000519000002946908 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(4)

ZERO_DEPTH_2PCT
MANIPULATION_CHEAP
MANIPULATION_RATIO_LOW
THIN_DEPTH_5PCT

Could not be evaluated(3)

NO_GENUINE_TRADE_30D
NO_GENUINE_TRADE_7D
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: 13.1170 % (shortened; full value 13.11705806336482293769265199 %)
Top ten holders: 59.9153 % (shortened; full value 59.91538966583899786600308813 %)
Concentration index: 532.04 (shortened; full value 532.0497779149208451124431397622519867702448513886297259)
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

MANIPULATION_RATIO_LOW

94 of 162

ZERO_DEPTH_2PCT

65 of 162

Price

Lowest: 0.00000208 USDC (shortened; full value 0.0000020864633501 USDC)
Highest: 0.00000250 USDC (shortened; full value 0.00000250120745675 USDC)

2026-09-11T17:48:29Z — 2026-09-18T10:46:03Z

Mid price: 0.00000250 USDC (shortened; full value 0.00000250120745675 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: 0.0000010 USDC (shortened; full value 0.0000010000000502784 USDC)
Highest: 583.16 USDC (shortened; full value 583.1646472128881309603510875788 USDC)

2026-09-11T17:48:29Z — 2026-09-18T10:46:03ZOne scale across every line on this chart

2% from mid: 20.35 USDC (shortened; full value 20.3504766092692964738455868327 USDC)
5% from mid: 33.67 USDC (shortened; full value 33.6702993980757447373779293955 USDC)
10% from mid: 55.45 USDC (shortened; full value 55.4538871649663047353988644294 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: 0 USDC
Highest: 570.89 USDC (shortened; full value 570.8945849999180464496 USDC)

2026-09-11T17:48:29Z — 2026-09-18T10:46:03Z

Manipulation cost, 0.5%: 0.000051 USDC (shortened; full value 0.0000519000002946908 USDC)

Collateral ceiling

Lowest: 0 USDC
Highest: 142.72 USDC (shortened; full value 142.7236462499795116124 USDC)

2026-09-11T17:48:29Z — 2026-09-18T10:46:03Z

Max safe collateral: 0.000012 USDC (shortened; full value 0.0000129750000736727 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: 2026-09-18T11:01:11.544754Z
Data source: horizon
Methodology: 1.0.8-draft
The version that produced these figures, not the one this page was built against