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Keel
Ledger
64,492,838
Methodology
1.0.8-draft
Age
5s

XAU 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
0.00000255 USDC (shortened; full value 0.00000255187133795 USDC)

Higher than at the start of 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
22.48 USDC (shortened; full value 22.4889323990859086681625618671 USDC)
5% from mid
35.94 USDC (shortened; full value 35.9434589497022067204410454797 USDC)
10% from mid
57.94 USDC (shortened; full value 57.9473438433572916893803212287 USDC)

Higher 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%
0.000053 USDC (shortened; full value 0.0000530000004269658 USDC)

Higher than at the start of the window

Collateral ceiling

Max safe collateral
0.000013 USDC (shortened; full value 0.00001325000010674145 USDC)

Higher than at the start of the window

2026-09-17T16:46:08Z — 2026-09-18T16:31:08Z

Which checks were firing

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

ZERO_DEPTH_2PCTthroughout
MANIPULATION_CHEAPthroughout
MANIPULATION_RATIO_LOWthroughout
THIN_DEPTH_5PCTthroughout

25 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.

0.000013 USDC (shortened; full value 0.00001325000010674145 USDC)

Limited by manipulation cost

Liquidation term
16.37 USDC (shortened; full value 16.373123953907150458160267445001418173540617941093 USDC)

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

Manipulation termbinds
0.000013 USDC (shortened; full value 0.00001325000010674145 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
23.01 USDC (shortened; full value 23.0150650936152650121400030926 USDC)
Sell side
0 USDC

5% from mid

Buy side
36.46 USDC (shortened; full value 36.4696034729905006215173721243 USDC)
Sell side
9.16 USDC (shortened; full value 9.166794813458791091197519392317272401926548963616 USDC)

10% from mid

Buy side
58.47 USDC (shortened; full value 58.4735077117837745823335834903 USDC)
Sell side
32.74 USDC (shortened; full value 32.746247907814300916320534890002836347081235882186 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%0.000003 USDC (shortened; full value 0.000003827807006925 USDC)219.01 USDC (shortened; full value 219.0157686023174632651852612472 USDC)0.000053 USDC (shortened; full value 0.0000530000004269658 USDC)
1%0.000005 USDC (shortened; full value 0.0000051037426759 USDC)391.90 USDC (shortened; full value 391.9066380285083770082026810358 USDC)0.000053 USDC (shortened; full value 0.0000530000004269658 USDC)
10%0.000028 USDC (shortened; full value 0.00002807058471745 USDC)2,127.86 USDC (shortened; full value 2127.8638007035435119677452732554 USDC)0.000053 USDC (shortened; full value 0.0000530000004269658 USDC)
100%0.000257 USDC (shortened; full value 0.00025773900513295 USDC)8,271.97 USDC (shortened; full value 8271.9796657848997703170975953826 USDC)0.000053 USDC (shortened; full value 0.0000530000004269658 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
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