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Keel
Ledger
64,491,938
Methodology
1.0.8-draft
Age
4s

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
21.71 USDC (shortened; full value 21.7112281191864194979745377363 USDC)
5% from mid
35.16 USDC (shortened; full value 35.1657311620241725498494054841 USDC)
10% from mid
57.16 USDC (shortened; full value 57.1695776102914640999899627684 USDC)

Lower 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

2026-09-17T23:46:08Z — 2026-09-18T15:16:08Z

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

2 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
17.08 USDC (shortened; full value 17.087846242193151859021138706975579837126685284 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
21.57 USDC (shortened; full value 21.5768708058925345720054006411 USDC)
Sell side
0 USDC

5% from mid

Buy side
35.03 USDC (shortened; full value 35.0313768660969314899015129154 USDC)
Sell side
10.59 USDC (shortened; full value 10.596296030500596447295187674512246725237763792 USDC)

10% from mid

Buy side
57.03 USDC (shortened; full value 57.0352282490640508562815668701 USDC)
Sell side
34.17 USDC (shortened; full value 34.175692484386303718042277413951159674253370568 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)217.57 USDC (shortened; full value 217.5771034992250126236357472185 USDC)0.000053 USDC (shortened; full value 0.0000530000004269658 USDC)
1%0.000005 USDC (shortened; full value 0.0000051037426759 USDC)390.46 USDC (shortened; full value 390.4675576223115801631211766726 USDC)0.000053 USDC (shortened; full value 0.0000530000004269658 USDC)
10%0.000028 USDC (shortened; full value 0.00002807058471745 USDC)2,126.42 USDC (shortened; full value 2126.4205503350979061961792476087 USDC)0.000053 USDC (shortened; full value 0.0000530000004269658 USDC)
100%0.000257 USDC (shortened; full value 0.00025773900513295 USDC)8,270.52 USDC (shortened; full value 8270.5216565665467066834728408363 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