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Keel
Ledger
64,490,497
Methodology
1.0.8-draft
Age
10s

What depth stands behind this price?

XLM against USDC · native

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.
  1. Low — this asset
  2. Medium
  3. High
  4. Critical

Lowpartial 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.

181,933.19 USDC (shortened; full value 181933.190182761914850846208131457600747776661337770345 USDC)

Limited by liquidation depth

Liquidation termbinds
181,933.19 USDC (shortened; full value 181933.190182761914850846208131457600747776661337770345 USDC)

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

Manipulation term
not applicable

Not applied: the critical target is not reachable through the order book.

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
  • manipulation to delta 0.5 is unreachable through the order book; the manipulation term was not applied

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
0.18700055 USDC

Source: order book mid

Spread
0.1491 % (shortened; full value 0.14914394636807217946685184 %)

Undefined unless the price came from a two-sided book

Pool spot price
0.18651608 USDC (shortened; full value 0.1865160822685305 USDC)

Reported whenever an active pool exists, whichever source won

Divergence between the two
0.2597 % (shortened; full value 0.25974582222459682851968712 %)

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
104,728.02 USDC (shortened; full value 104728.0222857193656870244309836529 USDC)
Sell side
70,330.07 USDC (shortened; full value 70330.075887086931865286969468623252796509708095371198 USDC)

5% from mid

Buy side
458,942.74 USDC (shortened; full value 458942.7448978888085638309693253565 USDC)
Sell side
113,400.62 USDC (shortened; full value 113400.626255513128374539638371730979495367156727917688 USDC)

10% from mid

Buy side
547,504.52 USDC (shortened; full value 547504.5252273960245579020227437203 USDC)
Sell side
363,866.38 USDC (shortened; full value 363866.38036552382970169241626291520149555332267554069 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.
MoveTarget priceCost, all venuesCost, order book only
0.5%0.280500 USDC (shortened; full value 0.280500825 USDC)1,093,153.99 USDC (shortened; full value 1093153.9994744849508752486288896366 USDC)unreachablebook ends at 509,711.19 USDC (shortened; full value 509711.19520543137595062121727 USDC)
1%0.374001 USDC (shortened; full value 0.3740011 USDC)1,582,198.49 USDC (shortened; full value 1582198.4969719024874083187656222105 USDC)unreachablebook ends at 509,711.19 USDC (shortened; full value 509711.19520543137595062121727 USDC)
10%2.057006 USDC (shortened; full value 2.05700605 USDC)6,492,580.98 USDC (shortened; full value 6492580.9892057454801548819509723497 USDC)unreachablebook ends at 509,711.19 USDC (shortened; full value 509711.19520543137595062121727 USDC)
100%18.887055 USDC (shortened; full value 18.88705555 USDC)23,872,018.46 USDC (shortened; full value 23872018.4677556645849165664945006111 USDC)unreachablebook ends at 509,711.19 USDC (shortened; full value 509711.19520543137595062121727 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(0)

Nothing triggered.

Could not be evaluated(6)

  • MANIPULATION_RATIO_LOW
  • NO_GENUINE_TRADE_30D
  • HOLDER_CONCENTRATION_EXTREME
  • NO_GENUINE_TRADE_7D
  • HOLDER_CONCENTRATION_HIGH
  • WASH_TRADE_SUSPECTED

Nothing triggered, but 6 checks could not run. This is not a clean result.

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
not computed
Top ten holders
not computed
Concentration index
not computed

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.

No readings were stored in this range from this source

The engine accepted the request and returned nothing for Trades implied. The series is as old as the deployment, and the reconstruction sources are not populated in production, so a window can reach back further than anything that was recorded. It is not empty because the figures were zero.

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
64,490,497

Closed at 2026-09-18T13:31:03Z

Computed at
2026-09-18T13:31:13.576139Z
Data source
horizon
Methodology
1.0.8-draft

The version that produced these figures, not the one this page was built against