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Keel
Ledger
64,492,835
Methodology
1.0.8-draft
Age
8s

sUSD 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
0.9937498 USDC

Lower 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
180,425.72 USDC (shortened; full value 180425.7238789779036492983192199077 USDC)
5% from mid
180,432.77 USDC (shortened; full value 180432.7760925444262633337921185934 USDC)
10% from mid
180,444.30 USDC (shortened; full value 180444.30951263548090713744357333 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%
180,420.73 USDC (shortened; full value 180420.73689238099236096096 USDC)

Higher than at the start of the window

Collateral ceiling

Max safe collateral
22,656.09 USDC (shortened; full value 22656.091051831962112510921422760343393765574762097088 USDC)

Higher than at the start of the window

2026-09-11T17:48:18Z — 2026-09-18T16:30:58Z

Which checks were firing

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

THIN_DEPTH_5PCTthroughout
HOLDER_CONCENTRATION_HIGH150 of 168
ZERO_DEPTH_2PCT1 of 168

168 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

Medium

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.

22,626.15 USDC (shortened; full value 22626.15339728867185727016947645269482718557574175136 USDC)

Limited by liquidation depth

Liquidation termbinds
22,626.15 USDC (shortened; full value 22626.15339728867185727016947645269482718557574175136 USDC)

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

Manipulation term
45,146.26 USDC (shortened; full value 45146.26097572030717024024 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
180,590.03 USDC (shortened; full value 180590.0309380870606616155394623092 USDC)
Sell side
45,051.63 USDC (shortened; full value 45051.633301690638811294872821988693985943770238943072 USDC)

5% from mid

Buy side
180,597.08 USDC (shortened; full value 180597.0831523632400938656397028972 USDC)
Sell side
45,058.89 USDC (shortened; full value 45058.893091533920543309467333477075005955929933361792 USDC)

10% from mid

Buy side
180,608.61 USDC (shortened; full value 180608.6165736148906452867537415014 USDC)
Sell side
45,252.30 USDC (shortened; full value 45252.30679457734371454033895290538965437115148350272 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%1.490625 USDC180,692.76 USDC (shortened; full value 180692.7653457349993147035088075949 USDC)180,585.04 USDC (shortened; full value 180585.04390288122868096096 USDC)
1%1.9875 USDC180,783.38 USDC (shortened; full value 180783.3866830220827813401394557487 USDC)180,585.04 USDC (shortened; full value 180585.04390288122868096096 USDC)
10%10.93125 USDC181,693.29 USDC (shortened; full value 181693.2945345865764618319080422915 USDC)180,585.04 USDC (shortened; full value 180585.04390288122868096096 USDC)
100%100.36875 USDC184,913.75 USDC (shortened; full value 184913.7537640900601777671246314812 USDC)180,585.04 USDC (shortened; full value 180585.04390288122868096096 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
35.1574 % (shortened; full value 35.15747673403019738143477979 %)
Top ten holders
92.8848 % (shortened; full value 92.88484911344507045928038618 %)
Concentration index
2,212.24 (shortened; full value 2212.2433547256137859145572347699038611680653292295347081)

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