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Keel
Ledger
64,489,238
Methodology
1.0.8-draft
Age
9s

What depth stands behind this price?

yUSDC against USDC · GDGTVW…ZNTTFF

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.

100,088.57 USDC (shortened; full value 100088.57995877820693521709918 USDC)

Limited by manipulation cost

Liquidation term
448,596.48 USDC (shortened; full value 448596.4827492517206905649915373795555110682767669708765 USDC)

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

Manipulation termbinds
100,088.57 USDC (shortened; full value 100088.57995877820693521709918 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
0.99873450 USDC (shortened; full value 0.99873450777340985 USDC)

Source: order book mid

Spread
0.1469 % (shortened; full value 0.14696442765881750398863319 %)

Undefined unless the price came from a two-sided book

Pool spot price
0.99974271 USDC (shortened; full value 0.9997427101747521 USDC)

Reported whenever an active pool exists, whichever source won

Divergence between the two
0.1008 % (shortened; full value 0.1008461868320119254224055 %)

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
400,887.47 USDC (shortened; full value 400887.472366961435498317237073891 USDC)
Sell side
894,839.53 USDC (shortened; full value 894839.53118138380890895794752650977820858489995545304 USDC)

5% from mid

Buy side
401,740.58 USDC (shortened; full value 401740.5803058839748430570299197746 USDC)
Sell side
895,710.98 USDC (shortened; full value 895710.989698379276431984060888538904658909307277963786 USDC)

10% from mid

Buy side
403,124.62 USDC (shortened; full value 403124.6223811357637093817429509815 USDC)
Sell side
897,192.96 USDC (shortened; full value 897192.965498503441381129983074759111022136553533941753 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%1.498101 USDC (shortened; full value 1.498101761660114775 USDC)413,214.75 USDC (shortened; full value 413214.7523169290894951177197770918 USDC)400,354.31 USDC (shortened; full value 400354.31983511282774086839672 USDC)
1%1.997469 USDC (shortened; full value 1.9974690155468197 USDC)424,080.99 USDC (shortened; full value 424080.9960557788345886072900637346 USDC)400,354.31 USDC (shortened; full value 400354.31983511282774086839672 USDC)
10%10.986079 USDC (shortened; full value 10.98607958550750835 USDC)533,587.54 USDC (shortened; full value 533587.549595307337607632122000419 USDC)400,755.43 USDC (shortened; full value 400755.43760215282774086839672 USDC)
100%100.872185 USDC (shortened; full value 100.87218528511439485 USDC)919,747.10 USDC (shortened; full value 919747.1008271886501072009934880878 USDC)400,755.43 USDC (shortened; full value 400755.43760215282774086839672 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
64,489,238

Closed at 2026-09-18T11:46:08Z

Computed at
2026-09-18T11:46:17.250297Z
Data source
horizon
Methodology
1.0.8-draft

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