What a broken order book looks like
One ask, one bid, far apart. The midpoint between them is arithmetic rather than a price, so every depth rung measured from it is unreliable — and the engine says so rather than quietly publishing the number.
- Mid price
- 53.8971414USDC
- Max safe collateral
- 0.00USDC
- Spread
- 196.0777%
Source: book
The lower of the liquidation and manipulation limits
Undefined unless the price came from a two-sided book
What volume sits near the price?
Three rungs, at 2, 5 and 10 per cent from the midpoint. Buy side answers oracle manipulation risk and sell side answers liquidation risk; neither is “the depth”.
The reference price is unreliable. Depth derived from this midpoint is not meaningful.
No source liquidity measured.
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.
Which checks fired, and which could not run?
An unevaluated check is not a check that came back clear. An empty list of triggered flags is only a pass when nothing went unevaluated.
Triggered 4
ZERO_DEPTH_2PCTNo executable depth within ±2% on at least one side.
MANIPULATION_CHEAPA defined price target is reachable at low cost.
SPREAD_EXTREMEThe bid and ask are too far apart for a meaningful reference price.
THIN_DEPTH_5PCTDepth at ±5% falls below the configured threshold.
Not evaluated 6
MANIPULATION_RATIO_LOWNO_GENUINE_TRADE_30DNO_GENUINE_TRADE_7DWASH_TRADE_SUSPECTEDHOLDER_CONCENTRATION_EXTREMEHOLDER_CONCENTRATION_HIGHWhat the engine says about this result
Served with the response and shown as written. These sentences explain why a field is null for a structural reason rather than a missing one.
- A spread of 196.0777141 percent exceeds the spreadExtremePct threshold. The midPrice of 53.8971414 is the midpoint of an ask at 106.7372828 and a bid at 1.0570000, two prices unrelated to each other. Every metric derived from midPrice, including the 2/5/10 percent depth ladder, is meaningless in this response.
- There is no AMM pool for this pair, so every fromAmm value is zero and maxReachablePrice is determined entirely by the orderbook.
- dataSource is offers-implied. The orderbook snapshot at this ledger was unavailable, so both sides of the book were reconstructed by replaying manage_sell_offer and manage_buy_offer operations. That is a reconstruction, so the depth figures are not a direct measurement, but it is a stronger source than trades-implied would be: an offer proves liquidity that was posted, while a trade proves only liquidity that was consumed.
- A cost of 0.0000000 at delta 0.5 with reachable true is the most dangerous condition Keel can report: the price 80.8457121 is attainable without paying anything to a third party. Compare that with delta 1.0, 10, and 100, whose cost is 130.0627093 but whose reachable is false; there the book runs out before the target and that cost figure does not mean the target is expensive to reach.
- maxSafeCollateral is 0.0000000 because the sell side depth at the liquidation delta is zero, so the first term of C_max is zero and the minimum is zero with it.
- Six flags could not be assessed from this snapshot because they require supply data, trade history, or trustline distribution. They are listed in unevaluatedFlags, and bandConfidence is partial as a result. The band still reads CRITICAL because two CRITICAL flags are already triggered, so the missing data does not change the conclusion here. That is a coincidence of this case and not a guarantee: partial means the band is a floor, and it can only be worse than reported.
- oracleResistance is null because genuine trade volume within the oracle window cannot be computed from an orderbook snapshot alone. Null means unknown, not zero.
Where this result came from
- Ledger
- 61340263
- Method
- 1.0.8-draft
- Source
- Reconstructed from posted offers
- Confidence
- Partial
Ledger closed at 2026-02-22T00:10:21Z; computed at 2026-08-19T04:15:08Z.