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keel
Ledger
64,750,868
Methodology
1.0.8-draft
Age
8s

FRED against USDC — what depth stands behind this price?

All assets

FRED / USDC

GCA7…ZLV6

Risk band

Critical

partial confidence

A floor: the real band can only be worse.

Max safe collateral
0.000051 USDC (shortened; full value 0.0000514500035902170766125 USDC)Limited by manipulation cost
Depth within 5%
buy23.78 USDC (shortened; full value 23.7862570216828482755435498305 USDC)sell24.24 USDC (shortened; full value 24.242624257199835300147785976886534956680545897534 USDC)
Cost to move +50%
0.00020 USDC (shortened; full value 0.00020580001436086830645 USDC)Reachable through the order book
Checks
5 triggered3 not evaluated

History

Window
Resolution
Source

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.

Lower at the end of the window than at its start

Lowest
9.56 USDC (shortened; full value 9.5699050534584805189580967777 USDC)
Highest
98.01 USDC (shortened; full value 98.01527152791383936514877982 USDC)
2026-09-26T15:50:56Z — 2026-10-03T15:08:42ZOne scale across every line on this chart
2% from mid
9.58 USDC (shortened; full value 9.5842992412273664255275838777 USDC)
5% from mid
23.78 USDC (shortened; full value 23.7862570216828482755435498305 USDC)
10% from mid
47.01 USDC (shortened; full value 47.0126020057559889514805421924 USDC)
169 readings from horizon, with no gaps reported. One source per chart.

Checks

What fires now, how long it has been firing across the window above, and what could not run.
Cheap to move the pricenowMANIPULATION_CHEAPthroughout
Cheap next to real tradingnowMANIPULATION_RATIO_LOWthroughout
Thin depth at 5%nowTHIN_DEPTH_5PCTthroughout
Price sources disagreenowPRICE_SOURCE_CONFLICT120 of 169
Extreme spreadnowSPREAD_EXTREME88 of 169
Nothing tradable within 2%ZERO_DEPTH_2PCT49 of 169

Not evaluated3

  • No genuine trade in 30 days
  • No genuine trade in 7 days
  • Volume may be wash traded

Evidence

The figures behind the verdict, as the engine served them.

The ceiling is the lower of two independent limits. Which one binds is the part a lender acts on, so both are shown.

0.000051 USDC (shortened; full value 0.0000514500035902170766125 USDC)

Limited by manipulation cost

Liquidation term
24.56 USDC (shortened; full value 24.566024352436306879387289699597118871110494663828 USDC)

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

Manipulation termbinds
0.000051 USDC (shortened; full value 0.0000514500035902170766125 USDC)

Order-book-only manipulation cost at the critical delta, times the safety margin.