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keel
Ledger
64,751,768
Methodology
1.0.8-draft
Age
5s

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 23.7858228639069465864300996433 USDC)sell24.24 USDC (shortened; full value 24.242181769784033708627884628431348624026945098414 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.

Higher at the end of the window than at its start

Lowest
0 USDC
Highest
98.01 USDC (shortened; full value 98.01527152791383936514877982 USDC)
2026-09-11T17:48:01Z — 2026-10-02T10:38:42ZOne scale across every line on this chart
2% from mid
49.41 USDC (shortened; full value 49.4130189066016228614237607773 USDC)
5% from mid
64.48 USDC (shortened; full value 64.4887886830403661043562014599 USDC)
10% from mid
89.14 USDC (shortened; full value 89.1443487067689631178198293884 USDC)
498 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
Thin depth at 5%nowTHIN_DEPTH_5PCTthroughout
Extreme spreadnowSPREAD_EXTREME423 of 498
Price sources disagreenowPRICE_SOURCE_CONFLICT344 of 498
Cheap next to real tradingnowMANIPULATION_RATIO_LOW145 of 498
Nothing tradable within 2%ZERO_DEPTH_2PCT152 of 498
No genuine trade in 7 daysNO_GENUINE_TRADE_7D22 of 498

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 24.565575962079149238218162116031420307168679668788 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.