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keel
Ledger
64,754,296
Methodology
1.0.8-draft
Age
7s

USDM against USDC — what depth stands behind this price?

All assets

USDM / USDC

GDHD…USDM

Risk band

Medium

partial confidence

A floor: the real band can only be worse.

Max safe collateral
1,504.44 USDC (shortened; full value 1504.4411197522646067711032145957082524540944546098985 USDC)Limited by liquidation depth
Depth within 5%
buy471,084.68 USDC (shortened; full value 471084.6857494990008463341024992601 USDC)sell3,000.65 USDC (shortened; full value 3000.659566473118853567391689614881344501986708653381 USDC)
Cost to move +50%
471,076.90 USDC (shortened; full value 471076.90911563000074001349072 USDC)Reachable through the order book
Checks
1 triggered3 not evaluated

Collateral ceiling

The most this asset could back at each reading: the lower of the liquidation and manipulation limits.

Lower at the end of the window than at its start

Lowest
1,504.21 USDC (shortened; full value 1504.217935267894262745181444364745259940195539124921 USDC)
Highest
1,718.22 USDC (shortened; full value 1718.2218974573600601619623710461128875114514831120435 USDC)
2026-09-26T23:51:46Z — 2026-10-03T19:39:27Z
Max safe collateral
1,504.44 USDC (shortened; full value 1504.4411197522646067711032145957082524540944546098985 USDC)
8 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.
Thin depth at 5%nowTHIN_DEPTH_5PCTthroughout

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.

1,504.44 USDC (shortened; full value 1504.4411197522646067711032145957082524540944546098985 USDC)

Limited by liquidation depth

Liquidation termbinds
1,504.44 USDC (shortened; full value 1504.4411197522646067711032145957082524540944546098985 USDC)

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

Manipulation term
117,769.22 USDC (shortened; full value 117769.22727890750018500337268 USDC)

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