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keel
Ledger
64,750,879
Methodology
1.0.8-draft
Age
9s

USDT against USDC — what depth stands behind this price?

All assets

USDT / USDC

GCQT…TG6V

Risk band

Critical

partial confidence

A floor: the real band can only be worse.

Max safe collateral
0 USDCLimited by manipulation cost
Depth within 5%
buy10.82 USDC (shortened; full value 10.8217588435041570250547440441 USDC)sell11.02 USDC (shortened; full value 11.029382337204718081125334193190911001636650483827 USDC)
Cost to move +50%
0 USDCReachable at no cost: nothing stands in the way
Checks
7 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
4.32 USDC (shortened; full value 4.3287815358830885148736307241 USDC)
Highest
22.14 USDC (shortened; full value 22.14970203152439363633813633 USDC)
2026-09-26T15:51:41Z — 2026-10-03T15:09:37ZOne scale across every line on this chart
2% from mid
4.36 USDC (shortened; full value 4.3604580148106230011190703047 USDC)
5% from mid
10.82 USDC (shortened; full value 10.8217588435041570250547440441 USDC)
10% from mid
21.38 USDC (shortened; full value 21.3887809691184893592535367836 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
Price sources disagreenowPRICE_SOURCE_CONFLICTthroughout
Extreme spreadnowSPREAD_EXTREMEthroughout
One holder owns most of itnowHOLDER_CONCENTRATION_EXTREMEthroughout
Thin depth at 5%nowTHIN_DEPTH_5PCTthroughout
Supply is concentratednowHOLDER_CONCENTRATION_HIGHthroughout
No genuine trade in 30 daysNO_GENUINE_TRADE_30D33 of 169
No genuine trade in 7 daysNO_GENUINE_TRADE_7D33 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 USDC

Limited by manipulation cost

Liquidation term
11.17 USDC (shortened; full value 11.176518266510247267518516943967650829520203570434 USDC)

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

Manipulation termbinds
0 USDC

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