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keel
Ledger
64,752,496
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%
buy10.81 USDC (shortened; full value 10.8141271335071388270995520521 USDC)sell11.02 USDC (shortened; full value 11.021604207174191047570352654319588884698007491053 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
0 USDC
Highest
34.68 USDC (shortened; full value 34.6823692693389603607384315781 USDC)
2026-09-11T17:48:23Z — 2026-10-02T10:09:27ZOne scale across every line on this chart
2% from mid
4.42 USDC (shortened; full value 4.4284838303637876556064442843 USDC)
5% from mid
10.99 USDC (shortened; full value 10.9905849091487803692321879414 USDC)
10% from mid
21.72 USDC (shortened; full value 21.7224590515975116137019193917 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
Extreme spreadnowSPREAD_EXTREMEthroughout
Thin depth at 5%nowTHIN_DEPTH_5PCTthroughout
Price sources disagreenowPRICE_SOURCE_CONFLICT283 of 498
Cheap next to real tradingnowMANIPULATION_RATIO_LOW141 of 498
One holder owns most of itnowHOLDER_CONCENTRATION_EXTREME141 of 498
Supply is concentratednowHOLDER_CONCENTRATION_HIGH141 of 498
No genuine trade in 30 daysNO_GENUINE_TRADE_30D104 of 498
No genuine trade in 7 daysNO_GENUINE_TRADE_7D104 of 498
Nothing tradable within 2%ZERO_DEPTH_2PCT99 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 USDC

Limited by manipulation cost

Liquidation term
11.16 USDC (shortened; full value 11.168636373426150102114329287134154483373981342526 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.