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keel
Ledger
64,753,397
Methodology
1.0.8-draft
Age
6s

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

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
0 USDC
Highest
14.13 USDC (shortened; full value 14.133605016419686021540331759234815816823459211912 USDC)
2026-09-11T17:48:23Z — 2026-10-02T10:09:27Z
Max safe collateral
0 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.

An averaging oracle makes an attacker outweigh genuine trading as well as move the book. A market with no genuine volume has no such defence.

Cost of a 50% move, order book only
0 USDC

The target is reachable through the order book

Genuine volume in the oracle window
0 USDC

Over the last 900 seconds (15 minutes), after the genuine-trade filter

Cost against genuine volume
not computed

Below 1, moving the price is cheaper than all genuine trading across the window. Not computed when there was no genuine volume or the target is unreachable

Total attack cost
0 USDC

The move, plus the genuine volume an averaging oracle forces an attacker to outweigh