HKEXCx

Terms

What is posted on chain right now, signed by the Kerb attester inside the contract guardrails.

Regime

Reference closed

The underlying market is closed, so no new reference price is arriving.

Credit Mark

48.528084

band 48.0416 to 49.4671

Carry LTV

50.00%

The ceiling a position can be drawn to and still be safe to hold through the next weakening.

Session Max LTV

55.00%

Only available while the session holds, and only with the cure covenant attached.

Debt ceiling

10,713.67

In USDG, the total debt this asset may support.

Executable depth at 1%

14,284.89

The notional that can be sold into the real pools for at most 1% impact, in USDG.

Usable for new risk

yes

Posted 2026-09-21 08:40 UTC, 11m 13s ago. transaction

Input bundle

0x38748508…3b5b25b6

The keccak256 of the canonical inputs, posted on chain with the report. Every number above is computed from these exact bytes, served by the Kerb API. This one is not on IPFS: pinning is being refused right now, and that is reported on the proof page rather than hidden. Recompute them yourself: pnpm --filter @kerb/engine kerb verify 0x3874850876c57758fae6ee6dcd80f0d410becc9991a46d1df1b8ff563b5b25b6

Executable depth

Simulated by walking the real pool tick by tick, in the direction of a sale, from the pool state Kerb observed. Not an aggregator estimate.

Aggregate depth

10,793.34 at 1%

C(0.5%) 5,225.73 · C(3%) 29,021.45 · fragmentation factor 1 applied across eligible venues.

Cross-check

10,793.34

simulated 10,793.34 against okx-dex:v6-quote 10,790.62, a difference of 0.025%

The tick-walk and the independent aggregator quote agree within the configured maximum.

How the Credit Mark was made

The conservative minimum of the reference median and the pool price, after the dispersion guard and the regime haircut. Every component names its sources.

Reference

49.866792

Excluded: xstocks:price-data (stale by 2206s)

Sources used: yahoo:chart:0388.HK, yahoo:chart:HKD=X

Pool

49.467089

Time-weighted average over 900s along 0x293A…7Ed4

Dispersion

0.802%

Within the guard.

Regime haircut

1.901%

Credit Mark

48.526833

Band 48.041565 to 49.467089. USDG is treated as 1 USD; the USDG peg is observed separately and reported

Next transitions

Resolved from the Kerb calendar, kerb-calendar@0.1.0 (2025-12-01..2027-12-31). The onchain KerbClock is equivalence-tested against this same resolver.

Session now

CLOSED

XHKG · Asia/Hong_Kong · since 2026-09-21 08:10 UTC

Next transition

pre open

2026-09-22 01:00 UTC · in 16h 08m

Next weakening

lunch break

2026-09-22 04:00 UTC

The deadline a Session Max position must cure by.

Last Call window

closed

2026-09-22 03:30 UTC to 2026-09-22 04:00 UTC · 30m 00s long

Terms history

Every post Kerb has made for this asset, newest first, each one a transaction.

Scroll the table sideways for capacity and the transaction.