SHEINx

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

4.625658

band 4.5792 to 4.7265

Carry LTV

35.00%

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

Session Max LTV

40.00%

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

Debt ceiling

3,953.41

In USDG, the total debt this asset may support.

Executable depth at 1%

6,874.02

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 09:36 UTC, 3m 24s ago. transaction

Input bundle

0xdb7cea93…2ac54dc0

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 0xdb7cea931e3a64b9bcb29820a690a5943544c24e3ae79be39ed927702ac54dc0

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

6,874.02 at 1%

C(0.5%) 3,243.63 · C(3%) 22,591.36 · fragmentation factor 1 applied across eligible venues.

Cross-check

6,874.02

simulated 6,874.02 against okx-dex:v6-quote 25,000.00, a difference of 72.504%

The two disagree beyond the configured maximum, so the smaller number is used. Kerb never takes the larger.

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

4.726457

Excluded: xstocks:price-data (stale by 5085s)

Sources used: yahoo:chart:0625.HK, yahoo:chart:HKD=X

Pool

4.786619

Time-weighted average over 900s along 0xF1ef…4497

Dispersion

1.273%

Within the guard.

Regime haircut

2.136%

Credit Mark

4.625479

Band 4.579224 to 4.726457. 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 15h 19m

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.