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

48.395214

band 47.9125 to 49.3781

Carry LTV

53.24%

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

Session Max LTV

54.05%

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

Debt ceiling

12,689.11

In USDG, the total debt this asset may support.

Executable depth at 1%

16,918.82

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

Usable for new risk

yes

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

16,918.82 at 1%

C(0.5%) 8,190.44 · C(3%) 48,449.28 · fragmentation factor 1 applied across eligible venues.

Cross-check

16,918.82

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

49.864886

Excluded: xstocks:price-data (stale by 54232s)

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

Pool

49.378133

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

Dispersion

0.976%

Within the guard.

Regime haircut

1.988%

Credit Mark

48.396460

Band 47.912496 to 49.378133. 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 1h 40m

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.