Carbide volume in typical powder steels ranges from less than 5 percent to more than 20 percent, according to Crucible. As Me2 says, this is volume, not weight, which is how we measure the amount of elements in steel alloys. Roughly 0.5 percent carbon by weight is necessary to harden the steel. The rest of the carbon is available to form carbides.
In the case of Bohlers Vandadis 10, the carbide volume is 25 percent, while the elements in the alloy by weight are C 2.9 percent, Cr 8.0, Mo 1.5, Vanadium 9.8. I'm using this steel as an example because Boher actually tells us what the carbide volume is (in link below).
Sandviks 13C26 is advertised as a fine carbide forming steel. The carbides are a feature, not a bug. I cant find anything definitive on what that carbide volume is, but if you look at the photo that Chiral posted, what you will see are a lot of carbides in that steel. What you see is the volume, not the weight. And you need a lot of carbides so they are available along the entire knife edge to improve wear resistance. The key feature is that the carbides are small, typically 0.5 microns and uniformly distributed. Crucible says the carbides in its powder steels are 2-4 microns. The apex of a sharp knife edge will be 1 or 2 microns wide.
For sharpening, the smaller the carbides the better. Large primary carbides, which can run as high as 50 microns and be clumped together in ingot steels, make sharpening and grinding more difficult, and I think that this is where people get the idea that simple steels can get sharper than steels with more complex alloys.
But a lot depends on the carbides, too. Chromium carbides run around 66-68 Rc, while vanadium carbides run about 82-84 Rc. Its a lot easier to sharpen chromium carbides than vanadium carbides, especially if you are using a soft stone.
In the case of Sandviks razor steel (13C26), the carbides are chromium and very fine. And razors come extremely sharp. Rather than prevent the steel from obtaining a very sharp edge, the carbides in 13C26 give the edge much improved wear resistance.
In the high vanadium powder steels, the super hard vanadium carbides improve wear resistance many times over, as you can see in Ankersons tests. The powder steel processing techniques allow for these high levels of small, uniformly distributed vanadium carbides to be present. If the carbides at these volumes were large and clumpy, as in ingot steel, the steel would have poor toughness and be easy to break.
My sense is that with the proper equipment and techniques, these steels can get extremely sharp, too, but they are more difficult to sharpen than simple steels.
http://www.uddeholm.com/files/HPS_Steel_for_knives.pdf
http://www.crucibleservice.com/eselector/general/generalpart1.html