NAV Calculation

NAV (Net Asset Value) is the intrinsic value per vault token.

NAV formula

function getNAV() public view returns (uint256) {
  uint256 total = getTotalAssets();
  uint256 supply = totalSupply();

  // Stabilize NAV for small vaults using virtual assets/shares.
  uint256 totalWithVirtual = total + navVirtualAssets;
  uint256 supplyWithVirtual = supply + navVirtualShares;

  return (totalWithVirtual * PRECISION) / supplyWithVirtual;
}

Total assets

getTotalAssets() includes:

• EVM USDC balance held by the core contract.

• Hyperliquid L1 spot account balance.

• Hyperliquid L1 perp account value (includes unrealized P&L and funding).

• Pending sells (subtracted).

function getTotalAssets() public view returns (uint256) {
  uint256 l1SpotValue = getL1SpotBalance() * 1e12;
  uint256 l1PerpValue = getL1AccountValue() * 1e12;
  uint256 evmUsdcBalance = IERC20(USDC).balanceOf(address(this)) * 1e12;
  uint256 pendingOut = totalPSUsdc * 1e12;

  uint256 total = l1PerpValue + l1SpotValue + evmUsdcBalance;
  return total > pendingOut ? total - pendingOut : 0;
}

NAV stabilization

Used to reduce volatility in small vaults:

navVirtualAssets = 1_000 * 1e18; // $1,000 virtual assets
navVirtualShares = 1_000 * 1e18; // 1,000 virtual shares