# FAQ

### General

#### What is NAV?

NAV (Net Asset Value) is net asset value per vault token.

```
NAV = Total Assets / Token Supply
```

Total assets include EVM USDC, L1 spot balance, and L1 perp account value.

#### Why is my buy price higher than NAV?

Bonding curves charge a premium as demand increases. The price is bounded between `0.5x` and `2.0x` NAV.

#### How do I estimate returns?

```
Returns = (Sell NAV - Buy NAV) × Token Amount - Performance Fee - Exit Fee
```

### Trading

#### Why did my sell become a pending sell?

If available liquidity (EVM USDC + L1 spot) is insufficient, the vault creates a pending sell. After liquidity returns, call `claimPendingSell()`.

#### Can the leader withdraw my funds?

Leaders can use funds for L1 perpetual trading. They cannot withdraw to their own wallet.

#### How are fees charged?

* **Trading fee (1%)**: deducted on buy, stays in vault.
* **Performance fee (max 30%)**: charged on profits when selling, minted to leader.
* **Exit fee (0–15%)**: charged on sell, stays in vault or sent to recipient.

### Security

#### Can contracts be upgraded? Who can upgrade?

Contracts use UUPS proxies. Only the factory owner (protocol admin) can upgrade. Leaders cannot upgrade vaults.

#### What if the leader acts maliciously?

1. Trades are on-chain and transparent.
2. NAV updates with P\&L in real time.
3. Leaders cannot withdraw funds.
4. You can sell any time (may become pending sell).

#### Where are funds stored?

Funds can sit in:

1. EVM vault contract (USDC).
2. Hyperliquid L1 spot account.
3. Hyperliquid L1 perp account.


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