# NAV Calculation

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

### NAV formula

```solidity
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).

```solidity
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:

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


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