NAV and the share price

What the vault is worthCopy Anchor Link

NAV (net asset value) is everything the vault owns minus what it owes. Share price = NAV ÷ all shares. Deposits and withdrawals are priced off it, so it has to be hard to fake.

flowchart TB
q[1Click quotes, signed<br/>report_prices] --> px[Stored price per coin<br/>at most 120 s old]
bal[Balances read on-chain<br/>intents.near mt_batch_balance_of] --> spot[Coin value = balance x price]
bal --> usd[Idle USDC]
px --> spot
rep[Agent's report<br/>Hyperliquid account value, short sizes] --> chk{Check against the<br/>last accepted report}
last[Last report + collateral moved since<br/>+ price change on the open short] --> chk
chk -- within 2% plus dust --> hlv[Hyperliquid value accepted]
chk -- outside --> pause[Vault pauses<br/>owner investigates]
spot --> hedge{Short equals coin<br/>within 2%?}
hedge -- no --> pause
hedge -- yes --> nav
usd --> nav[NAV = idle USDC + coin value<br/>+ Hyperliquid value - amounts owed]
hlv --> nav
nav --> sp[Share price = NAV / shares<br/>recorded on a schedule]
stale{Any price older<br/>than 120 s?} -. yes: report dropped, old NAV kept .-> rep

The report checkCopy Anchor Link

The contract can't read Hyperliquid, so the agent reports the account value and the shorts. The contract compares that with what it expects:

expected = last accepted value + collateral moved since + change in value of the open short from the price moves

A report is accepted when it's within max_report_drift_bps (2%) of the largest of the short's value, the old value and the expected value, plus a dust allowance (0.5 USDC testnet, 1.5 USDC mainnet). Collateral sent to Hyperliquid counts at the amount 1Click quoted to deliver.

If the gap is bigger, the contract pauses the vault: no deposits, withdrawals or swaps until the owner investigates. Funding and price moves fit inside the check; a stolen key reporting a made-up number doesn't.

A report built on a price older than 120 seconds is simply dropped, not treated as a violation. The old NAV stays, and the agent reports again next run.

Vault statesCopy Anchor Link

stateDiagram-v2
state "Vault" as vault {
  [*] --> Running
  Running --> Paused: report outside the check, or owner
  Paused --> Running: owner unpauses
}
state "Withdrawal" as wd {
  [*] --> Queued: request_withdraw
  Queued --> Signed: fulfill_withdraw (agent)
  Signed --> Done: execute_withdraw (agent or you)
  Signed --> Failed: payout rejected
  Failed --> Signed: signed again
}
state "Strategy" as mode {
  [*] --> Hedging
  Hedging --> Rotating: switch accepted
  Rotating --> Hedging: old coin gone
  Hedging --> Parked: no coin pays
  Parked --> Hedging: funding back above 3%
}

The recordCopy Anchor Link

The contract keeps a history of (time, NAV, shares), about 500 entries, written at most every 10 minutes on testnet and every 30 on mainnet. The dashboard charts the share price from it. A gap in that history means the agent stopped reporting, which makes it a cheap uptime record too.

Fees in the NAVCopy Anchor Link

The performance fee is taken inside the report: if the new share price is above the high-water mark, the contract mints 5% of the gain to the treasury as shares before it records the new price. See Fees.