Every line, with the source next to it.

01 / The balance sheet

Two of these a contract can check for itself.

Two of these lines a contract could check for itself. Three of them you are taking the venue's word for. Nobody else will draw you that line, so it is drawn here.

A contract on HyperEVM can read the reserve it holds, because that is a balance on its own chain. It cannot read a builder deployed position: the price precompiles answer for assets 0 to 231 and revert on every HIP-3 market. Your browser has no such limit, which is why the sleeve is here at all, and why it is labelled the way it is.

02 / The position

What is open, right now.

Straight from the exchange, every fifteen seconds. Nothing here is cached by us.

03 / The rent

What each market costs to hold, per year.

Funding is quoted per hour. Annualising it is the only honest way to compare it against an exit spread, which is quoted per trip. A long pays these numbers. A short collects them.

Reading the venue. The basket is picked from this shortlist and nothing else, and the verdict is recomputed on every load rather than fixed by a decision made months earlier.

04 / The rules the contract keeps

Written into the code, not into a blog post.

Leverage

Capped at one. A treasury that can be liquidated is a backing that can go to zero, and there is no version of this where that is worth a few extra points of carry.

Reserve floor

A share of the treasury never leaves the chain, so a redemption is always payable out of something a contract can prove it holds.

Exit spread

Stays in the treasury, which is what pays the rent above. Exit spread times annual turnover has to clear the funding cost of the basket, or the backing bleeds no matter how the market behaves.

The counterparty

The dex these markets live on is deployed by a builder who runs its own oracle. That is a counterparty, it is named here, and its open interest is in the table above so you can size it yourself.