The hedge book

Every backed coin's pool is margin on a real market. The hedge book is that, added up — the account all the pairings amount to, stated the way an exchange states one.

It is public, at /hedge.

One position per tracker, not per coin

A tracker carries a single position, and the tracker's vault is the account that holds it on Avantis — one vault address, one trader, one pair. Every coin bonded onto NVDAx5 puts its backing behind the same Nvidia exposure, so the book sums their backing before it computes anything:

margin(u)   = sum of the backing of every coin on tracker u
size(u)     = margin(u) · leverage / entry
notional(u) = size(u) · mark
PnL(u)      = size(u) · (mark − entry) · (+1 long, −1 short)

Each row opens to show which coins are behind it and what share of the position each one owns — split pro rata on backing, because a pooled position carrying one averaged entry has no other honest way to attribute itself.

What each column means

Liquidation

On Avantis a position is liquidated when it has lost roughly 90% of its collateral. With E the entry, L the leverage and the loss on the collateral equal to L · |P − E| / E, the threshold is reached at:

long    P_liq = E · (1 − 0.9 / L)
short   P_liq = E · (1 + 0.9 / L)

At 5×, that is 18% from entry either way; at 3×, 30%; at 2×, 45%. The size cancels out entirely, which is why a leg's liquidation depends only on its entry and its leverage — and why adding backing at a new mark moves it, through the averaged entry.

Why the account leverage is not exactly the stated multiple

Notional is divided by equity, and equity moves with unrealised PnL. A book losing money carries more leverage than it opened with, and the number goes up — which is precisely the thing worth seeing. A book showing a flat 5× through a drawdown would be hiding it.

Live, and honestly so

Marks come from the venue's own price feed, with the pair's Pyth feed (wss://hermes.pyth.network/ws, keyed by the feed.feedId the venue publishes for the pair) as the fallback, so the book moves as the market moves. The positions themselves — margin, size, entry — are re-read from the chain every few seconds, because they only change when someone trades a coin.

The book is checkable against the venue directly, because the account is the vault: LTVault.hedgeTradesCount(pairIndex) and hedgeTrade(pairIndex, i) read the position out of the venue's TradingStorage, and https://prod-api.avantisfi.com/core/user-data?trader=<vault address> returns the same position from the venue's side.

Equities trade venue hours. When a pair is closed, its leg says so; the mark shown is the last one and the position cannot move until the market reopens. When a market the venue cannot quote appears, its leg says so and is left out of the totals rather than counted as flat. An unknown price is not a zero.