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. 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
| Margin | the dollars in those coins' pools — real, read from the chain |
| Size | units of the underlying the margin supports at the tracker's leverage |
| Entry | the mark when the tracker first carried backing; added backing averages in at the mark it arrived at |
| Mark | the venue's mark price, pushed live over its own socket |
| Liq. price | where the position's equity stops covering maintenance margin |
| Share | that tracker's share of the whole account — where the risk is concentrated |
Liquidation
Computed from the venue's own maintenance margin, read per market rather than assumed. Equity is M + q(P − E)σ with M = qE/L, and the position is liquidated once that falls under m·qP. Solving for P cancels the size out entirely, which is why a leg's liquidation depends only on its entry and its leverage:
long P_liq = E · (1 − 1/L) / (1 − m)
short P_liq = E · (1 + 1/L) / (1 + m)On the equity perps here, m is 3%.
Why the account leverage is not exactly 5×
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 arrive pushed from the venue's WebSocket, so the book moves as the market moves rather than on a polling timer. The positions themselves — margin, size, entry — are re-read from the chain every few seconds, because they only change when someone trades a coin.
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.