Hedge book

Every perpcoin is paired to a leveraged tracker of a real market, so the dollars in its pool are margin on that market. This is the account those pairings add up to on Lighter — margin, size, entry, mark and liquidation per position, marked live. The hedge itself is held on Lighter by the protocol's hedge wallet, which deposits the USDC to Lighter straight from Avalanche and brings withdrawals back through Arbitrum with Circle's CCTP; below, every vault's wallet and what it has sent it, read off Avalanche.

Equity

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Margin used

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Notional

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Unrealized PnL

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Account leverage

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positions

Reading the book…

This is the book the coins' backing adds up to, marked at Lighter's mark price - the position the hedge wallet is meant to carry on Lighter, not a read of that account. Entry is the mark when the tracker first carried backing; added backing averages in at the mark it arrived at. Liquidation is where the position's equity falls to its market's maintenance margin on Lighter, before funding (settled hourly) and fees. A coin that has not bonded is listed as pending and counted in nothing: its seed is still in its own pool. A tracker the team funded directly, with no coin on it, is not in this book - only in the wallets table below.

hedge wallets

Reading the chain…

The hedge is held by the protocol's hedge wallet on Lighter: a vault can only send USDC to its own hedgeFunder, capped on chain at what sits above its redeem buffer; the wallet deposits it to Lighter from Avalanche, and a withdrawal comes back to the vault through Arbitrum with Circle's CCTP. The deposit address and the fast-withdrawal pool are Lighter's, the wallet key is hot, and the returning USDC sits on the wallet on Arbitrum for one hop: that is the trust in the path. The wallet's Lighter account is linked at the top of this page. "Sent" is what actually left each vault: every HedgeFunded transfer, net of the USDC the wallet sent straight back when it refused a deposit.