NAV and pricing

One index token is one share of the whole fund. Its price is the fund's value divided by the tokens in circulation.

The formula#

NAV            = spot balances × spot mid prices
               + perp account equity (margin + unrealised PnL − funding)
               + idle USDC
               − accrued fees
NAV per token  = NAV / tokens in circulation

Both indexes launched at $100. Mint and redeem both use NAV per token, so the price you get is the fund's value, not the price of whichever asset happened to fill.

Reading a move#

The change in the index is the weighted sum of its assets' changes.

BTC +20% and ETH −10%, each at 30%:  0.30 × 20 + 0.30 × (−10) = +3%   →  $100 becomes $103

Where prices come from#

• Spot prices from the Hyperliquid order book mid.
• Perp prices from Hyperliquid's mark price, checked against its oracle price.
• Holdings straight from the fund's HyperCore account.

Two sources must agree within about 1% and prices older than 10 seconds are refused. If either check fails, nothing is signed.

Signed, not stored#

The Resarv price signer signs NAV, settlements and rUSD prices as EIP-712 messages. Contracts on Elysium verify the signature and its age on every action and store nothing. There is no standing oracle that can be set outside a trade.

Something unclear? Tell us.