NAV per share is total vault assets in USDC terms divided by outstanding shares. It prices deposits, withdrawals, and fees. Internally, Volta90 reconciles Hyperliquid and Arbitrum balances and positions to one gross total; the curator multisig submits that figure to the contract, and Lagoon derives per-share NAV, mint/burn, and dilution from protocol rules — not from a line-by-line manual spreadsheet.

​
What “gross assets” includes

  • Hyperliquid — USDC and open positions marked to market
  • Arbitrum — USDC in the vault pipeline (as tracked for reconciliation)
  • Management and performance fees — both hit NAV per share (management via continuous dilution; performance on new gains above the HWM at settlement). The reconciled gross assets figure is not lowered by a separate fee withdrawal; see Fees
On-chain vs dashboards — Settlement NAV is produced in Volta90’s stack (RPC, Hyperliquid APIs, human review), then signed on-chain — not an external oracle feed. Stale or wrong numbers in an app or subgraph do not change the value used for settlement. See Risks & security.

​
Formula (simplified)

NAV per share = Total gross assets ÷ Total shares
USDC-equivalent · one reconciled total. Total gross assets ≈
  • Hyperliquid — USDC (wallet / clearing) and open positions marked to market
  • Arbitrum — USDC in the vault and related addresses included in reconciliation
Notes:
  • Net unrealized PnL is embedded in those marks (perps, spot, and other books as tracked).
  • Several API surfaces and addresses roll up into one gross figure without double-counting — the curator multisig posts that total, not a line-by-line spreadsheet.
  • Management fee: continuous dilution of NAV per share — no USDC skim from gross assets.
  • Performance fee: same mechanics at settlement above HWM — investor economics via NAV/share, not by lowering the reconciled gross total.
Rates and performance-fee mechanics: Fees. API endpoints and full aggregation logic remain internal.