NAV & Valuation

Gross assets, per-share NAV, and what gets posted on-chain.

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

Formula (simplified)

NAV_per_share = Total_Gross_Assets / Total_Shares

Total_Gross_Assets (USDC-equivalent, one reconciled total) ≈
  + Hyperliquid — USDC (wallet / clearing) and open positions marked to market
  + Arbitrum — USDC in the vault and related addresses included in reconciliation
  + Net unrealized PnL is embedded in those marks (perps, spot, and other books as tracked)

# Internally, several API surfaces and addresses roll up into this single gross figure
# without double-counting; the curator multisig posts that total — not a manual line-by-line NAV.

# Management fee: continuous dilution of NAV per share; no USDC skim from gross assets.
# Performance fee: same idea — taken from investor economics via NAV/share mechanics at
# settlement above HWM, not by shaving the gross-assets total you reconcile above.

Rates and performance-fee mechanics: Fees. API endpoints and full aggregation logic remain internal.