Hedge book
Every coin is paired to a leveraged tracker of a real market, so the dollars in its pool stand for a position on that market. First, the account those pairings add up to — simulated from every coin's backing and marked live at Hyperliquid's price. Below it, the live hedge: once coins bond, each tracker's vault funds the hedge controller, which moves the USDC to Hyperliquid through NEAR Intents and alone signs the master account's transfers.
Building the book…
Simulated: each coin's backing (the USDC in its Rhea pool; a bonded coin's tracker side, at NAV) grouped into the leg its tracker would hold — size is the backing at the leg's leverage, marked at Hyperliquid's mark price. Entry ≈ the mark in the hour each coin launched, averaged by backing. "Pending" backing is still in the coins' own pools: nothing is hedged for real until a coin bonds. Liquidation is where the leg's equity would meet Hyperliquid's maintenance margin, before funding and fees.
Live hedge (Hyperliquid)
Reading NEAR…
"Out on the hedge" is each vault's own ledger of USDC sent to the controller and not yet returned; the controller book splits it into idle (received, not yet sent), on the venue, and returning (a signed transfer back exists, the USDC has not landed yet). NAV is the keeper's last ed25519-signed post, stored in the vault; a tracker that has not bonded prices at 1.0 and cannot fund a hedge. The master account's positions on Hyperliquid are not read here — the keeper's NAV posts carry its equity.