Read the reserve

The figure at the top is the reserve's net asset value divided by USDq supply. Above 100%, the reserve holds more than every USDq in circulation. Beside it are NAV, USDq supply, the cushion, the surplus waiting for the next distribution, and how long ago the hedge report was signed. NAV is the sum of the parts:

NAV     = spot + buffer + in flight + hedge account
surplus = NAV − supply × (1 + cushion)

The figure steps when NAV changes. The bottom edge carries the same share and the time to the next distribution, and an index under the head jumps to each block below.

200 cells hold the reserve at its live shares. Spot is solid, margin is four holes, the buffer is equal boxes, and USDC in flight between the chains shows as plus cells. At the target shares that is 135, 45 and 20 cells.

Point at a sleeve's row, or focus it, to light its cells in the block.

The stations of the reserve, each with its balance: the spot vaults, the hedge account, the buffer, the CCTP crossing and the landing account. While USDC is moving between the chains, its segment of the route lights. The USDC route explains each station.

One block for each collateral:

• the vault's balance, as a wallet would show it, and the multiplier;
• the ETF's price, and the value of the vault at that price;
• the short notional of the matching perp, from the hedge report;
• spot minus short on a meter, with the tolerance of 0.5% of supply marked; inside the marks the pair is hedged;
• how much of the collateral's spot cap is used.

Two columns side by side: what the latest on-chain hedge report says, and what Hyperliquid's public info API says for the same account right now. The rows are the account value, the SP500 short, the XYZ100 short and the leverage, on a meter from 2x to 4x. The report's age is under them.

Check it yourself

The second column is that check: it is read straight from Hyperliquid's public info API, not from aequa's report. The report on Solana arrives every 60 seconds, and the xStock paths wait whenever it is older than 120 seconds.

• Buffer: USDC on Solana, on a meter from 5% to 15% of supply. Redeeming for USDC pays from it.
• Reserve Fund: USDq held by the program, filling toward 2% of supply from fees and 10% of each distribution.
• Protocol vault: USDq waiting for the AEQUA buyback, its only way out.

Supply ceiling

The ceiling, the sum of the spot caps divided by 0.675, on a meter against USDq supply. Supply ceiling explains the caps.

The last run of distribute and its amount, the next time it can run, and the split. Below, a table of the latest distributions: when, how much, and the parts to sUSDq, the Reserve Fund and the protocol vault, each with its transaction. Six rows show at first; Show more opens up to twenty.

History

Under the table, two strips with one column a day: NAV over supply, and USDq supply. Point at a column, or focus it, for that day's values.

The hedge desk's recent moves: spot bought and sold, USDC bridged to Hyperliquid, USDC withdrawn to Solana and landed in the buffer, and resized shorts. Each row has its time, kind, amount and transaction.

The addresses the reserve reads, each with copy and an explorer link. Addresses lists them with the xStocks issuer's keys.