Money-market desk
Hedge Ledger
Supply a volatile asset, borrow stables to lever the long, and borrow some of the same asset back so the book stays only partly exposed.
Example book. Six illustrative positions, one per protocol, with made-up marks (BTC at $100,000). They never enter Live totals.
Aave on Ethereum, Hyperlend on HyperEVM, Venus on BNB
Kamino Finance
Rhea Finance
Alpend, manual entry
Refresh switches you to Live and queries the addresses above. They stay in this browser.
-0.68%
Lending book only
2.32×
Supply ÷ equity
2.962
Lending 2.652 · headline includes spot
11
Equity $148,200
Example marks are fixed so the sample book does not jump when the market does.
Positions
Illustrative Ethereum book. BTC supply yield is thin, so net carry is negative.
Net APY
-2.27%
Leverage
1.88×
Notional hedge
0.20
Health factor (est.)
1.67
Equity
$80,000
BTC delta
1.2
Liq. price
$45,977
| Side | Asset | Amount | USD | APY |
|---|---|---|---|---|
| supply | WBTC | 1.5 | $150,000 | 0.20% |
| borrow | USDC | 40,000 | $40,000 | 5.00% |
| borrow | WBTC | 0.3 | $30,000 | 0.40% |
- supply 1.5 WBTC · $150,000 · 0.20%
- borrow 40,000 USDC · $40,000 · 5.00%
- borrow 0.3 WBTC · $30,000 · 0.40%
Unit hedge BTC 0.20
Net APY
5.86%
Leverage
2.14×
Notional hedge
0.20
Health factor (est.)
1.41
Equity
$7,000.00
BTC delta
0.12
Liq. price
$90.91
| Side | Asset | Amount | USD | APY |
|---|---|---|---|---|
| supply | SOL | 100 | $15,000 | 6.00% |
| borrow | USDC | 5,000 | $5,000.00 | 8.00% |
| borrow | SOL | 20 | $3,000.00 | 3.00% |
- supply 100 SOL · $15,000 · 6.00%
- borrow 5,000 USDC · $5,000.00 · 8.00%
- borrow 20 SOL · $3,000.00 · 3.00%
Unit hedge SOL 0.20
Hedge is intentionally wide of the 0.25 target so the drift alert is visible.
Net APY
4.89%
Leverage
2.78×
Notional hedge
0.40
Health factor (est.)
1.09
Equity
$18,000
BTC delta
0.3
Liq. price
$20.00
| Side | Asset | Amount | USD | APY |
|---|---|---|---|---|
| supply | HYPE | 2,000 | $50,000 | 4.00% |
| borrow | USDT0 | 12,000 | $12,000 | 6.00% |
| borrow | HYPE | 800 | $20,000 | 2.00% |
- supply 2,000 HYPE · $50,000 · 4.00%
- borrow 12,000 USDT0 · $12,000 · 6.00%
- borrow 800 HYPE · $20,000 · 2.00%
Unit hedge HYPE 0.40
Net APY
-8.69%
Leverage
4.62×
Notional hedge
0.20
Health factor (est.)
0.79
Equity
$5,200.00
BTC delta
0.192
Liq. price
$833.33
| Side | Asset | Amount | USD | APY |
|---|---|---|---|---|
| supply | BNB | 40 | $24,000 | 3.00% |
| borrow | USDT | 14,000 | $14,000 | 7.00% |
| borrow | BNB | 8 | $4,800.00 | 4.00% |
- supply 40 BNB · $24,000 · 3.00%
- borrow 14,000 USDT · $14,000 · 7.00%
- borrow 8 BNB · $4,800.00 · 4.00%
Unit hedge BNB 0.20
Rhea rates on a live book are the protocol APR used as the annual rate.
Net APY
8.44%
Leverage
1.56×
Notional hedge
0.20
Health factor (est.)
2.22
Equity
$16,000
BTC delta
0.2
Liq. price
$1.33
| Side | Asset | Amount | USD | APY |
|---|---|---|---|---|
| supply | NEAR | 5,000 | $25,000 | 8.00% |
| borrow | USDC | 4,000 | $4,000.00 | 10.00% |
| borrow | NEAR | 1,000 | $5,000.00 | 5.00% |
- supply 5,000 NEAR · $25,000 · 8.00%
- borrow 4,000 USDC · $4,000.00 · 10.00%
- borrow 1,000 NEAR · $5,000.00 · 5.00%
Unit hedge NEAR 0.20
Alpend has no public read API. This row shows the manual-entry shape.
Net APY
-6.27%
Leverage
3.64×
Notional hedge
0.20
Health factor (est.)
1.01
Equity
$22,000
BTC delta
0.64
Liq. price
$99,057
| Side | Asset | Amount | USD | APY |
|---|---|---|---|---|
| supply | CBTC | 0.8 | $80,000 | 1.00% |
| borrow | USDC | 42,000 | $42,000 | 5.00% |
| borrow | CBTC | 0.16 | $16,000 | 0.50% |
- supply 0.8 CBTC · $80,000 · 1.00%
- borrow 42,000 USDC · $42,000 · 5.00%
- borrow 0.16 CBTC · $16,000 · 0.50%
Unit hedge BTC 0.20
APYs stay constant. This does not reprice borrow or supply rates. Enter a percent move, negative for a drop.
Shock a stable (left alone unless you type a move)
- Equity after
- $148,200
- PnL
- $0.00
- Leverage
- 2.32×
- Notional hedge
- 0.23
- BTC delta
- 2.962
- Net APY
- -0.68%
| Book | PnL | Lev | HF |
|---|---|---|---|
| WBTC collateral, USDC borrow, partial WBTC hedge | $0.00 | 1.88× | 1.67 |
| SOL collateral, USDC borrow, partial SOL hedge | $0.00 | 2.14× | 1.41 |
| HYPE collateral, USDT0 borrow, partial HYPE hedge | $0.00 | 2.78× | 1.09 |
| BNB collateral, USDT borrow, partial BNB hedge | $0.00 | 4.62× | 0.79 |
| NEAR collateral, USDC borrow, partial NEAR hedge | $0.00 | 1.56× | 2.22 |
| CBTC collateral, USDC borrow, partial CBTC hedge | $0.00 | 3.64× | 1.01 |
Unit hedge ratios do not change, because token amounts are unchanged when both legs are the same asset. Notional hedge moves only if a shock hits volatile legs unevenly.
Health factor after the shock is approximated as collateral USD × liquidation threshold ÷ debt USD, with shocked prices. Before the shock, a protocol-reported health factor is shown when the adapter returns one.
- warning
Aave on Ethereum (example-book) net APY is -2.27%, below your 0.00% minimum — carry has flipped; consider reducing borrow or exiting.
- warning
Kamino Finance on Solana (example-book) estimated health factor is 1.41, under the 1.50 warning line — add collateral or repay debt.
- critical
Hyperlend on HyperEVM (example-book) estimated health factor is 1.09, under the 1.20 critical line — add collateral or repay debt.
- warning
Hyperlend on HyperEVM (example-book) notional hedge ratio is 0.40 versus the 0.25 target (drift 0.15, tolerance 0.05) — adjust the same-asset borrow toward the target.
- critical
Venus Protocol on BNB Chain (example-book) estimated health factor is 0.79, under the 1.20 critical line — add collateral or repay debt.
- warning
Venus Protocol on BNB Chain (example-book) net APY is -8.69%, below your 0.00% minimum — carry has flipped; consider reducing borrow or exiting.
- warning
Venus Protocol on BNB Chain (example-book) leverage is 4.62×, above your 3.50× maximum — repay debt or add collateral.
- critical
Alpend on Canton (example-book) estimated health factor is 1.01, under the 1.20 critical line — add collateral or repay debt.
- warning
Alpend on Canton (example-book) net APY is -6.27%, below your 0.00% minimum — carry has flipped; consider reducing borrow or exiting.
- warning
Alpend on Canton (example-book) leverage is 3.64×, above your 3.50× maximum — repay debt or add collateral.
- critical
Alpend on Canton (example-book) BTC spot is within 1% of the estimated liquidation price ($100,000 versus $99,057) — add collateral or repay before a small move liquidates the book.
Hedge tolerance is an absolute ratio. 0.05 means the hedge can drift five percentage points from the per-position target before it alerts. Thresholds stay in this browser.
Wallet balances outside the lending books. Lending BTC delta 2.652. Headline delta, including spot, 2.962. Spot has no yield and no leverage, so it stays out of blended APY and blended leverage.
| Chain | Asset | Amount | USD |
|---|---|---|---|
| Wallet | BTCExample | 0.25 | $25,000 |
| Wallet | ETHExample | 2 | $6,000.00 |
Example spot is wallet inventory outside the lending books, marked at the same illustrative prices.