Demo on a mainnet fork: real Phoenix prices, test USDC, nothing here is real money. What that means
upside

Transparency

dNVDALocal

What backs the token, where the keeper’s lines are, and every action it has taken. Read straight from the keeper’s own records.

Last snapshot 26 s ago
Leverage bandin band
2.00x
2.00x, band 1.80x to 2.30x
1.80x2.00x2.30x2.60x
Venue equity / notionalbetween floor and ceiling
25.0%
25.0%, band 17.9% to 32.1%
17.9%25%32.1%17.9%

Action ladder

At what underlying move does each keeper action fire, from the latest snapshot and this token's policy.

impact pricing
−18%
−12%
−6%
+6%
+12%
+18%
$206.66
$210.62
$228.36
$231.57
$236.64
$263.77
$218.46
If the price falls
  1. Band edge 1.80x−3.6% · $210.62
    Rebalance up to target (external session only)
  2. Margin ceiling 32.1% of notional−5.4% · $206.66
    Withdraw excess collateral to idle
If the price rises
  1. Band edge 2.30x+4.5% · $228.36
    Rebalance down to target (any hour)
  2. Margin floor 17.9% of notional+6.0% · $231.57
    Top up collateral from idle
  3. Hard delever 2.60x+8.3% · $236.64
    Emergency delever to target, market order
  4. Liquidation (est.)+20.7% · $263.77
    Phoenix liquidates the account; the stop and top-ups sit well before this

Computed from realised leverage 2.001x and venue equity at 25.0% of notional at mark $218.46, holding everything else fixed. Margin distances follow this token's own policy: lower tiers post more collateral, so a 2x token has further to fall than a 3x one (D27). Liquidation is where equity reaches the 3.5% maintenance margin Phoenix requires on notional (registry value, Q13); the on-chain stop and the keeper's top-ups are designed to act well before it. Estimates for reading, not for trading.

Leverage over time

Realised leverage against the band, the target and the hard-delever line. Markers are keeper actions; hover for reason, before/after and fill.

Realised leverageBand 1.8x–2.3xHard delever 2.6xRebalanceEmergency delever

Margin over time

Venue equity (collateral plus unrealised PnL) as a share of notional, against the floor, target and ceiling. Distances do not depend on leverage. Top-ups and withdrawals are the keeper's margin loop; the stop is refreshed after every rebalance.

Venue equity / notionalFloor 17.9% – ceiling 32.1%Top-upWithdraw excessStop set

Buffers and capacity

Idle USDC pays instant redemptions and Jupiter sells; collateral sits at Phoenix; the cap bounds TVL against Phoenix depth.

Idle USDC in vault2,500 of 4,998 USDC · 50.0%
Collateral at Phoenix (share of NAV)2,496 USDC · equity 25.0% of notional
Pending redemptionsnone
Cap used$4,998.28 of $250.0K
LP supply
5,000 dNVDA
NAV per token
0.999656 USDC
Unrealised PnL
1.79 USDC
Funding (annualised)
—

Session

How the underlying is being priced right now.

impact pricingImpact pricing

The underlying exchange is closed. Phoenix prices the market from its own order flow, bounded to 1/max-leverage from the last external print. NAV marks to that price. Only defensive rebalances run; NAV shows "internal pricing".

Mark
$218.46
Index
none (no external print)
Pool price
no pool
Premium to NAV
—
Realised vs target
2.001x / 2.0x

Keeper liveness

Heartbeats, halted flag and per-loop status. Two keepers on different RPCs are the target.

  • keeper-stagingv0.1.0 · surfpool#0 · heartbeat 18 s ago
    stream ✓dMSTR:band ✓dMSTR:stop ✓dMSTR:tick ✓dNVDA:band ✓dNVDA:stop ✓dNVDA:tick ✓dTSLA:band ✓dTSLA:stop ✓dTSLA:tick ✓uMSTR:band ✓uMSTR:stop ✓uMSTR:tick ✓uNVDA:band ✓uNVDA:stop ✓uNVDA:tick ✓uTSLA:band ✓uTSLA:stop ✓uTSLA:tick ✓dMSTR:crank ✓dMSTR:guard ✓dNVDA:crank ✓dNVDA:guard ✓dTSLA:crank ✓dTSLA:guard ✓dUS100:band ✓dUS100:stop ✓dUS100:tick ✓dUS500:band ✓dUS500:stop ✓dUS500:tick ✓uMSTR:crank ✓uMSTR:guard ✓uNVDA:crank ✓uNVDA:guard ✓uTSLA:crank ✓uTSLA:guard ✓uUS100:band ✓uUS100:stop ✓uUS100:tick ✓uUS500:band ✓uUS500:stop ✓uUS500:tick ✓dMSTR:inflow ✓dMSTR:margin ✓dMSTR:redeem ✓dNVDA:inflow ✓dNVDA:margin ✓dNVDA:redeem ✓dTSLA:inflow ✓dTSLA:margin ✓dTSLA:redeem ✓dUS100:crank ✓dUS100:guard ✓dUS500:crank ✓dUS500:guard ✓uMSTR:inflow ✓uMSTR:margin ✓uMSTR:redeem ✓uNVDA:inflow ✓uNVDA:margin ✓uNVDA:redeem ✓uTSLA:inflow ✓uTSLA:margin ✓uTSLA:redeem ✓uUS100:crank ✓uUS100:guard ✓uUS500:crank ✓uUS500:guard ✓dMSTR:harvest ✗ 1dNVDA:harvest ✓dTSLA:harvest ✗ 1dUS100:inflow ✓dUS100:margin ✓dUS100:redeem ✓dUS500:inflow ✓dUS500:margin ✓dUS500:redeem ✓uMSTR:harvest ✗ 1uNVDA:harvest ✗ 1uTSLA:harvest ✗ 1uUS100:inflow ✓uUS100:margin ✓uUS100:redeem ✓uUS500:inflow ✓uUS500:margin ✓uUS500:redeem ✓dUS100:harvest ✗ 1dUS500:harvest ✗ 1uUS100:harvest ✗ 1uUS500:harvest ✗ 1
  • keeper-ahaltedv0.1.0 · test · heartbeat 47 min ago (stale)

Alerts

Raised by the keeper, resolved when the condition clears.

  • warning
    DEPTH_UNAVAILABLE · dNVDA12 Sep 23:28 UTC → resolved 3 min ago
    dNVDA: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    TICK_FAILED · dNVDA12 Sep 23:23 UTC → resolved 7 min ago
    dNVDA: tick failed: Hawkeye return data expected at least 8 bytes, got 0
  • warning
    DEPTH_UNAVAILABLE · dNVDA12 Sep 23:12 UTC → resolved 17 min ago
    dNVDA: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    TICK_FAILED · dNVDA12 Sep 23:08 UTC → resolved 23 min ago
    dNVDA: tick failed: Hawkeye return data expected at least 8 bytes, got 0
  • warning
    DEPTH_UNAVAILABLE · dNVDA12 Sep 23:02 UTC → resolved 29 min ago
    dNVDA: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · dNVDA12 Sep 22:33 UTC → resolved 57 min ago
    dNVDA: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
  • warning
    DEPTH_UNAVAILABLE · dNVDA12 Sep 22:29 UTC → resolved 1.0 h ago
    dNVDA: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth

Event log

Every action planned, sent or observed for this token, newest first.

allrebalanceemergency delevermargin top-upwithdraw excess marginset stopmintredeemcrankkeeper halt
TimeKindStatusReasonLeverageAmountFill / markSlipTx
12 Sep 23:32 UTCCrankconfirmedcrank: receipt 138s old, session impact2.00x → ————67Hi…H7me
12 Sep 23:32 UTCCrankskippedthe adaptor cannot place a conditional stop yet (#8); there is no keeper-independent backstop until it can, so keeper uptime is the only protection—————
12 Sep 23:30 UTCCrankconfirmedcrank: receipt 114s old, session impact2.00x → ————3vuV…9eHB
12 Sep 23:28 UTCCrankconfirmedcrank: receipt 124s old, session impact2.00x → ————3yM2…P9Eh
12 Sep 23:28 UTCCrankskippedthe adaptor cannot place a conditional stop yet (#8); there is no keeper-independent backstop until it can, so keeper uptime is the only protection—————
12 Sep 23:26 UTCCrankconfirmedfirst crank for dNVDA2.00x → ————2VZt…i4wD
12 Sep 23:23 UTCCrankconfirmedfirst crank for dNVDA2.00x → ————4cbP…VjyM
12 Sep 23:23 UTCCrankskippedthe adaptor cannot place a conditional stop yet (#8); there is no keeper-independent backstop until it can, so keeper uptime is the only protection—————
12 Sep 23:19 UTCCrankconfirmedcrank: receipt 212s old, session impact2.01x → ————Dfbv…96bk
12 Sep 23:19 UTCCrankskippedthe adaptor cannot place a conditional stop yet (#8); there is no keeper-independent backstop until it can, so keeper uptime is the only protection—————
12 Sep 23:16 UTCCrankconfirmedcrank: receipt 189s old, session impact2.01x → ————4fTJ…PyXz
12 Sep 23:12 UTCCrankconfirmedattempt 1: Solana error #-32002; Decode this error by running `npx @solana/errors decode -- -32002 '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'`2.01x → ————3Ysf…Vx16
12 Sep 23:12 UTCCrankskippedthe adaptor cannot place a conditional stop yet (#8); there is no keeper-independent backstop until it can, so keeper uptime is the only protection—————
12 Sep 23:10 UTCCrankconfirmedcrank: receipt 234s old, session impact2.00x → ————3gQ4…1KFL
12 Sep 23:08 UTCCrankconfirmedcrank: receipt 116s old, session impact2.00x → ————2jp1…H9pk
12 Sep 23:08 UTCCrankskippedthe adaptor cannot place a conditional stop yet (#8); there is no keeper-independent backstop until it can, so keeper uptime is the only protection—————
12 Sep 23:06 UTCCrankconfirmedcrank: receipt 116s old, session impact2.00x → ————4TSR…KR6U
12 Sep 23:04 UTCCrankconfirmedcrank: receipt 92s old, session impact2.00x → ————2ukp…RixE
12 Sep 23:04 UTCCrankskippedthe adaptor cannot place a conditional stop yet (#8); there is no keeper-independent backstop until it can, so keeper uptime is the only protection—————
12 Sep 23:02 UTCCrankconfirmedcrank: receipt 112s old, session impact2.00x → ————5ZqS…fiUd
12 Sep 23:00 UTCCrankconfirmedcrank: receipt 110s old, session impact2.00x → ————65kq…Qax7
12 Sep 22:58 UTCCrankconfirmedfirst crank for dNVDA2.00x → ————5RqZ…hqro
12 Sep 22:58 UTCCrankskippedthe adaptor cannot place a conditional stop yet (#8); there is no keeper-independent backstop until it can, so keeper uptime is the only protection—————
12 Sep 22:36 UTCCrankconfirmedcrank: receipt 143s old, session impact2.00x → ————3zfG…gP4N
12 Sep 22:33 UTCCrankconfirmedcrank: receipt 120s old, session impact2.00x → ————26NK…a64e
12 Sep 22:33 UTCCrankskippedthe adaptor cannot place a conditional stop yet (#8); there is no keeper-independent backstop until it can, so keeper uptime is the only protection—————
12 Sep 22:31 UTCCrankconfirmedcrank: receipt 109s old, session impact2.00x → ————4S8k…nenw
12 Sep 22:29 UTCCrankconfirmedcrank: receipt 107s old, session impact2.00x → ————4Qqm…Vfgm
12 Sep 22:28 UTCCrankconfirmedcrank: receipt 146s old, session impact2.00x → ————3qhn…xLXA
12 Sep 22:28 UTCCrankskippedthe adaptor cannot place a conditional stop yet (#8); there is no keeper-independent backstop until it can, so keeper uptime is the only protection—————
12 Sep 22:25 UTCCrankconfirmedcrank: receipt 137s old, session impact2.00x → ————391L…tbaq
12 Sep 22:23 UTCCrankconfirmedcrank: receipt 214s old, session impact2.00x → ————5xAX…hPkt
12 Sep 22:23 UTCCrankskippedthe adaptor cannot place a conditional stop yet (#8); there is no keeper-independent backstop until it can, so keeper uptime is the only protection—————
12 Sep 22:19 UTCCrankconfirmedcrank: receipt 109s old, session impact2.00x → ————3g22…5fEZ
12 Sep 22:17 UTCCrankconfirmedcrank: receipt 143s old, session impact2.00x → ————5q3M…yX3m
12 Sep 22:17 UTCCrankskippedthe adaptor cannot place a conditional stop yet (#8); there is no keeper-independent backstop until it can, so keeper uptime is the only protection—————
12 Sep 22:15 UTCCrankconfirmedcrank: receipt 123s old, session impact2.00x → ————WMRs…GNid
12 Sep 22:13 UTCCrankconfirmedfirst crank for dNVDA2.00x → ————39y3…7kRZ
12 Sep 22:13 UTCCrankskippedthe adaptor cannot place a conditional stop yet (#8); there is no keeper-independent backstop until it can, so keeper uptime is the only protection—————
12 Sep 22:08 UTCCrankconfirmedcrank: receipt 127s old, session impact2.01x → ————31bs…Crhq
12 Sep 22:06 UTCCrankconfirmedcrank: receipt 140s old, session impact2.01x → ————3nXo…HwTp
12 Sep 22:06 UTCCrankskippedthe adaptor cannot place a conditional stop yet (#8); there is no keeper-independent backstop until it can, so keeper uptime is the only protection—————
12 Sep 22:03 UTCCrankconfirmedcrank: receipt 140s old, session impact2.01x → ————286w…gDJx
12 Sep 22:01 UTCCrankconfirmedcrank: receipt 114s old, session impact2.01x → ————M3a9…HmxQ
12 Sep 22:01 UTCCrankskippedthe adaptor cannot place a conditional stop yet (#8); there is no keeper-independent backstop until it can, so keeper uptime is the only protection—————
12 Sep 21:59 UTCCrankconfirmedcrank: receipt 138s old, session impact2.01x → ————3dFB…FExB
12 Sep 21:57 UTCCrankconfirmedfirst crank for dNVDA2.01x → ————45yu…eiA3
12 Sep 21:57 UTCCrankskippedthe adaptor cannot place a conditional stop yet (#8); there is no keeper-independent backstop until it can, so keeper uptime is the only protection—————