Transparency
uUS500Live
What backs the token, where the keeper’s lines are, and every action it has taken. Read straight from the keeper’s own records.
Action ladder
At what underlying move does each keeper action fire, from the latest snapshot and this token's policy.
- Band edge 3.30x−4.4% · $732.18Rebalance down to target (any hour)
- Margin floor 12.5% of notional−5.6% · $722.92Top up collateral from idle
- Hard delever 4.00x−11.1% · $680.43Emergency delever to target, market order
- Liquidation (est.)−15.3% · $648.81Phoenix liquidates the account; the stop and top-ups sit well before this
- Band edge 2.70x+5.9% · $810.50Rebalance up to target (external session only)
- Margin ceiling 22.5% of notional+6.6% · $816.24Withdraw excess collateral to idle
Computed from realised leverage 2.999x and venue equity at 17.4% of notional at mark $765.56, 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 2.5% 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.
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.
Buffers and capacity
Idle USDC pays instant redemptions and Jupiter sells; collateral sits at Phoenix; the cap bounds TVL against Phoenix depth.
- LP supply
- 5,020 uUS500
- NAV per token
- 0.996136 USDC
- Unrealised PnL
- −14.02 USDC
- Funding (annualised)
- —
Session
How the underlying is being priced right now.
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
- $765.56
- Index
- none (no external print)
- Pool price
- no pool
- Premium to NAV
- —
- Realised vs target
- 2.999x / 3.0x
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 agostream ✓dMSTR:band ✓dMSTR:stop ✓dMSTR:tick ✓dNVDA:band ✓dNVDA:stop ✓dNVDA:tick ✓dTSLA:band ✓dTSLA:stop ✓dTSLA:tick ✗ 1uMSTR:band ✓uMSTR:stop ✓uMSTR:tick ✓uNVDA:band ✓uNVDA:stop ✓uNVDA:tick ✓uTSLA:band ✓uTSLA:stop ✓uTSLA:tick ✗ 1dMSTR:crank ✓dMSTR:guard ✓dNVDA:crank ✓dNVDA:guard ✓dTSLA:crank ✓dTSLA:guard ✓dUS100:band ✓dUS100:stop ✓dUS100:tick ✓dUS500:band ✓dUS500:stop ✓dUS500:tick ✗ 1uMSTR:crank ✓uMSTR:guard ✓uNVDA:crank ✓uNVDA:guard ✓uTSLA:crank ✓uTSLA:guard ✓uUS100:band ✓uUS100:stop ✓uUS100:tick ✗ 1uUS500: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 ✓dUS100:inflow ✓dUS100:margin ✓dUS100:redeem ✓dUS500:inflow ✓dUS500:margin ✓dUS500:redeem ✓uMSTR:harvest ✗ 1uNVDA:harvest ✗ 1uTSLA:harvest ✓uUS100:inflow ✓uUS100:margin ✓uUS100:redeem ✓uUS500:inflow ✓uUS500:margin ✓uUS500:redeem ✓dUS100:harvest ✗ 1dUS500:harvest ✗ 1uUS100:harvest ✗ 1uUS500:harvest ✗ 1
Alerts
Raised by the keeper, resolved when the condition clears.
- warningTICK_FAILED · uUS50012 Sep 23:48 UTC → resolved 6 min agouUS500: tick failed: phoenix /exchange/markets -> 429
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 23:21 UTC → resolved 1.4 d agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningTICK_FAILED · uUS50012 Sep 23:17 UTC → resolved 25 min agouUS500: tick failed: Hawkeye return data expected at least 8 bytes, got 0
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 23:10 UTC → resolved 43 min agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningTICK_FAILED · uUS50012 Sep 22:47 UTC → resolved 53 min agouUS500: tick failed: hawkeye view_margin_for_asset SPY did not settle within 15000 ms
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 22:30 UTC → resolved 1.4 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningTICK_FAILED · uUS50012 Sep 22:08 UTC → resolved 1.6 h agouUS500: tick failed: fetch failed
- warningTICK_FAILED · uUS50012 Sep 21:59 UTC → resolved 1.9 h agouUS500: tick failed: Hawkeye return data expected at least 8 bytes, got 0
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 20:41 UTC → resolved 3.2 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 20:40 UTC → resolved 3.2 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 20:39 UTC → resolved 3.3 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 20:39 UTC → resolved 3.3 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 20:36 UTC → resolved 3.3 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 20:33 UTC → resolved 3.4 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 20:30 UTC → resolved 3.4 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 20:29 UTC → resolved 3.4 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 20:28 UTC → resolved 3.5 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningTICK_FAILED · uUS50012 Sep 20:26 UTC → resolved 3.5 h agouUS500: tick failed: phoenix /exchange/markets -> 429
- warningTICK_FAILED · uUS50012 Sep 20:24 UTC → resolved 3.5 h agouUS500: tick failed: phoenix /exchange/markets -> 429
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 20:23 UTC → resolved 3.5 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 20:21 UTC → resolved 3.6 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningTICK_FAILED · uUS50012 Sep 20:20 UTC → resolved 3.6 h agouUS500: tick failed: phoenix /exchange/markets -> 429
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 20:16 UTC → resolved 3.6 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningTICK_FAILED · uUS50012 Sep 20:14 UTC → resolved 3.7 h agouUS500: tick failed: phoenix /exchange/markets -> 429
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 20:13 UTC → resolved 3.7 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 20:10 UTC → resolved 3.8 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 20:06 UTC → resolved 3.8 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningTICK_FAILED · uUS50012 Sep 20:05 UTC → resolved 3.8 h agouUS500: tick failed: phoenix /exchange/markets -> 429
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 20:03 UTC → resolved 3.9 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 19:58 UTC → resolved 3.9 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 19:57 UTC → resolved 4.0 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 19:55 UTC → resolved 4.0 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningTICK_FAILED · uUS50012 Sep 19:51 UTC → resolved 4.1 h agouUS500: tick failed: phoenix /exchange/markets -> 429
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 19:49 UTC → resolved 4.1 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 19:44 UTC → resolved 4.2 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 19:43 UTC → resolved 4.2 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 19:41 UTC → resolved 4.2 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningTICK_FAILED · uUS50012 Sep 19:41 UTC → resolved 4.2 h agouUS500: tick failed: phoenix /exchange/markets -> 429
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 19:38 UTC → resolved 4.3 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 19:33 UTC → resolved 4.4 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 19:31 UTC → resolved 4.4 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 19:28 UTC → resolved 4.5 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 19:21 UTC → resolved 4.6 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 19:18 UTC → resolved 4.6 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 19:17 UTC → resolved 4.6 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 19:16 UTC → resolved 4.6 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 19:14 UTC → resolved 4.7 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 19:12 UTC → resolved 4.7 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningDEPTH_UNAVAILABLE · uUS50012 Sep 19:10 UTC → resolved 4.7 h agouUS500: order-book depth unreadable; expansion is refused and defensive slices use the fallback depth
- warningTICK_FAILED · uUS50012 Sep 19:09 UTC → resolved 4.8 h agouUS500: tick failed: phoenix /exchange/markets -> 429
Event log
Every action planned, sent or observed for this token, newest first.
| Time | Kind | Status | Reason | Leverage | Amount | Fill / mark | Slip | Tx |
|---|---|---|---|---|---|---|---|---|
| 12 Sep 23:23 UTC | Redeem | confirmed | test | — | 3,000.00 USDC | — | — | — |
| 12 Sep 23:23 UTC | Mint | failed | test | — | 5,000.00 USDC | — | — | — |
| 12 Sep 23:23 UTC | Mint | confirmed | test | — | 10,000.00 USDC | — | — | — |
| 12 Sep 22:59 UTC | Redeem | confirmed | test | — | 3,000.00 USDC | — | — | — |
| 12 Sep 22:59 UTC | Mint | failed | test | — | 5,000.00 USDC | — | — | — |
| 12 Sep 22:59 UTC | Mint | confirmed | test | — | 10,000.00 USDC | — | — | — |
| 12 Sep 22:46 UTC | Redeem | confirmed | test | — | 3,000.00 USDC | — | — | — |
| 12 Sep 22:46 UTC | Mint | failed | test | — | 5,000.00 USDC | — | — | — |
| 12 Sep 22:46 UTC | Mint | confirmed | test | — | 10,000.00 USDC | — | — | — |
| 12 Sep 07:55 UTC | Emergency delever | backtest | leverage 5.79x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional | 5.79x → 4.10x | −4,000 ntl | 427.56 / 427.98 | 0.09% | — |
| 12 Sep 07:50 UTC | Emergency delever | backtest | leverage 8.33x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional | 8.33x → 6.55x | −4,000 ntl | 426.32 / 426.75 | 0.09% | — |
| 12 Sep 07:45 UTC | Emergency delever | backtest | leverage 10.99x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional | 10.99x → 9.09x | −4,000 ntl | 425.21 / 425.64 | 0.09% | — |
| 12 Sep 07:40 UTC | Emergency delever | backtest | leverage 13.73x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional | 13.73x → 11.71x | −4,000 ntl | 424.41 / 424.83 | 0.09% | — |
| 12 Sep 07:35 UTC | Emergency delever | backtest | leverage 16.99x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional | 16.99x → 14.76x | −4,000 ntl | 422.93 / 423.35 | 0.09% | — |
| 12 Sep 07:30 UTC | Emergency delever | backtest | leverage 20.28x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional | 20.28x → 17.84x | −4,000 ntl | 422.04 / 422.46 | 0.09% | — |
| 12 Sep 07:25 UTC | Emergency delever | backtest | leverage 24.65x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional | 24.65x → 21.85x | −4,000 ntl | 420.53 / 420.95 | 0.09% | — |
| 12 Sep 07:20 UTC | Emergency delever | backtest | leverage 29.81x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional | 29.81x → 26.53x | −4,000 ntl | 419.14 / 419.56 | 0.09% | — |
| 12 Sep 07:15 UTC | Emergency delever | backtest | leverage 34.53x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional | 34.53x → 30.87x | −4,000 ntl | 418.43 / 418.85 | 0.09% | — |
| 12 Sep 07:10 UTC | Emergency delever | backtest | leverage 40.51x > hard_delever 4.00x; emergency delever -4000000000 raw USDC of notional | 40.51x → 36.27x | −4,000 ntl | 417.56 / 417.97 | 0.09% | — |
| 12 Sep 07:05 UTC | Emergency delever | backtest | leverage 46.05x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional | 46.05x → 42.46x | −600 ntl | 416.39 / 416.81 | 0.09% | — |
| 12 Sep 07:00 UTC | Emergency delever | backtest | leverage 24.62x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional | 24.62x → 23.52x | −600 ntl | 424.80 / 425.23 | 0.09% | — |
| 12 Sep 06:55 UTC | Emergency delever | backtest | attempt 1: Failed query: update "events" set "slot" = $1, "status" = $2, "tx_sig" = $3, "leverage_after_bps" = $4, "fill_price" = $5, "slippage_bps" = $6, "details" = $7 where "events"."id" = $8 params: 210,simulated,replay-uUS500-347,148986,432.544054005646,9,{"fullGapRaw":"-74525863816","session":"closed","idempotencyKey":"uUS500:guard:emergency_delever:178919610:-600000000","loop":"guard","attempt":1,"sender":"replay"},4224 | 17.50x → 16.93x | −600 ntl | 432.54 / 432.98 | 0.09% | — |
| 12 Sep 06:50 UTC | Emergency delever | backtest | leverage 13.39x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional | 13.39x → 13.13x | −600 ntl | 441.15 / 441.59 | 0.09% | — |
| 12 Sep 06:45 UTC | Emergency delever | backtest | leverage 10.88x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional | 10.88x → 10.70x | −600 ntl | 450.01 / 450.46 | 0.09% | — |
| 12 Sep 06:40 UTC | Emergency delever | backtest | leverage 9.29x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional | 9.29x → 9.16x | −600 ntl | 458.54 / 459.00 | 0.09% | — |
| 12 Sep 06:35 UTC | Emergency delever | backtest | leverage 8.14x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional | 8.14x → 8.03x | −600 ntl | 467.23 / 467.70 | 0.09% | — |
| 12 Sep 06:30 UTC | Emergency delever | backtest | leverage 7.22x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional | 7.22x → 7.13x | −600 ntl | 476.52 / 477.00 | 0.09% | — |
| 12 Sep 06:25 UTC | Emergency delever | backtest | leverage 6.53x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional | 6.53x → 6.46x | −600 ntl | 485.60 / 486.09 | 0.09% | — |
| 12 Sep 06:20 UTC | Emergency delever | backtest | leverage 5.93x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional | 5.93x → 5.90x | −600 ntl | 495.62 / 496.11 | 0.09% | — |
| 12 Sep 06:15 UTC | Emergency delever | backtest | leverage 5.47x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional | 5.47x → 5.44x | −600 ntl | 505.32 / 505.82 | 0.09% | — |
| 12 Sep 06:10 UTC | Emergency delever | backtest | leverage 5.08x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional | 5.08x → 5.05x | −600 ntl | 515.42 / 515.94 | 0.09% | — |
| 12 Sep 06:05 UTC | Emergency delever | backtest | leverage 4.74x > hard_delever 4.00x; emergency delever -600000000 raw USDC of notional | 4.74x → 4.72x | −600 ntl | 525.88 / 526.41 | 0.09% | — |
| 12 Sep 06:00 UTC | Emergency delever | backtest | attempt 1: Failed query: update "events" set "slot" = $1, "status" = $2, "tx_sig" = $3, "leverage_after_bps" = $4, "fill_price" = $5, "slippage_bps" = $6, "details" = $7 where "events"."id" = $8 params: 199,simulated,replay-uUS500-306,43642,535.633374886243,9,{"fullGapRaw":"-41672761483","session":"closed","idempotencyKey":"uUS500:guard:emergency_delever:178919280:-600000000","loop":"guard","attempt":1,"sender":"replay"},4166 | 4.47x → 4.46x | −600 ntl | 535.63 / 536.17 | 0.09% | — |
| 12 Sep 05:55 UTC | Emergency delever | backtest | attempt 1: Failed query: update "events" set "slot" = $1, "status" = $2, "tx_sig" = $3, "leverage_after_bps" = $4, "fill_price" = $5, "slippage_bps" = $6, "details" = $7 where "events"."id" = $8 params: 198,simulated,replay-uUS500-301,41666,546.285950929365,9,{"fullGapRaw":"-38796717205","session":"closed","idempotencyKey":"uUS500:guard:emergency_delever:178919250:-600000000","loop":"guard","attempt":1,"sender":"replay"},4161 | 4.23x → 4.21x | −600 ntl | 546.29 / 546.83 | 0.09% | — |
| 11 Sep 21:20 UTC | Emergency delever | backtest | leverage 5.22x > hard_delever 4.00x; emergency delever -83810759353 raw USDC of notional | 5.22x → 3.01x | −83,811 ntl | 501.70 / 502.00 | 0.05% | — |
| 11 Sep 21:20 UTC | Emergency delever | backtest | leverage 5.22x > hard_delever 4.00x; emergency delever -83882199111 raw USDC of notional | 5.22x → 3.01x | −83,882 ntl | 501.70 / 502.00 | 0.05% | — |
| 11 Sep 17:23 UTC | Mint | confirmed | test | — | 7,000.00 USDC | — | — | — |
| 11 Sep 16:59 UTC | Mint | confirmed | test | — | 7,000.00 USDC | — | — | — |
| 11 Sep 16:46 UTC | Mint | confirmed | test | — | 7,000.00 USDC | — | — | — |