The hedge account's realized monthly ledger, read from Hyperliquid's public API: funding received (signed; negative-funding periods subtract), trading fees, closed price PnL on the hedge leg, and the net. Genesis-scale dollar amounts, published deliberately. Replay it yourself: the exact curl is embedded in /api/funding-attribution.
Live formula output from current funding and staking inputs, recomputable at /api/apy. It models the DEPLOYED book: the hedge is sized one for one against spot, so the carry is multiplied by L/(L+1), which is below one, never by the venue leverage itself. It is not a record of realized skUSD distributions to date. The separate 3x target at scale that sat beside it was withdrawn on 28 July 2026. The published feasibility analysis caps the sustainable through-cycle rate near 8 to 9.4 percent.
The primary backing ratio measures the PSM USDC reserves against outstanding kUSD, read on-chain via /api/por. A ratio at or above 100% means every kUSD is backed by at least $1.00 of USDC in the PSM reserves; redemption itself pays 1:1. Aggregate collateralization additionally counts the WETH vault and the Insurance Fund.
WETH vault collateral by venue. The PSM USDC reserves are separate and shown under Backing below.
Off-Chain (CEX)
L1 (Hyperliquid)The Insurance Fund contract holds nothing and no fees flow into it today. It is not part of the PSM primary backing ratio, but it is counted in aggregate collateralization. kUSD is backed by USDC in the mint (PSM) contracts; deposits do not fund the hedge.
| Asset | Allocation | Value (USD) | % of Total |
|---|---|---|---|
 Vault On-Chain Collateral (WETH) | ... | ... | ... |
| Vault Off-Chain Hedge (CEX) | ... | ... | ... |
| Vault L1 Assets (Hyperliquid) | ... | ... | ... |
 Vault Hedging Reserve | ... | ... | ... |
BaseThese gates describe the MINT path on the live mint PSM (0xaBDE...9803); its exposure counter tracks USDC minted through it since the 2026-07-10 redeploy. The USDC reserves shown here sit on the redeem-reserve PSM (0xFf30...5Fbc) plus any USDC accumulated in the live mint PSM, itemized under Backing above. The retired mint PSM (0x07eB...5993) can no longer mint but still holds the USDC reserve backing the kUSD minted through it, counted in /api/por.
| Contract | Address | Explorer |
|---|---|---|
| Kerne Vault v1 (PoR-attested) | 0x8005...F2AC | BaseScan |
| Kerne Vault v2 (live mint) | 0x8ccc...292B | BaseScan |
| kUSD Token | 0x5C2E...0AA3 | BaseScan |
| KERNE Token (v2) | 0x230f...186c | BaseScan |
| Insurance Fund | 0xE879...0403 | BaseScan |
| Yield Oracle | 0x8DE2...9CdB | BaseScan |
| kUSD PSM (live mint) | 0xaBDE...9803 | BaseScan |
| kUSD PSM (retired mint, still holds reserve) | 0x07eB...5993 | BaseScan |
| kUSD PSM (redeem reserve) | 0xFf30...5Fbc | BaseScan |
| skUSD (staked kUSD) | 0x96F5...fA14 | BaseScan |
| esKERNE | 0x29c1...5b34 | BaseScan |
| Treasury | 0x7c07...60d5 | BaseScan |
| Referral | 0x1A04...4D9f | BaseScan |
| Yield Distributor | 0x096e...D878 | BaseScan |
| Multisig (2/3) | 0x52d3...4877 | BaseScan |
