Glossary
Core Concepts
NAV
Net Asset Value — total fund value denominated in USDC
Shares
SPL tokens representing proportional fund ownership (9 decimals)
Share Price
NAV / total_shares — increases as yield accrues
Basis Points (bps)
1 bps = 0.01%. 100 bps = 1%
Fees
Management Fee
0.5% per year on total shares outstanding
Performance Fee
20% of gains above the high-water mark
High-Water Mark (HWM)
Highest share price at which performance fees were last collected; resets upward only
Rebalancing Fee
0.1% on notional value moved per rebalance (Keystone Alpha Fund only)
Keystone Alpha Fund
jitoSOL
Jito's liquid staking token; earns ~5.8% APY from staking rewards + MEV
ATH
All-Time High — reference price used to compute target allocation
Market Regime
Classification of current market conditions: Normal, Low Vol Near Peak, High Vol Drawdown, or Bear Market
Circuit Breaker
On-chain mechanism that reduces or suspends rebalancing during extreme stress
Keystone Neutral Fund
Delta-Neutral
A position with zero net exposure to the underlying asset's price; long spot + short perp
Funding Rate
Periodic payment between perpetual contract long and short holders; positive funding = shorts collect
Health Factor
Collateral-to-liability ratio on Jupiter Perps. Below 1.2 triggers automated deleverage
PendingWithdrawal
On-chain PDA storing USDC owed when a withdrawal is queued
NAV Drawdown Guard
Closes the basis trade position if share price falls a configurable number of bps from its peak
Funding Rate Gate
Blocks deploy_capital when the most recent funding snapshot is below a minimum threshold
Funding Regime Cycle
Automated rotation: standard basis (positive funding) ↔ reverse basis (negative funding)
Reverse Basis
Long SOL-PERP + short jitoSOL spot (borrowed from Kamino); earns negative funding payments
Account Types
FundState / BasisFundState / DefenseFundState
On-chain fund configuration and runtime state (PDA seeds in accounts docs). Instruction contexts use the IDL field fundState.
UserPosition
Per-user share balance, deposit, and withdrawal tracking
PendingWithdrawal
Queued USDC owed after a Neutral Fund withdrawal; closed on claim_withdrawal
Fund Authority
PDA that signs all token operations on behalf of the fund; no private key
Abbreviations
PDA
Program Derived Address
CPI
Cross-Program Invocation
ATA
Associated Token Account
TVL
Total Value Locked
APY
Annual Percentage Yield
HWM
High-Water Mark
ATH
All-Time High
bps
Basis Points
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