NAV & Share Pricing

State reads use program.account.fundState / basisFundState / defenseFundState per fund. Instruction builders use fundState for the same PDA (see Account Structure).

Share Price

share_price = NAV / total_shares

NAV grows as the fund earns yield. Share price increases proportionally. A depositor's USDC entitlement at withdrawal equals shares held multiplied by the current share price.

On Deposit

new_shares = (deposit_amount × total_shares) / NAV

Example: 1,000 USDC deposited into a fund with 10,000 USDC NAV and 10,000 shares outstanding → 1,000 new shares at $1.00 per share.

On Withdrawal

usdc_received = (shares_burned × NAV) / total_shares

Example: 1,000 shares burned from a fund with 12,000 USDC NAV and 10,000 total shares → 1,200 USDC (20% gain).

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Keystone Alpha Fund — NAV

NAV = idle USDC in fund wallet + (jitoSOL balance × SOL price) + USDC in Marginfi lending

Example: 5,000 USDC + (50 jitoSOL × $100) + 3,000 in Marginfi = 13,000 USDC

Lending-Aware NAV

During fee collection, the fund reads the actual Marginfi lending balance (principal + accrued interest) from on-chain state:

real_lending_balance = asset_shares × asset_share_value

This ensures performance fees are computed on actual lending yield, not just the tracked principal.

Query

const fund = await program.account.fundState.fetch(fundPda);
const usdcBal = await connection.getTokenAccountBalance(fund.fundUsdc);
const solBal = await connection.getTokenAccountBalance(fund.fundJitosol);
const solPrice = await getPythPrice();

const nav = usdcBal.value.uiAmount
  + (solBal.value.uiAmount * solPrice)
  + (fund.usdcDepositedLending.toNumber() / 1e6);

NAV Components

Component	Yield-Bearing	Notes
Idle USDC (fund wallet)	No	Counts against utilization
USDC in Marginfi lending	Yes	~3–5% APY
jitoSOL	Yes	~5.8% APY from staking rewards

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Keystone Neutral Fund — NAV

Idle (no position open):

NAV = idle USDC

Standard basis (positive funding):

NAV = idle USDC + (jitoSOL deposited × SOL price) + cumulative funding earned

Reverse basis (negative funding):

NAV = USDC collateral (from jitoSOL borrow) + cumulative funding earned

Example (standard basis): 10,000 idle + (450 jitoSOL × $200) + 2,000 funding = 102,000 USDC

Query

const fund = await program.account.basisFundState.fetch(fundPda);
const usdcBal = await connection.getTokenAccountBalance(fund.fundUsdc);
const solPrice = await getPythPrice();

let nav: number;
if (fund.reversePositionOpen) {
  nav = (fund.usdcCollateralPosted.toNumber() / 1e6)
    + (fund.totalFundingEarned.toNumber() / 1e6);
} else {
  nav = usdcBal.value.uiAmount
    + ((fund.jitosolDeposited.toNumber() / 1e9) * solPrice)
    + (fund.totalFundingEarned.toNumber() / 1e6);
}

NAV Components

Component	State	Yield-Bearing	Notes
Idle USDC	All states	No	Pre-deployment buffer or post-close holdings
jitoSOL held in fund	Standard basis	Yes	Earning staking rewards; remainder after USDC collateral split
USDC collateral on Jupiter Perps	Standard basis	No	Held as collateral for SOL-PERP short
USDC collateral (from jitoSOL borrow)	Reverse basis	No	Held as Jupiter Perps margin for SOL-PERP long
Cumulative funding carry	Active position	Yes (accrued)	Carry delta computed from Jupiter Perps position account each settle interval

Capital utilization = (NAV - idle_USDC) / NAV. A fully deployed fund targets approximately 90–95%; a 5% USDC buffer is retained for gas and edge-case withdrawals.

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See Utilization Metrics for SDK helpers and monitoring thresholds.