> For the complete documentation index, see [llms.txt](https://docs.keystonefi.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.keystonefi.xyz/reference/utilization.md).

# Utilization Metrics

Quick derivations of how the ksUSD vault's capital is deployed at any given moment.

> All math is derived from `vault.cached_nav_usdc` plus the position state fields. No on-chain view helpers are required — read the `Vault` account directly.

***

## Buckets

At any point, total NAV decomposes into:

| Bucket            | Source                                                                                     |
| ----------------- | ------------------------------------------------------------------------------------------ |
| Liquidity buffer  | Vault USDC ATA balance — sized to `liquidity_buffer_bps × cached_nav_usdc / 10_000` target |
| Reserve fund      | `reserve_fund_usdc` (productively lent on Kamino)                                          |
| Parked capital    | Kamino USDC reserve via `lend_idle_usdc`                                                   |
| jitoSOL spot leg  | jitoSOL held unlevered (normal basis) — `spot holdings × oracle jitoSOL price`             |
| Perp-venue margin | USDC margin on Phoenix via Ember (normal basis)                                            |
| Perp PnL          | Settled funding + mark-vs-entry PnL on the open position                                   |

***

## Derived ratios

```ts
const buffer        = vaultUsdcAtaBalance;          // off-chain query
const target        = vault.cachedNavUsdc.muln(vault.liquidityBufferBps).divn(10_000);
const bufferUtilBps = Number(buffer.mul(10_000n).div(target.toBigInt()));  // 10_000 = exactly on target

const queuePendingRatioBps = vault.queuePendingUsdc * 10_000n / vault.cachedNavUsdc;
const navPerShare1e9       = vault.cachedNavUsdc * 1_000_000_000n / vault.totalShares;
```

| Ratio                  | What it means                                                                                                                                        |
| ---------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------- |
| `bufferUtilBps`        | Whether the liquidity buffer is fully funded for instant withdrawals. < 9\_000 means the buffer is underfunded; the keeper should park more capital. |
| `queuePendingRatioBps` | Total USDC owed to queued withdrawal requests, as a fraction of NAV. Persistent values > 10% mean the keeper needs to unwind position to free USDC.  |
| `navPerShare1e9`       | Live share price, scaled 1e9. Drifts up with carry; resets to par on first deposit only.                                                             |

***

## When to alert

| Condition                                                                          | Interpretation                                                   |
| ---------------------------------------------------------------------------------- | ---------------------------------------------------------------- |
| `bufferUtilBps < 5_000` for > 1h                                                   | Buffer < 50% of target — instant withdrawals may revert          |
| `queuePendingRatioBps > 1_500` for > 6h                                            | Queue is > 15% of NAV — keeper should accelerate position unwind |
| Perp-venue margin or jitoSOL spot value drifts > 5% from expected per-mode formula | Margin / oracle / settlement issue — investigate                 |

***

## Related

* [NAV & share pricing](/reference/nav-calculation.md) — full NAV formula
* [Monitoring](/for-operators/monitoring.md) — what to watch
* [Withdraw](/keystone-finance/withdraw.md) — instant vs. queued paths