Utilization Metrics

Both funds expose read-only view helpers that quantify capital deployment efficiency. These are pure computations — no on-chain state changes, no CPI calls.

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Keystone Alpha Fund

Capital Utilization

What share of NAV is in yield-bearing form?

Capital Utilization = (USDC in lending + jitoSOL value) / NAV
                    = 1 - (idle wallet USDC / NAV)

Value	Interpretation
0%	All NAV is idle USDC — no capital deployed
~50%	Half deployed (e.g., only lending active, no jitoSOL)
~100%	Fully deployed across lending and jitoSOL

Idle wallet USDC is the only non-productive component. USDC in Marginfi lending and jitoSOL are both considered deployed.

Target Alignment

How closely does the current allocation match the strategy's target at the current SOL price?

Target Alignment = 1 - |current_sol_bps - target_sol_bps| / 10,000

Value	Interpretation
100%	Current allocation exactly equals the DCA target
~80%	Small drift (~200 bps) — corrected at next rebalance
< 50%	Large drift — rebalance is overdue or blocked by circuit breaker

The target is computed from calculate_target_sol_bps(sol_price) — the same function used during rebalancing — so this reflects the live market signal.

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Keystone Neutral Fund

Capital Utilization

What share of NAV is deployed in the delta-neutral strategy?

Capital Utilization = (NAV - idle USDC) / NAV
                    = (jitoSOL value + cumulative funding) / NAV

Value	Interpretation
0%	Position closed — all capital is idle USDC
~90–95%	Fully deployed — consistent with the 95% deployment target in deploy_capital
100%	No idle USDC (atypical)

A 5% USDC reserve is maintained intentionally for gas and edge-case withdrawals.

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On-Chain Helpers

// Keystone Alpha Fund
fund_state.calculate_capital_utilization_bps(usdc_wallet, nav) -> u64
fund_state.calculate_target_alignment_bps(sol_price) -> u64

// Keystone Neutral Fund
fund_state.calculate_capital_utilization_bps(usdc_balance, nav) -> u64

Return values are in basis points (0–10,000). Divide by 100 for a percentage.

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TypeScript SDK

import {
  calculateAlphaCapitalUtilization,
  calculateAlphaTargetAlignment,
  getAlphaFundUtilization,
  calculateNeutralCapitalUtilization,
  getNeutralFundUtilization,
} from "./scripts/calculations/utilization";

// Alpha Fund
const util = getAlphaFundUtilization(navBreakdown, currentSolBps, targetSolBps);
console.log(util.capitalUtilizationPct);  // e.g. 82.5
console.log(util.targetAlignmentPct);     // e.g. 96.0
console.log(util.idleUsdcPct);            // e.g. 17.5

// Neutral Fund
const neutralUtil = getNeutralFundUtilization(navBreakdown);
console.log(neutralUtil.capitalUtilizationPct); // e.g. 93.1
console.log(neutralUtil.idleUsdcPct);           // e.g. 6.9

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status.ts Output

--- Utilization ---
Capital Utilization: 84.20%  (lending + jitoSOL vs idle wallet USDC)
Target Alignment:    97.50%  (current SOL% vs DCA target)
  ↳ USDC in lending: 32.10% of NAV
  ↳ jitoSOL value:   52.10% of NAV