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 The separate 3x target at scale that sat beside it was withdrawn on 28 July 2026.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. For reference, sUSDe currently realizes 4.42% on $1.40B staked (staked total per DefiLlama), per DefiLlama's published data.
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 (currently 103.6%) 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 absorbs losses from negative funding rate periods and market dislocations, protecting depositor principal. It is held in a separate multisig. It is not part of the PSM primary backing ratio, but it is counted in aggregate collateralization.
$1,149 aggregate backing 1,109.71 kUSD outstanding (103.6%), from /api/por, as of Aug 16, 05:17 UTC.
WETH legs priced via the /api/por oracle read, as of Aug 16, 05:17 UTC (live CoinGecko price not yet available in this browser).
| Asset | Allocation | Value (USD) | % of Total |
|---|---|---|---|
 PSM Reserves (USDC, redeem reserve + live mint PSM, back kUSD 1:1) | 1,110.89 USDC | $1,111 | 96.7% |
 Vault On-Chain Collateral (WETH) | 0.0061 ETH | $11.55 | 1.0% |
| Vault Off-Chain Hedge (CEX) | ... | $0.00 | 0.0% |
| Vault L1 Assets (Hyperliquid) | 0.0142 ETH | $26.70 | 2.3% |
 Vault Hedging Reserve | ... | $0.00 | 0.0% |
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 ($1,111, from /api/por, as of Aug 16, 05:17 UTC) 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.
The ladder is set on chain, not in this page. A mint below the first threshold pays the 10 bps base rate; larger mints pay less. Capacity above is the same subtraction the endpoint publishes as capHeadroom.
| 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 |
