The whole position.
A clear view of what is held, what is hedged, and what is still in motion. Follow the accounting from request to settlement.
A vault should show its working. Available cash. Reported strategy value. Pending requests. The hedge. Each number has a source, a timestamp, and a limit.
01
Pending deposits remain reserved until a fresh NAV report allows settlement.
02
Reported strategy value is shown separately from cash held inside the vault.
03
Realized performance fees, buybacks and burns follow their own onchain records.
Cash inside the vault and capital with the strategy custodian are different balances. SPREADWORK keeps that distinction visible.
01 / A request enters the queue. Reserved assets wait for settlement.
02 / The operator coordinates spot and hedge positions, then reconciles them.
03 / Fresh reporting enables settlement. Redemptions still require available cash.
One operating cycle. Separate responsibilities. The full model is documented.