NAV and Quote Price
NAV per share is an accounting reference. It is not a guaranteed executable price. AP quotes may differ from NAV because they are action-specific, size-specific, time limited, and subject to capacity, policy, and execution constraints.
Core Concepts
| Concept | Meaning |
|---|---|
| NAV per share | Accounting reference value of one vault share based on marked positions, idle pUSD, and liabilities. |
| Quote price | AP-signed executable price for a specific product, action, amount, receiver, deadline, and settlement asset. |
| Exit value | Realized value after quote spread, market depth, execution cost, settlement state, and capacity constraints. |
Why Quote Price May Differ From NAV
- Underlying market depth.
- Stale or partial market data.
- Solver cost and venue execution constraints.
- Quote spread and adverse-selection controls.
- Product-specific capacity limits.
- Pending reconciliation.
- Chain or settlement conditions.
- Product-specific risk controls.
Stale Inputs
If NAV inputs are stale, incomplete, or inconsistent with vault accounting, PMF should fail closed by refusing new quotes rather than allowing flow against potentially incorrect marks. Quote refusal is expected risk-control behavior, not necessarily an outage.
Executability
Only the signed quote defines the executable primary-flow terms. Changing the product, action, amount, receiver, wallet, settlement asset, or deadline changes the trade and requires a new quote.