Return Metrics Calculation

Return Metrics Calculation

All calculations are based on the Vault's Exchange Rate, which follows the formula:

Exchange Rate = Collateral Value / Total Vault Tokens Outstanding

The return for any period is calculated as the percentage change in Exchange Rate:

Return = [(Et − Et0) / Et0]

Where:

• Et = Exchange Rate at the later time t

• Et0 = Exchange Rate at the earlier time t0

For more details on how exchange rates are calculated, see the OpenTrade Exchange Rate Documentation.

The API returns the realised return for the desired period (1, 7, 90days etc). The realised return is calculated using the exchange rate at 9.30am on T0 (which reflects the ‘realised’ end of day Collateral Value at T-1).

Worked Example:

If the API is queried for the 1 day & L7 day cumulative returns at 10am Tuesday 9th December 2025, the API will return

1 day cumulative return

• Exchange rates used to calculate 1day: (Dec 9th - Dec 8th) / Dec 8th

• The return number is reflective of the realised return earned on a position on Monday Dec 8th

7 day cumulative return

• Exchange rates used to calculate 7day: (Dec 9th - Dec 3nd) / Dec 3rd

• The return number is reflective of the realised return earned between Tuesday Dec 2nd and Monday Dec 8th