Reading a coin page
A coin's page shows numbers that don't exist on a normal launchpad. Here's what they mean.
Backing and underlying
Backing is the coin's pair — NVDA 5× long — fixed for its life. Alongside the coin's own price you get the underlying's price and 24h move, which on a hedged coin is the leading indicator: multiply it by the leverage for a rough sense of what's happening to the backing.
Hedge status
The single most important field. A coin is either pure spot — the pool hasn't crossed the ~$11,600 floor, there is no perp position, and only buying and selling move the price — or hedged, meaning a share of its capital sits on Lighter as margin at the coin's leverage.
A coin advertising a pair in its name isn't necessarily hedged yet — below the floor it's a bet on the meme alone. The progress bar shows how close the pool is to activating.
Hedge equity, depth, backing per token
Hedge equity is what the coin's perp position is worth right now. It's the signed value the keeper posts on-chain, not an estimate the front-end invented, and it's the coin's real verifiable treasury.
Pool depth is the WETH sitting under the price, which absorbs sells. The protocol keeps the majority of a coin's capital here on purpose — roughly 70% for a small coin, tapering to about 35% for a large one.
Backing per token is hedge equity divided by circulating supply. It's a reference, not a redemption right: you cannot redeem a coin for its share of the hedge. You exit by selling on the pool like anyone else.
Supply
Circulating supply starts at 1,000,000,000 and only goes down, because buybacks burn to a dead address. Some of the supply is protocol-owned — coin bought back but not burned, redeployed as depth. It's in the pool working for the coin, not in a wallet waiting to dump.
Reading it together
Underlying up but coin flat usually means the hedge has gained and no buyback has fired yet — the gain is real and sitting in the position. Coin up with no volume means a buyback fired. Depth growing with no buys means margin was recalled from Lighter, usually after sells.
The one worth watching is hedge equity dropping while the price holds: the underlying is going against the coin and the backing is thinning even though the chart looks calm. Price reflects a thin pool and a few buyers; hedge equity reflects the position itself.
Hedge equity comes from the backing LT's NAVOracle — an EIP-712 keeper-signed value with strictly-increasing timestamps, a minNav floor and a 120-second staleness bound. The front reads peekNav(), which doesn't revert; the vault reads latestNav(), which does, on the money path. NAV is posted on movement rather than on a clock — a 5 bps delta or a 600-second heartbeat — and batched fleet-wide through NavBatchRelay, one transaction per sweep. Pool state comes from poolWethValueUsdg and hedgeStartUsdgValue on the launcher; charts and history come from the subgraph.