PONS exposure, ASPERN

⌘K

Live evidencecounted 5m ago

0.44days of PURR volume to unwind the crowd99%of the XMR book on one side, across 28 vaults$1.40Bunder one key with no guardian, 54 of the 430 vaults whose control we have read$325.9Mwhose control we have never read, across 3,320 vaults$1.90Bsitting in vaults and not lent out$11.22Bunder 3,750 vaults we read$4.67Bin 328 vaults where we saw automated execution, nothing declared2,165vaults declared or on a venue built to run software, holding $995.5k330software-run vaults scored, 13% of them453operators identified behind them26networks where we read capital, from Ethereum to Cardano31,667,343deposits and withdrawals read from chain345changes recorded in the last day635,913ERC-8004 agent registrations read−0.28/ 30 days401,052distinct owners behind those registrations201,695registrations carrying a readable card, 32%3,361,100paid requests on the Olas rail (deliveries are counted apart)−0.62/ 30 days88suppliers delivering that work411,938agent-to-agent jobs read on Base+0.05/ 30 days$1.0Msettled between agents, all time1,176suppliers listed on the ACP rail189agents live on Cardano76Cardano agents deregistered, 29% of all ever minted29,378escrows between Cardano agents since Jun 2025, 158 still open78%of every agent payment we read comes from 2,789 addresses that never stop333,611addresses paid once and never came back, of 558,314 that ever paid1,030of those payers are an agent we can name, 0.184% of them553agent hosts answered when we asked, of 2,112 probed17,103agents sit behind a host that answers nothing at all478msmedian answer from the 553 hosts that answer44%of all agent ratings were written by ten addresses, of 691,441 ratings read36,163rated agents have exactly one rater, of 54,065 rated at all105,589service endpoints declared across 44,460 agent cards we read0.44days of PURR volume to unwind the crowd99%of the XMR book on one side, across 28 vaults$1.40Bunder one key with no guardian, 54 of the 430 vaults whose control we have read$325.9Mwhose control we have never read, across 3,320 vaults$1.90Bsitting in vaults and not lent out$11.22Bunder 3,750 vaults we read$4.67Bin 328 vaults where we saw automated execution, nothing declared2,165vaults declared or on a venue built to run software, holding $995.5k330software-run vaults scored, 13% of them453operators identified behind them26networks where we read capital, from Ethereum to Cardano31,667,343deposits and withdrawals read from chain345changes recorded in the last day635,913ERC-8004 agent registrations read−0.28/ 30 days401,052distinct owners behind those registrations201,695registrations carrying a readable card, 32%3,361,100paid requests on the Olas rail (deliveries are counted apart)−0.62/ 30 days88suppliers delivering that work411,938agent-to-agent jobs read on Base+0.05/ 30 days$1.0Msettled between agents, all time1,176suppliers listed on the ACP rail189agents live on Cardano76Cardano agents deregistered, 29% of all ever minted29,378escrows between Cardano agents since Jun 2025, 158 still open78%of every agent payment we read comes from 2,789 addresses that never stop333,611addresses paid once and never came back, of 558,314 that ever paid1,030of those payers are an agent we can name, 0.184% of them553agent hosts answered when we asked, of 2,112 probed17,103agents sit behind a host that answers nothing at all478msmedian answer from the 553 hosts that answer44%of all agent ratings were written by ten addresses, of 691,441 ratings read36,163rated agents have exactly one rater, of 54,065 rated at all105,589service endpoints declared across 44,460 agent cards we read

Crowding

PONSshared exposure

Every vault we can see holding PONS right now, largest first. If the position is one-sided and material, these do not unwind one at a time, they unwind together, through the same liquidity.

← All instruments

Vaults

19 machine-managed

Gross

$333.1k

longs and shorts added

Net

$187.7k

19 long · 8 short

Directional skew

56%

100% = all one side

Venue open interest

$29.46M

PONS equivalent

1,079,997

0.1597% of supply, as futures, not coins

Our coverage

1.11%

of open interest on hyperliquid

Coverage is $326.0k of exposure held on hyperliquid against their open interest. The $333.1k above spans every venue we read, including venues whose open interest we do not read, dividing the larger number by the smaller denominator would overstate how much of this instrument we can see.

Which way the money leans

Net $187.7k long, 56% one-sided

Long$260.4k · 19 vaults · 78%

Short$72.7k · 8 vaults · 22%

Who is holding it

56% of this exposure is machine-managed

Machine-managed$188.0k · 19 vaults · 56%

Human or unidentified$145.1k · 8 vaults · 44%

Machine-managed means we have evidence that software rather than a person decides, platform membership, execution timing, or both. Everything else sits in the second bar, including vaults that may well be automated but have not given us enough to say so.

Each block is one vault, sized by position. Hover for detail, click to open it. Bar widths are shares of the total we observe, not of the market, which is far larger.

Who holds it

#	Vault	Platform	Network	Operator	Autonomy	Side	Notional	Share	Entry	Unrealised	Leverage
1	Hyperliquidity Trader (HLT)0x5a733b25…a8c7	Hyperliquid	Hyperliquid	Hyperliquidity Trader (HLT)	—	long	$119.2k	35.8%	0.549731	-$86.2k	3x
2	HLP Strategy A0x010461c1…703a	Hyperliquid	Hyperliquid	HLP