Loading
What the capital we read is exposed to outside crypto. Held instruments, stablecoin reserves, and the part we have not classified, as separate figures, because they answer different questions.
These are never added together. A tokenised Treasury bill is a claim on a named instrument; a USDC balance is a claim on a stablecoin whose issuer says it holds bills, at a size the issuer chooses and reports on its own schedule. One headline covering both would overstate the named position roughly thirty-fold.
Exposure
Named instruments are a thin slice on purpose: showing them alone would make a rounding error look like a sector.
The same five classes as the ring above, over time. They are stacked because they are mutually exclusive by construction, and they are still never added into one real-world total: a tokenised Treasury bill and a USDC balance differ here by a factor of thirty.
What we read at all: the perimeter. Synthetic exposure, meaning perpetuals on equities, commodities and FX, is indexed at venue level: $93.10M across Ostium and Veranta (formerly Avantis), shown above. It is not part of the capital-held figure and none of it is attributed to an agent: these are the venues’ own open positions, not holdings we can trace to a machine-managed vault.