Exposure Analysis

Gross exposure is the sum of the absolute value of every long and short position — it measures total market risk regardless of direction. Net exposure is longs minus shorts, and measures directional bias. A fund can run high gross exposure while staying market-neutral on a net basis.

Fiat and stablecoin balances are excluded from long, short, gross, and net exposure because they carry no market risk. They still count toward total NAV and are reported separately as a cash percentage, so a large stablecoin reserve does not inflate or distort the risk figures.

Top-1 concentration is the largest single position as a percentage of gross exposure; HHI sums the squared weight of every position. Both rise when a small number of names dominate the book, meaning a single-name shock can drive most of the fund's P&L rather than risk being diversified across positions.

Venue concentration is a distinct risk from asset concentration: a well-diversified book held entirely on one exchange still carries full counterparty and withdrawal risk to that single venue. Spreading exposure across multiple exchanges and self-custody reduces single-venue failure risk.

Yes — if you leave NAV blank, the tool derives an approximate NAV from the sum of your positive position values so gross leverage and net/NAV are still shown, clearly labeled as derived rather than your official NAV.