Risk & performance

What the levered book earns, and how close it is to being liquidated, on one screen.

Open Risk and performance when you want to know what a yield actually cost you in risk.

What you can answer with it

How levered the book is overall, and what it is returning.
Whether any position is close enough to a liquidation to need attention today.
Which protocols, chains and assets the returns are actually coming from.

The Portfolio Analytics page is the shorter version of why that matters.

The headline metrics

Three figures: the book’s overall leverage, the annualised return, and a count of positions at risk. Total debt over total collateral across every position is what the leverage figure is. Two of the three carry a caveat worth knowing before you quote them.

The annualised figure scales the period you are looking at up to a year, so a short period amplifies whatever happened in it. A strong fortnight annualises into a number that would be remarkable if it held, and usually it does not. For a period of a few weeks, the dollar figure underneath is the more honest one to repeat.

The at-risk count uses a health factor of 1.1 rather than 1.0. Liquidation happens at 1.0, so a count that only picked up positions already below it would be reporting liquidations rather than warning about them. The gap between the two is the margin you get to act in.

The income breakdown

Net income grouped by protocol, chain or asset, with income earned, the cost of the debt held against it, and rewards recorded outside the position itself all in one place. The cost of carrying debt shows as a negative bar rather than being quietly netted away.

The three groupings answer three different questions. By protocol tells you which venue is actually paying. By chain tells you what you are exposed to for that yield. By asset tells you which positions are carrying the book. It is worth looking at all three before drawing a conclusion, because a return that looks broad by asset is quite often one protocol wearing a disguise.

The per-market table

One row per market, filterable and sortable, and each row opens to show the individual asset and debt legs inside it. The columns are what you would expect: protocol, balances, collateral, debt, returns, yields and the two loan-to-value ratios.

Four things on it you would not guess. A red sync mark means that row’s data is not current, so treat everything on it as stale until it clears. An asterisk on a live yield means a manual adjustment has been applied to that position. A health factor showing 10.000 has hit a display ceiling rather than a measurement, so it means comfortably safe rather than exactly ten. And the protocol’s own symbol for an asset sits beside ours, because protocols rename things and a position you cannot find is usually one filed under a name you were not looking for.

Reading a health factor

The health factor is the standard measure lending protocols use for how close a position is to being liquidated, weighing collateral against debt after each asset’s liquidation threshold is applied. Below 1.0 the position can be liquidated. That meaning is the same across protocols, which is what makes it worth putting on a dashboard at all: it means the same thing to you, to your risk committee, and to the protocol that would do the liquidating. The table colours it in bands from critical, below 1.0, up to very safe above 2.0.

Where a health factor cannot be established, it shows as unknown rather than being given a number. A position with collateral and nothing borrowed against it has nothing to liquidate and falls into that case, so an unknown here is not automatically something to worry about. What it does mean is that the row is not making a claim about safety, and a made-up health factor would be worse than an honest gap.

Portfolio, for the composition of the book these positions sit in.
DeFi Markets, for the same risk vocabulary applied to markets you are not in yet.