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Product 03 / Risk & Exposure

Your real exposure,under every wrapper.

An LP token, a vault share or a receipt is a claim on other tokens, often several layers deep. Syncrone unwraps each one down to the last token at every block, with the rates at that block, so exposure by asset, protocol and chain is what you actually hold, and how it moved over time.

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Look-through
LP tokens, receipts, vault shares, PTs
Depth
The whole tree, down to every leaf
History
Every block, with its rates
Leverage
Gross against NAV, over time
Views
Asset · protocol · chain · wallet
§ 01 · Look-through

Four tokens held.Three assets underneath.

A vault share, a principal token, a staking receipt and an LP position say little about risk on their own. Unwrapped, they become what the fund is really exposed to: the markets a vault lends into, the asset behind a PT, the ETH behind a receipt.

Exposure · Sample Fund I · block 26,103,600
PositionsWrapped tokens
USDC PrimeMorpho vault share$12,410,092
  • Market USDC / wstETHLLTV 86% · 5.1% supply$5,708,642
    • USDClent, wstETH collateral$5,708,642
  • Market USDC / cbBTCLLTV 86% · 4.6% supply$3,847,129
    • USDClent, cbBTC collateral$3,847,129
  • Market USDC / PT-sUSDeLLTV 91.5% · 6.2% supply$2,233,817
    • USDClent, PT collateral$2,233,817
  • Idlenot allocated$620,504
    • USDC$620,504
PT-sUSDePendle principal token$9,742,880
  • SY-sUSDe8.4% implied$9,742,880
    • sUSDeEthena$9,742,880
      • USDe$9,742,880
wstETHLido receipt$17,609,783
  • stETH2.9% staking$17,609,783
    • ETH$17,609,783
ETH/USDC LPUniswap v3 position$3,204,118
  • WETHin range$1,712,406
    • ETH$1,712,406
  • USDCin range$1,491,712
Exposure by token heldShare of these positions
  • wstETH$17,609,78341.0%
  • USDC Prime$12,410,09228.9%
  • PT-sUSDe$9,742,88022.7%
  • ETH/USDC LP$3,204,1187.5%

Four tokens, none of which is an asset the fund is actually exposed to.

Fig. 1·A vault share, a principal token, a staking receipt and an LP position, unwrapped to the tokens underneath. Sample data.

Touring · as held, then look-through
§ 02 · Capabilities

Exposure to what you hold,not to what wraps it.

  1. 01

    Unwrapped to the last leaf

    LP tokens, receipt tokens, vault shares and principal tokens are opened layer by layer until only plain tokens are left. A vault that holds another vault is followed all the way down, and every node of the tree is kept.

    • LP · receipt · vault · PT
    • The full tree, node by node
  2. 02

    At every block, with its rates

    The tree is rebuilt from the contracts at each block, with the supply, borrow and staking rates at that block. Last month's exposure is what you held last month, not today's split applied backwards.

    • Block by block
    • Rates at each layer
  3. 03

    Net and gross, by underlying

    Exposure by asset, protocol, chain and wallet, as a share of NAV, with what you hold and what you borrowed side by side. The same token held through five protocols counts as one exposure.

    • Long · borrowed · net · gross
    • Share of NAV
  4. 04

    Leverage, tracked

    Gross exposure against NAV, every day. A borrow loop or a leveraged vault shows up as leverage, not as more assets, and you can see when it was opened and when it was unwound.

    • Gross / NAV over time
    • Net against gross
  5. 05

    Every exposure to its source

    Pick an asset and see the positions, protocols and wallets that create it. From the fund's ETH exposure to the vault, the market and the wallet behind each part of it.

    • Source of each exposure
    • Down to the position
  6. 06

    Over time, not as a snapshot

    Composition by underlying, protocol and chain for any date since inception, so a change in risk shows up when it happened, and not at the next report.

    • Any date since inception
    • Same engine as NAV
§ 03 · Exposure over time

What you held, day by day.And how levered it was.

Net exposure by underlying, rebuilt from the look-through at each day's block, and gross exposure against NAV underneath. A loop opened in August shows up as leverage the day it happens.

Exposure · Sample Fund I · last 90 daysLook-through at each day's block
USDCETHUSDeBTCOther
$20M$40M$60M$80MLeverage · gross / NAV1.0×1.1×1.2×Loop openedPartly unwound3 Jul1 Aug1 Sep30 Sep
30 Sep 2026Latest
Other
$11,395,147
BTC
$8,096,215
USDe
$9,742,880
ETH
$21,377,062
USDC
$26,814,330
Net exposure
$77,425,634
Gross exposure
$87,295,634
Leverage
1.13×

Fig. 2·Net exposure by underlying over 90 days, and leverage as a borrow loop opens and is partly unwound. Sample data.

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“Syncrone’s risk monitoring platform is indispensable for every digital‑asset manager; it keeps us a step ahead of any threat that could impact NAV or performance while delivering the clarity and control other providers can’t match.”

Pedro CerdeiraGeneral Partner · 3Comma Capital
§ 04 · Who uses it

Read by the peoplewho sign off on it.

§ 05 · In practice

How it worksin practice.

What does look-through mean here?

Every token that is a claim on other tokens, such as an LP token, a vault share, a receipt or a principal token, is replaced by the tokens it holds, layer after layer, until only plain tokens remain. Exposure is measured on those.

How far back does exposure go?

To each wallet's first transaction. The look-through is rebuilt at each block from the contracts, with the rates of that block, so past exposure is what it really was.

Do you monitor health factors and liquidation risk?

Not yet as a monitored metric. The positions, collateral and rates behind them are already indexed at every block, so health ratios are next on the list.

What about exchange and custodian accounts?

Holdings off-chain can be entered as manual positions, so they count in exposure and NAV next to everything on-chain.

§ 06 · The rest of the platform

One engine.Every view of the same book.

Risk & Exposure

See what youreally hold.

Book a demo to see your own book unwrapped to the last token, by asset, protocol and chain, and how its exposure and leverage moved over time.

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