Notional Hedged = total value locked in via Kraken mirrors. Premium = spread + fees paid for execution. Premium Rate = cost of insurance as % of protected value.

All line items use the same accounting period. Revenue = realized spread capture + hedge round-trips. Costs = execution fees + KMM swing trading.

Each fill measured vs Kraken oracle at execution time. Positive bps = executed better than market.

Effective = quoted spread at fill time. Realized@T = spread surviving after T seconds of market reaction (Hasbrouck). Adverse selection cost = effective − realized. The gap is what gets eaten by traders with information advantage. Volume-weighted revenue tells you what actually accumulates as cash — divergence from effective × volume is the dashboard's historic overstatement.

Cost basis is lifetime VWAP across ALL buy fills including seeded cold-storage deposits — the bot's blended entry cost on tokens currently held. MTM = balance × (current mid − basis). This is the "coin shop owner's safe value vs purchase cost" — separate from the daily MM spread business. Wallet ΔNAV = MM Alpha + Hedge + Inventory MTM.

KMM P&L = directional trading profit - fees. BB-based entries at support/resistance with VWAP cost basis awareness.

Realized = matched buy/sell round-trip profit. Unrealized = open position marked to current Kraken mid. Different from spread capture (which measures execution quality vs oracle).