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Unified Hedger Logs Explained

This document explains how to read and interpret the [IDLE] logs generated by the unified_hedger.py system.

Log Structure

A standard log entry looks like this:

[IDLE] BNB | Px: 861.66  | M: 862.1  | B: 863.4  / S: 860.9  | delta: -0.5818(+0.0332) | Adj: +0.01%, Vol: 1.00, Thr: 0.0873 | PnL: -0.04 | TotPnL: -0.04

Fields Breakdown

Field Full Name Description
Px Price The current mid-price of the asset on Hyperliquid.
M Mid-Hedge Price The theoretical price where your Hedge Difference (Diff) would be exactly 0 (Perfect Equilibrium).
B Buy Trigger The price at which the bot estimates it will need to BUY to rebalance (hedge is too heavy).
S Sell Trigger The price at which the bot estimates it will need to SELL to rebalance (hedge is too light).
delta Net Target Delta The total size (in coins) the bot wants to be Short. Value is negative for Short.
Format: Target (Difference)
Example: -0.5818(+0.0332) means target is -0.5818, and you are currently +0.0332 away from it (under-hedged, need to sell).
Adj Adjustment % The Asymmetric Compensation boost applied to the delta. Positive means the bot is "boosting" the short (anticipating downside), negative means it is reducing it.
Vol Volatility Multiplier A factor (1.0 to 3.0) that widens the threshold during high volatility to prevent chop.
Thr Threshold The dynamic trigger distance. If Diff > Thr, a trade occurs.
PnL Unrealized PnL The current PnL of your open position on Hyperliquid.
TotPnL Total PnL The sum of Realized PnL (from closed rebalancing trades) + Unrealized PnL.

Detailed Examples

Example 1: BNB (Stable)

[IDLE] BNB | Px: 861.66  | M: 862.1  | B: 863.4  / S: 860.9  | delta: -0.5818(+0.0332) | Adj: +0.01%, Vol: 1.00, Thr: 0.0873 | PnL: -0.04 | TotPnL: -0.04
  • Status: The bot wants to be Short 0.5818 BNB.
  • Reality: It is currently off by +0.0332 (meaning it has slightly less short than it wants).
  • Action: The difference (0.0332) is smaller than the Threshold (0.0873), so it does nothing.
  • Triggers: If price rises to 863.4 (B), it will Buy. If it drops to 860.9 (S), it will Sell.

Example 2: ETH (Asymmetric Boost)

[IDLE] ETH | Px: 2934.35 | M: 2935.3 | B: 2939.1 / S: 2931.5 | delta: -0.2957(+0.0111) | Adj: -0.35%, Vol: 1.00, Thr: 0.0444 | PnL: 0.05  | TotPnL: -303.71
  • Status: The bot has applied a -0.35% adjustment (Adj) because price is likely near a range edge or moving favorably.
  • Delta: This adjustment reduced the target delta slightly.
  • Safety: The Volatility is low (1.00), keeping the Threshold tight (0.0444).

How Calculations Work

  1. Net Delta: Sum of all Uniswap V3 position deltas + Adj factor.
  2. Diff: Target Delta - Current Hyperliquid Position.
  3. Triggers (B/S): Calculated using the Gamma (rate of change of delta).
    • Gamma tells us "How much does Delta change for a $1 price move?"
    • B = Price + (Threshold + Diff) / Gamma
    • S = Price - (Threshold - Diff) / Gamma
    • Note: These are estimates. In tight ranges, Gamma increases rapidly, so actual trades may happen before these prices are hit.