> For the complete documentation index, see [llms.txt](https://takes.gitbook.io/takes-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://takes.gitbook.io/takes-docs/concepts/nav-and-tvl.md). # NAV and TVL **NAV** is the backing value per token. **TVL** is the total backing value, rather than the larger leveraged position size. ``` NAV per token = backing value ÷ token supply ``` If 500 tokens share 1,000 USDC of backing, NAV is 2 USDC. A 2× strategy may target 2,000 USDC of positions while its TVL remains 1,000 USDC. Trading gains and losses, funding, exchange fees, and other account costs change backing value. Idle USDC also contributes to it. ## Displayed value and settlement The token page uses the latest recorded NAV. Live positions and charts can update at different times. A displayed value is not a guaranteed mint or redemption quote. During processing, funds and supply change at different steps. Takes adjusts displayed NAV for deposits already credited and redemptions already withdrawn, so those steps do not count the same exposure twice. The custody total also includes pending deposits, transfers, claimable USDC, and accrued fees. It is different from TVL. For exact settlement calculations, see [Accounting model](/takes-docs/technical-design/accounting-model.md#accounting-model). For missing or delayed values, see [Data and history](/takes-docs/technical-design/indexing-and-data.md#data-and-history). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://takes.gitbook.io/takes-docs/concepts/nav-and-tvl.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.