Proof of reserves

Testnet

Your USDC sits in a vault contract on Hyperliquid, not in an exchange wallet. Every 15 minutes the exchange commits to every user’s claim in a Merkle root and anchors it in the vault. Check your own leaf here, in your browser, and keep the proof: it is your way out.

Verify my balance

Status

Fully backed

HyperCore height 721999407

Vault USDC

$745.35

vs $745.35 user claims

Newest anchored pin

…

epoch 202 · pinned at #48028

Roots anchored

152 / 212

latest pin #48028

Reserves

The vault's USDC on HyperCore, against everything the exchange owes its users.

Hyperliquid testnet

Fully backed

Vault balance

$745.35

on HyperCore

User claims

$745.35

at journal #48032

Surplus

$0.00

balance − claims

Claims backed by vault USDCCoverage 100.00%

ClaimsExactly covered

Vault observation: HyperCore height 721999407 · journal #47937 · …
Reconciliation: Matched ledger
Ledger moved since: Nothing: the observation is current
Vault contract: 0xa42a73…0f2aab

Latest root anchored on HyperEVM

Epoch: 202 Posted
Pinned position: #48028
Root: 0x5adef5…de2cb8
Vault's solvency flag: Solvent · balance 745.35 USDC
Transaction: 0x8477e4…542cbf
EVM block / L1 height: 66181370 / 722084307

Claims are at the journal tip; the balance is from the last vault observation. Both are public reads. Why can a small shortfall appear?

Latest commitment

The newest Merkle tree of every user's claim, pinned by the exchange.

Anchored · epoch 202

Journal position

#48028

Leaves

User claims

$745.35

Merkle root

0x5adef5f70f3eb44b6e0da2752591ff22ca5ba1508ecdfd1953748fafc5de2cb8

Pinned: 2026-10-06 12:58 UTC · …
Next pin (expected): …
Cash claims: $745.35
Pending withdrawals: $0.00
In-flight payouts: $0.00
Unclaimed deposits: 0.00 USDC
On chain: Anchored · epoch 202

Verify my balance

Fetch your own leaf and its Merkle proof, and check it here in your browser.

Connect your wallet

Your proof is private: only your wallet, or its trading key, can read it. Enabling trading creates a browser key that signs reads silently.

Pinned roots

212 pinned roots · 152 anchored on HyperEVM

1 / 11

Position	Pinned (UTC)	Root	Leaves	User claims	On chain	Transaction	EVM block
#48028	Oct 06 12:58	0x5adef5…de2cb8	12	$745.35	Anchored · epoch 202	0x8477…2cbf	66181370
#48013	Oct 06 12:43	0x0eb4c3…ee8324	12	$745.35	Anchored · epoch 201	0x3356…b69c	66180430
#47998	Oct 06 12:28	0xc46a38…a28331	12	$745.35	Anchored · epoch 200	0xfdce…71df	66179549
#47983	Oct 06 12:13	0xc324a6…0ac13d	12	$745.35	Anchored · epoch 199	0xf724…ed0e	66178608
#47951	Oct 06 11:42	0xe11e85…6ee518	12	$745.35	Anchored · epoch 198	0x7dc9…2fd7	66177727
#47921	Oct 06 11:27	0xc95c70…c757e6	12	$745.35	Anchored · epoch 197	0x3f13…f286	66177662
#47719	Oct 06 11:12	0x4f5be6…9a6653	12	$747.35	Not anchored	—	—
#47527	Oct 06 10:56	0x5c0827…a455c4	12	$745.35	Not anchored	—	—
#47330	Oct 06 10:41	0x894fe2…ffc804	12	$745.35	Not anchored	—	—
#47138	Oct 06 10:26	0xea7716…acfcda	12	$745.35	Not anchored	—	—
#46943	Oct 06 10:11	0x2cf753…666a22	12	$747.35	Not anchored	—	—
#46750	Oct 06 09:56	0xa13bd2…60f724	12	$745.35	Not anchored	—	—
#46553	Oct 06 09:41	0xcaaf64…203bf0	12	$745.35	Not anchored	—	—
#46362	Oct 06 09:26	0x8cc2f9…17d0df	12	$745.35	Not anchored	—	—
#46163	Oct 06 09:11	0xd8e956…82f3c8	12	$747.35	Not anchored	—	—
#45970	Oct 06 08:56	0xfaf539…df5e7f	12	$745.35	Not anchored	—	—
#45773	Oct 06 08:41	0xff8fc6…1282cc	12	$745.35	Not anchored	—	—
#45582	Oct 06 08:26	0x07b26a…962f75	12	$745.35	Not anchored	—	—
#45393	Oct 06 08:11	0xc411cc…dca646	12	$747.35	Not anchored	—	—
#45208	Oct 06 07:56	0x862387…682ed3	12	$745.35	Not anchored	—	—

#48028Anchored · epoch 202
2026-10-06 12:58 UTC$745.35 · 12 leaves
Root0x5adef5…de2cb8
Tx 0x8477…2cbf
#48013Anchored · epoch 201
2026-10-06 12:43 UTC$745.35 · 12 leaves
Root0x0eb4c3…ee8324
Tx 0x3356…b69c
#47998Anchored · epoch 200
2026-10-06 12:28 UTC$745.35 · 12 leaves
Root0xc46a38…a28331
Tx 0xfdce…71df
#47983Anchored · epoch 199
2026-10-06 12:13 UTC$745.35 · 12 leaves
Root0xc324a6…0ac13d
Tx 0xf724…ed0e
#47951Anchored · epoch 198
2026-10-06 11:42 UTC$745.35 · 12 leaves
Root0xe11e85…6ee518
Tx 0x7dc9…2fd7
#47921Anchored · epoch 197
2026-10-06 11:27 UTC$745.35 · 12 leaves
Root0xc95c70…c757e6
Tx 0x3f13…f286
#47719Not anchored
2026-10-06 11:12 UTC$747.35 · 12 leaves
Root0x4f5be6…9a6653
#47527Not anchored
2026-10-06 10:56 UTC$745.35 · 12 leaves
Root0x5c0827…a455c4
#47330Not anchored
2026-10-06 10:41 UTC$745.35 · 12 leaves
Root0x894fe2…ffc804
#47138Not anchored
2026-10-06 10:26 UTC$745.35 · 12 leaves
Root0xea7716…acfcda
#46943Not anchored
2026-10-06 10:11 UTC$747.35 · 12 leaves
Root0x2cf753…666a22
#46750Not anchored
2026-10-06 09:56 UTC$745.35 · 12 leaves
Root0xa13bd2…60f724
#46553Not anchored
2026-10-06 09:41 UTC$745.35 · 12 leaves
Root0xcaaf64…203bf0
#46362Not anchored
2026-10-06 09:26 UTC$745.35 · 12 leaves
Root0x8cc2f9…17d0df
#46163Not anchored
2026-10-06 09:11 UTC$747.35 · 12 leaves
Root0xd8e956…82f3c8
#45970Not anchored
2026-10-06 08:56 UTC$745.35 · 12 leaves
Root0xfaf539…df5e7f
#45773Not anchored
2026-10-06 08:41 UTC$745.35 · 12 leaves
Root0xff8fc6…1282cc
#45582Not anchored
2026-10-06 08:26 UTC$745.35 · 12 leaves
Root0x07b26a…962f75
#45393Not anchored
2026-10-06 08:11 UTC$747.35 · 12 leaves
Root0xc411cc…dca646
#45208Not anchored
2026-10-06 07:56 UTC$745.35 · 12 leaves
Root0x862387…682ed3

“Check the vault” reads the vault contract’s epoch(n) straight from the public HyperEVM testnet RPC in your browser, without going through Azumi. No HyperEVM testnet block explorer serves pages today, so transactions are shown as hashes to copy.

How it works

1
Pin
Every 15 minutes the exchange builds a Merkle tree of every user's claim at one journal position, and pins it. The tree is a pure function of the journal: anyone with the journal can rebuild it.
2
Anchor
A root poster posts each pin's root, leaf count and sums to the vault contract on HyperEVM, with the vault's own HyperCore balance. The contract records it as an epoch.
3
Verify
You fetch your own leaf and proof with a signed read. Your browser checks the proof against the root, and the root against the vault contract.
4
Exit
If roots stop arriving for long enough, anyone can open the vault's escape hatch on the newest root. You then call exit(leaf, proof) on the vault and are paid without the exchange.

What a leaf holds

Your address, your account id, your claim, your pending and in-flight withdrawals, your completed payouts, three flags and a salt. A deposit not yet claimed gets its own suspense leaf.

What the claim covers

Cash only: max(cash, 0). Open positions are a flag, not a value. A position’s worth is not in the tree.

Limits, plainly

Proofs carry sibling hashes. The salt stops a neighbour’s claim from being guessed against them, so never share a salt.
Accounts the operator opened, and unclaimed deposits under one micro-dollar, are in no leaf.
A root not yet anchored is only the exchange’s word: two users could be shown different roots at one position. Check anchored roots.
The vault’s solvency flag is lenient by in-flight payouts. The headline above is the exchange’s exact check.
This is testnet. The USDC is Hyperliquid testnet USDC.