> For the complete documentation index, see [llms.txt](https://docs.kpk.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.kpk.io/funds/infrastructure/core-concepts/nav.md).
# NAV
The **Net Asset Value (NAV)** is the **total USD value of all assets held by the fund across every chain**. It is the basis for pricing shares and for the amounts exchanged during subscriptions and redemptions.
## NAV is computed onchain
Each chain has its own **NAV Calculator** contract, which:
* Reads the Portfolio Safe's portfolio balances directly from token contracts or via **balance adapters** (for positions not held as plain ERC-20 tokens).
* Prices those balances using **price feeds** (Chainlink, Redstone, API3, or custom composite feeds).
* Produces a chain-local NAV, **normalized to 8 decimals**.
An offchain worker aggregates the per-chain NAV values into a single global NAV. This hybrid model combines transparent onchain valuation with consistent multichain accounting. For the full contract reference, see [Onchain Accounting](/funds/infrastructure/onchain-accounting.md).
## From NAV to a settlement price
The `kpkShares` contract does **not** read NAV itself. Instead, when an operator settles a batch of requests, they pass a **share price** — the global NAV divided by circulating supply — into `processRequests(...)`. That price is denominated in **normalized USD units (8 decimals)** and is used to convert between assets and shares for every request in the batch.
After a successful settlement, the contract stores the price as the **last settled price** for that asset:
```solidity
// last settled price per share, in 8-decimal USD; 0 if never settled
function getLastSettledPrice(address asset) external view returns (uint256);
```
The last settled price has two uses:
* It backs `previewSubscription` / `previewRedemption` when callers pass `sharesPrice = 0`, so integrators can estimate amounts without sourcing a live price (reverts `NoStoredPrice` if none exists yet).
* It anchors the **price-deviation guard** below.
## Price-deviation guard
To contain operator error or manipulation, each settlement price is checked against the last settled price for that asset:
```
deviationBps = abs(newPrice - lastPrice) * 10_000 / lastPrice
```
If the deviation exceeds **3000 bps (30%)**, `processRequests` reverts with `PriceDeviationTooLarge`. The first settlement for an asset has no prior price and is therefore not checked.
{% hint style="warning" %}
A NAV reading should only be used for subscriptions/redemptions when it is **complete** — for example, when no cross-chain transfer is mid-flight. See [Bridging](/funds/infrastructure/core-concepts/bridging.md) and [Calculate share price](/funds/integration/calculate-share-price.md).
{% endhint %}
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