> 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/onchain-accounting/meta-balance-adapters/gearbox.md).

# Gearbox Markets

One immutable meta-adapter that reports an account's passive-liquidity supply in *any* Gearbox V3 ERC-4626 farming pool. Which pools it queries is a governed instance set on the NAV Calculator; the adapter holds no per-pool state. The borrow side is covered by the sibling [Gearbox Credit Accounts](/funds/infrastructure/onchain-accounting/meta-balance-adapters/gearbox-credit-accounts.md) adapter.

* **Type:** Meta-adapter
* **protocolSubId:** `keccak256("gearbox-v3-markets")`
* **Instance key:** the market (pool) address, widened to `bytes32`
* **Source:** [`GearboxV3MarketsMetaBalanceAdapter.sol`](https://github.com/karpatkey/onchain-accounting/blob/main/src/balances/MetaBalanceAdapters/GearboxV3MarketsMetaBalanceAdapter.sol)

***

## Positions returned

One position per pool the account has shares in.

| Leg         | PositionKind | isDebt  | Description                             |
| ----------- | ------------ | ------- | --------------------------------------- |
| Pool supply | `Supplied`   | `false` | Pool shares converted to the underlying |

A pool returns an empty result when its asset is unregistered, excluded by `assetFilter`, or the converted balance is zero. Merkl rewards are not included.

***

## Balance calculation

<figure><img src="/files/d1cXpzYWQMnjTJfEApDc" alt="Flowchart of the Gearbox Markets balance adapter: read calls derive position legs into PositionBalance entries."><figcaption><p>Gearbox Markets adapter — how the underlying balances reported to the NAV Calculator are derived.</p></figcaption></figure>

```
amount = market.convertToAssets(market.balanceOf(account))
```

`convertToAssets` uses the pool's current share price (reflecting interest accrued from Gearbox credit accounts borrowing the pool's liquidity). The result is denominated in `market.asset()`.

***

## Identity

* **positionId:** `abi.encode(address market)` — the pool address
* **positionKind:** `Supplied`

There is no `labels` field on the position. The adapter implements `positionLabels(positionId)`, which returns `["Market", "<market ERC20 name()>"]` from the market's on-chain name — surfaced only by the verbose reads (`getAccountPositionsVerbose` / `getAccountNavVerbose`); the full breadcrumb is `[protocolName, ...labels]`.

***

## Constructor

```solidity
constructor(address navCalculator_)
```

| Parameter        | Description                                             |
| ---------------- | ------------------------------------------------------- |
| `navCalculator_` | NAV Calculator contract (asset registry + instance set) |

***

## Registration

Meta-adapter. Register once and seed its pools with `addMetaBalanceAdapter(adapter, instances)`, then adjust with `addMetaInstances(adapter, instances)` / `removeMetaInstances(adapter, instances)` (MANAGER-gated). Each instance coordinate is a **pool address widened to `bytes32`** (decoded via `_toAddress`). Adding a new pool is a config call — no new deploy.


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