APR, PNL, Points, and Trust: four different measurements

APR, PNL, Points, and Trust can appear beside one another in a product, but they answer different questions. APR annualises a defined past period. PNL compares value and basis. Points measure eligible activity. Trust is a partner qualification measure derived from Partner Points. Adding the numbers together produces a misleading story.

APR is a time-normalised return description

APR turns a past period return into an annual rate for comparison. Suppose a hypothetical one-deposit position starts at $1,000 and is worth $1,030 after 30 days, with no deposits or withdrawals. The period return is ($1,030 − $1,000) ÷ $1,000 = 3%. Using 365.25 days, the simple annualisation is 3% × 365.25 ÷ 30 = 36.525%.

That calculation describes the stated period. It does not forecast another year, promise compounding, or equal APY. With multiple cashflows, a simple beginning-and-ending formula can be wrong; the service needs verified flow and cost-time data.

PNL depends on basis and cashflow

PNL asks how value changed against the cost basis that belongs to the open position and settled cashflows. In a hypothetical Desk example, a $1,000 deposit grows to a $1,100 LP value and a settled withdrawal removes 20% of the LP share. The withdrawal value is $220, the remaining value $880, and the remaining basis $800.

• Active PNL: $880 − $800 = $80.
• All-time PNL: $880 + $220 − $1,000 = $100.

These are conditional calculations. A provider preview or pending request is not a settled cashflow. An unsupported cost basis or unpriced position should remain unavailable rather than being filled with an estimate.

Points measure verified activity

Current Swap activity uses 1 Point per $4 of verified gross volume. A hypothetical $100 of verified volume corresponds to 25 Points. That is a volume rule, not a fee rebate, APR, PNL number, or earnings promise. The wallet-signed transaction must confirm and the service must verify the activity before the ledger treats the value as a credit.

Desk activity has its own estimate and evidence path. An entry estimate can describe eligible value held over time, while the ledger records the activity only when the product's verification conditions are met. Do not compare a quote-side estimate with settled PNL.

Trust is partner qualification

Partner Points are credited from verified invited activity under the partner rules. Trust is calculated as:

Trust = creditedPartnerPoints ÷ 5

If credited Partner Points are 12.5, the corresponding Trust is 2.5. Do not floor fractional Trust to zero or treat it as revenue. The active season's threshold and capacity determine any qualification state. Partner accrued revenue, where shown by the service, has a separate basis from both Points and Trust and is not a paid balance or return.

A single journey, four readings

Imagine a reader deposits USDC, later sees a provider value, completes a verified Swap, and invites another wallet. The provider value and cost basis support PNL. The defined holding period can support a historical APR calculation. The verified Swap volume supports Points. The invited wallet's verified activity can support Partner Points and Trust. None of those values can be added to claim performance or allocation.

Common questions

Is APR a prediction?

No. It is an annualised description of a defined past period and its assumptions.

Does PNL equal the current provider value?

No. PNL depends on basis, settled cashflows, and the metric definition.

Is Trust the same as partner revenue?

No. Trust is a qualification measure. Partner Points and any accrued revenue use different rules.

Does fractional Trust get rounded down?

No. Use creditedPartnerPoints / 5 and preserve the fractional result.

Continue

Read how a USDC vault request works, the Broker NFT allocation, and how verified Swap activity is recorded.

Conclusion

Name the measurement before interpreting it: APR for a defined historical annualisation, PNL for value and basis, Points for verified activity, and Trust for partner qualification.