Pair Value
Pair Value is the current tracked value of the Pair Asset held for a Pair Market according to PairStreet accounting. It is measured from the vault, not from the token’s trading market.
Definition
Pair ValuePair ValueThe current tracked value of Pair Assets associated with a Pair Market according to PairStreet accounting: Σ quantity × reference price. Independent of the token's market cap. answers one question: what is the Pair Asset that this Pair Market holds, and not yet allocated to holders, worth at the reference price? It is a quantity read from the ledger multiplied by a price. Nothing about the token’s own price enters it.
| Term | Source | Meaning |
|---|---|---|
| quantity_i | pair_markets.pairAssetBalanceRaw | Pair Asset units acquired for the market and not yet released to a reward epoch, in base units, divided by the instrument’s decimals. |
| reference price_i(t) | pair_instruments.referencePriceUsd | The instrument’s reference price. For Jupiter-sourced routes, each settlement writes its execution price here. |
| Pair Value | pair_markets.pairValueUsd | Stored at every settlement, priced at that settlement’s execution price. |
Allocated Pair Asset is excluded on purpose. Once an epoch assigns units to holders, those units belong to the holders’ claims and are tracked as holder rewards (holderRewardsClaimableUsd, holderRewardsClaimedUsd). Pair Value measures what the market still holds for future epochs.
The stored pairValueUsd is a snapshot taken at the last settlement. recomputeFromLedger evaluates the same formula at the instrument’s current reference price, directly from ledger rows: Pair Value = (acquired − allocated) × reference price. The chart below plots that function over time.
Worked example
Pair Vault TOKYO-042, from the Pair Vault readout, holds 7,291.48 units of its Pair Asset unallocated. The reference price today is $25.71.
= 7,291.48 × 25 + 7,291.48 × 0.71
= $182,287.00 + $5,176.95
= $187,463.95
The same vault shows lifetime converted of $233,320. The two numbers measure different things: converted is settlement asset spent over the market’s life; Pair Value is what the unallocated Pair Asset is worth now.
Pair Value over time
Pair Value moves for two reasons only. Between settlements, the quantity is constant and the line follows the reference price. At a settlement, the quantity steps up by the units acquired minus the units released to that settlement’s reward epoch.
Figure summary: Pair Value starts at $156,680.80 on Sep 05 with 6,297.46 units at $24.88. Settlement 11 on Sep 12 adds 336.00 net units at $25.00, a step of $8,400.00. Settlement 12 on Sep 21 adds 163.28 net units at $25.11, a step of $4,099.96. Settlement 13 on Sep 29 adds 494.74 net units at $25.67, a step of $12,699.98. Between settlements the line follows the reference price. It ends on Oct 04 at $187,463.95: 7,291.48 units at $25.71.
Reading a settlement step
Hover Settlement 11. The vault converted $10,100.19 and acquired 403.00 units. The settlement also funded a reward epoch with 67.00 units, which leave the unallocated balance. The net 336.00 units at the $25.00 reference price add exactly $8,400.00 to Pair Value. In this example the reference price is unchanged on each settlement day, so every step is purely a quantity change.
Market cap versus Pair Value
Market cap prices the token. Pair Value prices what the vault holds.
| Token market cap | Pair Value | |
|---|---|---|
| Measures | Value of the launched token’s market: price × supply | Value of the unallocated Pair Asset held for the market |
| Source | token_markets, from Pump bonding-curve reads and market data | pair_markets and the Pair Vault ledger |
| Moves when | Anyone buys or sells the token | A settlement acquires Pair Asset, an epoch releases it, or the reference price moves |
| Priced in | The token’s own trading price | The Pair Instrument’s reference price |
| Sensitive to | Demand, liquidity and sentiment for the token | The Pair Asset’s reference price and the settlement cadence |
Figure summary: Over the same month, token market cap rises from $2.41M to $4.05M and falls to $0.94M as the token trades. Pair Value rises from $156.7K to $187.8K in three settlement steps and small reference-price moves. The two series are unrelated: market cap fell by more than half while Pair Value increased.
Pair Value on mainnet
Pair Value starts at $0 for every Pair Market and grows as settlements acquire the Pair Asset. On Solana mainnet, settlement activates per instrument when its provider route and Pair Vault custody activate; Pair Value begins accruing for a market from its first settlement. Totals across markets, by instrument, category and country, appear in PairStreet analytics. See What Is Crypto Buying? and Settlement on mainnet.