Noon sUSN

Live . ethereum . 0xe24a3dc889621612422a64e6388927901608b91d

What this vault advertises, against what it actually paid, measured from its own share price on chain over a 30 day window. Everything below is recomputed hourly and every figure on this page comes from the snapshot named at the bottom. Nothing here is typed by hand.

Advertised

7.17%

30 day average

Realized

7.61%

30 day window

Gap

advertised figure not read recently enough to compare

advertised figure last read on 2026-08-31 and now older than we will difference against a live reading, so no gap is stated.

What Noon published.

APY, 28D 7.17%

Figure we recorded

7.17%

Basis

30 day average (trailing-30d)

Label on their surface

28 day average APY

Read on

2026-08-31

Age at the end of our window

27.9 days, limit 10

Source

https://app.noon.capital

Open the page we read it from. It is a first-party surface by rule. An aggregator figure is never recorded in this column, whatever it says.

This capture is older than we will difference against a live reading, so no gap is stated above. That is our own staleness, not theirs. Both numbers stay visible with their dates.

Other figures this protocol publishes

7.02% 7 day average APY (7 day average, read 2026-08-31)

Recompute it yourself.

The realized figure is two calls and one exponent. Both calls are pinned to a block height, so they return the same values for you as they did for us, forever. Use any archive endpoint. We deliberately do not name one: a reproduction that runs on our RPC is not a reproduction.

The call

Chain

ethereum

Contract

0xe24a3dc889621612422a64e6388927901608b91d

Method

convertToAssets(uint256)

Argument

1000000000000000000 (one whole sUSN share, 18 decimals)

eth_call data

0x07a2d13a0000000000000000000000000000000000000000000000000de0b6b3a7640000

Returns

USN, 18 decimals

The argument is one whole share in the SHARE token's own decimals, which is not always eighteen. Kerne's own skUSD reports twenty four, so calling it with 1e18 returns a millionth of the right answer. Ask the vault for its decimals rather than assuming, exactly as our collector does.

At the start of the window

Block

25856769 (0x18a8b01)

Timestamp

1787956619 (2026-08-28 22:36 UTC)

Share price returned

1.218007287503768334

At the end of the window

Block

26071808 (0x18dd300)

Timestamp

1790548619 (2026-09-27 22:36 UTC)

Share price returned

1.225370940160194861

Start of window, cast

RPC_URL=... cast call 0xe24a3dc889621612422a64e6388927901608b91d "convertToAssets(uint256)(uint256)" 1000000000000000000 --block 25856769 --rpc-url "$RPC_URL"

End of window, cast

RPC_URL=... cast call 0xe24a3dc889621612422a64e6388927901608b91d "convertToAssets(uint256)(uint256)" 1000000000000000000 --block 26071808 --rpc-url "$RPC_URL"

Start of window, raw JSON-RPC

{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{"to":"0xe24a3dc889621612422a64e6388927901608b91d","data":"0x07a2d13a0000000000000000000000000000000000000000000000000de0b6b3a7640000"},"0x18a8b01"]}

End of window, raw JSON-RPC

{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{"to":"0xe24a3dc889621612422a64e6388927901608b91d","data":"0x07a2d13a0000000000000000000000000000000000000000000000000de0b6b3a7640000"},"0x18dd300"]}

Both calls return an integer in the smallest unit of USN. Divide by 10 ** 18 to get the share price printed above. Set RPC_URL to any archive endpoint you trust.

The arithmetic

growth = 1.225370940160194861 / 1.218007287503768334

elapsed = 1790548619 - 1787956619 = 2592000 seconds

annualized = (growth ^ (31536000 / 2592000) - 1) * 100

= 7.609% (0.604566% over the window)

Simple compounding at the observed rate, on a 365 day year. No fee assumption, no reinvestment assumption, no smoothing. If your arithmetic lands somewhere else, that disagreement is the finding and we want it: liam@kerne.fi.

Noon's right of reply.

Noon did not ask to be measured and has not sent a reply. This slot is open, free, permanent and published unedited, including a reply arguing that our method is wrong. Nothing is charged for it and nothing is offered in exchange.

The terms, and the form, are at the Right of Reply. If the disagreement is about arithmetic rather than framing, the faster door is the checker: send the two block heights and the two share prices you read, and the figure is corrected in public.

Context for this row.

Live and accruing, and one of the closest matches on this board. Noon publishes a 28 day average APY of 7.17 percent on its own app, beside the date range it covers, and our independent thirty day reading of its vault share price lands within about a tenth of a point of it. That is the result this page exists to be able to return, and it is worth more than any of the gaps: it shows the method can say "this protocol is telling the truth" precisely. Three notes for a reader. Noon labels its window 28 days rather than 30, so it is not quite our window and the row is scored on the figure Noon itself calls comparable while saying so here; on 2026-08-31 its own charts dated that window 03 AUG 2026 to 30 AUG 2026, which ends within a day of ours. Noon is multi strategy rather than purely delta-neutral: its own app breaks its book into private credit, DeFi lending, US Treasuries, CLOs and undeployed cash, so its yield is not a pure funding-rate carry. And this row is the clearest illustration on the page of why the advertised column now expires: read on 2026-07-29 Noon published 8.75, then 7.83 on 2026-08-12 and 7.17 on 2026-08-31, and against a realized figure that has moved far less, carrying any of those forward would have shown Noon short of its own rate instead of level with it.

This page measures one axis and one only: advertised yield against realized yield. It is not a rating, not an audit, and it says nothing about whether Noon is safe or whether its reserves are what it says they are. A protocol in an announced wind down paying nothing is behaving correctly. The reserve axis is a different page, at the reserve transparency scorecard.

Take this row with you.

This page

https://kerne.fi/honesty-index/noon-susn

Citation

Kerne Honesty Index, 2026-09-27: Noon (sUSN) advertised 7.17%, realized 7.61% from on-chain share-price growth, gap advertised figure not read recently enough to compare (advertised figure last read on 2026-08-31 and now older than we will difference against a live reading, so no gap is stated). Source: https://kerne.fi/honesty-index#row-noon-susn

Badge, markdown

[![Kerne Honesty Index](https://kerne.fi/honesty-badge.svg?row=noon-susn)](https://kerne.fi/honesty-index#row-noon-susn)

Badge, HTML

<a href="https://kerne.fi/honesty-index#row-noon-susn"><img src="https://kerne.fi/honesty-badge.svg?row=noon-susn" width="360" height="112" loading="lazy" alt="Kerne Honesty Index: advertised versus realized yield"></a>

Row in the API

https://kerne.fi/api/honesty-index/row/noon-susn

Where these numbers came from.

Snapshot generated

2026-09-27 22:37 UTC

Snapshot source

live store

Signature

verified, signer 0x84949170e0ad0f9bd8686a4aa4922c10f5fdc4ea

Row key

noon-susn

The signature is checked on every render rather than assumed from the presence of a field. A snapshot that does not verify is served with that said plainly instead of borrowing the word.

The whole board This row on the board Reproduce every row Methodology Corrections The raw signed JSON

Board last read 2026-09-27. Every figure on this page is regenerated from https://kerne.fi/honesty-index and none of them is stored in this file.