diff --git a/onchain/src/LiquidityManager.sol b/onchain/src/LiquidityManager.sol
index 75d081c..c224016 100644
--- a/onchain/src/LiquidityManager.sol
+++ b/onchain/src/LiquidityManager.sol
@@ -325,7 +325,9 @@ contract LiquidityManager is ThreePositionStrategy, PriceOracle {
             supply -= kraiken.balanceOf(feeDestination);
         }
         (, address stakingPoolAddr) = kraiken.peripheryContracts();
-        if (stakingPoolAddr != address(0)) {
+        // Guard against double-subtraction: if stakingPoolAddr == feeDestination,
+        // that balance was already deducted above.
+        if (stakingPoolAddr != address(0) && stakingPoolAddr != feeDestination) {
             supply -= kraiken.balanceOf(stakingPoolAddr);
         }
         return supply;