diff --git a/piker/brokers/kraken/broker.py b/piker/brokers/kraken/broker.py
index c77f2140..bd992c95 100644
--- a/piker/brokers/kraken/broker.py
+++ b/piker/brokers/kraken/broker.py
@@ -413,20 +413,27 @@ async def trades_dialogue(
 
 ) -> AsyncIterator[dict[str, Any]]:
 
-    # XXX: required to propagate ``tractor`` loglevel to piker logging
+    # XXX: required to propagate ``tractor`` loglevel to ``piker`` logging
     get_console_log(loglevel or tractor.current_actor().loglevel)
 
     async with get_client() as client:
 
-        # TODO: make ems flip to paper mode via
-        # some returned signal if the user only wants to use
-        # the data feed or we return this?
-        # await ctx.started(({}, ['paper']))
-
         if not client._api_key:
             raise RuntimeError(
                 'Missing Kraken API key in `brokers.toml`!?!?')
 
+        # TODO: make ems flip to paper mode via
+        # some returned signal if the user only wants to use
+        # the data feed or we return this?
+        # else:
+        #     await ctx.started(({}, ['paper']))
+
+        # NOTE: currently we expect the user to define a "source fiat"
+        # (much like the web UI let's you set an "account currency")
+        # such that all positions (nested or flat) will be translated to
+        # this source currency's terms.
+        src_fiat = client.conf['src_fiat']
+
         # auth required block
         acctid = client._name
         acc_name = 'kraken.' + acctid
@@ -444,10 +451,9 @@ async def trades_dialogue(
         # NOTE: testing code for making sure the rt incremental update
         # of positions, via newly generated msgs works. In order to test
         # this,
-        # - delete the *ABSOLUTE LAST* entry from accont's corresponding
+        # - delete the *ABSOLUTE LAST* entry from account's corresponding
         #   trade ledgers file (NOTE this MUST be the last record
-        #   delivered from the
-        #   api ledger),
+        #   delivered from the api ledger),
         # - open you ``pps.toml`` and find that same tid and delete it
         #   from the pp's clears table,
         # - set this flag to `True`
@@ -486,27 +492,51 @@ async def trades_dialogue(
             # and do diff with ledger to determine
             # what amount of trades-transactions need
             # to be reloaded.
-            sizes = await client.get_balances()
-            for dst, size in sizes.items():
+            balances = await client.get_balances()
+            for dst, size in balances.items():
                 # we don't care about tracking positions
                 # in the user's source fiat currency.
-                if dst == client.conf['src_fiat']:
+                if dst == src_fiat:
                     continue
 
-                def has_pp(dst: str) -> Position | bool:
-                    pps_dst_assets = {bsuid[:3]: bsuid for bsuid in table.pps}
-                    pair = pps_dst_assets.get(dst)
-                    pp = table.pps.get(pair)
+                def has_pp(
+                    dst: str,
+                    size: float,
 
-                    if (
-                        not pair or not pp
-                        or not math.isclose(pp.size, size)
-                    ):
-                        return False
+                ) -> Position | bool:
 
-                    return pp
+                    src2dst: dict[str, str] = {}
+                    for bsuid in table.pps:
+                        try:
+                            dst_name_start = bsuid.rindex(src_fiat)
+                        except IndexError:
+                            # TODO: handle nested positions..(i.e.
+                            # positions where the src fiat was used to
+                            # buy some other dst which was furhter used
+                            # to buy another dst..)
+                            log.warning(
+                                f'No src fiat {src_fiat} found in {bsuid}?'
+                            )
+                            continue
 
-                pos = has_pp(dst)
+                        _dst = bsuid[:dst_name_start]
+                        if _dst != dst:
+                            continue
+
+                        src2dst[src_fiat] = dst
+
+                    for src, dst in src2dst.items():
+                        pair = f'{dst}{src_fiat}'
+                        pp = table.pps.get(pair)
+                        if (
+                            pp
+                            and math.isclose(pp.size, size)
+                        ):
+                            return pp
+
+                    return False
+
+                pos = has_pp(dst, size)
                 if not pos:
 
                     # we have a balance for which there is no pp
@@ -514,12 +544,15 @@ async def trades_dialogue(
                     # ledger.
                     updated = table.update_from_trans(ledger_trans)
                     log.info(f'Updated pps from ledger:\n{pformat(updated)}')
-                    pos = has_pp(dst)
+                    pos = has_pp(dst, size)
 
-                    if not pos and not simulate_pp_update:
+                    if (
+                        not pos
+                        and not simulate_pp_update
+                    ):
                         # try reloading from API
                         table.update_from_trans(api_trans)
-                        pos = has_pp(dst)
+                        pos = has_pp(dst, size)
                         if not pos:
 
                             # get transfers to make sense of abs balances.
@@ -557,7 +590,7 @@ async def trades_dialogue(
                                         f'{pformat(updated)}'
                                     )
 
-                        if not has_pp(dst):
+                        if not has_pp(dst, size):
                             raise ValueError(
                                 'Could not reproduce balance:\n'
                                 f'dst: {dst}, {size}\n'