Yes, an order is hedged the moment you place it - presuming the vendor is hedging their orders, which is indicated in the cart at the time of purchase. You should have received back the exact USD amount of your purchase, minus ~4% to cover the hedging fee. Note that although you pay for your order with Bitcoin, it is held in escrow as USD if the order is hedged and it is the USD that is returned to you when refunded. Libertas