Bhashya
इदानीं योऽसौ सर्वात्मभावो मोक्षः विद्याफलं क्रियाकारकफलशून्यम्, स प्रत्यक्षतो निर्दिश्यते, यत्र अविद्याकामकर्माणि न सन्ति ।तत् एतत् प्रस्तुतम्- 'यत्र सुप्तो न कंचन कामं कामयते न कंचन स्वप्नं पश्यति' इति, तदेतत् वै अस्य रूपम्- यः सर्वात्मभावः 'सोऽस्य परमो लोकः' इत्युक्तः- तत् ; अतिच्छन्दा अतिच्छन्दमित्यर्थः, रूपपरत्वात् ; छन्दः कामः, अतिगतः छन्दः यस्माद्रूपात् तत् अतिच्छन्दं रूपम् ;
In plain words
Now here is that state of being everything, which is liberation itself — the direct fruit of knowledge, with none of the results that action and its instruments produce. It is pointed to directly, right here, in the place where nescience, desire, and action simply do not exist. This is exactly the point already raised: 'where the sleeper wants nothing at all, and sees no dream at all' — this, indeed, is his true form, that very state of being everything already called 'his highest world.' That is what is meant. 'Beyond desire' means exactly that, beyond desire, because the word describes his form; chandas simply means desire; 'gone beyond' means desire has been left behind entirely; and the form from which desire has been left behind like that is exactly what 'beyond-desire' form means.
Close to the Sanskrit
Now, that state of being all, which is liberation — the fruit of knowledge, devoid of the fruit produced by action and its factors — is pointed out directly, namely where nescience, desire, and actions do not exist. This is exactly the point already raised: 'where the sleeper desires no desire whatsoever, sees no dream whatsoever' — this, indeed, is his form, which is the state of being all, called 'that is his highest world' — that is what is meant. 'Beyond desire' means beyond desire, since it qualifies the word 'form'; chandas means desire; 'gone beyond' means desire has been gone beyond; the form from which desire has gone beyond in this way is the beyond-desire form.