यदा तु आगतामपि मितसिद्धिं खिलीकृत्य परामेव स्थितिमवष्टभ्नाति योगी ततः -विद्यासमुत्थाने स्वाभाविके खेचरी शिवावस्था ॥ ५ ॥प्राङ्निर्दिष्टसतत्त्वाया विद्यायाः स्वाभाविके समुत्थाने परमेशेच्छामात्रघटिते मितसिद्धिन्यग्भाविनि सहजे समुन्मज्जने खे बोधगगने चरति इति खेचरी मुद्रा अभिव्यज्यते ।कीदृशी खेचरी शिवस्य चिन्नाथस्य अवस्थातुः संबन्धिनी अवस्था स्वानन्दोच्छलत्तारूपा ।न तुबद्ध्वा पद्मासनं योगी नाभावक्षेश्वरं न्यसेत् ।दण्डाकारं तु तावत्तन्नयेद्यावत्कखत्रयम् ॥निगृह्य तत्र तत्तूर्णं प्रेरयेत् खत्रयेण तु ।एतां बद्ध्वा महायोगी खे गतिं प्रतिपद्यते ॥इत्येवं संस्थानविशेषानुसरणरूपा अपि तु… पराम् ।गतिमेत्यर्थभावेन कुलमार्गेण नित्यशः ॥चरते सर्वजन्तूनां खेचरी नाम सा स्मृता ।इति-श्रीतन्त्रसद्भावनिरूपितपरसंवित्तिस्वरूपा ।एवमिह भेदात्मकमायीयसमस्तक्षोभप्रशान्त्या चिदात्मकस्वरूपोन्मज्जनैकरूपं मन्त्रवीर्यं मुद्रावीर्यं च आदिष्टम् ।तदुक्तं कुलचूडामणौएकं सृष्टिमयं बीजमेका मुद्रा च खेचरी ।द्वावेतौ यस्य जायेते सोऽतिशान्तपदे स्थितः ॥इति ।स्पन्दे तु मन्त्रवीर्यस्वरूपनिरूपणेनैव मुद्रावीर्यं संगृहीतम् ।यदा क्षोभः प्रलीयेत तदा स्यात्परमं पदम् ।इत्यर्धेन अन्यपरेणापि चूडामण्युक्तं खेचरीस्वरूपं भङ्ग्या सूचितम् ॥ ५ ॥
In plain words
When knowledge rises of its own nature, khecarī, the state of Śiva, appears. But when the yogin treats even a limited attainment that has come to him as worthless and takes firm hold of the supreme state alone, then: When the knowledge whose reality was stated before rises of its own nature, that is, when it surfaces naturally, brought about by the will of the Supreme Lord alone and pressing all limited attainments down, khecarī mudrā becomes manifest: she moves, carati, in kha, the sky of awareness. What kind of khecarī? The state belonging to Śiva, the lord of consciousness, who is the one who abides; whose form is the welling up of his own bliss. It is not of the kind that follows a particular posture: "Binding the lotus posture, the yogin should place the lord of the senses at the navel, and lead it, staff-shaped, up to the three spaces; restraining it there, he should swiftly drive it on through the three spaces: binding this, the great yogin attains movement in the sky." Rather, it is of the nature of supreme awareness, as the Tantrasadbhāva teaches: "… she reaches the supreme state, in the sense of its meaning, always by the path of Kula; she moves in all creatures: she is known by the name khecarī." So here, through the stilling of all the agitation of māyā, which is made of difference, the potency of mantra and the potency of mudrā are taught as one and the same: the surfacing of one's own nature as consciousness. As the Kulacūḍāmaṇi says: "One seed made of emission, and one mudrā, khecarī: one in whom these two arise abides in the state of utter peace." In the Spanda the potency of mudrā is gathered up in the very description of the potency of mantra; and in the half verse: "When agitation dissolves, then there is the supreme state." though it speaks to another purpose, the nature of khecarī as told in the Cūḍāmaṇi is indicated by implication.