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Well, I'm not sure about Ventus or Terra.
But with Aqua I have finished all the events in the Mirage Arena, Story, gotten all 3 HP Boosts. She currently has 149 HP, which I believe is the maximum HP she can get, in proud mode or under of course.
Its different for all three. At least that's the conclusion I've come to. I've completed the Mirage Arena for Terra and Ven so far. Terra has 156 HP, and Ven has 136. Not sure about Aqua's, though.