@1delta/margin-fetcher 5.0.5 → 5.0.7

package/dist/index.d.ts

@@ -8416,7 +8416,37 @@ interface TermAssetRef {
  * `tags.ts` — never hand-written per lender, so they cannot drift from the
  * numbers they summarize.
  */
-type TermTag = Open<'fixed-rate' | 'variable-rate' | 'user-set-rate' | 'zero-interest' | 'prepaid-interest' | 'nav-accrual' | 'has-maturity' | 'perpetual' | 'rolling-duration' | 'static-debt' | 'accruing-debt' | 'time-liquidation' | 'price-liquidation' | 'redeemable' | 'no-liquidation' | 'full-collateral-seizure' | 'early-exit-free' | 'early-exit-penalty' | 'early-exit-discount' | 'exit-instant' | 'exit-capped' | 'exit-cooldown' | 'exit-queued' | 'exit-market-sale' | 'exit-may-be-impossible' | 'permissioned' | 'capped' | 'cap-full' | 'first-loss' | 'socialized-loss' | 'physical-delivery' | 'undercollateralized' | 'nav-attested' | 'immutable' | 'no-timelock' | 'eoa-controlled' | 'points-rewards' | 'oracle-flagged' | 'no-oracle'>;
+type TermTag = Open<'fixed-rate' | 'variable-rate' | 'user-set-rate' | 'zero-interest' | 'prepaid-interest' | 'nav-accrual' | 'has-maturity' | 'perpetual' | 'rolling-duration' | 'static-debt' | 'accruing-debt' | 'time-liquidation' | 'price-liquidation' | 'redeemable' | 'no-liquidation' | 'full-collateral-seizure' | 'early-exit-free' | 'early-exit-penalty' | 'early-exit-discount' | 'exit-instant' | 'exit-capped' | 'exit-cooldown'
+/**
+ * The DEBT cannot be repaid for a period after opening or topping up.
+ *
+ * Deliberately distinct from `exit-cooldown` (a supply-side withdrawal
+ * delay): this one means the position cannot be closed, deleveraged or
+ * migrated out — and, on the lender that has it, that an incoming
+ * liquidation cannot be averted by repaying.
+ */
+ | 'repay-locked' | 'exit-queued' | 'exit-market-sale' | 'exit-may-be-impossible' | 'permissioned' | 'capped' | 'cap-full' | 'first-loss' | 'socialized-loss' | 'physical-delivery' | 'undercollateralized' | 'nav-attested' | 'immutable' | 'no-timelock' | 'eoa-controlled' | 'points-rewards'
+/**
+ * The headline yield is MOSTLY the asset's own (staking / RWA / savings)
+ * yield, not interest this market pays. Set at >= 50 % of `aprTotal`.
+ *
+ * Worth a tag rather than only a detail row, because the two are not
+ * interchangeable and the difference is invisible in a single percentage: a
+ * market rate is paid by borrowers and moves with utilization, while
+ * intrinsic yield you would earn holding the asset in your wallet — you are
+ * taking this market's risk for the DIFFERENCE, not for the headline.
+ * Decisive when looping: a loop only carries if the collateral out-earns the
+ * debt, and intrinsic yield does not scale with leverage the way a lending
+ * spread does.
+ */
+ | 'intrinsic-yield'
+/**
+ * This market pays NO interest of its own — the entire headline is intrinsic
+ * yield and/or rewards. Curvance's collateral-only legs are the canonical
+ * case (`debtCap == 0` ⇒ 0 % supply APR by construction), but any market
+ * with no borrowers reads the same way.
+ */
+ | 'no-market-interest' | 'oracle-flagged' | 'no-oracle'>;
 /** Human-facing copy for one side of a term sheet. */
 interface TermInfo {
     /**
@@ -9445,7 +9475,6 @@ declare function duration(secs: number | undefined): string;
 declare function shortDate(unixSecs: number | undefined): string;
 /** One fee → a self-contained phrase, correct even for an unrecognised `id`. */
 declare function feePhrase(fee: FeeTerm): string;
-/** Supply-side headline: ≤ ~100 chars, always populated. */
 declare function supplyHeadline(s: SupplyTermSheet): string;
 /** Borrow-side headline. */
 declare function borrowHeadline(b: BorrowTermSheet): string;

package/dist/index.js

@@ -62207,6 +62207,13 @@ function rateTags(rate) {
   }
   if (rate.rewards?.some((r) => r.indicative || r.kind === "points"))
     push(out, "points-rewards");
+  const total = rate.aprTotal;
+  const base = rate.components?.base ?? 0;
+  const intrinsic = rate.components?.intrinsic ?? 0;
+  if (total > 0) {
+    if (intrinsic > 0 && intrinsic >= total / 2) push(out, "intrinsic-yield");
+    if (base <= 1e-4 && intrinsic > 0) push(out, "no-market-interest");
+  }
   return [...out];
 }
 function maturityTags(maturity) {
@@ -62286,9 +62293,11 @@ function deriveBorrowTags(borrow, market = {}) {
   if (borrow.liquidation.redeemable) push(out, "redeemable");
   if (borrow.liquidation.seizure === "full-collateral")
     push(out, "full-collateral-seizure");
+  const repayLocked = (borrow.exit.cooldownSecs ?? 0) > 0;
+  if (repayLocked) push(out, "repay-locked");
   switch (borrow.exit.earlyRepay) {
     case "free":
-      push(out, "early-exit-free");
+      if (!repayLocked) push(out, "early-exit-free");
       break;
     case "penalty":
       push(out, "early-exit-penalty");
@@ -62414,11 +62423,22 @@ var exitPhrase = {
   "off-chain": "exit off-chain",
   "dex-only": "exit only via a DEX"
 };
+function provenance(rate) {
+  const total = rate.aprTotal;
+  const base = rate.components?.base ?? 0;
+  const intrinsic = rate.components?.intrinsic ?? 0;
+  if (!(intrinsic > 0) || !(total > 0)) return "";
+  if (base <= 1e-4) return " (all from the asset itself)";
+  if (intrinsic >= total / 2) {
+    return ` (${pct(intrinsic)} from the asset, ${pct(base)} from the market)`;
+  }
+  return ` (incl. ${pct(intrinsic)} from the asset)`;
+}
 function supplyHeadline(s) {
   if (s.role === "collateral") {
     return `Collateral only \xB7 ${maturityPhrase(s.maturity)}`;
   }
-  const rate = `${rateLabel(s)} ${pct(s.rate.aprTotal)}`;
+  const rate = `${rateLabel(s)} ${pct(s.rate.aprTotal)}${provenance(s.rate)}`;
   const exit = exitPhrase[String(s.exit.mode)] ?? (s.exit.settlement === "sync" ? "withdraw any time" : "delayed withdrawal");
   const cooldown = s.exit.cooldownSecs ? ` (${duration(s.exit.cooldownSecs)})` : "";
   const mat = s.maturity.kind === "perpetual" ? "" : ` ${maturityPhrase(s.maturity)}`;
@@ -62433,6 +62453,9 @@ function borrowHeadline(b) {
   ) : `${rateLabel(b)} ${pct(b.rate.apr)}`;
   const mat = b.maturity.kind === "perpetual" ? "" : ` ${maturityPhrase(b.maturity)}`;
   const exit = earlyRepayPhrase[String(b.exit.earlyRepay)] ?? "see repay terms";
+  if (b.exit.cooldownSecs) {
+    return `${rate}${mat} \xB7 no repayment for ${duration(b.exit.cooldownSecs)}, then ${exit}`;
+  }
   return `${rate}${mat} \xB7 ${exit}`;
 }
 function supplyDescription(s, sheet = {}) {
@@ -63615,6 +63638,16 @@ function supplyFindings(supply) {
 function borrowFindings(borrow) {
   const out = [];
   const liq = borrow.liquidation;
+  if (borrow.exit.cooldownSecs) {
+    out.push({
+      severity: "critical",
+      id: "repay-locked",
+      side: "borrow",
+      message: `The debt CANNOT be repaid for ${fmtSecs(
+        borrow.exit.cooldownSecs
+      )} after opening or topping up: the position cannot be closed, deleveraged or migrated out in that window, and an incoming liquidation cannot be averted by repaying (adding collateral still works).`
+    });
+  }
   if (liq.seizure === "full-collateral") {
     out.push({
       severity: "critical",