@defisaver/positions-sdk 2.1.127-midnight-9-dev → 2.1.127-midnight-11-dev

package/cjs/helpers/morphoMidnightHelpers/index.d.ts

@@ -1,7 +1,7 @@
 import Dec from 'decimal.js';
 import { MMUsedAssets, NetworkNumber } from '../../types/common';
 import { MorphoMidnightAggregatedPositionData, MorphoMidnightAssetsData, MorphoMidnightBookSide, MorphoMidnightMarketData, MorphoMidnightMarketInfo, MorphoMidnightParsedBook } from '../../types';
-export { buildMidnightParsedBook, midnightApyFromPrice, midnightBookBestFirst, midnightPriceFromApy, midnightTimeToMaturityDays, } from './rate';
+export { buildMidnightParsedBook, midnightApyFromPrice, midnightBookBestFirst, midnightBoundPrice, midnightPriceFromApy, midnightTimeToMaturityDays, MIDNIGHT_DEFAULT_RATE_SLIPPAGE, } from './rate';
 export { tenorBookKeyFor, tenorBookRateToApyPercent, tenorOfferFillToApiFill, tenorOfferToApiOffer, } from './tenor';
 /**
  * Aggregate a Morpho Midnight position. Midnight markets are multi-collateral, so the borrow limit is
@@ -88,59 +88,6 @@ export declare const getMorphoMidnightUserBorrowInfo: (account: string, marketId
  * JSON, so without the `res.ok` check it parses as an empty book and the market silently vanishes.
  */
 export declare const getMorphoMidnightMarketBook: (market: MorphoMidnightMarketData, network: NetworkNumber, side?: MorphoMidnightBookSide) => Promise<MorphoMidnightParsedBook | null>;
-/**
- * Quote a prospective borrow against the Midnight order book: the estimated rate, the debt units it adds,
- * and the `maxUnits` cap sent on-chain to protect the user if better offers get filled first. `assetsRaw`
- * (and the returned `newUnits`/`maxUnits`) are raw loan-token base units — callers convert to/from human
- * amounts. Throws if the book can't fill the amount (caller handles).
- *
- * Two ways to set the cap:
- *  - `maxBorrowRate` — an absolute APY ceiling, honoured **exactly**: the cap price is derived locally via
- *    `midnightPriceFromApy`. Prefer this when a user pins a max rate.
- *  - otherwise `slippagePercent`, the API's own knob. Note it is a **price**-level slippage, not APY points:
- *    near maturity the annualisation factor (365 / ttmDays) multiplies it heavily, so on a 22-day market a
- *    slippage of 0.5 permitted an APY ~9pp above the estimate, not 0.5pp. It also saturates at the book's
- *    cheapest bid. `maxRate` therefore reports what the cap actually permits, derived from the cap price.
- *
- * A `maxBorrowRate` below `estBorrowRate` yields `maxUnits < newUnits` — the borrow would revert on-chain.
- * Compare the two before submitting and tell the user their ceiling is under the market rate.
- *
- * Tenor-hosted markets (see `isTenorMidnightMarket`) are quoted against Tenor's router instead of Morpho's
- * book API. Slippage is applied locally to `maxUnits`; `taker` is the position owner (the smart wallet).
- */
-export declare const getMorphoMidnightBorrowQuote: (marketId: string, assetsRaw: string, slippagePercent: Dec.Value, maturity: number, maxBorrowRate?: Dec.Value, taker?: string) => Promise<MorphoMidnightBorrowQuote>;
-/**
- * Quote a prospective payback against the ask side of the Midnight order book: the rate the repayment
- * retires debt at, the debt units it buys, and the `minUnits` floor sent on-chain to protect the user if
- * the cheap offers get taken first. `assetsRaw` is the amount **spent** (raw loan-token base units) —
- * matching `MidnightPaybackFromOrders`, whose `amount` is what leaves the wallet; the units bought, and
- * therefore the debt retired, exceed it because a unit costs less than one loan token before maturity.
- * Throws if the book can't fill the amount (caller handles).
- *
- * The mirror image of the borrow quote in every respect. A repayer wants a *high* rate, i.e. cheap units,
- * so the guard is a floor rather than a ceiling:
- *  - `minPaybackRate` — an absolute APY floor, honoured **exactly** via `midnightPriceFromApy`. Prefer
- *    this when a user pins a min rate.
- *  - otherwise `slippagePercent`, the API's own price-level knob, whose APY effect is amplified by the
- *    annualisation factor near maturity. `minRate` reports what the floor actually permits.
- *
- * A `minPaybackRate` above `estPaybackRate` yields `minUnits > newUnits` — the payback would revert
- * on-chain. Compare the two before submitting and tell the user their floor is over the market rate.
- */
-export declare const getMorphoMidnightPaybackQuote: (marketId: string, assetsRaw: string, slippagePercent: Dec.Value, maturity: number, minPaybackRate?: Dec.Value, taker?: string) => Promise<MorphoMidnightPaybackQuote>;
-/**
- * Payback quoted against a **units** target instead of a spend: "retire exactly these debt units, and tell
- * me what that costs". The sibling of `getMorphoMidnightPaybackQuote` in every other respect — same ask
- * side, same rate floor, same offer list — but with the two amounts swapped, so the on-chain guard becomes
- * a ceiling on assets spent rather than a floor on units bought.
- *
- * This is what a **full close** must be sized with. Retiring N units costs less than N loan tokens before
- * maturity, so quoting the close as a spend of the debt's face value asks the book for more depth than the
- * close needs (and can be refused for liquidity that is in fact there), and caps the taker's spend at more
- * than the position is worth. Callers that cannot refund an overspend — a taker calling the bundler
- * directly, rather than through an action contract that sweeps the remainder back — need this quote.
- *
- * A `minPaybackRate` above `estPaybackRate` yields `maxAssets < newAssets`: the ceiling is under what the
- * buy costs and it would revert on-chain, the mirror of the assets-target quote's `minUnits > newUnits`.
- */
-export declare const getMorphoMidnightPaybackUnitsQuote: (marketId: string, unitsRaw: string, slippagePercent: Dec.Value, maturity: number, minPaybackRate?: Dec.Value, taker?: string) => Promise<MorphoMidnightPaybackUnitsQuote>;
+export declare const getMorphoMidnightBorrowQuote: (marketId: string, assetsRaw: string, slippagePercent: Dec.Value, maturity: number, maxBorrowRate?: Dec.Value, taker?: string, rateSlippagePercent?: Dec.Value) => Promise<MorphoMidnightBorrowQuote>;
+export declare const getMorphoMidnightPaybackQuote: (marketId: string, assetsRaw: string, slippagePercent: Dec.Value, maturity: number, minPaybackRate?: Dec.Value, taker?: string, rateSlippagePercent?: Dec.Value) => Promise<MorphoMidnightPaybackQuote>;
+export declare const getMorphoMidnightPaybackUnitsQuote: (marketId: string, unitsRaw: string, slippagePercent: Dec.Value, maturity: number, minPaybackRate?: Dec.Value, taker?: string, rateSlippagePercent?: Dec.Value) => Promise<MorphoMidnightPaybackUnitsQuote>;

package/cjs/helpers/morphoMidnightHelpers/index.js

@@ -12,7 +12,7 @@ var __importDefault = (this && this.__importDefault) || function (mod) {
     return (mod && mod.__esModule) ? mod : { "default": mod };
 };
 Object.defineProperty(exports, "__esModule", { value: true });
-exports.getMorphoMidnightPaybackUnitsQuote = exports.getMorphoMidnightPaybackQuote = exports.getMorphoMidnightBorrowQuote = exports.getMorphoMidnightMarketBook = exports.getMorphoMidnightUserBorrowInfo = exports.midnightSlippageParam = exports.getMorphoMidnightAggregatedPositionData = exports.tenorOfferToApiOffer = exports.tenorOfferFillToApiFill = exports.tenorBookRateToApyPercent = exports.tenorBookKeyFor = exports.midnightTimeToMaturityDays = exports.midnightPriceFromApy = exports.midnightBookBestFirst = exports.midnightApyFromPrice = exports.buildMidnightParsedBook = void 0;
+exports.getMorphoMidnightPaybackUnitsQuote = exports.getMorphoMidnightPaybackQuote = exports.getMorphoMidnightBorrowQuote = exports.getMorphoMidnightMarketBook = exports.getMorphoMidnightUserBorrowInfo = exports.midnightSlippageParam = exports.getMorphoMidnightAggregatedPositionData = exports.tenorOfferToApiOffer = exports.tenorOfferFillToApiFill = exports.tenorBookRateToApyPercent = exports.tenorBookKeyFor = exports.MIDNIGHT_DEFAULT_RATE_SLIPPAGE = exports.midnightTimeToMaturityDays = exports.midnightPriceFromApy = exports.midnightBoundPrice = exports.midnightBookBestFirst = exports.midnightApyFromPrice = exports.buildMidnightParsedBook = void 0;
 const decimal_js_1 = __importDefault(require("decimal.js"));
 const tokens_1 = require("@defisaver/tokens");
 const moneymarket_1 = require("../../moneymarket");
@@ -27,8 +27,10 @@ var rate_2 = require("./rate");
 Object.defineProperty(exports, "buildMidnightParsedBook", { enumerable: true, get: function () { return rate_2.buildMidnightParsedBook; } });
 Object.defineProperty(exports, "midnightApyFromPrice", { enumerable: true, get: function () { return rate_2.midnightApyFromPrice; } });
 Object.defineProperty(exports, "midnightBookBestFirst", { enumerable: true, get: function () { return rate_2.midnightBookBestFirst; } });
+Object.defineProperty(exports, "midnightBoundPrice", { enumerable: true, get: function () { return rate_2.midnightBoundPrice; } });
 Object.defineProperty(exports, "midnightPriceFromApy", { enumerable: true, get: function () { return rate_2.midnightPriceFromApy; } });
 Object.defineProperty(exports, "midnightTimeToMaturityDays", { enumerable: true, get: function () { return rate_2.midnightTimeToMaturityDays; } });
+Object.defineProperty(exports, "MIDNIGHT_DEFAULT_RATE_SLIPPAGE", { enumerable: true, get: function () { return rate_2.MIDNIGHT_DEFAULT_RATE_SLIPPAGE; } });
 var tenor_2 = require("./tenor");
 Object.defineProperty(exports, "tenorBookKeyFor", { enumerable: true, get: function () { return tenor_2.tenorBookKeyFor; } });
 Object.defineProperty(exports, "tenorBookRateToApyPercent", { enumerable: true, get: function () { return tenor_2.tenorBookRateToApyPercent; } });
@@ -194,39 +196,17 @@ const fetchMorphoMidnightQuote = (marketId, side, size, slippagePercent) => __aw
         takeableOffers: d.takeable_offers || [],
     };
 });
-/**
- * Quote a prospective borrow against the Midnight order book: the estimated rate, the debt units it adds,
- * and the `maxUnits` cap sent on-chain to protect the user if better offers get filled first. `assetsRaw`
- * (and the returned `newUnits`/`maxUnits`) are raw loan-token base units — callers convert to/from human
- * amounts. Throws if the book can't fill the amount (caller handles).
- *
- * Two ways to set the cap:
- *  - `maxBorrowRate` — an absolute APY ceiling, honoured **exactly**: the cap price is derived locally via
- *    `midnightPriceFromApy`. Prefer this when a user pins a max rate.
- *  - otherwise `slippagePercent`, the API's own knob. Note it is a **price**-level slippage, not APY points:
- *    near maturity the annualisation factor (365 / ttmDays) multiplies it heavily, so on a 22-day market a
- *    slippage of 0.5 permitted an APY ~9pp above the estimate, not 0.5pp. It also saturates at the book's
- *    cheapest bid. `maxRate` therefore reports what the cap actually permits, derived from the cap price.
- *
- * A `maxBorrowRate` below `estBorrowRate` yields `maxUnits < newUnits` — the borrow would revert on-chain.
- * Compare the two before submitting and tell the user their ceiling is under the market rate.
- *
- * Tenor-hosted markets (see `isTenorMidnightMarket`) are quoted against Tenor's router instead of Morpho's
- * book API. Slippage is applied locally to `maxUnits`; `taker` is the position owner (the smart wallet).
- */
-const getMorphoMidnightBorrowQuote = (marketId, assetsRaw, slippagePercent, maturity, maxBorrowRate, taker) => __awaiter(void 0, void 0, void 0, function* () {
+const getMorphoMidnightBorrowQuote = (marketId, assetsRaw, slippagePercent, maturity, maxBorrowRate, taker, rateSlippagePercent) => __awaiter(void 0, void 0, void 0, function* () {
     if ((0, morphoMidnight_1.isTenorMidnightMarket)(marketId)) {
-        return (0, tenor_1.getTenorBorrowQuote)(marketId, assetsRaw, slippagePercent, maturity, maxBorrowRate, taker);
+        return (0, tenor_1.getTenorBorrowQuote)(marketId, assetsRaw, slippagePercent, maturity, maxBorrowRate, taker, rateSlippagePercent);
     }
     const quote = yield fetchMorphoMidnightQuote(marketId, 'bids', { assets: assetsRaw }, slippagePercent);
-    const { bestPrice, worstPrice } = quote;
+    const { bestPrice } = quote;
     const ttmDays = (0, rate_1.midnightTimeToMaturityDays)(maturity);
     const estBorrowRate = (0, rate_1.midnightApyFromPrice)(bestPrice, ttmDays);
     // Price the cap sits at, and the rate that price represents — one derivation, so `maxRate` and
     // `maxUnits` can never disagree about what the user is protected at.
-    const capPrice = maxBorrowRate !== undefined && new decimal_js_1.default(maxBorrowRate).gt(0)
-        ? (0, rate_1.midnightPriceFromApy)(maxBorrowRate, ttmDays)
-        : worstPrice;
+    const capPrice = (0, rate_1.midnightBoundPrice)(estBorrowRate, ttmDays, 'ceiling', maxBorrowRate, rateSlippagePercent);
     const maxRate = (0, rate_1.midnightApyFromPrice)(capPrice, ttmDays);
     const newUnits = new decimal_js_1.default(bestPrice).lte(0) ? '0' : new decimal_js_1.default(assetsRaw).div(bestPrice).toFixed(0);
     const maxUnits = new decimal_js_1.default(capPrice).lte(0) ? '0' : new decimal_js_1.default(assetsRaw).div(capPrice).toFixed(0);
@@ -236,35 +216,15 @@ const getMorphoMidnightBorrowQuote = (marketId, assetsRaw, slippagePercent, matu
         maxUnits });
 });
 exports.getMorphoMidnightBorrowQuote = getMorphoMidnightBorrowQuote;
-/**
- * Quote a prospective payback against the ask side of the Midnight order book: the rate the repayment
- * retires debt at, the debt units it buys, and the `minUnits` floor sent on-chain to protect the user if
- * the cheap offers get taken first. `assetsRaw` is the amount **spent** (raw loan-token base units) —
- * matching `MidnightPaybackFromOrders`, whose `amount` is what leaves the wallet; the units bought, and
- * therefore the debt retired, exceed it because a unit costs less than one loan token before maturity.
- * Throws if the book can't fill the amount (caller handles).
- *
- * The mirror image of the borrow quote in every respect. A repayer wants a *high* rate, i.e. cheap units,
- * so the guard is a floor rather than a ceiling:
- *  - `minPaybackRate` — an absolute APY floor, honoured **exactly** via `midnightPriceFromApy`. Prefer
- *    this when a user pins a min rate.
- *  - otherwise `slippagePercent`, the API's own price-level knob, whose APY effect is amplified by the
- *    annualisation factor near maturity. `minRate` reports what the floor actually permits.
- *
- * A `minPaybackRate` above `estPaybackRate` yields `minUnits > newUnits` — the payback would revert
- * on-chain. Compare the two before submitting and tell the user their floor is over the market rate.
- */
-const getMorphoMidnightPaybackQuote = (marketId, assetsRaw, slippagePercent, maturity, minPaybackRate, taker) => __awaiter(void 0, void 0, void 0, function* () {
+const getMorphoMidnightPaybackQuote = (marketId, assetsRaw, slippagePercent, maturity, minPaybackRate, taker, rateSlippagePercent) => __awaiter(void 0, void 0, void 0, function* () {
     if ((0, morphoMidnight_1.isTenorMidnightMarket)(marketId)) {
-        return (0, tenor_1.getTenorPaybackQuote)(marketId, assetsRaw, slippagePercent, maturity, minPaybackRate, taker);
+        return (0, tenor_1.getTenorPaybackQuote)(marketId, assetsRaw, slippagePercent, maturity, minPaybackRate, taker, rateSlippagePercent);
     }
     const quote = yield fetchMorphoMidnightQuote(marketId, 'asks', { assets: assetsRaw }, slippagePercent);
-    const { bestPrice, worstPrice } = quote;
+    const { bestPrice } = quote;
     const ttmDays = (0, rate_1.midnightTimeToMaturityDays)(maturity);
     const estPaybackRate = (0, rate_1.midnightApyFromPrice)(bestPrice, ttmDays);
-    const capPrice = minPaybackRate !== undefined && new decimal_js_1.default(minPaybackRate).gt(0)
-        ? (0, rate_1.midnightPriceFromApy)(minPaybackRate, ttmDays)
-        : worstPrice;
+    const capPrice = (0, rate_1.midnightBoundPrice)(estPaybackRate, ttmDays, 'floor', minPaybackRate, rateSlippagePercent);
     const minRate = (0, rate_1.midnightApyFromPrice)(capPrice, ttmDays);
     // Rounded down on both counts: `newUnits` must not overstate the debt the user sees retired, and a
     // `minUnits` rounded up would be a stricter floor than asked for and revert a payback that was fine.
@@ -276,32 +236,15 @@ const getMorphoMidnightPaybackQuote = (marketId, assetsRaw, slippagePercent, mat
         minUnits });
 });
 exports.getMorphoMidnightPaybackQuote = getMorphoMidnightPaybackQuote;
-/**
- * Payback quoted against a **units** target instead of a spend: "retire exactly these debt units, and tell
- * me what that costs". The sibling of `getMorphoMidnightPaybackQuote` in every other respect — same ask
- * side, same rate floor, same offer list — but with the two amounts swapped, so the on-chain guard becomes
- * a ceiling on assets spent rather than a floor on units bought.
- *
- * This is what a **full close** must be sized with. Retiring N units costs less than N loan tokens before
- * maturity, so quoting the close as a spend of the debt's face value asks the book for more depth than the
- * close needs (and can be refused for liquidity that is in fact there), and caps the taker's spend at more
- * than the position is worth. Callers that cannot refund an overspend — a taker calling the bundler
- * directly, rather than through an action contract that sweeps the remainder back — need this quote.
- *
- * A `minPaybackRate` above `estPaybackRate` yields `maxAssets < newAssets`: the ceiling is under what the
- * buy costs and it would revert on-chain, the mirror of the assets-target quote's `minUnits > newUnits`.
- */
-const getMorphoMidnightPaybackUnitsQuote = (marketId, unitsRaw, slippagePercent, maturity, minPaybackRate, taker) => __awaiter(void 0, void 0, void 0, function* () {
+const getMorphoMidnightPaybackUnitsQuote = (marketId, unitsRaw, slippagePercent, maturity, minPaybackRate, taker, rateSlippagePercent) => __awaiter(void 0, void 0, void 0, function* () {
     if ((0, morphoMidnight_1.isTenorMidnightMarket)(marketId)) {
-        return (0, tenor_1.getTenorPaybackUnitsQuote)(marketId, unitsRaw, slippagePercent, maturity, minPaybackRate, taker);
+        return (0, tenor_1.getTenorPaybackUnitsQuote)(marketId, unitsRaw, slippagePercent, maturity, minPaybackRate, taker, rateSlippagePercent);
     }
     const quote = yield fetchMorphoMidnightQuote(marketId, 'asks', { units: unitsRaw }, slippagePercent);
-    const { bestPrice, worstPrice } = quote;
+    const { bestPrice } = quote;
     const ttmDays = (0, rate_1.midnightTimeToMaturityDays)(maturity);
     const estPaybackRate = (0, rate_1.midnightApyFromPrice)(bestPrice, ttmDays);
-    const capPrice = minPaybackRate !== undefined && new decimal_js_1.default(minPaybackRate).gt(0)
-        ? (0, rate_1.midnightPriceFromApy)(minPaybackRate, ttmDays)
-        : worstPrice;
+    const capPrice = (0, rate_1.midnightBoundPrice)(estPaybackRate, ttmDays, 'floor', minPaybackRate, rateSlippagePercent);
     const minRate = (0, rate_1.midnightApyFromPrice)(capPrice, ttmDays);
     // Rounded UP on both counts — the mirror of the assets-target quote's ROUND_DOWN. Here the figures are
     // what the taker SPENDS, so a value rounded down understates the cost by a base unit and would leave the

package/cjs/helpers/morphoMidnightHelpers/rate.d.ts

@@ -7,5 +7,9 @@ export declare const midnightApyFromPrice: (price: Dec.Value, ttmDays: Dec.Value
  * price = (1 + rate)^(−ttmDays / 365).
  */
 export declare const midnightPriceFromApy: (ratePercent: Dec.Value, ttmDays: Dec.Value) => string;
+export declare const MIDNIGHT_DEFAULT_RATE_SLIPPAGE = 0.1;
+/** Which side of the estimate a guard sits on: a ceiling for borrows, a floor for paybacks. */
+export type MidnightRateBoundKind = 'ceiling' | 'floor';
+export declare const midnightBoundPrice: (estRate: Dec.Value, ttmDays: Dec.Value, kind: MidnightRateBoundKind, boundRate?: Dec.Value, rateSlippagePercent?: Dec.Value) => string;
 export declare const midnightBookBestFirst: (side: MorphoMidnightBookSide) => 1 | -1;
 export declare const buildMidnightParsedBook: (offers: MorphoMidnightBookOffer[], side: MorphoMidnightBookSide) => MorphoMidnightParsedBook | null;

package/cjs/helpers/morphoMidnightHelpers/rate.js

@@ -3,7 +3,7 @@ var __importDefault = (this && this.__importDefault) || function (mod) {
     return (mod && mod.__esModule) ? mod : { "default": mod };
 };
 Object.defineProperty(exports, "__esModule", { value: true });
-exports.buildMidnightParsedBook = exports.midnightBookBestFirst = exports.midnightPriceFromApy = exports.midnightApyFromPrice = exports.midnightTimeToMaturityDays = void 0;
+exports.buildMidnightParsedBook = exports.midnightBookBestFirst = exports.midnightBoundPrice = exports.MIDNIGHT_DEFAULT_RATE_SLIPPAGE = exports.midnightPriceFromApy = exports.midnightApyFromPrice = exports.midnightTimeToMaturityDays = void 0;
 const decimal_js_1 = __importDefault(require("decimal.js"));
 const constants_1 = require("../../constants");
 const nowInSeconds = () => Math.floor(Date.now() / 1000);
@@ -34,6 +34,19 @@ const midnightPriceFromApy = (ratePercent, ttmDays) => {
     return new decimal_js_1.default(1).div(new decimal_js_1.default(1).add(rate.div(100)).pow(ttm.div(365))).toString();
 };
 exports.midnightPriceFromApy = midnightPriceFromApy;
+exports.MIDNIGHT_DEFAULT_RATE_SLIPPAGE = 0.1;
+const MIDNIGHT_MIN_FLOOR_RATIO = 0.5;
+const midnightBoundPrice = (estRate, ttmDays, kind, boundRate, rateSlippagePercent = exports.MIDNIGHT_DEFAULT_RATE_SLIPPAGE) => {
+    if (boundRate !== undefined && new decimal_js_1.default(boundRate).gt(0))
+        return (0, exports.midnightPriceFromApy)(boundRate, ttmDays);
+    const est = new decimal_js_1.default(estRate);
+    const slippage = new decimal_js_1.default(rateSlippagePercent);
+    const bound = kind === 'ceiling'
+        ? est.add(slippage)
+        : decimal_js_1.default.max(est.sub(slippage), est.mul(MIDNIGHT_MIN_FLOOR_RATIO));
+    return (0, exports.midnightPriceFromApy)(bound, ttmDays);
+};
+exports.midnightBoundPrice = midnightBoundPrice;
 const midnightBookBestFirst = (side) => (side === 'asks' ? -1 : 1);
 exports.midnightBookBestFirst = midnightBookBestFirst;
 const buildMidnightParsedBook = (offers, side) => {

package/cjs/helpers/morphoMidnightHelpers/tenor.d.ts

@@ -4,7 +4,6 @@ import type { MorphoMidnightBorrowQuote, MorphoMidnightPaybackQuote, MorphoMidni
 type TenorBookKey = 'asks' | 'bids';
 export declare const tenorBookKeyFor: (side: MorphoMidnightBookSide) => TenorBookKey;
 export declare const tenorBookRateToApyPercent: (rate: Dec.Value) => string;
-export declare const tenorCapPrice: (bestPrice: string, slippagePercent: Dec.Value, direction: 1 | -1, ttmDays: Dec.Value, boundRate?: Dec.Value) => string;
 interface TenorOfferCollateral {
     token: string;
     lltv: string | number;
@@ -119,7 +118,12 @@ export declare const parseTenorBookSide: (json: TenorBookResponse, side: MorphoM
 }[];
 export declare const parseTenorOrderBook: (json: TenorBookResponse, side: MorphoMidnightBookSide, loanSymbol: string) => MorphoMidnightParsedBook | null;
 export declare const getTenorMarketBook: (market: MorphoMidnightMarketData, network: NetworkNumber, side?: MorphoMidnightBookSide) => Promise<MorphoMidnightParsedBook | null>;
-export declare const getTenorBorrowQuote: (marketId: string, assetsRaw: string, slippagePercent: Dec.Value, maturity: number, maxBorrowRate?: Dec.Value, taker?: string, network?: NetworkNumber) => Promise<MorphoMidnightBorrowQuote>;
-export declare const getTenorPaybackQuote: (marketId: string, assetsRaw: string, slippagePercent: Dec.Value, maturity: number, minPaybackRate?: Dec.Value, taker?: string, network?: NetworkNumber) => Promise<MorphoMidnightPaybackQuote>;
-export declare const getTenorPaybackUnitsQuote: (marketId: string, unitsRaw: string, slippagePercent: Dec.Value, maturity: number, minPaybackRate?: Dec.Value, taker?: string, network?: NetworkNumber) => Promise<MorphoMidnightPaybackUnitsQuote>;
+/**
+ * Tenor's router takes no slippage of its own — it prices the fill and hands back the offers. `slippagePercent`
+ * is therefore accepted only to keep the signature aligned with the Morpho-hosted quote that `index.ts`
+ * forwards to positionally; the guard comes from `rateSlippagePercent` via `midnightBoundPrice`.
+ */
+export declare const getTenorBorrowQuote: (marketId: string, assetsRaw: string, slippagePercent: Dec.Value, maturity: number, maxBorrowRate?: Dec.Value, taker?: string, rateSlippagePercent?: Dec.Value, network?: NetworkNumber) => Promise<MorphoMidnightBorrowQuote>;
+export declare const getTenorPaybackQuote: (marketId: string, assetsRaw: string, slippagePercent: Dec.Value, maturity: number, minPaybackRate?: Dec.Value, taker?: string, rateSlippagePercent?: Dec.Value, network?: NetworkNumber) => Promise<MorphoMidnightPaybackQuote>;
+export declare const getTenorPaybackUnitsQuote: (marketId: string, unitsRaw: string, slippagePercent: Dec.Value, maturity: number, minPaybackRate?: Dec.Value, taker?: string, rateSlippagePercent?: Dec.Value, network?: NetworkNumber) => Promise<MorphoMidnightPaybackUnitsQuote>;
 export {};

package/cjs/helpers/morphoMidnightHelpers/tenor.js

@@ -12,7 +12,7 @@ var __importDefault = (this && this.__importDefault) || function (mod) {
     return (mod && mod.__esModule) ? mod : { "default": mod };
 };
 Object.defineProperty(exports, "__esModule", { value: true });
-exports.getTenorPaybackUnitsQuote = exports.getTenorPaybackQuote = exports.getTenorBorrowQuote = exports.getTenorMarketBook = exports.parseTenorOrderBook = exports.parseTenorBookSide = exports.tenorOfferFillToApiFill = exports.tenorOfferToApiOffer = exports.tenorCapPrice = exports.tenorBookRateToApyPercent = exports.tenorBookKeyFor = void 0;
+exports.getTenorPaybackUnitsQuote = exports.getTenorPaybackQuote = exports.getTenorBorrowQuote = exports.getTenorMarketBook = exports.parseTenorOrderBook = exports.parseTenorBookSide = exports.tenorOfferFillToApiFill = exports.tenorOfferToApiOffer = exports.tenorBookRateToApyPercent = exports.tenorBookKeyFor = void 0;
 const decimal_js_1 = __importDefault(require("decimal.js"));
 const tokens_1 = require("@defisaver/tokens");
 const constants_1 = require("../../constants");
@@ -31,13 +31,6 @@ exports.tenorBookKeyFor = tenorBookKeyFor;
 const tenorBookRateToApyPercent = (rate) => new decimal_js_1.default(rate || 0).div(100).toString();
 exports.tenorBookRateToApyPercent = tenorBookRateToApyPercent;
 const tenorFillPrice = (assets, units) => (new decimal_js_1.default(units).lte(0) ? '0' : new decimal_js_1.default(assets).div(units).toString());
-const tenorCapPrice = (bestPrice, slippagePercent, direction, ttmDays, boundRate) => {
-    if (boundRate !== undefined && new decimal_js_1.default(boundRate).gt(0))
-        return (0, rate_1.midnightPriceFromApy)(boundRate, ttmDays);
-    const band = new decimal_js_1.default(1).add(new decimal_js_1.default(slippagePercent || 0).div(100).mul(direction));
-    return decimal_js_1.default.max(0, new decimal_js_1.default(bestPrice).mul(band)).toString();
-};
-exports.tenorCapPrice = tenorCapPrice;
 /**
  * Tenor's offer JSON is flat (market fields live on the offer). Morpho's is nested, and that nested
  * shape is what the app encodes for `Midnight.take`. Map Tenor into that shape so recipes stay on one encoder.
@@ -166,7 +159,12 @@ const fetchTenorQuote = (_a) => __awaiter(void 0, [_a], void 0, function* ({ mar
     };
 });
 const TENOR_NO_AVAILABLE_UNITS = '0';
-const getTenorBorrowQuote = (marketId_1, assetsRaw_1, slippagePercent_1, maturity_1, maxBorrowRate_1, taker_1, ...args_1) => __awaiter(void 0, [marketId_1, assetsRaw_1, slippagePercent_1, maturity_1, maxBorrowRate_1, taker_1, ...args_1], void 0, function* (marketId, assetsRaw, slippagePercent, maturity, maxBorrowRate, taker, network = types_1.NetworkNumber.Base) {
+/**
+ * Tenor's router takes no slippage of its own — it prices the fill and hands back the offers. `slippagePercent`
+ * is therefore accepted only to keep the signature aligned with the Morpho-hosted quote that `index.ts`
+ * forwards to positionally; the guard comes from `rateSlippagePercent` via `midnightBoundPrice`.
+ */
+const getTenorBorrowQuote = (marketId_1, assetsRaw_1, slippagePercent_1, maturity_1, maxBorrowRate_1, taker_1, rateSlippagePercent_1, ...args_1) => __awaiter(void 0, [marketId_1, assetsRaw_1, slippagePercent_1, maturity_1, maxBorrowRate_1, taker_1, rateSlippagePercent_1, ...args_1], void 0, function* (marketId, assetsRaw, slippagePercent, maturity, maxBorrowRate, taker, rateSlippagePercent, network = types_1.NetworkNumber.Base) {
     if (!(0, morphoMidnight_1.isTenorMidnightMarket)(marketId)) {
         throw new Error(tenorQuoteError(`Not a Tenor Midnight market: ${marketId}`));
     }
@@ -179,7 +177,7 @@ const getTenorBorrowQuote = (marketId_1, assetsRaw_1, slippagePercent_1, maturit
     const ttmDays = (0, rate_1.midnightTimeToMaturityDays)(maturity);
     const bestPrice = tenorFillPrice(assetsRaw, quote.units);
     const estBorrowRate = (0, rate_1.midnightApyFromPrice)(bestPrice, ttmDays);
-    const capPrice = (0, exports.tenorCapPrice)(bestPrice, slippagePercent, -1, ttmDays, maxBorrowRate);
+    const capPrice = (0, rate_1.midnightBoundPrice)(estBorrowRate, ttmDays, 'ceiling', maxBorrowRate, rateSlippagePercent);
     const maxRate = (0, rate_1.midnightApyFromPrice)(capPrice, ttmDays);
     const maxUnits = new decimal_js_1.default(capPrice).lte(0) ? '0' : new decimal_js_1.default(assetsRaw).div(capPrice).toFixed(0);
     return {
@@ -195,7 +193,7 @@ const getTenorBorrowQuote = (marketId_1, assetsRaw_1, slippagePercent_1, maturit
     };
 });
 exports.getTenorBorrowQuote = getTenorBorrowQuote;
-const getTenorPaybackQuote = (marketId_1, assetsRaw_1, slippagePercent_1, maturity_1, minPaybackRate_1, taker_1, ...args_1) => __awaiter(void 0, [marketId_1, assetsRaw_1, slippagePercent_1, maturity_1, minPaybackRate_1, taker_1, ...args_1], void 0, function* (marketId, assetsRaw, slippagePercent, maturity, minPaybackRate, taker, network = types_1.NetworkNumber.Base) {
+const getTenorPaybackQuote = (marketId_1, assetsRaw_1, slippagePercent_1, maturity_1, minPaybackRate_1, taker_1, rateSlippagePercent_1, ...args_1) => __awaiter(void 0, [marketId_1, assetsRaw_1, slippagePercent_1, maturity_1, minPaybackRate_1, taker_1, rateSlippagePercent_1, ...args_1], void 0, function* (marketId, assetsRaw, slippagePercent, maturity, minPaybackRate, taker, rateSlippagePercent, network = types_1.NetworkNumber.Base) {
     if (!(0, morphoMidnight_1.isTenorMidnightMarket)(marketId)) {
         throw new Error(tenorQuoteError(`Not a Tenor Midnight market: ${marketId}`));
     }
@@ -208,7 +206,7 @@ const getTenorPaybackQuote = (marketId_1, assetsRaw_1, slippagePercent_1, maturi
     const ttmDays = (0, rate_1.midnightTimeToMaturityDays)(maturity);
     const bestPrice = tenorFillPrice(assetsRaw, quote.units);
     const estPaybackRate = (0, rate_1.midnightApyFromPrice)(bestPrice, ttmDays);
-    const capPrice = (0, exports.tenorCapPrice)(bestPrice, slippagePercent, 1, ttmDays, minPaybackRate);
+    const capPrice = (0, rate_1.midnightBoundPrice)(estPaybackRate, ttmDays, 'floor', minPaybackRate, rateSlippagePercent);
     const minRate = (0, rate_1.midnightApyFromPrice)(capPrice, ttmDays);
     const minUnits = new decimal_js_1.default(capPrice).lte(0) ? '0' : new decimal_js_1.default(assetsRaw).div(capPrice).toFixed(0, decimal_js_1.default.ROUND_DOWN);
     return {
@@ -224,7 +222,7 @@ const getTenorPaybackQuote = (marketId_1, assetsRaw_1, slippagePercent_1, maturi
     };
 });
 exports.getTenorPaybackQuote = getTenorPaybackQuote;
-const getTenorPaybackUnitsQuote = (marketId_1, unitsRaw_1, slippagePercent_1, maturity_1, minPaybackRate_1, taker_1, ...args_1) => __awaiter(void 0, [marketId_1, unitsRaw_1, slippagePercent_1, maturity_1, minPaybackRate_1, taker_1, ...args_1], void 0, function* (marketId, unitsRaw, slippagePercent, maturity, minPaybackRate, taker, network = types_1.NetworkNumber.Base) {
+const getTenorPaybackUnitsQuote = (marketId_1, unitsRaw_1, slippagePercent_1, maturity_1, minPaybackRate_1, taker_1, rateSlippagePercent_1, ...args_1) => __awaiter(void 0, [marketId_1, unitsRaw_1, slippagePercent_1, maturity_1, minPaybackRate_1, taker_1, rateSlippagePercent_1, ...args_1], void 0, function* (marketId, unitsRaw, slippagePercent, maturity, minPaybackRate, taker, rateSlippagePercent, network = types_1.NetworkNumber.Base) {
     if (!(0, morphoMidnight_1.isTenorMidnightMarket)(marketId)) {
         throw new Error(tenorQuoteError(`Not a Tenor Midnight market: ${marketId}`));
     }
@@ -238,7 +236,7 @@ const getTenorPaybackUnitsQuote = (marketId_1, unitsRaw_1, slippagePercent_1, ma
     const newAssets = quote.buyerAssets;
     const bestPrice = tenorFillPrice(newAssets, unitsRaw);
     const estPaybackRate = (0, rate_1.midnightApyFromPrice)(bestPrice, ttmDays);
-    const capPrice = (0, exports.tenorCapPrice)(bestPrice, slippagePercent, 1, ttmDays, minPaybackRate);
+    const capPrice = (0, rate_1.midnightBoundPrice)(estPaybackRate, ttmDays, 'floor', minPaybackRate, rateSlippagePercent);
     const minRate = (0, rate_1.midnightApyFromPrice)(capPrice, ttmDays);
     const maxAssets = new decimal_js_1.default(unitsRaw).mul(capPrice).toFixed(0, decimal_js_1.default.ROUND_UP);
     return {

package/cjs/morphoMidnight/index.js

@@ -169,12 +169,14 @@ function _getMorphoMidnightAccountData(provider, network, account, selectedMarke
         if (new decimal_js_1.default(positionInfo.debt.toString()).gt(0)) {
             try {
                 const borrowInfo = yield (0, morphoMidnightHelpers_1.getMorphoMidnightUserBorrowInfo)(account, marketId, marketInfo.loanToken);
-                borrowRate = borrowInfo.borrowRate;
-                debtBase = borrowInfo.debtBase;
-                debtInterest = borrowInfo.debtInterest;
-                usedAssets[marketInfo.loanToken].borrowRate = borrowRate;
-                // Reflect the real borrow cost in netApy without mutating the shared marketInfo.assetsData.
-                assetsDataForApy = Object.assign(Object.assign({}, marketInfo.assetsData), { [marketInfo.loanToken]: Object.assign(Object.assign({}, loanTokenData), { borrowRate }) });
+                if (new decimal_js_1.default(borrowInfo.debtTotal).gt(0)) {
+                    borrowRate = borrowInfo.borrowRate;
+                    debtBase = borrowInfo.debtBase;
+                    debtInterest = borrowInfo.debtInterest;
+                    usedAssets[marketInfo.loanToken].borrowRate = borrowRate;
+                    // Reflect the real borrow cost in netApy without mutating the shared marketInfo.assetsData.
+                    assetsDataForApy = Object.assign(Object.assign({}, marketInfo.assetsData), { [marketInfo.loanToken]: Object.assign(Object.assign({}, loanTokenData), { borrowRate }) });
+                }
             }
             catch (err) {
                 // Orderbook API unavailable — keep the on-chain-only fallback above.

package/esm/helpers/morphoMidnightHelpers/index.d.ts

@@ -1,7 +1,7 @@
 import Dec from 'decimal.js';
 import { MMUsedAssets, NetworkNumber } from '../../types/common';
 import { MorphoMidnightAggregatedPositionData, MorphoMidnightAssetsData, MorphoMidnightBookSide, MorphoMidnightMarketData, MorphoMidnightMarketInfo, MorphoMidnightParsedBook } from '../../types';
-export { buildMidnightParsedBook, midnightApyFromPrice, midnightBookBestFirst, midnightPriceFromApy, midnightTimeToMaturityDays, } from './rate';
+export { buildMidnightParsedBook, midnightApyFromPrice, midnightBookBestFirst, midnightBoundPrice, midnightPriceFromApy, midnightTimeToMaturityDays, MIDNIGHT_DEFAULT_RATE_SLIPPAGE, } from './rate';
 export { tenorBookKeyFor, tenorBookRateToApyPercent, tenorOfferFillToApiFill, tenorOfferToApiOffer, } from './tenor';
 /**
  * Aggregate a Morpho Midnight position. Midnight markets are multi-collateral, so the borrow limit is
@@ -88,59 +88,6 @@ export declare const getMorphoMidnightUserBorrowInfo: (account: string, marketId
  * JSON, so without the `res.ok` check it parses as an empty book and the market silently vanishes.
  */
 export declare const getMorphoMidnightMarketBook: (market: MorphoMidnightMarketData, network: NetworkNumber, side?: MorphoMidnightBookSide) => Promise<MorphoMidnightParsedBook | null>;
-/**
- * Quote a prospective borrow against the Midnight order book: the estimated rate, the debt units it adds,
- * and the `maxUnits` cap sent on-chain to protect the user if better offers get filled first. `assetsRaw`
- * (and the returned `newUnits`/`maxUnits`) are raw loan-token base units — callers convert to/from human
- * amounts. Throws if the book can't fill the amount (caller handles).
- *
- * Two ways to set the cap:
- *  - `maxBorrowRate` — an absolute APY ceiling, honoured **exactly**: the cap price is derived locally via
- *    `midnightPriceFromApy`. Prefer this when a user pins a max rate.
- *  - otherwise `slippagePercent`, the API's own knob. Note it is a **price**-level slippage, not APY points:
- *    near maturity the annualisation factor (365 / ttmDays) multiplies it heavily, so on a 22-day market a
- *    slippage of 0.5 permitted an APY ~9pp above the estimate, not 0.5pp. It also saturates at the book's
- *    cheapest bid. `maxRate` therefore reports what the cap actually permits, derived from the cap price.
- *
- * A `maxBorrowRate` below `estBorrowRate` yields `maxUnits < newUnits` — the borrow would revert on-chain.
- * Compare the two before submitting and tell the user their ceiling is under the market rate.
- *
- * Tenor-hosted markets (see `isTenorMidnightMarket`) are quoted against Tenor's router instead of Morpho's
- * book API. Slippage is applied locally to `maxUnits`; `taker` is the position owner (the smart wallet).
- */
-export declare const getMorphoMidnightBorrowQuote: (marketId: string, assetsRaw: string, slippagePercent: Dec.Value, maturity: number, maxBorrowRate?: Dec.Value, taker?: string) => Promise<MorphoMidnightBorrowQuote>;
-/**
- * Quote a prospective payback against the ask side of the Midnight order book: the rate the repayment
- * retires debt at, the debt units it buys, and the `minUnits` floor sent on-chain to protect the user if
- * the cheap offers get taken first. `assetsRaw` is the amount **spent** (raw loan-token base units) —
- * matching `MidnightPaybackFromOrders`, whose `amount` is what leaves the wallet; the units bought, and
- * therefore the debt retired, exceed it because a unit costs less than one loan token before maturity.
- * Throws if the book can't fill the amount (caller handles).
- *
- * The mirror image of the borrow quote in every respect. A repayer wants a *high* rate, i.e. cheap units,
- * so the guard is a floor rather than a ceiling:
- *  - `minPaybackRate` — an absolute APY floor, honoured **exactly** via `midnightPriceFromApy`. Prefer
- *    this when a user pins a min rate.
- *  - otherwise `slippagePercent`, the API's own price-level knob, whose APY effect is amplified by the
- *    annualisation factor near maturity. `minRate` reports what the floor actually permits.
- *
- * A `minPaybackRate` above `estPaybackRate` yields `minUnits > newUnits` — the payback would revert
- * on-chain. Compare the two before submitting and tell the user their floor is over the market rate.
- */
-export declare const getMorphoMidnightPaybackQuote: (marketId: string, assetsRaw: string, slippagePercent: Dec.Value, maturity: number, minPaybackRate?: Dec.Value, taker?: string) => Promise<MorphoMidnightPaybackQuote>;
-/**
- * Payback quoted against a **units** target instead of a spend: "retire exactly these debt units, and tell
- * me what that costs". The sibling of `getMorphoMidnightPaybackQuote` in every other respect — same ask
- * side, same rate floor, same offer list — but with the two amounts swapped, so the on-chain guard becomes
- * a ceiling on assets spent rather than a floor on units bought.
- *
- * This is what a **full close** must be sized with. Retiring N units costs less than N loan tokens before
- * maturity, so quoting the close as a spend of the debt's face value asks the book for more depth than the
- * close needs (and can be refused for liquidity that is in fact there), and caps the taker's spend at more
- * than the position is worth. Callers that cannot refund an overspend — a taker calling the bundler
- * directly, rather than through an action contract that sweeps the remainder back — need this quote.
- *
- * A `minPaybackRate` above `estPaybackRate` yields `maxAssets < newAssets`: the ceiling is under what the
- * buy costs and it would revert on-chain, the mirror of the assets-target quote's `minUnits > newUnits`.
- */
-export declare const getMorphoMidnightPaybackUnitsQuote: (marketId: string, unitsRaw: string, slippagePercent: Dec.Value, maturity: number, minPaybackRate?: Dec.Value, taker?: string) => Promise<MorphoMidnightPaybackUnitsQuote>;
+export declare const getMorphoMidnightBorrowQuote: (marketId: string, assetsRaw: string, slippagePercent: Dec.Value, maturity: number, maxBorrowRate?: Dec.Value, taker?: string, rateSlippagePercent?: Dec.Value) => Promise<MorphoMidnightBorrowQuote>;
+export declare const getMorphoMidnightPaybackQuote: (marketId: string, assetsRaw: string, slippagePercent: Dec.Value, maturity: number, minPaybackRate?: Dec.Value, taker?: string, rateSlippagePercent?: Dec.Value) => Promise<MorphoMidnightPaybackQuote>;
+export declare const getMorphoMidnightPaybackUnitsQuote: (marketId: string, unitsRaw: string, slippagePercent: Dec.Value, maturity: number, minPaybackRate?: Dec.Value, taker?: string, rateSlippagePercent?: Dec.Value) => Promise<MorphoMidnightPaybackUnitsQuote>;

package/esm/helpers/morphoMidnightHelpers/index.js

@@ -15,9 +15,9 @@ import { LeverageType, } from '../../types/common';
 import { WAD } from '../../constants';
 import { LONGER_TIMEOUT } from '../../services/utils';
 import { isTenorMidnightMarket } from '../../markets/morphoMidnight';
-import { buildMidnightParsedBook, midnightApyFromPrice, midnightPriceFromApy, midnightTimeToMaturityDays, } from './rate';
+import { buildMidnightParsedBook, midnightApyFromPrice, midnightBoundPrice, midnightTimeToMaturityDays, } from './rate';
 import { getTenorBorrowQuote, getTenorMarketBook, getTenorPaybackQuote, getTenorPaybackUnitsQuote, } from './tenor';
-export { buildMidnightParsedBook, midnightApyFromPrice, midnightBookBestFirst, midnightPriceFromApy, midnightTimeToMaturityDays, } from './rate';
+export { buildMidnightParsedBook, midnightApyFromPrice, midnightBookBestFirst, midnightBoundPrice, midnightPriceFromApy, midnightTimeToMaturityDays, MIDNIGHT_DEFAULT_RATE_SLIPPAGE, } from './rate';
 export { tenorBookKeyFor, tenorBookRateToApyPercent, tenorOfferFillToApiFill, tenorOfferToApiOffer, } from './tenor';
 /**
  * Aggregate a Morpho Midnight position. Midnight markets are multi-collateral, so the borrow limit is
@@ -175,39 +175,17 @@ const fetchMorphoMidnightQuote = (marketId, side, size, slippagePercent) => __aw
         takeableOffers: d.takeable_offers || [],
     };
 });
-/**
- * Quote a prospective borrow against the Midnight order book: the estimated rate, the debt units it adds,
- * and the `maxUnits` cap sent on-chain to protect the user if better offers get filled first. `assetsRaw`
- * (and the returned `newUnits`/`maxUnits`) are raw loan-token base units — callers convert to/from human
- * amounts. Throws if the book can't fill the amount (caller handles).
- *
- * Two ways to set the cap:
- *  - `maxBorrowRate` — an absolute APY ceiling, honoured **exactly**: the cap price is derived locally via
- *    `midnightPriceFromApy`. Prefer this when a user pins a max rate.
- *  - otherwise `slippagePercent`, the API's own knob. Note it is a **price**-level slippage, not APY points:
- *    near maturity the annualisation factor (365 / ttmDays) multiplies it heavily, so on a 22-day market a
- *    slippage of 0.5 permitted an APY ~9pp above the estimate, not 0.5pp. It also saturates at the book's
- *    cheapest bid. `maxRate` therefore reports what the cap actually permits, derived from the cap price.
- *
- * A `maxBorrowRate` below `estBorrowRate` yields `maxUnits < newUnits` — the borrow would revert on-chain.
- * Compare the two before submitting and tell the user their ceiling is under the market rate.
- *
- * Tenor-hosted markets (see `isTenorMidnightMarket`) are quoted against Tenor's router instead of Morpho's
- * book API. Slippage is applied locally to `maxUnits`; `taker` is the position owner (the smart wallet).
- */
-export const getMorphoMidnightBorrowQuote = (marketId, assetsRaw, slippagePercent, maturity, maxBorrowRate, taker) => __awaiter(void 0, void 0, void 0, function* () {
+export const getMorphoMidnightBorrowQuote = (marketId, assetsRaw, slippagePercent, maturity, maxBorrowRate, taker, rateSlippagePercent) => __awaiter(void 0, void 0, void 0, function* () {
     if (isTenorMidnightMarket(marketId)) {
-        return getTenorBorrowQuote(marketId, assetsRaw, slippagePercent, maturity, maxBorrowRate, taker);
+        return getTenorBorrowQuote(marketId, assetsRaw, slippagePercent, maturity, maxBorrowRate, taker, rateSlippagePercent);
     }
     const quote = yield fetchMorphoMidnightQuote(marketId, 'bids', { assets: assetsRaw }, slippagePercent);
-    const { bestPrice, worstPrice } = quote;
+    const { bestPrice } = quote;
     const ttmDays = midnightTimeToMaturityDays(maturity);
     const estBorrowRate = midnightApyFromPrice(bestPrice, ttmDays);
     // Price the cap sits at, and the rate that price represents — one derivation, so `maxRate` and
     // `maxUnits` can never disagree about what the user is protected at.
-    const capPrice = maxBorrowRate !== undefined && new Dec(maxBorrowRate).gt(0)
-        ? midnightPriceFromApy(maxBorrowRate, ttmDays)
-        : worstPrice;
+    const capPrice = midnightBoundPrice(estBorrowRate, ttmDays, 'ceiling', maxBorrowRate, rateSlippagePercent);
     const maxRate = midnightApyFromPrice(capPrice, ttmDays);
     const newUnits = new Dec(bestPrice).lte(0) ? '0' : new Dec(assetsRaw).div(bestPrice).toFixed(0);
     const maxUnits = new Dec(capPrice).lte(0) ? '0' : new Dec(assetsRaw).div(capPrice).toFixed(0);
@@ -216,35 +194,15 @@ export const getMorphoMidnightBorrowQuote = (marketId, assetsRaw, slippagePercen
         newUnits,
         maxUnits });
 });
-/**
- * Quote a prospective payback against the ask side of the Midnight order book: the rate the repayment
- * retires debt at, the debt units it buys, and the `minUnits` floor sent on-chain to protect the user if
- * the cheap offers get taken first. `assetsRaw` is the amount **spent** (raw loan-token base units) —
- * matching `MidnightPaybackFromOrders`, whose `amount` is what leaves the wallet; the units bought, and
- * therefore the debt retired, exceed it because a unit costs less than one loan token before maturity.
- * Throws if the book can't fill the amount (caller handles).
- *
- * The mirror image of the borrow quote in every respect. A repayer wants a *high* rate, i.e. cheap units,
- * so the guard is a floor rather than a ceiling:
- *  - `minPaybackRate` — an absolute APY floor, honoured **exactly** via `midnightPriceFromApy`. Prefer
- *    this when a user pins a min rate.
- *  - otherwise `slippagePercent`, the API's own price-level knob, whose APY effect is amplified by the
- *    annualisation factor near maturity. `minRate` reports what the floor actually permits.
- *
- * A `minPaybackRate` above `estPaybackRate` yields `minUnits > newUnits` — the payback would revert
- * on-chain. Compare the two before submitting and tell the user their floor is over the market rate.
- */
-export const getMorphoMidnightPaybackQuote = (marketId, assetsRaw, slippagePercent, maturity, minPaybackRate, taker) => __awaiter(void 0, void 0, void 0, function* () {
+export const getMorphoMidnightPaybackQuote = (marketId, assetsRaw, slippagePercent, maturity, minPaybackRate, taker, rateSlippagePercent) => __awaiter(void 0, void 0, void 0, function* () {
     if (isTenorMidnightMarket(marketId)) {
-        return getTenorPaybackQuote(marketId, assetsRaw, slippagePercent, maturity, minPaybackRate, taker);
+        return getTenorPaybackQuote(marketId, assetsRaw, slippagePercent, maturity, minPaybackRate, taker, rateSlippagePercent);
     }
     const quote = yield fetchMorphoMidnightQuote(marketId, 'asks', { assets: assetsRaw }, slippagePercent);
-    const { bestPrice, worstPrice } = quote;
+    const { bestPrice } = quote;
     const ttmDays = midnightTimeToMaturityDays(maturity);
     const estPaybackRate = midnightApyFromPrice(bestPrice, ttmDays);
-    const capPrice = minPaybackRate !== undefined && new Dec(minPaybackRate).gt(0)
-        ? midnightPriceFromApy(minPaybackRate, ttmDays)
-        : worstPrice;
+    const capPrice = midnightBoundPrice(estPaybackRate, ttmDays, 'floor', minPaybackRate, rateSlippagePercent);
     const minRate = midnightApyFromPrice(capPrice, ttmDays);
     // Rounded down on both counts: `newUnits` must not overstate the debt the user sees retired, and a
     // `minUnits` rounded up would be a stricter floor than asked for and revert a payback that was fine.
@@ -255,32 +213,15 @@ export const getMorphoMidnightPaybackQuote = (marketId, assetsRaw, slippagePerce
         newUnits,
         minUnits });
 });
-/**
- * Payback quoted against a **units** target instead of a spend: "retire exactly these debt units, and tell
- * me what that costs". The sibling of `getMorphoMidnightPaybackQuote` in every other respect — same ask
- * side, same rate floor, same offer list — but with the two amounts swapped, so the on-chain guard becomes
- * a ceiling on assets spent rather than a floor on units bought.
- *
- * This is what a **full close** must be sized with. Retiring N units costs less than N loan tokens before
- * maturity, so quoting the close as a spend of the debt's face value asks the book for more depth than the
- * close needs (and can be refused for liquidity that is in fact there), and caps the taker's spend at more
- * than the position is worth. Callers that cannot refund an overspend — a taker calling the bundler
- * directly, rather than through an action contract that sweeps the remainder back — need this quote.
- *
- * A `minPaybackRate` above `estPaybackRate` yields `maxAssets < newAssets`: the ceiling is under what the
- * buy costs and it would revert on-chain, the mirror of the assets-target quote's `minUnits > newUnits`.
- */
-export const getMorphoMidnightPaybackUnitsQuote = (marketId, unitsRaw, slippagePercent, maturity, minPaybackRate, taker) => __awaiter(void 0, void 0, void 0, function* () {
+export const getMorphoMidnightPaybackUnitsQuote = (marketId, unitsRaw, slippagePercent, maturity, minPaybackRate, taker, rateSlippagePercent) => __awaiter(void 0, void 0, void 0, function* () {
     if (isTenorMidnightMarket(marketId)) {
-        return getTenorPaybackUnitsQuote(marketId, unitsRaw, slippagePercent, maturity, minPaybackRate, taker);
+        return getTenorPaybackUnitsQuote(marketId, unitsRaw, slippagePercent, maturity, minPaybackRate, taker, rateSlippagePercent);
     }
     const quote = yield fetchMorphoMidnightQuote(marketId, 'asks', { units: unitsRaw }, slippagePercent);
-    const { bestPrice, worstPrice } = quote;
+    const { bestPrice } = quote;
     const ttmDays = midnightTimeToMaturityDays(maturity);
     const estPaybackRate = midnightApyFromPrice(bestPrice, ttmDays);
-    const capPrice = minPaybackRate !== undefined && new Dec(minPaybackRate).gt(0)
-        ? midnightPriceFromApy(minPaybackRate, ttmDays)
-        : worstPrice;
+    const capPrice = midnightBoundPrice(estPaybackRate, ttmDays, 'floor', minPaybackRate, rateSlippagePercent);
     const minRate = midnightApyFromPrice(capPrice, ttmDays);
     // Rounded UP on both counts — the mirror of the assets-target quote's ROUND_DOWN. Here the figures are
     // what the taker SPENDS, so a value rounded down understates the cost by a base unit and would leave the

package/esm/helpers/morphoMidnightHelpers/rate.d.ts

@@ -7,5 +7,9 @@ export declare const midnightApyFromPrice: (price: Dec.Value, ttmDays: Dec.Value
  * price = (1 + rate)^(−ttmDays / 365).
  */
 export declare const midnightPriceFromApy: (ratePercent: Dec.Value, ttmDays: Dec.Value) => string;
+export declare const MIDNIGHT_DEFAULT_RATE_SLIPPAGE = 0.1;
+/** Which side of the estimate a guard sits on: a ceiling for borrows, a floor for paybacks. */
+export type MidnightRateBoundKind = 'ceiling' | 'floor';
+export declare const midnightBoundPrice: (estRate: Dec.Value, ttmDays: Dec.Value, kind: MidnightRateBoundKind, boundRate?: Dec.Value, rateSlippagePercent?: Dec.Value) => string;
 export declare const midnightBookBestFirst: (side: MorphoMidnightBookSide) => 1 | -1;
 export declare const buildMidnightParsedBook: (offers: MorphoMidnightBookOffer[], side: MorphoMidnightBookSide) => MorphoMidnightParsedBook | null;

package/esm/helpers/morphoMidnightHelpers/rate.js

@@ -25,6 +25,18 @@ export const midnightPriceFromApy = (ratePercent, ttmDays) => {
         return '1';
     return new Dec(1).div(new Dec(1).add(rate.div(100)).pow(ttm.div(365))).toString();
 };
+export const MIDNIGHT_DEFAULT_RATE_SLIPPAGE = 0.1;
+const MIDNIGHT_MIN_FLOOR_RATIO = 0.5;
+export const midnightBoundPrice = (estRate, ttmDays, kind, boundRate, rateSlippagePercent = MIDNIGHT_DEFAULT_RATE_SLIPPAGE) => {
+    if (boundRate !== undefined && new Dec(boundRate).gt(0))
+        return midnightPriceFromApy(boundRate, ttmDays);
+    const est = new Dec(estRate);
+    const slippage = new Dec(rateSlippagePercent);
+    const bound = kind === 'ceiling'
+        ? est.add(slippage)
+        : Dec.max(est.sub(slippage), est.mul(MIDNIGHT_MIN_FLOOR_RATIO));
+    return midnightPriceFromApy(bound, ttmDays);
+};
 export const midnightBookBestFirst = (side) => (side === 'asks' ? -1 : 1);
 export const buildMidnightParsedBook = (offers, side) => {
     const bestFirst = [...offers].sort((a, b) => new Dec(a.rate).minus(b.rate).mul(midnightBookBestFirst(side)).toNumber());

package/esm/helpers/morphoMidnightHelpers/tenor.d.ts

@@ -4,7 +4,6 @@ import type { MorphoMidnightBorrowQuote, MorphoMidnightPaybackQuote, MorphoMidni
 type TenorBookKey = 'asks' | 'bids';
 export declare const tenorBookKeyFor: (side: MorphoMidnightBookSide) => TenorBookKey;
 export declare const tenorBookRateToApyPercent: (rate: Dec.Value) => string;
-export declare const tenorCapPrice: (bestPrice: string, slippagePercent: Dec.Value, direction: 1 | -1, ttmDays: Dec.Value, boundRate?: Dec.Value) => string;
 interface TenorOfferCollateral {
     token: string;
     lltv: string | number;
@@ -119,7 +118,12 @@ export declare const parseTenorBookSide: (json: TenorBookResponse, side: MorphoM
 }[];
 export declare const parseTenorOrderBook: (json: TenorBookResponse, side: MorphoMidnightBookSide, loanSymbol: string) => MorphoMidnightParsedBook | null;
 export declare const getTenorMarketBook: (market: MorphoMidnightMarketData, network: NetworkNumber, side?: MorphoMidnightBookSide) => Promise<MorphoMidnightParsedBook | null>;
-export declare const getTenorBorrowQuote: (marketId: string, assetsRaw: string, slippagePercent: Dec.Value, maturity: number, maxBorrowRate?: Dec.Value, taker?: string, network?: NetworkNumber) => Promise<MorphoMidnightBorrowQuote>;
-export declare const getTenorPaybackQuote: (marketId: string, assetsRaw: string, slippagePercent: Dec.Value, maturity: number, minPaybackRate?: Dec.Value, taker?: string, network?: NetworkNumber) => Promise<MorphoMidnightPaybackQuote>;
-export declare const getTenorPaybackUnitsQuote: (marketId: string, unitsRaw: string, slippagePercent: Dec.Value, maturity: number, minPaybackRate?: Dec.Value, taker?: string, network?: NetworkNumber) => Promise<MorphoMidnightPaybackUnitsQuote>;
+/**
+ * Tenor's router takes no slippage of its own — it prices the fill and hands back the offers. `slippagePercent`
+ * is therefore accepted only to keep the signature aligned with the Morpho-hosted quote that `index.ts`
+ * forwards to positionally; the guard comes from `rateSlippagePercent` via `midnightBoundPrice`.
+ */
+export declare const getTenorBorrowQuote: (marketId: string, assetsRaw: string, slippagePercent: Dec.Value, maturity: number, maxBorrowRate?: Dec.Value, taker?: string, rateSlippagePercent?: Dec.Value, network?: NetworkNumber) => Promise<MorphoMidnightBorrowQuote>;
+export declare const getTenorPaybackQuote: (marketId: string, assetsRaw: string, slippagePercent: Dec.Value, maturity: number, minPaybackRate?: Dec.Value, taker?: string, rateSlippagePercent?: Dec.Value, network?: NetworkNumber) => Promise<MorphoMidnightPaybackQuote>;
+export declare const getTenorPaybackUnitsQuote: (marketId: string, unitsRaw: string, slippagePercent: Dec.Value, maturity: number, minPaybackRate?: Dec.Value, taker?: string, rateSlippagePercent?: Dec.Value, network?: NetworkNumber) => Promise<MorphoMidnightPaybackUnitsQuote>;
 export {};

package/esm/helpers/morphoMidnightHelpers/tenor.js

@@ -12,7 +12,7 @@ import { assetAmountInEth, getAssetInfoByAddress } from '@defisaver/tokens';
 import { ZERO_ADDRESS, ZERO_BYTES32 } from '../../constants';
 import { NetworkNumber, } from '../../types';
 import { isTenorMidnightMarket, MIDNIGHT_BASE } from '../../markets/morphoMidnight';
-import { buildMidnightParsedBook, midnightApyFromPrice, midnightPriceFromApy, midnightTimeToMaturityDays, } from './rate';
+import { buildMidnightParsedBook, midnightApyFromPrice, midnightBoundPrice, midnightTimeToMaturityDays, } from './rate';
 // Notion doc by Rajko: https://app.notion.com/p/defisaver/Tenor-API-3ba0be682adc80dfad35c81a9a4cb442
 const TENOR_QUOTES_URL = 'https://router.tenor.finance/v1/quotes';
 const TENOR_ORDERBOOK_URL = 'https://router.tenor.finance/v1/orderbook';
@@ -23,12 +23,6 @@ export const tenorBookKeyFor = (side) => (side === 'bids' ? 'asks' : 'bids');
 // Tenor order-book levels are annualized APR in basis points: 25 → 0.25%, 700 → 7%.
 export const tenorBookRateToApyPercent = (rate) => new Dec(rate || 0).div(100).toString();
 const tenorFillPrice = (assets, units) => (new Dec(units).lte(0) ? '0' : new Dec(assets).div(units).toString());
-export const tenorCapPrice = (bestPrice, slippagePercent, direction, ttmDays, boundRate) => {
-    if (boundRate !== undefined && new Dec(boundRate).gt(0))
-        return midnightPriceFromApy(boundRate, ttmDays);
-    const band = new Dec(1).add(new Dec(slippagePercent || 0).div(100).mul(direction));
-    return Dec.max(0, new Dec(bestPrice).mul(band)).toString();
-};
 /**
  * Tenor's offer JSON is flat (market fields live on the offer). Morpho's is nested, and that nested
  * shape is what the app encodes for `Midnight.take`. Map Tenor into that shape so recipes stay on one encoder.
@@ -152,7 +146,12 @@ const fetchTenorQuote = (_a) => __awaiter(void 0, [_a], void 0, function* ({ mar
     };
 });
 const TENOR_NO_AVAILABLE_UNITS = '0';
-export const getTenorBorrowQuote = (marketId_1, assetsRaw_1, slippagePercent_1, maturity_1, maxBorrowRate_1, taker_1, ...args_1) => __awaiter(void 0, [marketId_1, assetsRaw_1, slippagePercent_1, maturity_1, maxBorrowRate_1, taker_1, ...args_1], void 0, function* (marketId, assetsRaw, slippagePercent, maturity, maxBorrowRate, taker, network = NetworkNumber.Base) {
+/**
+ * Tenor's router takes no slippage of its own — it prices the fill and hands back the offers. `slippagePercent`
+ * is therefore accepted only to keep the signature aligned with the Morpho-hosted quote that `index.ts`
+ * forwards to positionally; the guard comes from `rateSlippagePercent` via `midnightBoundPrice`.
+ */
+export const getTenorBorrowQuote = (marketId_1, assetsRaw_1, slippagePercent_1, maturity_1, maxBorrowRate_1, taker_1, rateSlippagePercent_1, ...args_1) => __awaiter(void 0, [marketId_1, assetsRaw_1, slippagePercent_1, maturity_1, maxBorrowRate_1, taker_1, rateSlippagePercent_1, ...args_1], void 0, function* (marketId, assetsRaw, slippagePercent, maturity, maxBorrowRate, taker, rateSlippagePercent, network = NetworkNumber.Base) {
     if (!isTenorMidnightMarket(marketId)) {
         throw new Error(tenorQuoteError(`Not a Tenor Midnight market: ${marketId}`));
     }
@@ -165,7 +164,7 @@ export const getTenorBorrowQuote = (marketId_1, assetsRaw_1, slippagePercent_1,
     const ttmDays = midnightTimeToMaturityDays(maturity);
     const bestPrice = tenorFillPrice(assetsRaw, quote.units);
     const estBorrowRate = midnightApyFromPrice(bestPrice, ttmDays);
-    const capPrice = tenorCapPrice(bestPrice, slippagePercent, -1, ttmDays, maxBorrowRate);
+    const capPrice = midnightBoundPrice(estBorrowRate, ttmDays, 'ceiling', maxBorrowRate, rateSlippagePercent);
     const maxRate = midnightApyFromPrice(capPrice, ttmDays);
     const maxUnits = new Dec(capPrice).lte(0) ? '0' : new Dec(assetsRaw).div(capPrice).toFixed(0);
     return {
@@ -180,7 +179,7 @@ export const getTenorBorrowQuote = (marketId_1, assetsRaw_1, slippagePercent_1,
         takeableOffers: quote.offerFills,
     };
 });
-export const getTenorPaybackQuote = (marketId_1, assetsRaw_1, slippagePercent_1, maturity_1, minPaybackRate_1, taker_1, ...args_1) => __awaiter(void 0, [marketId_1, assetsRaw_1, slippagePercent_1, maturity_1, minPaybackRate_1, taker_1, ...args_1], void 0, function* (marketId, assetsRaw, slippagePercent, maturity, minPaybackRate, taker, network = NetworkNumber.Base) {
+export const getTenorPaybackQuote = (marketId_1, assetsRaw_1, slippagePercent_1, maturity_1, minPaybackRate_1, taker_1, rateSlippagePercent_1, ...args_1) => __awaiter(void 0, [marketId_1, assetsRaw_1, slippagePercent_1, maturity_1, minPaybackRate_1, taker_1, rateSlippagePercent_1, ...args_1], void 0, function* (marketId, assetsRaw, slippagePercent, maturity, minPaybackRate, taker, rateSlippagePercent, network = NetworkNumber.Base) {
     if (!isTenorMidnightMarket(marketId)) {
         throw new Error(tenorQuoteError(`Not a Tenor Midnight market: ${marketId}`));
     }
@@ -193,7 +192,7 @@ export const getTenorPaybackQuote = (marketId_1, assetsRaw_1, slippagePercent_1,
     const ttmDays = midnightTimeToMaturityDays(maturity);
     const bestPrice = tenorFillPrice(assetsRaw, quote.units);
     const estPaybackRate = midnightApyFromPrice(bestPrice, ttmDays);
-    const capPrice = tenorCapPrice(bestPrice, slippagePercent, 1, ttmDays, minPaybackRate);
+    const capPrice = midnightBoundPrice(estPaybackRate, ttmDays, 'floor', minPaybackRate, rateSlippagePercent);
     const minRate = midnightApyFromPrice(capPrice, ttmDays);
     const minUnits = new Dec(capPrice).lte(0) ? '0' : new Dec(assetsRaw).div(capPrice).toFixed(0, Dec.ROUND_DOWN);
     return {
@@ -208,7 +207,7 @@ export const getTenorPaybackQuote = (marketId_1, assetsRaw_1, slippagePercent_1,
         takeableOffers: quote.offerFills,
     };
 });
-export const getTenorPaybackUnitsQuote = (marketId_1, unitsRaw_1, slippagePercent_1, maturity_1, minPaybackRate_1, taker_1, ...args_1) => __awaiter(void 0, [marketId_1, unitsRaw_1, slippagePercent_1, maturity_1, minPaybackRate_1, taker_1, ...args_1], void 0, function* (marketId, unitsRaw, slippagePercent, maturity, minPaybackRate, taker, network = NetworkNumber.Base) {
+export const getTenorPaybackUnitsQuote = (marketId_1, unitsRaw_1, slippagePercent_1, maturity_1, minPaybackRate_1, taker_1, rateSlippagePercent_1, ...args_1) => __awaiter(void 0, [marketId_1, unitsRaw_1, slippagePercent_1, maturity_1, minPaybackRate_1, taker_1, rateSlippagePercent_1, ...args_1], void 0, function* (marketId, unitsRaw, slippagePercent, maturity, minPaybackRate, taker, rateSlippagePercent, network = NetworkNumber.Base) {
     if (!isTenorMidnightMarket(marketId)) {
         throw new Error(tenorQuoteError(`Not a Tenor Midnight market: ${marketId}`));
     }
@@ -222,7 +221,7 @@ export const getTenorPaybackUnitsQuote = (marketId_1, unitsRaw_1, slippagePercen
     const newAssets = quote.buyerAssets;
     const bestPrice = tenorFillPrice(newAssets, unitsRaw);
     const estPaybackRate = midnightApyFromPrice(bestPrice, ttmDays);
-    const capPrice = tenorCapPrice(bestPrice, slippagePercent, 1, ttmDays, minPaybackRate);
+    const capPrice = midnightBoundPrice(estPaybackRate, ttmDays, 'floor', minPaybackRate, rateSlippagePercent);
     const minRate = midnightApyFromPrice(capPrice, ttmDays);
     const maxAssets = new Dec(unitsRaw).mul(capPrice).toFixed(0, Dec.ROUND_UP);
     return {

package/esm/morphoMidnight/index.js

@@ -158,12 +158,14 @@ export function _getMorphoMidnightAccountData(provider, network, account, select
         if (new Dec(positionInfo.debt.toString()).gt(0)) {
             try {
                 const borrowInfo = yield getMorphoMidnightUserBorrowInfo(account, marketId, marketInfo.loanToken);
-                borrowRate = borrowInfo.borrowRate;
-                debtBase = borrowInfo.debtBase;
-                debtInterest = borrowInfo.debtInterest;
-                usedAssets[marketInfo.loanToken].borrowRate = borrowRate;
-                // Reflect the real borrow cost in netApy without mutating the shared marketInfo.assetsData.
-                assetsDataForApy = Object.assign(Object.assign({}, marketInfo.assetsData), { [marketInfo.loanToken]: Object.assign(Object.assign({}, loanTokenData), { borrowRate }) });
+                if (new Dec(borrowInfo.debtTotal).gt(0)) {
+                    borrowRate = borrowInfo.borrowRate;
+                    debtBase = borrowInfo.debtBase;
+                    debtInterest = borrowInfo.debtInterest;
+                    usedAssets[marketInfo.loanToken].borrowRate = borrowRate;
+                    // Reflect the real borrow cost in netApy without mutating the shared marketInfo.assetsData.
+                    assetsDataForApy = Object.assign(Object.assign({}, marketInfo.assetsData), { [marketInfo.loanToken]: Object.assign(Object.assign({}, loanTokenData), { borrowRate }) });
+                }
             }
             catch (err) {
                 // Orderbook API unavailable — keep the on-chain-only fallback above.

package/package.json

@@ -1,6 +1,6 @@
 {
   "name": "@defisaver/positions-sdk",
-  "version": "2.1.127-midnight-9-dev",
+  "version": "2.1.127-midnight-11-dev",
   "description": "",
   "main": "./cjs/index.js",
   "module": "./esm/index.js",

package/src/helpers/morphoMidnightHelpers/index.ts

@@ -20,7 +20,7 @@ import { WAD } from '../../constants';
 import { LONGER_TIMEOUT } from '../../services/utils';
 import { isTenorMidnightMarket } from '../../markets/morphoMidnight';
 import {
-  buildMidnightParsedBook, midnightApyFromPrice, midnightPriceFromApy, midnightTimeToMaturityDays,
+  buildMidnightParsedBook, midnightApyFromPrice, midnightBoundPrice, midnightTimeToMaturityDays,
 } from './rate';
 import {
   getTenorBorrowQuote, getTenorMarketBook, getTenorPaybackQuote, getTenorPaybackUnitsQuote,
@@ -30,8 +30,10 @@ export {
   buildMidnightParsedBook,
   midnightApyFromPrice,
   midnightBookBestFirst,
+  midnightBoundPrice,
   midnightPriceFromApy,
   midnightTimeToMaturityDays,
+  MIDNIGHT_DEFAULT_RATE_SLIPPAGE,
 } from './rate';
 export {
   tenorBookKeyFor,
@@ -332,26 +334,6 @@ const fetchMorphoMidnightQuote = async (
   };
 };
 
-/**
- * Quote a prospective borrow against the Midnight order book: the estimated rate, the debt units it adds,
- * and the `maxUnits` cap sent on-chain to protect the user if better offers get filled first. `assetsRaw`
- * (and the returned `newUnits`/`maxUnits`) are raw loan-token base units — callers convert to/from human
- * amounts. Throws if the book can't fill the amount (caller handles).
- *
- * Two ways to set the cap:
- *  - `maxBorrowRate` — an absolute APY ceiling, honoured **exactly**: the cap price is derived locally via
- *    `midnightPriceFromApy`. Prefer this when a user pins a max rate.
- *  - otherwise `slippagePercent`, the API's own knob. Note it is a **price**-level slippage, not APY points:
- *    near maturity the annualisation factor (365 / ttmDays) multiplies it heavily, so on a 22-day market a
- *    slippage of 0.5 permitted an APY ~9pp above the estimate, not 0.5pp. It also saturates at the book's
- *    cheapest bid. `maxRate` therefore reports what the cap actually permits, derived from the cap price.
- *
- * A `maxBorrowRate` below `estBorrowRate` yields `maxUnits < newUnits` — the borrow would revert on-chain.
- * Compare the two before submitting and tell the user their ceiling is under the market rate.
- *
- * Tenor-hosted markets (see `isTenorMidnightMarket`) are quoted against Tenor's router instead of Morpho's
- * book API. Slippage is applied locally to `maxUnits`; `taker` is the position owner (the smart wallet).
- */
 export const getMorphoMidnightBorrowQuote = async (
   marketId: string,
   assetsRaw: string,
@@ -359,21 +341,20 @@ export const getMorphoMidnightBorrowQuote = async (
   maturity: number,
   maxBorrowRate?: Dec.Value,
   taker?: string,
+  rateSlippagePercent?: Dec.Value,
 ): Promise<MorphoMidnightBorrowQuote> => {
   if (isTenorMidnightMarket(marketId)) {
-    return getTenorBorrowQuote(marketId, assetsRaw, slippagePercent, maturity, maxBorrowRate, taker);
+    return getTenorBorrowQuote(marketId, assetsRaw, slippagePercent, maturity, maxBorrowRate, taker, rateSlippagePercent);
   }
 
   const quote = await fetchMorphoMidnightQuote(marketId, 'bids', { assets: assetsRaw }, slippagePercent);
-  const { bestPrice, worstPrice } = quote;
+  const { bestPrice } = quote;
   const ttmDays = midnightTimeToMaturityDays(maturity);
   const estBorrowRate = midnightApyFromPrice(bestPrice, ttmDays);
 
   // Price the cap sits at, and the rate that price represents — one derivation, so `maxRate` and
   // `maxUnits` can never disagree about what the user is protected at.
-  const capPrice = maxBorrowRate !== undefined && new Dec(maxBorrowRate).gt(0)
-    ? midnightPriceFromApy(maxBorrowRate, ttmDays)
-    : worstPrice;
+  const capPrice = midnightBoundPrice(estBorrowRate, ttmDays, 'ceiling', maxBorrowRate, rateSlippagePercent);
   const maxRate = midnightApyFromPrice(capPrice, ttmDays);
   const newUnits = new Dec(bestPrice).lte(0) ? '0' : new Dec(assetsRaw).div(bestPrice).toFixed(0);
   const maxUnits = new Dec(capPrice).lte(0) ? '0' : new Dec(assetsRaw).div(capPrice).toFixed(0);
@@ -387,24 +368,6 @@ export const getMorphoMidnightBorrowQuote = async (
   };
 };
 
-/**
- * Quote a prospective payback against the ask side of the Midnight order book: the rate the repayment
- * retires debt at, the debt units it buys, and the `minUnits` floor sent on-chain to protect the user if
- * the cheap offers get taken first. `assetsRaw` is the amount **spent** (raw loan-token base units) —
- * matching `MidnightPaybackFromOrders`, whose `amount` is what leaves the wallet; the units bought, and
- * therefore the debt retired, exceed it because a unit costs less than one loan token before maturity.
- * Throws if the book can't fill the amount (caller handles).
- *
- * The mirror image of the borrow quote in every respect. A repayer wants a *high* rate, i.e. cheap units,
- * so the guard is a floor rather than a ceiling:
- *  - `minPaybackRate` — an absolute APY floor, honoured **exactly** via `midnightPriceFromApy`. Prefer
- *    this when a user pins a min rate.
- *  - otherwise `slippagePercent`, the API's own price-level knob, whose APY effect is amplified by the
- *    annualisation factor near maturity. `minRate` reports what the floor actually permits.
- *
- * A `minPaybackRate` above `estPaybackRate` yields `minUnits > newUnits` — the payback would revert
- * on-chain. Compare the two before submitting and tell the user their floor is over the market rate.
- */
 export const getMorphoMidnightPaybackQuote = async (
   marketId: string,
   assetsRaw: string,
@@ -412,19 +375,18 @@ export const getMorphoMidnightPaybackQuote = async (
   maturity: number,
   minPaybackRate?: Dec.Value,
   taker?: string,
+  rateSlippagePercent?: Dec.Value,
 ): Promise<MorphoMidnightPaybackQuote> => {
   if (isTenorMidnightMarket(marketId)) {
-    return getTenorPaybackQuote(marketId, assetsRaw, slippagePercent, maturity, minPaybackRate, taker);
+    return getTenorPaybackQuote(marketId, assetsRaw, slippagePercent, maturity, minPaybackRate, taker, rateSlippagePercent);
   }
 
   const quote = await fetchMorphoMidnightQuote(marketId, 'asks', { assets: assetsRaw }, slippagePercent);
-  const { bestPrice, worstPrice } = quote;
+  const { bestPrice } = quote;
   const ttmDays = midnightTimeToMaturityDays(maturity);
   const estPaybackRate = midnightApyFromPrice(bestPrice, ttmDays);
 
-  const capPrice = minPaybackRate !== undefined && new Dec(minPaybackRate).gt(0)
-    ? midnightPriceFromApy(minPaybackRate, ttmDays)
-    : worstPrice;
+  const capPrice = midnightBoundPrice(estPaybackRate, ttmDays, 'floor', minPaybackRate, rateSlippagePercent);
   const minRate = midnightApyFromPrice(capPrice, ttmDays);
   // Rounded down on both counts: `newUnits` must not overstate the debt the user sees retired, and a
   // `minUnits` rounded up would be a stricter floor than asked for and revert a payback that was fine.
@@ -440,21 +402,7 @@ export const getMorphoMidnightPaybackQuote = async (
   };
 };
 
-/**
- * Payback quoted against a **units** target instead of a spend: "retire exactly these debt units, and tell
- * me what that costs". The sibling of `getMorphoMidnightPaybackQuote` in every other respect — same ask
- * side, same rate floor, same offer list — but with the two amounts swapped, so the on-chain guard becomes
- * a ceiling on assets spent rather than a floor on units bought.
- *
- * This is what a **full close** must be sized with. Retiring N units costs less than N loan tokens before
- * maturity, so quoting the close as a spend of the debt's face value asks the book for more depth than the
- * close needs (and can be refused for liquidity that is in fact there), and caps the taker's spend at more
- * than the position is worth. Callers that cannot refund an overspend — a taker calling the bundler
- * directly, rather than through an action contract that sweeps the remainder back — need this quote.
- *
- * A `minPaybackRate` above `estPaybackRate` yields `maxAssets < newAssets`: the ceiling is under what the
- * buy costs and it would revert on-chain, the mirror of the assets-target quote's `minUnits > newUnits`.
- */
+
 export const getMorphoMidnightPaybackUnitsQuote = async (
   marketId: string,
   unitsRaw: string,
@@ -462,19 +410,18 @@ export const getMorphoMidnightPaybackUnitsQuote = async (
   maturity: number,
   minPaybackRate?: Dec.Value,
   taker?: string,
+  rateSlippagePercent?: Dec.Value,
 ): Promise<MorphoMidnightPaybackUnitsQuote> => {
   if (isTenorMidnightMarket(marketId)) {
-    return getTenorPaybackUnitsQuote(marketId, unitsRaw, slippagePercent, maturity, minPaybackRate, taker);
+    return getTenorPaybackUnitsQuote(marketId, unitsRaw, slippagePercent, maturity, minPaybackRate, taker, rateSlippagePercent);
   }
 
   const quote = await fetchMorphoMidnightQuote(marketId, 'asks', { units: unitsRaw }, slippagePercent);
-  const { bestPrice, worstPrice } = quote;
+  const { bestPrice } = quote;
   const ttmDays = midnightTimeToMaturityDays(maturity);
   const estPaybackRate = midnightApyFromPrice(bestPrice, ttmDays);
 
-  const capPrice = minPaybackRate !== undefined && new Dec(minPaybackRate).gt(0)
-    ? midnightPriceFromApy(minPaybackRate, ttmDays)
-    : worstPrice;
+  const capPrice = midnightBoundPrice(estPaybackRate, ttmDays, 'floor', minPaybackRate, rateSlippagePercent);
   const minRate = midnightApyFromPrice(capPrice, ttmDays);
   // Rounded UP on both counts — the mirror of the assets-target quote's ROUND_DOWN. Here the figures are
   // what the taker SPENDS, so a value rounded down understates the cost by a base unit and would leave the

package/src/helpers/morphoMidnightHelpers/rate.ts

@@ -29,6 +29,31 @@ export const midnightPriceFromApy = (ratePercent: Dec.Value, ttmDays: Dec.Value)
   return new Dec(1).div(new Dec(1).add(rate.div(100)).pow(ttm.div(365))).toString();
 };
 
+export const MIDNIGHT_DEFAULT_RATE_SLIPPAGE = 0.1;
+
+const MIDNIGHT_MIN_FLOOR_RATIO = 0.5;
+
+/** Which side of the estimate a guard sits on: a ceiling for borrows, a floor for paybacks. */
+export type MidnightRateBoundKind = 'ceiling' | 'floor';
+
+export const midnightBoundPrice = (
+  estRate: Dec.Value,
+  ttmDays: Dec.Value,
+  kind: MidnightRateBoundKind,
+  boundRate?: Dec.Value,
+  rateSlippagePercent: Dec.Value = MIDNIGHT_DEFAULT_RATE_SLIPPAGE,
+): string => {
+  if (boundRate !== undefined && new Dec(boundRate).gt(0)) return midnightPriceFromApy(boundRate, ttmDays);
+
+  const est = new Dec(estRate);
+  const slippage = new Dec(rateSlippagePercent);
+  const bound = kind === 'ceiling'
+    ? est.add(slippage)
+    : Dec.max(est.sub(slippage), est.mul(MIDNIGHT_MIN_FLOOR_RATIO));
+
+  return midnightPriceFromApy(bound, ttmDays);
+};
+
 export const midnightBookBestFirst = (side: MorphoMidnightBookSide): 1 | -1 => (side === 'asks' ? -1 : 1);
 
 export const buildMidnightParsedBook = (

package/src/helpers/morphoMidnightHelpers/tenor.ts

@@ -17,7 +17,7 @@ import type {
 import {
   buildMidnightParsedBook,
   midnightApyFromPrice,
-  midnightPriceFromApy,
+  midnightBoundPrice,
   midnightTimeToMaturityDays,
 } from './rate';
 
@@ -43,18 +43,6 @@ const tenorFillPrice = (assets: Dec.Value, units: Dec.Value): string => (
   new Dec(units).lte(0) ? '0' : new Dec(assets).div(units).toString()
 );
 
-export const tenorCapPrice = (
-  bestPrice: string,
-  slippagePercent: Dec.Value,
-  direction: 1 | -1,
-  ttmDays: Dec.Value,
-  boundRate?: Dec.Value,
-): string => {
-  if (boundRate !== undefined && new Dec(boundRate).gt(0)) return midnightPriceFromApy(boundRate, ttmDays);
-  const band = new Dec(1).add(new Dec(slippagePercent || 0).div(100).mul(direction));
-  return Dec.max(0, new Dec(bestPrice).mul(band)).toString();
-};
-
 interface TenorOfferCollateral {
   token: string;
   lltv: string | number;
@@ -286,6 +274,11 @@ const fetchTenorQuote = async ({
 
 const TENOR_NO_AVAILABLE_UNITS = '0';
 
+/**
+ * Tenor's router takes no slippage of its own — it prices the fill and hands back the offers. `slippagePercent`
+ * is therefore accepted only to keep the signature aligned with the Morpho-hosted quote that `index.ts`
+ * forwards to positionally; the guard comes from `rateSlippagePercent` via `midnightBoundPrice`.
+ */
 export const getTenorBorrowQuote = async (
   marketId: string,
   assetsRaw: string,
@@ -293,6 +286,7 @@ export const getTenorBorrowQuote = async (
   maturity: number,
   maxBorrowRate?: Dec.Value,
   taker?: string,
+  rateSlippagePercent?: Dec.Value,
   network: NetworkNumber = NetworkNumber.Base,
 ): Promise<MorphoMidnightBorrowQuote> => {
   if (!isTenorMidnightMarket(marketId)) {
@@ -310,7 +304,7 @@ export const getTenorBorrowQuote = async (
   const bestPrice = tenorFillPrice(assetsRaw, quote.units);
   const estBorrowRate = midnightApyFromPrice(bestPrice, ttmDays);
 
-  const capPrice = tenorCapPrice(bestPrice, slippagePercent, -1, ttmDays, maxBorrowRate);
+  const capPrice = midnightBoundPrice(estBorrowRate, ttmDays, 'ceiling', maxBorrowRate, rateSlippagePercent);
   const maxRate = midnightApyFromPrice(capPrice, ttmDays);
   const maxUnits = new Dec(capPrice).lte(0) ? '0' : new Dec(assetsRaw).div(capPrice).toFixed(0);
 
@@ -334,6 +328,7 @@ export const getTenorPaybackQuote = async (
   maturity: number,
   minPaybackRate?: Dec.Value,
   taker?: string,
+  rateSlippagePercent?: Dec.Value,
   network: NetworkNumber = NetworkNumber.Base,
 ): Promise<MorphoMidnightPaybackQuote> => {
   if (!isTenorMidnightMarket(marketId)) {
@@ -351,7 +346,7 @@ export const getTenorPaybackQuote = async (
   const bestPrice = tenorFillPrice(assetsRaw, quote.units);
   const estPaybackRate = midnightApyFromPrice(bestPrice, ttmDays);
 
-  const capPrice = tenorCapPrice(bestPrice, slippagePercent, 1, ttmDays, minPaybackRate);
+  const capPrice = midnightBoundPrice(estPaybackRate, ttmDays, 'floor', minPaybackRate, rateSlippagePercent);
   const minRate = midnightApyFromPrice(capPrice, ttmDays);
   const minUnits = new Dec(capPrice).lte(0) ? '0' : new Dec(assetsRaw).div(capPrice).toFixed(0, Dec.ROUND_DOWN);
 
@@ -375,6 +370,7 @@ export const getTenorPaybackUnitsQuote = async (
   maturity: number,
   minPaybackRate?: Dec.Value,
   taker?: string,
+  rateSlippagePercent?: Dec.Value,
   network: NetworkNumber = NetworkNumber.Base,
 ): Promise<MorphoMidnightPaybackUnitsQuote> => {
   if (!isTenorMidnightMarket(marketId)) {
@@ -393,7 +389,7 @@ export const getTenorPaybackUnitsQuote = async (
   const bestPrice = tenorFillPrice(newAssets, unitsRaw);
   const estPaybackRate = midnightApyFromPrice(bestPrice, ttmDays);
 
-  const capPrice = tenorCapPrice(bestPrice, slippagePercent, 1, ttmDays, minPaybackRate);
+  const capPrice = midnightBoundPrice(estPaybackRate, ttmDays, 'floor', minPaybackRate, rateSlippagePercent);
   const minRate = midnightApyFromPrice(capPrice, ttmDays);
   const maxAssets = new Dec(unitsRaw).mul(capPrice).toFixed(0, Dec.ROUND_UP);
 

package/src/morphoMidnight/index.ts

@@ -167,15 +167,17 @@ export async function _getMorphoMidnightAccountData(provider: Client, network: N
   if (new Dec(positionInfo.debt.toString()).gt(0)) {
     try {
       const borrowInfo = await getMorphoMidnightUserBorrowInfo(account, marketId, marketInfo.loanToken);
-      borrowRate = borrowInfo.borrowRate;
-      debtBase = borrowInfo.debtBase;
-      debtInterest = borrowInfo.debtInterest;
-      usedAssets[marketInfo.loanToken].borrowRate = borrowRate;
-      // Reflect the real borrow cost in netApy without mutating the shared marketInfo.assetsData.
-      assetsDataForApy = {
-        ...marketInfo.assetsData,
-        [marketInfo.loanToken]: { ...loanTokenData, borrowRate },
-      };
+      if (new Dec(borrowInfo.debtTotal).gt(0)) {
+        borrowRate = borrowInfo.borrowRate;
+        debtBase = borrowInfo.debtBase;
+        debtInterest = borrowInfo.debtInterest;
+        usedAssets[marketInfo.loanToken].borrowRate = borrowRate;
+        // Reflect the real borrow cost in netApy without mutating the shared marketInfo.assetsData.
+        assetsDataForApy = {
+          ...marketInfo.assetsData,
+          [marketInfo.loanToken]: { ...loanTokenData, borrowRate },
+        };
+      }
     } catch (err) {
       // Orderbook API unavailable — keep the on-chain-only fallback above.
     }