@defisaver/positions-sdk 2.1.138 → 2.1.140-dev

package/cjs/aaveV4/merkl.d.ts

@@ -1,4 +1,5 @@
-import { AaveV4MerklRewardMap, AaveV4ReserveAssetData, NetworkNumber } from '../types';
+import { AaveV4MerklRewardMap, AaveV4ReserveAssetData, MerklOpportunity, NetworkNumber } from '../types';
+export declare const buildAaveV4MerklRewardMap: (opportunities: MerklOpportunity[], chainId: NetworkNumber) => AaveV4MerklRewardMap;
 export declare const getAaveV4MerkleCampaigns: (chainId: NetworkNumber) => Promise<AaveV4MerklRewardMap>;
 /**
  * Returns a copy of the asset with scope-specific incentive arrays pre-combined with the asset's

package/cjs/aaveV4/merkl.js

@@ -9,17 +9,20 @@ var __awaiter = (this && this.__awaiter) || function (thisArg, _arguments, P, ge
     });
 };
 Object.defineProperty(exports, "__esModule", { value: true });
-exports.attachAaveV4MerklIncentives = exports.getAaveV4MerkleCampaigns = void 0;
+exports.attachAaveV4MerklIncentives = exports.getAaveV4MerkleCampaigns = exports.buildAaveV4MerklRewardMap = void 0;
 const moneymarket_1 = require("../moneymarket");
 const utils_1 = require("../services/utils");
 const types_1 = require("../types");
 /**
  * Merkl tags Aave V4 reward campaigns by scope via the `type` field:
- *   - AAVE_V4_HUB_SUPPLY / AAVE_V4_HUB_BORROW   → reward tied to a hub (matched per underlying token)
+ *   - AAVE_V4_HUB_SUPPLY / AAVE_V4_HUB_BORROW   → reward tied to a hub (matched per hub contract + underlying)
  *   - AAVE_V4_SPOKE_SUPPLY / AAVE_V4_SPOKE_BORROW → reward tied to a spoke (matched per spoke contract + underlying)
- * Hub campaigns identify the underlying via `tokens[0]`; spoke campaigns identify the spoke via `explorerAddress`.
+ * Campaigns identify the underlying via `tokens[0]` and the scoping contract (the hub or spoke) via
+ * `explorerAddress`. The same underlying exists on several hubs (e.g. USDC on Prime and Paxos), so a
+ * hub campaign matched by underlying alone would leak onto every hub's reserves — a campaign whose
+ * `explorerAddress` isn't a contract any fetched reserve points to simply never matches.
  */
-const spokeKey = (spokeAddress, underlying) => `${spokeAddress.toLowerCase()}_${underlying.toLowerCase()}`;
+const scopeKey = (scopeAddress, underlying) => `${scopeAddress.toLowerCase()}_${underlying.toLowerCase()}`;
 const buildIncentive = (opportunity) => {
     var _a, _b, _c, _d, _e;
     const rewardToken = (_c = (_b = (_a = opportunity.rewardsRecord) === null || _a === void 0 ? void 0 : _a.breakdowns) === null || _b === void 0 ? void 0 : _b[0]) === null || _c === void 0 ? void 0 : _c.token;
@@ -31,8 +34,38 @@ const buildIncentive = (opportunity) => {
         description: `Eligible for ${token} rewards through Merkl.${opportunity.description ? `\n${opportunity.description}` : ''}`,
     };
 };
-const getAaveV4MerkleCampaigns = (chainId) => __awaiter(void 0, void 0, void 0, function* () {
+const buildAaveV4MerklRewardMap = (opportunities, chainId) => {
     const result = { hub: {}, spoke: {} };
+    opportunities
+        .filter((o) => o.chainId === chainId)
+        .filter((o) => o.status === types_1.OpportunityStatus.LIVE)
+        .filter((o) => typeof o.type === 'string' && o.type.startsWith('AAVE_V4_'))
+        .forEach((o) => {
+        var _a, _b, _c, _d;
+        const underlying = (_c = (_b = (_a = o.tokens) === null || _a === void 0 ? void 0 : _a[0]) === null || _b === void 0 ? void 0 : _b.address) === null || _c === void 0 ? void 0 : _c.toLowerCase();
+        if (!underlying)
+            return;
+        const scopeAddress = (_d = o.explorerAddress) === null || _d === void 0 ? void 0 : _d.toLowerCase();
+        if (!scopeAddress)
+            return;
+        const side = o.action === types_1.OpportunityAction.BORROW ? types_1.IncentiveSide.Borrow : types_1.IncentiveSide.Supply;
+        const incentive = buildIncentive(o);
+        const key = scopeKey(scopeAddress, underlying);
+        if (o.type.includes('HUB')) {
+            if (!result.hub[key])
+                result.hub[key] = {};
+            result.hub[key][side] = incentive;
+        }
+        else if (o.type.includes('SPOKE')) {
+            if (!result.spoke[key])
+                result.spoke[key] = {};
+            result.spoke[key][side] = incentive;
+        }
+    });
+    return result;
+};
+exports.buildAaveV4MerklRewardMap = buildAaveV4MerklRewardMap;
+const getAaveV4MerkleCampaigns = (chainId) => __awaiter(void 0, void 0, void 0, function* () {
     try {
         const res = yield fetch('https://fe.defisaver.com/api/merkl/opportunities?mainProtocolId=aave&type=AAVE_V4_HUB_SUPPLY,AAVE_V4_HUB_BORROW,AAVE_V4_SPOKE_SUPPLY,AAVE_V4_SPOKE_BORROW', {
             signal: AbortSignal.timeout(utils_1.LONGER_TIMEOUT),
@@ -40,37 +73,11 @@ const getAaveV4MerkleCampaigns = (chainId) => __awaiter(void 0, void 0, void 0,
         if (!res.ok)
             throw new Error('Failed to fetch Aave V4 Merkle campaigns');
         const opportunities = yield res.json();
-        opportunities
-            .filter((o) => o.chainId === chainId)
-            .filter((o) => o.status === types_1.OpportunityStatus.LIVE)
-            .filter((o) => typeof o.type === 'string' && o.type.startsWith('AAVE_V4_'))
-            .forEach((o) => {
-            var _a, _b, _c, _d;
-            const underlying = (_c = (_b = (_a = o.tokens) === null || _a === void 0 ? void 0 : _a[0]) === null || _b === void 0 ? void 0 : _b.address) === null || _c === void 0 ? void 0 : _c.toLowerCase();
-            if (!underlying)
-                return;
-            const side = o.action === types_1.OpportunityAction.BORROW ? 'borrow' : 'supply';
-            const incentive = buildIncentive(o);
-            if (o.type.includes('HUB')) {
-                if (!result.hub[underlying])
-                    result.hub[underlying] = {};
-                result.hub[underlying][side] = incentive;
-            }
-            else if (o.type.includes('SPOKE')) {
-                const spokeAddress = (_d = o.explorerAddress) === null || _d === void 0 ? void 0 : _d.toLowerCase();
-                if (!spokeAddress)
-                    return;
-                const key = spokeKey(spokeAddress, underlying);
-                if (!result.spoke[key])
-                    result.spoke[key] = {};
-                result.spoke[key][side] = incentive;
-            }
-        });
-        return result;
+        return (0, exports.buildAaveV4MerklRewardMap)(opportunities, chainId);
     }
     catch (e) {
         console.error('Failed to fetch Aave V4 Merkle campaigns', e);
-        return result;
+        return { hub: {}, spoke: {} };
     }
 });
 exports.getAaveV4MerkleCampaigns = getAaveV4MerkleCampaigns;
@@ -83,8 +90,8 @@ const attachAaveV4MerklIncentives = (asset, spokeAddress, campaigns) => {
     const underlying = (_a = asset.underlying) === null || _a === void 0 ? void 0 : _a.toLowerCase();
     const baseSupply = asset.supplyIncentives || [];
     const baseBorrow = asset.borrowIncentives || [];
-    const spokeScoped = (spokeAddress && underlying) ? campaigns.spoke[spokeKey(spokeAddress, underlying)] : undefined;
-    const hubScoped = underlying ? campaigns.hub[underlying] : undefined;
+    const spokeScoped = (spokeAddress && underlying) ? campaigns.spoke[scopeKey(spokeAddress, underlying)] : undefined;
+    const hubScoped = (asset.hub && underlying) ? campaigns.hub[scopeKey(asset.hub, underlying)] : undefined;
     return Object.assign(Object.assign({}, asset), { spokeSupplyIncentives: (spokeScoped === null || spokeScoped === void 0 ? void 0 : spokeScoped.supply) ? [...baseSupply, spokeScoped.supply] : baseSupply, spokeBorrowIncentives: (spokeScoped === null || spokeScoped === void 0 ? void 0 : spokeScoped.borrow) ? [...baseBorrow, spokeScoped.borrow] : baseBorrow, hubSupplyIncentives: (hubScoped === null || hubScoped === void 0 ? void 0 : hubScoped.supply) ? [...baseSupply, hubScoped.supply] : baseSupply, hubBorrowIncentives: (hubScoped === null || hubScoped === void 0 ? void 0 : hubScoped.borrow) ? [...baseBorrow, hubScoped.borrow] : baseBorrow });
 };
 exports.attachAaveV4MerklIncentives = attachAaveV4MerklIncentives;

package/cjs/helpers/aaveV4Helpers/index.d.ts

@@ -1,5 +1,11 @@
-import { AaveV4AggregatedPositionData, AaveV4AssetsData, AaveV4ReserveAssetData, AaveV4SpokeInfo, AaveV4UsedReserveAsset, AaveV4UsedReserveAssets, EthereumProvider, LeverageType, NetworkNumber } from '../../types';
+import { AaveV4AggregatedPositionData, AaveV4AssetsData, AaveV4ReserveAssetData, AaveV4SpokeInfo, AaveV4UsedReserveAsset, AaveV4UsedReserveAssets, EthereumProvider, IncentiveData, IncentiveSide, LeverageType, NetworkNumber } from '../../types';
 export declare const calcUserRiskPremiumBps: (usedAssets: AaveV4UsedReserveAssets, assetsData: AaveV4AssetsData) => number;
+/**
+ * The incentives that actually accrue to a position on this reserve for the given side: the
+ * intrinsic (staking) incentives plus the single applicable Merkl reward. Display surfaces should
+ * use this rather than picking a scoped list directly, so badges always match the net APY math.
+ */
+export declare const getAaveV4ApplicableIncentives: (assetData: AaveV4ReserveAssetData, side: IncentiveSide) => IncentiveData[];
 export declare const calculateNetApyAaveV4: ({ usedAssets, assetsData, }: {
     usedAssets: AaveV4UsedReserveAssets;
     assetsData: AaveV4AssetsData;

package/cjs/helpers/aaveV4Helpers/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.getAaveV4ApyAfterValuesEstimation = exports.aaveV4GetAggregatedPositionData = exports.isLeveragedPosAaveV4 = exports.aaveV4GetCollateralFactor = exports.calculateNetApyAaveV4 = exports.calcUserRiskPremiumBps = void 0;
+exports.getAaveV4ApyAfterValuesEstimation = exports.aaveV4GetAggregatedPositionData = exports.isLeveragedPosAaveV4 = exports.aaveV4GetCollateralFactor = exports.calculateNetApyAaveV4 = exports.getAaveV4ApplicableIncentives = exports.calcUserRiskPremiumBps = void 0;
 const decimal_js_1 = __importDefault(require("decimal.js"));
 const tokens_1 = require("@defisaver/tokens");
 const moneymarket_1 = require("../../moneymarket");
@@ -76,14 +76,26 @@ const calcUserRiskPremiumBps = (usedAssets, assetsData) => {
 exports.calcUserRiskPremiumBps = calcUserRiskPremiumBps;
 /**
  * `spokeXIncentives`/`hubXIncentives` are each the intrinsic `base` list with at most one Merkl
- * reward appended (see attachAaveV4MerklIncentives). Both scopes can apply to the same position at
- * once (spoke-specific + hub-wide), so the full applicable set is base + whatever each scope appended.
+ * reward appended (see attachAaveV4MerklIncentives). Merkl regularly publishes the same reward
+ * stream at both scopes (a spoke campaign and a hub campaign covering the same borrows, e.g. USDC
+ * borrowed from the Prime Hub via the Bluechip Spoke), so the scopes must never be summed — the
+ * more specific spoke reward wins and the hub reward only applies when no spoke campaign exists,
+ * which is also what every per-asset APY badge (and Aave's own UI) shows.
  */
-const mergeScopedIncentives = (base = [], spokeScoped, hubScoped) => [
-    ...base,
-    ...(spokeScoped ? spokeScoped.slice(base.length) : []),
-    ...(hubScoped ? hubScoped.slice(base.length) : []),
-];
+const mergeScopedIncentives = (base = [], spokeScoped, hubScoped) => {
+    const spokeExtras = spokeScoped ? spokeScoped.slice(base.length) : [];
+    const hubExtras = hubScoped ? hubScoped.slice(base.length) : [];
+    return [...base, ...(spokeExtras.length ? spokeExtras : hubExtras)];
+};
+/**
+ * The incentives that actually accrue to a position on this reserve for the given side: the
+ * intrinsic (staking) incentives plus the single applicable Merkl reward. Display surfaces should
+ * use this rather than picking a scoped list directly, so badges always match the net APY math.
+ */
+const getAaveV4ApplicableIncentives = (assetData, side) => (side === types_1.IncentiveSide.Supply
+    ? mergeScopedIncentives(assetData.supplyIncentives, assetData.spokeSupplyIncentives, assetData.hubSupplyIncentives)
+    : mergeScopedIncentives(assetData.borrowIncentives, assetData.spokeBorrowIncentives, assetData.hubBorrowIncentives));
+exports.getAaveV4ApplicableIncentives = getAaveV4ApplicableIncentives;
 const calculateNetApyAaveV4 = ({ usedAssets, assetsData, }) => {
     const riskPremiumBps = (0, exports.calcUserRiskPremiumBps)(usedAssets, assetsData);
     const riskPremiumFraction = new decimal_js_1.default(riskPremiumBps).div(10000);
@@ -97,7 +109,7 @@ const calculateNetApyAaveV4 = ({ usedAssets, assetsData, }) => {
             acc.suppliedUsd = new decimal_js_1.default(acc.suppliedUsd).add(amount).toString();
             const supplyInterest = (0, staking_1.calculateInterestEarned)(amount, assetData.supplyRate, 'year', true);
             acc.supplyInterest = new decimal_js_1.default(acc.supplyInterest).add(supplyInterest.toString()).toString();
-            const supplyIncentives = mergeScopedIncentives(assetData.supplyIncentives, assetData.spokeSupplyIncentives, assetData.hubSupplyIncentives);
+            const supplyIncentives = (0, exports.getAaveV4ApplicableIncentives)(assetData, types_1.IncentiveSide.Supply);
             for (const supplyIncentive of supplyIncentives) {
                 const incentiveInterest = (0, staking_1.calculateInterestEarned)(amount, supplyIncentive.apy, 'year', true);
                 acc.incentiveUsd = new decimal_js_1.default(acc.incentiveUsd).add(incentiveInterest).toString();
@@ -113,7 +125,7 @@ const calculateNetApyAaveV4 = ({ usedAssets, assetsData, }) => {
             const userBorrowRate = (0, moneymarket_1.aprToApy)(userBorrowApr.toString());
             const borrowInterest = (0, staking_1.calculateInterestEarned)(amount, userBorrowRate, 'year', true);
             acc.borrowInterest = new decimal_js_1.default(acc.borrowInterest).sub(borrowInterest.toString()).toString();
-            const borrowIncentives = mergeScopedIncentives(assetData.borrowIncentives, assetData.spokeBorrowIncentives, assetData.hubBorrowIncentives);
+            const borrowIncentives = (0, exports.getAaveV4ApplicableIncentives)(assetData, types_1.IncentiveSide.Borrow);
             for (const borrowIncentive of borrowIncentives) {
                 const incentiveInterest = (0, staking_1.calculateInterestEarned)(amount, borrowIncentive.apy, 'year', true);
                 acc.incentiveUsd = new decimal_js_1.default(acc.incentiveUsd).add(incentiveInterest).toString();

package/cjs/helpers/liquityV2Helpers/index.d.ts

@@ -4,9 +4,10 @@ export declare const calculateNetApyLiquityV2: (usedAssets: LiquityV2UsedAssets,
     totalInterestUsd: string;
     incentiveUsd: string;
 };
-export declare const getLiquityV2AggregatedPositionData: ({ usedAssets, assetsData, minCollRatio, interestRate, }: {
+export declare const getLiquityV2AggregatedPositionData: ({ usedAssets, assetsData, minCollRatio, interestRate, liqRatio, }: {
     usedAssets: LiquityV2UsedAssets;
     assetsData: LiquityV2AssetsData;
     minCollRatio: string;
     interestRate: string;
+    liqRatio?: string;
 }) => LiquityV2AggregatedTroveData;

package/cjs/helpers/liquityV2Helpers/index.js

@@ -38,11 +38,12 @@ const calculateNetApyLiquityV2 = (usedAssets, assetsData, interestRate) => {
     return { netApy, totalInterestUsd, incentiveUsd };
 };
 exports.calculateNetApyLiquityV2 = calculateNetApyLiquityV2;
-const getLiquityV2AggregatedPositionData = ({ usedAssets, assetsData, minCollRatio, interestRate, }) => {
+const getLiquityV2AggregatedPositionData = ({ usedAssets, assetsData, minCollRatio, interestRate, liqRatio, }) => {
     const payload = {};
     payload.suppliedUsd = (0, moneymarket_1.getAssetsTotal)(usedAssets, (usedAsset) => usedAsset, ({ suppliedUsd }) => suppliedUsd);
     payload.borrowedUsd = (0, moneymarket_1.getAssetsTotal)(usedAssets, (usedAsset) => usedAsset, ({ borrowedUsd }) => borrowedUsd);
     payload.borrowLimitUsd = new decimal_js_1.default(payload.suppliedUsd).div(minCollRatio).mul(100).toString();
+    payload.liquidationLimitUsd = new decimal_js_1.default(payload.suppliedUsd).div(liqRatio !== null && liqRatio !== void 0 ? liqRatio : minCollRatio).mul(100).toString();
     const leftToBorrowUsd = new decimal_js_1.default(payload.borrowLimitUsd).sub(payload.borrowedUsd);
     payload.leftToBorrowUsd = leftToBorrowUsd.lte('0') ? '0' : leftToBorrowUsd.toString();
     payload.ratio = (+payload.suppliedUsd && +payload.borrowedUsd) ? new decimal_js_1.default(payload.borrowLimitUsd).div(payload.borrowedUsd).mul(100).toString() : '0';
@@ -57,7 +58,7 @@ const getLiquityV2AggregatedPositionData = ({ usedAssets, assetsData, minCollRat
     payload.liquidationPrice = '';
     if (leveragedType !== '') {
         const assetPrice = assetsData[leveragedAsset].price;
-        payload.liquidationPrice = (0, moneymarket_1.calcLeverageLiqPrice)(leveragedType, assetPrice, payload.borrowedUsd, payload.borrowLimitUsd);
+        payload.liquidationPrice = (0, moneymarket_1.calcLeverageLiqPrice)(leveragedType, assetPrice, payload.borrowedUsd, payload.liquidationLimitUsd);
     }
     payload.exposure = (0, moneymarket_1.getExposure)(payload.borrowedUsd, payload.suppliedUsd);
     return payload;

package/cjs/liquityV2/index.js

@@ -322,15 +322,14 @@ const _getLiquityV2TroveData = (provider_1, network_1, _a, ...args_1) => __await
     const interestBatchManager = data.interestBatchManager;
     const lastInterestRateAdjTime = data.lastInterestRateAdjTime.toString();
     const hasInterestBatchManager = !(0, utils_1.compareAddresses)(interestBatchManager, constants_1.ZERO_ADDRESS);
-    const liqRatio = hasInterestBatchManager ? new decimal_js_1.default(minCollRatio).add(batchCollRatio).toString() : minCollRatio;
+    const borrowLimitRatio = hasInterestBatchManager ? new decimal_js_1.default(minCollRatio).add(batchCollRatio).toString() : minCollRatio;
     const payload = Object.assign(Object.assign({ usedAssets,
         troveId,
         interestRate,
         interestBatchManager,
         debtInFront,
-        lastInterestRateAdjTime,
-        liqRatio, troveStatus: types_1.LIQUITY_V2_TROVE_STATUS_ENUM[parseInt(data.status.toString(), 10)] }, (0, liquityV2Helpers_1.getLiquityV2AggregatedPositionData)({
-        usedAssets, assetsData, minCollRatio: liqRatio, interestRate,
+        lastInterestRateAdjTime, liqRatio: minCollRatio, borrowLimitRatio, troveStatus: types_1.LIQUITY_V2_TROVE_STATUS_ENUM[parseInt(data.status.toString(), 10)] }, (0, liquityV2Helpers_1.getLiquityV2AggregatedPositionData)({
+        usedAssets, assetsData, minCollRatio: borrowLimitRatio, interestRate, liqRatio: minCollRatio,
     })), { collRatio });
     return payload;
 });

package/cjs/types/common.d.ts

@@ -2,6 +2,10 @@ export declare enum IncentiveKind {
     Staking = "staking",
     Reward = "reward"
 }
+export declare enum IncentiveSide {
+    Supply = "supply",
+    Borrow = "borrow"
+}
 export declare enum IncentiveEligibilityId {
     AaveV3EthenaLiquidLeverage = "0x0dC599DBB180E64E42b87332FDeC3a551445ea44BORROW_BL",
     AaveV3ArbitrumEthSupply = "0x5d16261c6715a653248269861bbacf68a9774cde",

package/cjs/types/common.js

@@ -1,11 +1,16 @@
 "use strict";
 Object.defineProperty(exports, "__esModule", { value: true });
-exports.NetworkNumber = exports.LeverageType = exports.IncentiveEligibilityId = exports.IncentiveKind = void 0;
+exports.NetworkNumber = exports.LeverageType = exports.IncentiveEligibilityId = exports.IncentiveSide = exports.IncentiveKind = void 0;
 var IncentiveKind;
 (function (IncentiveKind) {
     IncentiveKind["Staking"] = "staking";
     IncentiveKind["Reward"] = "reward";
 })(IncentiveKind || (exports.IncentiveKind = IncentiveKind = {}));
+var IncentiveSide;
+(function (IncentiveSide) {
+    IncentiveSide["Supply"] = "supply";
+    IncentiveSide["Borrow"] = "borrow";
+})(IncentiveSide || (exports.IncentiveSide = IncentiveSide = {}));
 var IncentiveEligibilityId;
 (function (IncentiveEligibilityId) {
     IncentiveEligibilityId["AaveV3EthenaLiquidLeverage"] = "0x0dC599DBB180E64E42b87332FDeC3a551445ea44BORROW_BL";

package/cjs/types/liquityV2.d.ts

@@ -84,6 +84,7 @@ export interface LiquityV2AggregatedTroveData {
     suppliedUsd: string;
     borrowedUsd: string;
     borrowLimitUsd: string;
+    liquidationLimitUsd: string;
     leftToBorrowUsd: string;
     netApy: string;
     incentiveUsd: string;
@@ -101,9 +102,11 @@ export interface LiquityV2TroveData {
     ratio: string;
     collRatio: string;
     liqRatio: string;
+    borrowLimitRatio: string;
     interestRate: string;
     leftToBorrowUsd: string;
     borrowLimitUsd: string;
+    liquidationLimitUsd: string;
     suppliedUsd: string;
     borrowedUsd: string;
     netApy: string;

package/cjs/types/merkl.d.ts

@@ -1,4 +1,4 @@
-import { EthAddress, IncentiveData } from './common';
+import { EthAddress, IncentiveData, IncentiveSide } from './common';
 export declare enum OpportunityAction {
     LEND = "LEND",
     BORROW = "BORROW"
@@ -74,12 +74,11 @@ export type MerkleRewardMap = Record<EthAddress, {
     borrow?: MerkleRewardInfo;
 }>;
 export type AaveV4MerklScopedReward = {
-    supply?: IncentiveData;
-    borrow?: IncentiveData;
+    [side in IncentiveSide]?: IncentiveData;
 };
 /**
  * Aave V4 Merkl reward campaigns split by scope:
- *   - `hub`: keyed by underlying token address (lowercase) — rewards for supplying to a hub
+ *   - `hub`: keyed by `${hubAddress}_${underlyingAddress}` (both lowercase) — rewards for supplying/borrowing via a hub
  *   - `spoke`: keyed by `${spokeAddress}_${underlyingAddress}` (both lowercase) — rewards for supplying/borrowing on a spoke
  */
 export type AaveV4MerklRewardMap = {

package/esm/aaveV4/merkl.d.ts

@@ -1,4 +1,5 @@
-import { AaveV4MerklRewardMap, AaveV4ReserveAssetData, NetworkNumber } from '../types';
+import { AaveV4MerklRewardMap, AaveV4ReserveAssetData, MerklOpportunity, NetworkNumber } from '../types';
+export declare const buildAaveV4MerklRewardMap: (opportunities: MerklOpportunity[], chainId: NetworkNumber) => AaveV4MerklRewardMap;
 export declare const getAaveV4MerkleCampaigns: (chainId: NetworkNumber) => Promise<AaveV4MerklRewardMap>;
 /**
  * Returns a copy of the asset with scope-specific incentive arrays pre-combined with the asset's

package/esm/aaveV4/merkl.js

@@ -9,14 +9,17 @@ var __awaiter = (this && this.__awaiter) || function (thisArg, _arguments, P, ge
 };
 import { aprToApy } from '../moneymarket';
 import { LONGER_TIMEOUT } from '../services/utils';
-import { IncentiveKind, OpportunityAction, OpportunityStatus, } from '../types';
+import { IncentiveKind, IncentiveSide, OpportunityAction, OpportunityStatus, } from '../types';
 /**
  * Merkl tags Aave V4 reward campaigns by scope via the `type` field:
- *   - AAVE_V4_HUB_SUPPLY / AAVE_V4_HUB_BORROW   → reward tied to a hub (matched per underlying token)
+ *   - AAVE_V4_HUB_SUPPLY / AAVE_V4_HUB_BORROW   → reward tied to a hub (matched per hub contract + underlying)
  *   - AAVE_V4_SPOKE_SUPPLY / AAVE_V4_SPOKE_BORROW → reward tied to a spoke (matched per spoke contract + underlying)
- * Hub campaigns identify the underlying via `tokens[0]`; spoke campaigns identify the spoke via `explorerAddress`.
+ * Campaigns identify the underlying via `tokens[0]` and the scoping contract (the hub or spoke) via
+ * `explorerAddress`. The same underlying exists on several hubs (e.g. USDC on Prime and Paxos), so a
+ * hub campaign matched by underlying alone would leak onto every hub's reserves — a campaign whose
+ * `explorerAddress` isn't a contract any fetched reserve points to simply never matches.
  */
-const spokeKey = (spokeAddress, underlying) => `${spokeAddress.toLowerCase()}_${underlying.toLowerCase()}`;
+const scopeKey = (scopeAddress, underlying) => `${scopeAddress.toLowerCase()}_${underlying.toLowerCase()}`;
 const buildIncentive = (opportunity) => {
     var _a, _b, _c, _d, _e;
     const rewardToken = (_c = (_b = (_a = opportunity.rewardsRecord) === null || _a === void 0 ? void 0 : _a.breakdowns) === null || _b === void 0 ? void 0 : _b[0]) === null || _c === void 0 ? void 0 : _c.token;
@@ -28,8 +31,37 @@ const buildIncentive = (opportunity) => {
         description: `Eligible for ${token} rewards through Merkl.${opportunity.description ? `\n${opportunity.description}` : ''}`,
     };
 };
-export const getAaveV4MerkleCampaigns = (chainId) => __awaiter(void 0, void 0, void 0, function* () {
+export const buildAaveV4MerklRewardMap = (opportunities, chainId) => {
     const result = { hub: {}, spoke: {} };
+    opportunities
+        .filter((o) => o.chainId === chainId)
+        .filter((o) => o.status === OpportunityStatus.LIVE)
+        .filter((o) => typeof o.type === 'string' && o.type.startsWith('AAVE_V4_'))
+        .forEach((o) => {
+        var _a, _b, _c, _d;
+        const underlying = (_c = (_b = (_a = o.tokens) === null || _a === void 0 ? void 0 : _a[0]) === null || _b === void 0 ? void 0 : _b.address) === null || _c === void 0 ? void 0 : _c.toLowerCase();
+        if (!underlying)
+            return;
+        const scopeAddress = (_d = o.explorerAddress) === null || _d === void 0 ? void 0 : _d.toLowerCase();
+        if (!scopeAddress)
+            return;
+        const side = o.action === OpportunityAction.BORROW ? IncentiveSide.Borrow : IncentiveSide.Supply;
+        const incentive = buildIncentive(o);
+        const key = scopeKey(scopeAddress, underlying);
+        if (o.type.includes('HUB')) {
+            if (!result.hub[key])
+                result.hub[key] = {};
+            result.hub[key][side] = incentive;
+        }
+        else if (o.type.includes('SPOKE')) {
+            if (!result.spoke[key])
+                result.spoke[key] = {};
+            result.spoke[key][side] = incentive;
+        }
+    });
+    return result;
+};
+export const getAaveV4MerkleCampaigns = (chainId) => __awaiter(void 0, void 0, void 0, function* () {
     try {
         const res = yield fetch('https://fe.defisaver.com/api/merkl/opportunities?mainProtocolId=aave&type=AAVE_V4_HUB_SUPPLY,AAVE_V4_HUB_BORROW,AAVE_V4_SPOKE_SUPPLY,AAVE_V4_SPOKE_BORROW', {
             signal: AbortSignal.timeout(LONGER_TIMEOUT),
@@ -37,37 +69,11 @@ export const getAaveV4MerkleCampaigns = (chainId) => __awaiter(void 0, void 0, v
         if (!res.ok)
             throw new Error('Failed to fetch Aave V4 Merkle campaigns');
         const opportunities = yield res.json();
-        opportunities
-            .filter((o) => o.chainId === chainId)
-            .filter((o) => o.status === OpportunityStatus.LIVE)
-            .filter((o) => typeof o.type === 'string' && o.type.startsWith('AAVE_V4_'))
-            .forEach((o) => {
-            var _a, _b, _c, _d;
-            const underlying = (_c = (_b = (_a = o.tokens) === null || _a === void 0 ? void 0 : _a[0]) === null || _b === void 0 ? void 0 : _b.address) === null || _c === void 0 ? void 0 : _c.toLowerCase();
-            if (!underlying)
-                return;
-            const side = o.action === OpportunityAction.BORROW ? 'borrow' : 'supply';
-            const incentive = buildIncentive(o);
-            if (o.type.includes('HUB')) {
-                if (!result.hub[underlying])
-                    result.hub[underlying] = {};
-                result.hub[underlying][side] = incentive;
-            }
-            else if (o.type.includes('SPOKE')) {
-                const spokeAddress = (_d = o.explorerAddress) === null || _d === void 0 ? void 0 : _d.toLowerCase();
-                if (!spokeAddress)
-                    return;
-                const key = spokeKey(spokeAddress, underlying);
-                if (!result.spoke[key])
-                    result.spoke[key] = {};
-                result.spoke[key][side] = incentive;
-            }
-        });
-        return result;
+        return buildAaveV4MerklRewardMap(opportunities, chainId);
     }
     catch (e) {
         console.error('Failed to fetch Aave V4 Merkle campaigns', e);
-        return result;
+        return { hub: {}, spoke: {} };
     }
 });
 /**
@@ -79,7 +85,7 @@ export const attachAaveV4MerklIncentives = (asset, spokeAddress, campaigns) => {
     const underlying = (_a = asset.underlying) === null || _a === void 0 ? void 0 : _a.toLowerCase();
     const baseSupply = asset.supplyIncentives || [];
     const baseBorrow = asset.borrowIncentives || [];
-    const spokeScoped = (spokeAddress && underlying) ? campaigns.spoke[spokeKey(spokeAddress, underlying)] : undefined;
-    const hubScoped = underlying ? campaigns.hub[underlying] : undefined;
+    const spokeScoped = (spokeAddress && underlying) ? campaigns.spoke[scopeKey(spokeAddress, underlying)] : undefined;
+    const hubScoped = (asset.hub && underlying) ? campaigns.hub[scopeKey(asset.hub, underlying)] : undefined;
     return Object.assign(Object.assign({}, asset), { spokeSupplyIncentives: (spokeScoped === null || spokeScoped === void 0 ? void 0 : spokeScoped.supply) ? [...baseSupply, spokeScoped.supply] : baseSupply, spokeBorrowIncentives: (spokeScoped === null || spokeScoped === void 0 ? void 0 : spokeScoped.borrow) ? [...baseBorrow, spokeScoped.borrow] : baseBorrow, hubSupplyIncentives: (hubScoped === null || hubScoped === void 0 ? void 0 : hubScoped.supply) ? [...baseSupply, hubScoped.supply] : baseSupply, hubBorrowIncentives: (hubScoped === null || hubScoped === void 0 ? void 0 : hubScoped.borrow) ? [...baseBorrow, hubScoped.borrow] : baseBorrow });
 };

package/esm/helpers/aaveV4Helpers/index.d.ts

@@ -1,5 +1,11 @@
-import { AaveV4AggregatedPositionData, AaveV4AssetsData, AaveV4ReserveAssetData, AaveV4SpokeInfo, AaveV4UsedReserveAsset, AaveV4UsedReserveAssets, EthereumProvider, LeverageType, NetworkNumber } from '../../types';
+import { AaveV4AggregatedPositionData, AaveV4AssetsData, AaveV4ReserveAssetData, AaveV4SpokeInfo, AaveV4UsedReserveAsset, AaveV4UsedReserveAssets, EthereumProvider, IncentiveData, IncentiveSide, LeverageType, NetworkNumber } from '../../types';
 export declare const calcUserRiskPremiumBps: (usedAssets: AaveV4UsedReserveAssets, assetsData: AaveV4AssetsData) => number;
+/**
+ * The incentives that actually accrue to a position on this reserve for the given side: the
+ * intrinsic (staking) incentives plus the single applicable Merkl reward. Display surfaces should
+ * use this rather than picking a scoped list directly, so badges always match the net APY math.
+ */
+export declare const getAaveV4ApplicableIncentives: (assetData: AaveV4ReserveAssetData, side: IncentiveSide) => IncentiveData[];
 export declare const calculateNetApyAaveV4: ({ usedAssets, assetsData, }: {
     usedAssets: AaveV4UsedReserveAssets;
     assetsData: AaveV4AssetsData;

package/esm/helpers/aaveV4Helpers/index.js

@@ -11,7 +11,7 @@ import Dec from 'decimal.js';
 import { assetAmountInWei } from '@defisaver/tokens';
 import { aprToApy, calcLeverageLiqPrice, getAssetsTotal, STABLE_ASSETS, } from '../../moneymarket';
 import { calculateInterestEarned } from '../../staking';
-import { LeverageType, } from '../../types';
+import { IncentiveSide, LeverageType, } from '../../types';
 import { borrowOperations } from '../../constants';
 import { AaveV4ViewContractViem } from '../../contracts';
 import { getViemProvider } from '../../services/viem';
@@ -69,14 +69,25 @@ export const calcUserRiskPremiumBps = (usedAssets, assetsData) => {
 };
 /**
  * `spokeXIncentives`/`hubXIncentives` are each the intrinsic `base` list with at most one Merkl
- * reward appended (see attachAaveV4MerklIncentives). Both scopes can apply to the same position at
- * once (spoke-specific + hub-wide), so the full applicable set is base + whatever each scope appended.
+ * reward appended (see attachAaveV4MerklIncentives). Merkl regularly publishes the same reward
+ * stream at both scopes (a spoke campaign and a hub campaign covering the same borrows, e.g. USDC
+ * borrowed from the Prime Hub via the Bluechip Spoke), so the scopes must never be summed — the
+ * more specific spoke reward wins and the hub reward only applies when no spoke campaign exists,
+ * which is also what every per-asset APY badge (and Aave's own UI) shows.
  */
-const mergeScopedIncentives = (base = [], spokeScoped, hubScoped) => [
-    ...base,
-    ...(spokeScoped ? spokeScoped.slice(base.length) : []),
-    ...(hubScoped ? hubScoped.slice(base.length) : []),
-];
+const mergeScopedIncentives = (base = [], spokeScoped, hubScoped) => {
+    const spokeExtras = spokeScoped ? spokeScoped.slice(base.length) : [];
+    const hubExtras = hubScoped ? hubScoped.slice(base.length) : [];
+    return [...base, ...(spokeExtras.length ? spokeExtras : hubExtras)];
+};
+/**
+ * The incentives that actually accrue to a position on this reserve for the given side: the
+ * intrinsic (staking) incentives plus the single applicable Merkl reward. Display surfaces should
+ * use this rather than picking a scoped list directly, so badges always match the net APY math.
+ */
+export const getAaveV4ApplicableIncentives = (assetData, side) => (side === IncentiveSide.Supply
+    ? mergeScopedIncentives(assetData.supplyIncentives, assetData.spokeSupplyIncentives, assetData.hubSupplyIncentives)
+    : mergeScopedIncentives(assetData.borrowIncentives, assetData.spokeBorrowIncentives, assetData.hubBorrowIncentives));
 export const calculateNetApyAaveV4 = ({ usedAssets, assetsData, }) => {
     const riskPremiumBps = calcUserRiskPremiumBps(usedAssets, assetsData);
     const riskPremiumFraction = new Dec(riskPremiumBps).div(10000);
@@ -90,7 +101,7 @@ export const calculateNetApyAaveV4 = ({ usedAssets, assetsData, }) => {
             acc.suppliedUsd = new Dec(acc.suppliedUsd).add(amount).toString();
             const supplyInterest = calculateInterestEarned(amount, assetData.supplyRate, 'year', true);
             acc.supplyInterest = new Dec(acc.supplyInterest).add(supplyInterest.toString()).toString();
-            const supplyIncentives = mergeScopedIncentives(assetData.supplyIncentives, assetData.spokeSupplyIncentives, assetData.hubSupplyIncentives);
+            const supplyIncentives = getAaveV4ApplicableIncentives(assetData, IncentiveSide.Supply);
             for (const supplyIncentive of supplyIncentives) {
                 const incentiveInterest = calculateInterestEarned(amount, supplyIncentive.apy, 'year', true);
                 acc.incentiveUsd = new Dec(acc.incentiveUsd).add(incentiveInterest).toString();
@@ -106,7 +117,7 @@ export const calculateNetApyAaveV4 = ({ usedAssets, assetsData, }) => {
             const userBorrowRate = aprToApy(userBorrowApr.toString());
             const borrowInterest = calculateInterestEarned(amount, userBorrowRate, 'year', true);
             acc.borrowInterest = new Dec(acc.borrowInterest).sub(borrowInterest.toString()).toString();
-            const borrowIncentives = mergeScopedIncentives(assetData.borrowIncentives, assetData.spokeBorrowIncentives, assetData.hubBorrowIncentives);
+            const borrowIncentives = getAaveV4ApplicableIncentives(assetData, IncentiveSide.Borrow);
             for (const borrowIncentive of borrowIncentives) {
                 const incentiveInterest = calculateInterestEarned(amount, borrowIncentive.apy, 'year', true);
                 acc.incentiveUsd = new Dec(acc.incentiveUsd).add(incentiveInterest).toString();

package/esm/helpers/liquityV2Helpers/index.d.ts

@@ -4,9 +4,10 @@ export declare const calculateNetApyLiquityV2: (usedAssets: LiquityV2UsedAssets,
     totalInterestUsd: string;
     incentiveUsd: string;
 };
-export declare const getLiquityV2AggregatedPositionData: ({ usedAssets, assetsData, minCollRatio, interestRate, }: {
+export declare const getLiquityV2AggregatedPositionData: ({ usedAssets, assetsData, minCollRatio, interestRate, liqRatio, }: {
     usedAssets: LiquityV2UsedAssets;
     assetsData: LiquityV2AssetsData;
     minCollRatio: string;
     interestRate: string;
+    liqRatio?: string;
 }) => LiquityV2AggregatedTroveData;

package/esm/helpers/liquityV2Helpers/index.js

@@ -31,11 +31,12 @@ export const calculateNetApyLiquityV2 = (usedAssets, assetsData, interestRate) =
     const netApy = new Dec(totalInterestUsd).div(balance).times(100).toString();
     return { netApy, totalInterestUsd, incentiveUsd };
 };
-export const getLiquityV2AggregatedPositionData = ({ usedAssets, assetsData, minCollRatio, interestRate, }) => {
+export const getLiquityV2AggregatedPositionData = ({ usedAssets, assetsData, minCollRatio, interestRate, liqRatio, }) => {
     const payload = {};
     payload.suppliedUsd = getAssetsTotal(usedAssets, (usedAsset) => usedAsset, ({ suppliedUsd }) => suppliedUsd);
     payload.borrowedUsd = getAssetsTotal(usedAssets, (usedAsset) => usedAsset, ({ borrowedUsd }) => borrowedUsd);
     payload.borrowLimitUsd = new Dec(payload.suppliedUsd).div(minCollRatio).mul(100).toString();
+    payload.liquidationLimitUsd = new Dec(payload.suppliedUsd).div(liqRatio !== null && liqRatio !== void 0 ? liqRatio : minCollRatio).mul(100).toString();
     const leftToBorrowUsd = new Dec(payload.borrowLimitUsd).sub(payload.borrowedUsd);
     payload.leftToBorrowUsd = leftToBorrowUsd.lte('0') ? '0' : leftToBorrowUsd.toString();
     payload.ratio = (+payload.suppliedUsd && +payload.borrowedUsd) ? new Dec(payload.borrowLimitUsd).div(payload.borrowedUsd).mul(100).toString() : '0';
@@ -50,7 +51,7 @@ export const getLiquityV2AggregatedPositionData = ({ usedAssets, assetsData, min
     payload.liquidationPrice = '';
     if (leveragedType !== '') {
         const assetPrice = assetsData[leveragedAsset].price;
-        payload.liquidationPrice = calcLeverageLiqPrice(leveragedType, assetPrice, payload.borrowedUsd, payload.borrowLimitUsd);
+        payload.liquidationPrice = calcLeverageLiqPrice(leveragedType, assetPrice, payload.borrowedUsd, payload.liquidationLimitUsd);
     }
     payload.exposure = getExposure(payload.borrowedUsd, payload.suppliedUsd);
     return payload;

package/esm/liquityV2/index.js

@@ -309,15 +309,14 @@ export const _getLiquityV2TroveData = (provider_1, network_1, _a, ...args_1) =>
     const interestBatchManager = data.interestBatchManager;
     const lastInterestRateAdjTime = data.lastInterestRateAdjTime.toString();
     const hasInterestBatchManager = !compareAddresses(interestBatchManager, ZERO_ADDRESS);
-    const liqRatio = hasInterestBatchManager ? new Dec(minCollRatio).add(batchCollRatio).toString() : minCollRatio;
+    const borrowLimitRatio = hasInterestBatchManager ? new Dec(minCollRatio).add(batchCollRatio).toString() : minCollRatio;
     const payload = Object.assign(Object.assign({ usedAssets,
         troveId,
         interestRate,
         interestBatchManager,
         debtInFront,
-        lastInterestRateAdjTime,
-        liqRatio, troveStatus: LIQUITY_V2_TROVE_STATUS_ENUM[parseInt(data.status.toString(), 10)] }, getLiquityV2AggregatedPositionData({
-        usedAssets, assetsData, minCollRatio: liqRatio, interestRate,
+        lastInterestRateAdjTime, liqRatio: minCollRatio, borrowLimitRatio, troveStatus: LIQUITY_V2_TROVE_STATUS_ENUM[parseInt(data.status.toString(), 10)] }, getLiquityV2AggregatedPositionData({
+        usedAssets, assetsData, minCollRatio: borrowLimitRatio, interestRate, liqRatio: minCollRatio,
     })), { collRatio });
     return payload;
 });

package/esm/types/common.d.ts

@@ -2,6 +2,10 @@ export declare enum IncentiveKind {
     Staking = "staking",
     Reward = "reward"
 }
+export declare enum IncentiveSide {
+    Supply = "supply",
+    Borrow = "borrow"
+}
 export declare enum IncentiveEligibilityId {
     AaveV3EthenaLiquidLeverage = "0x0dC599DBB180E64E42b87332FDeC3a551445ea44BORROW_BL",
     AaveV3ArbitrumEthSupply = "0x5d16261c6715a653248269861bbacf68a9774cde",

package/esm/types/common.js

@@ -3,6 +3,11 @@ export var IncentiveKind;
     IncentiveKind["Staking"] = "staking";
     IncentiveKind["Reward"] = "reward";
 })(IncentiveKind || (IncentiveKind = {}));
+export var IncentiveSide;
+(function (IncentiveSide) {
+    IncentiveSide["Supply"] = "supply";
+    IncentiveSide["Borrow"] = "borrow";
+})(IncentiveSide || (IncentiveSide = {}));
 export var IncentiveEligibilityId;
 (function (IncentiveEligibilityId) {
     IncentiveEligibilityId["AaveV3EthenaLiquidLeverage"] = "0x0dC599DBB180E64E42b87332FDeC3a551445ea44BORROW_BL";

package/esm/types/liquityV2.d.ts

@@ -84,6 +84,7 @@ export interface LiquityV2AggregatedTroveData {
     suppliedUsd: string;
     borrowedUsd: string;
     borrowLimitUsd: string;
+    liquidationLimitUsd: string;
     leftToBorrowUsd: string;
     netApy: string;
     incentiveUsd: string;
@@ -101,9 +102,11 @@ export interface LiquityV2TroveData {
     ratio: string;
     collRatio: string;
     liqRatio: string;
+    borrowLimitRatio: string;
     interestRate: string;
     leftToBorrowUsd: string;
     borrowLimitUsd: string;
+    liquidationLimitUsd: string;
     suppliedUsd: string;
     borrowedUsd: string;
     netApy: string;

package/esm/types/merkl.d.ts

@@ -1,4 +1,4 @@
-import { EthAddress, IncentiveData } from './common';
+import { EthAddress, IncentiveData, IncentiveSide } from './common';
 export declare enum OpportunityAction {
     LEND = "LEND",
     BORROW = "BORROW"
@@ -74,12 +74,11 @@ export type MerkleRewardMap = Record<EthAddress, {
     borrow?: MerkleRewardInfo;
 }>;
 export type AaveV4MerklScopedReward = {
-    supply?: IncentiveData;
-    borrow?: IncentiveData;
+    [side in IncentiveSide]?: IncentiveData;
 };
 /**
  * Aave V4 Merkl reward campaigns split by scope:
- *   - `hub`: keyed by underlying token address (lowercase) — rewards for supplying to a hub
+ *   - `hub`: keyed by `${hubAddress}_${underlyingAddress}` (both lowercase) — rewards for supplying/borrowing via a hub
  *   - `spoke`: keyed by `${spokeAddress}_${underlyingAddress}` (both lowercase) — rewards for supplying/borrowing on a spoke
  */
 export type AaveV4MerklRewardMap = {

package/package.json

@@ -1,6 +1,6 @@
 {
   "name": "@defisaver/positions-sdk",
-  "version": "2.1.138",
+  "version": "2.1.140-dev",
   "description": "",
   "main": "./cjs/index.js",
   "module": "./esm/index.js",

package/src/aaveV4/merkl.ts

@@ -5,6 +5,7 @@ import {
   AaveV4ReserveAssetData,
   IncentiveData,
   IncentiveKind,
+  IncentiveSide,
   MerklOpportunity,
   OpportunityAction,
   OpportunityStatus,
@@ -13,12 +14,15 @@ import {
 
 /**
  * Merkl tags Aave V4 reward campaigns by scope via the `type` field:
- *   - AAVE_V4_HUB_SUPPLY / AAVE_V4_HUB_BORROW   → reward tied to a hub (matched per underlying token)
+ *   - AAVE_V4_HUB_SUPPLY / AAVE_V4_HUB_BORROW   → reward tied to a hub (matched per hub contract + underlying)
  *   - AAVE_V4_SPOKE_SUPPLY / AAVE_V4_SPOKE_BORROW → reward tied to a spoke (matched per spoke contract + underlying)
- * Hub campaigns identify the underlying via `tokens[0]`; spoke campaigns identify the spoke via `explorerAddress`.
+ * Campaigns identify the underlying via `tokens[0]` and the scoping contract (the hub or spoke) via
+ * `explorerAddress`. The same underlying exists on several hubs (e.g. USDC on Prime and Paxos), so a
+ * hub campaign matched by underlying alone would leak onto every hub's reserves — a campaign whose
+ * `explorerAddress` isn't a contract any fetched reserve points to simply never matches.
  */
 
-const spokeKey = (spokeAddress: string, underlying: string) => `${spokeAddress.toLowerCase()}_${underlying.toLowerCase()}`;
+const scopeKey = (scopeAddress: string, underlying: string) => `${scopeAddress.toLowerCase()}_${underlying.toLowerCase()}`;
 
 const buildIncentive = (opportunity: MerklOpportunity): IncentiveData => {
   const rewardToken = opportunity.rewardsRecord?.breakdowns?.[0]?.token;
@@ -31,42 +35,47 @@ const buildIncentive = (opportunity: MerklOpportunity): IncentiveData => {
   };
 };
 
-export const getAaveV4MerkleCampaigns = async (chainId: NetworkNumber): Promise<AaveV4MerklRewardMap> => {
+export const buildAaveV4MerklRewardMap = (opportunities: MerklOpportunity[], chainId: NetworkNumber): AaveV4MerklRewardMap => {
   const result: AaveV4MerklRewardMap = { hub: {}, spoke: {} };
+
+  opportunities
+    .filter((o) => o.chainId === chainId)
+    .filter((o) => o.status === OpportunityStatus.LIVE)
+    .filter((o) => typeof o.type === 'string' && o.type.startsWith('AAVE_V4_'))
+    .forEach((o) => {
+      const underlying = o.tokens?.[0]?.address?.toLowerCase();
+      if (!underlying) return;
+
+      const scopeAddress = o.explorerAddress?.toLowerCase();
+      if (!scopeAddress) return;
+
+      const side = o.action === OpportunityAction.BORROW ? IncentiveSide.Borrow : IncentiveSide.Supply;
+      const incentive = buildIncentive(o);
+      const key = scopeKey(scopeAddress, underlying);
+
+      if (o.type.includes('HUB')) {
+        if (!result.hub[key]) result.hub[key] = {};
+        result.hub[key][side] = incentive;
+      } else if (o.type.includes('SPOKE')) {
+        if (!result.spoke[key]) result.spoke[key] = {};
+        result.spoke[key][side] = incentive;
+      }
+    });
+
+  return result;
+};
+
+export const getAaveV4MerkleCampaigns = async (chainId: NetworkNumber): Promise<AaveV4MerklRewardMap> => {
   try {
     const res = await fetch('https://fe.defisaver.com/api/merkl/opportunities?mainProtocolId=aave&type=AAVE_V4_HUB_SUPPLY,AAVE_V4_HUB_BORROW,AAVE_V4_SPOKE_SUPPLY,AAVE_V4_SPOKE_BORROW', {
       signal: AbortSignal.timeout(LONGER_TIMEOUT),
     });
     if (!res.ok) throw new Error('Failed to fetch Aave V4 Merkle campaigns');
     const opportunities = await res.json() as MerklOpportunity[];
-
-    opportunities
-      .filter((o) => o.chainId === chainId)
-      .filter((o) => o.status === OpportunityStatus.LIVE)
-      .filter((o) => typeof o.type === 'string' && o.type.startsWith('AAVE_V4_'))
-      .forEach((o) => {
-        const underlying = o.tokens?.[0]?.address?.toLowerCase();
-        if (!underlying) return;
-
-        const side: 'supply' | 'borrow' = o.action === OpportunityAction.BORROW ? 'borrow' : 'supply';
-        const incentive = buildIncentive(o);
-
-        if (o.type.includes('HUB')) {
-          if (!result.hub[underlying]) result.hub[underlying] = {};
-          result.hub[underlying][side] = incentive;
-        } else if (o.type.includes('SPOKE')) {
-          const spokeAddress = o.explorerAddress?.toLowerCase();
-          if (!spokeAddress) return;
-          const key = spokeKey(spokeAddress, underlying);
-          if (!result.spoke[key]) result.spoke[key] = {};
-          result.spoke[key][side] = incentive;
-        }
-      });
-
-    return result;
+    return buildAaveV4MerklRewardMap(opportunities, chainId);
   } catch (e) {
     console.error('Failed to fetch Aave V4 Merkle campaigns', e);
-    return result;
+    return { hub: {}, spoke: {} };
   }
 };
 
@@ -79,8 +88,8 @@ export const attachAaveV4MerklIncentives = (asset: AaveV4ReserveAssetData, spoke
   const baseSupply = asset.supplyIncentives || [];
   const baseBorrow = asset.borrowIncentives || [];
 
-  const spokeScoped = (spokeAddress && underlying) ? campaigns.spoke[spokeKey(spokeAddress, underlying)] : undefined;
-  const hubScoped = underlying ? campaigns.hub[underlying] : undefined;
+  const spokeScoped = (spokeAddress && underlying) ? campaigns.spoke[scopeKey(spokeAddress, underlying)] : undefined;
+  const hubScoped = (asset.hub && underlying) ? campaigns.hub[scopeKey(asset.hub, underlying)] : undefined;
 
   return {
     ...asset,

package/src/helpers/aaveV4Helpers/index.ts

@@ -17,6 +17,7 @@ import {
   AaveV4UsedReserveAssets,
   EthereumProvider,
   IncentiveData,
+  IncentiveSide,
   LeverageType,
   NetworkNumber,
 } from '../../types';
@@ -93,14 +94,26 @@ export const calcUserRiskPremiumBps = (usedAssets: AaveV4UsedReserveAssets, asse
 
 /**
  * `spokeXIncentives`/`hubXIncentives` are each the intrinsic `base` list with at most one Merkl
- * reward appended (see attachAaveV4MerklIncentives). Both scopes can apply to the same position at
- * once (spoke-specific + hub-wide), so the full applicable set is base + whatever each scope appended.
+ * reward appended (see attachAaveV4MerklIncentives). Merkl regularly publishes the same reward
+ * stream at both scopes (a spoke campaign and a hub campaign covering the same borrows, e.g. USDC
+ * borrowed from the Prime Hub via the Bluechip Spoke), so the scopes must never be summed — the
+ * more specific spoke reward wins and the hub reward only applies when no spoke campaign exists,
+ * which is also what every per-asset APY badge (and Aave's own UI) shows.
  */
-const mergeScopedIncentives = (base: IncentiveData[] = [], spokeScoped?: IncentiveData[], hubScoped?: IncentiveData[]): IncentiveData[] => [
-  ...base,
-  ...(spokeScoped ? spokeScoped.slice(base.length) : []),
-  ...(hubScoped ? hubScoped.slice(base.length) : []),
-];
+const mergeScopedIncentives = (base: IncentiveData[] = [], spokeScoped?: IncentiveData[], hubScoped?: IncentiveData[]): IncentiveData[] => {
+  const spokeExtras = spokeScoped ? spokeScoped.slice(base.length) : [];
+  const hubExtras = hubScoped ? hubScoped.slice(base.length) : [];
+  return [...base, ...(spokeExtras.length ? spokeExtras : hubExtras)];
+};
+
+/**
+ * The incentives that actually accrue to a position on this reserve for the given side: the
+ * intrinsic (staking) incentives plus the single applicable Merkl reward. Display surfaces should
+ * use this rather than picking a scoped list directly, so badges always match the net APY math.
+ */
+export const getAaveV4ApplicableIncentives = (assetData: AaveV4ReserveAssetData, side: IncentiveSide): IncentiveData[] => (side === IncentiveSide.Supply
+  ? mergeScopedIncentives(assetData.supplyIncentives, assetData.spokeSupplyIncentives, assetData.hubSupplyIncentives)
+  : mergeScopedIncentives(assetData.borrowIncentives, assetData.spokeBorrowIncentives, assetData.hubBorrowIncentives));
 
 export const calculateNetApyAaveV4 = ({
   usedAssets,
@@ -123,7 +136,7 @@ export const calculateNetApyAaveV4 = ({
       const supplyInterest = calculateInterestEarned(amount, assetData.supplyRate, 'year', true);
       acc.supplyInterest = new Dec(acc.supplyInterest).add(supplyInterest.toString()).toString();
 
-      const supplyIncentives = mergeScopedIncentives(assetData.supplyIncentives, assetData.spokeSupplyIncentives, assetData.hubSupplyIncentives);
+      const supplyIncentives = getAaveV4ApplicableIncentives(assetData, IncentiveSide.Supply);
       for (const supplyIncentive of supplyIncentives) {
         const incentiveInterest = calculateInterestEarned(amount, supplyIncentive.apy, 'year', true);
         acc.incentiveUsd = new Dec(acc.incentiveUsd).add(incentiveInterest).toString();
@@ -141,7 +154,7 @@ export const calculateNetApyAaveV4 = ({
       const borrowInterest = calculateInterestEarned(amount, userBorrowRate, 'year', true);
       acc.borrowInterest = new Dec(acc.borrowInterest).sub(borrowInterest.toString()).toString();
 
-      const borrowIncentives = mergeScopedIncentives(assetData.borrowIncentives, assetData.spokeBorrowIncentives, assetData.hubBorrowIncentives);
+      const borrowIncentives = getAaveV4ApplicableIncentives(assetData, IncentiveSide.Borrow);
       for (const borrowIncentive of borrowIncentives) {
         const incentiveInterest = calculateInterestEarned(amount, borrowIncentive.apy, 'year', true);
         acc.incentiveUsd = new Dec(acc.incentiveUsd).add(incentiveInterest).toString();

package/src/helpers/liquityV2Helpers/index.ts

@@ -52,16 +52,19 @@ export const getLiquityV2AggregatedPositionData = ({
   assetsData,
   minCollRatio,
   interestRate,
+  liqRatio,
 }: {
   usedAssets: LiquityV2UsedAssets
   assetsData: LiquityV2AssetsData
   minCollRatio: string
   interestRate: string
+  liqRatio?: string // liquidation threshold (MCR), when different from minCollRatio (MCR + BCR for troves in a batch)
 }): LiquityV2AggregatedTroveData => {
   const payload = {} as LiquityV2AggregatedTroveData;
   payload.suppliedUsd = getAssetsTotal(usedAssets, (usedAsset: LiquityV2UsedAsset) => usedAsset, ({ suppliedUsd }: { suppliedUsd: string }) => suppliedUsd);
   payload.borrowedUsd = getAssetsTotal(usedAssets, (usedAsset: LiquityV2UsedAsset) => usedAsset, ({ borrowedUsd }: { borrowedUsd: string }) => borrowedUsd);
   payload.borrowLimitUsd = new Dec(payload.suppliedUsd).div(minCollRatio).mul(100).toString();
+  payload.liquidationLimitUsd = new Dec(payload.suppliedUsd).div(liqRatio ?? minCollRatio).mul(100).toString();
   const leftToBorrowUsd = new Dec(payload.borrowLimitUsd).sub(payload.borrowedUsd);
   payload.leftToBorrowUsd = leftToBorrowUsd.lte('0') ? '0' : leftToBorrowUsd.toString();
   payload.ratio = (+payload.suppliedUsd && +payload.borrowedUsd) ? new Dec(payload.borrowLimitUsd).div(payload.borrowedUsd).mul(100).toString() : '0';
@@ -77,7 +80,7 @@ export const getLiquityV2AggregatedPositionData = ({
   payload.liquidationPrice = '';
   if (leveragedType !== '') {
     const assetPrice = assetsData[leveragedAsset].price;
-    payload.liquidationPrice = calcLeverageLiqPrice(leveragedType, assetPrice, payload.borrowedUsd, payload.borrowLimitUsd);
+    payload.liquidationPrice = calcLeverageLiqPrice(leveragedType, assetPrice, payload.borrowedUsd, payload.liquidationLimitUsd);
   }
   payload.exposure = getExposure(payload.borrowedUsd, payload.suppliedUsd);
 

package/src/liquityV2/index.ts

@@ -425,7 +425,7 @@ export const _getLiquityV2TroveData = async (
   const lastInterestRateAdjTime = data.lastInterestRateAdjTime.toString();
 
   const hasInterestBatchManager = !compareAddresses(interestBatchManager, ZERO_ADDRESS);
-  const liqRatio = hasInterestBatchManager ? new Dec(minCollRatio).add(batchCollRatio).toString() : minCollRatio;
+  const borrowLimitRatio = hasInterestBatchManager ? new Dec(minCollRatio).add(batchCollRatio).toString() : minCollRatio;
 
   const payload: LiquityV2TroveData = {
     usedAssets,
@@ -434,10 +434,11 @@ export const _getLiquityV2TroveData = async (
     interestBatchManager,
     debtInFront,
     lastInterestRateAdjTime,
-    liqRatio,
+    liqRatio: minCollRatio,
+    borrowLimitRatio,
     troveStatus: LIQUITY_V2_TROVE_STATUS_ENUM[parseInt(data.status.toString(), 10)],
     ...getLiquityV2AggregatedPositionData({
-      usedAssets, assetsData, minCollRatio: liqRatio, interestRate,
+      usedAssets, assetsData, minCollRatio: borrowLimitRatio, interestRate, liqRatio: minCollRatio,
     }),
     collRatio,
   };

package/src/types/common.ts

@@ -3,6 +3,11 @@ export enum IncentiveKind {
   Reward = 'reward',
 }
 
+export enum IncentiveSide {
+  Supply = 'supply',
+  Borrow = 'borrow',
+}
+
 export enum IncentiveEligibilityId {
   AaveV3EthenaLiquidLeverage = '0x0dC599DBB180E64E42b87332FDeC3a551445ea44BORROW_BL',
   AaveV3ArbitrumEthSupply = '0x5d16261c6715a653248269861bbacf68a9774cde',

package/src/types/liquityV2.ts

@@ -94,6 +94,7 @@ export interface LiquityV2AggregatedTroveData {
   suppliedUsd: string,
   borrowedUsd: string,
   borrowLimitUsd: string,
+  liquidationLimitUsd: string,
   leftToBorrowUsd: string,
   netApy: string,
   incentiveUsd: string,
@@ -112,9 +113,11 @@ export interface LiquityV2TroveData {
   ratio: string,
   collRatio: string,
   liqRatio: string,
+  borrowLimitRatio: string,
   interestRate: string,
   leftToBorrowUsd: string,
   borrowLimitUsd: string,
+  liquidationLimitUsd: string,
   suppliedUsd: string,
   borrowedUsd: string,
   netApy: string,

package/src/types/merkl.ts

@@ -1,4 +1,4 @@
-import { EthAddress, IncentiveData } from './common';
+import { EthAddress, IncentiveData, IncentiveSide } from './common';
 
 export enum OpportunityAction {
   LEND = 'LEND',
@@ -70,11 +70,11 @@ export type MerklOpportunity = {
 export type MerkleRewardInfo = { apy: string; rewardTokenSymbol: string, description: string, identifier: string };
 export type MerkleRewardMap = Record<EthAddress, { supply?: MerkleRewardInfo; borrow?: MerkleRewardInfo }>;
 
-export type AaveV4MerklScopedReward = { supply?: IncentiveData; borrow?: IncentiveData };
+export type AaveV4MerklScopedReward = { [side in IncentiveSide]?: IncentiveData };
 
 /**
  * Aave V4 Merkl reward campaigns split by scope:
- *   - `hub`: keyed by underlying token address (lowercase) — rewards for supplying to a hub
+ *   - `hub`: keyed by `${hubAddress}_${underlyingAddress}` (both lowercase) — rewards for supplying/borrowing via a hub
  *   - `spoke`: keyed by `${spokeAddress}_${underlyingAddress}` (both lowercase) — rewards for supplying/borrowing on a spoke
  */
 export type AaveV4MerklRewardMap = {