@depthhq/maker-sdk 0.1.11 → 0.1.13

package/dist/bot/bot.d.ts

@@ -15,6 +15,7 @@ export declare class MakerBot {
     readonly hedge?: HedgeEngine | undefined;
     private state?;
     private position?;
+    private verifiedPosition?;
     private dirty;
     private busy;
     private stopping;
@@ -24,6 +25,7 @@ export declare class MakerBot {
     private lastCleanup;
     private lastFills;
     private inventoryVersion?;
+    private reservationView?;
     private constructor();
     static create(options: {
         maker: MakerClient;
@@ -41,6 +43,9 @@ export declare class MakerBot {
     private cancel;
     private replace;
     tick(): Promise<BotSnapshot>;
+    private renew;
+    private quotePolicy;
+    private quoteRisk;
     stop(): void;
     close(): Promise<void>;
 }

package/dist/bot/policy.d.ts

@@ -36,6 +36,10 @@ export type BotMarket = MarketState & {
         fundingIntervalSeconds: number;
     };
 };
+export declare function executionCosts(policy: BotPolicy, pricing?: Pick<BotPricing, "takerFeeBps" | "hourlyFundingBps">): {
+    bid: number;
+    ask: number;
+};
 export declare function validateBotPolicy(policy: BotPolicy): void;
 export declare function quoteHealth(market: BotMarket, now: number): string | undefined;
-export declare function botQuote(policy: BotPolicy, market: BotMarket, position: PositionSnapshot, nonce: bigint, now: number, pricing?: BotPricing): QuoteInput | undefined;
+export declare function botQuote(policy: BotPolicy, market: BotMarket, position: PositionSnapshot, nonce: bigint, now: number, pricing?: BotPricing, reservationCredit?: bigint): QuoteInput | undefined;

package/dist/bot/store.d.ts

@@ -1,5 +1,14 @@
 import type { QuoteInput } from "../client/types.js";
 import type { HedgeState } from "../hedge/types.js";
+export type QuoteRisk = {
+    quote: string;
+    notional: bigint;
+    price: bigint;
+    version: bigint;
+    balanceNonce?: string;
+    externalPosition: bigint;
+    hedgeNonce: number;
+};
 export type BotState = {
     genesis: string;
     maker: string;
@@ -13,11 +22,14 @@ export type BotState = {
         version: bigint;
         release: boolean;
     };
+    inventoryPendingSince?: number;
+    quoteRisk?: QuoteRisk;
     replacement?: {
         prior: string;
         nonce: bigint;
         request?: QuoteInput;
         referencePrice?: bigint;
+        risk?: QuoteRisk;
     };
     fills: Record<string, {
         signature: string;

package/dist/client/client.d.ts

@@ -16,6 +16,7 @@ import type { GrantState, BackstopInput, MakerOptions, ResolvedMakerOptions, Quo
 export declare function retryQuote<T>(action: () => Promise<T>, deadline: number): Promise<T>;
 export declare class MakerClient {
     readonly options: ResolvedMakerOptions;
+    private marketView?;
     readonly hedges: MakerAccess;
     readonly automation: MakerAutomation;
     readonly provider: anchor.AnchorProvider;

package/dist/client/types.d.ts

@@ -49,6 +49,7 @@ export type QuoteState = {
     expiry: anchor.BN;
     attachedOrders: number;
     pendingComputation?: PublicKey;
+    balanceNonce: number[];
     marketRevision: anchor.BN;
     oracleTimestamp: anchor.BN;
     oracleReferenceE8: anchor.BN;

package/dist/index.js

@@ -26396,7 +26396,8 @@ import {
   quoteQueueAddress,
   protocolAddress,
   SOL_USD_MARKET_ID as SOL_USD_MARKET_ID2,
-  quoteBounds as quoteBounds3
+  quoteBounds as quoteBounds4,
+  quoteSizes as quoteSizes2
 } from "@depthhq/bindings";
 import { DepthView } from "@depthhq/sdk/views";
 import { DepthRecovery } from "@depthhq/sdk/recovery";
@@ -26603,7 +26604,7 @@ import { PublicKey as PublicKey2 } from "@solana/web3.js";
 
 // src/bot/policy.ts
 import { positionPnl } from "@depthhq/sdk";
-import { quoteBounds } from "@depthhq/bindings";
+import { quoteBounds, quoteSizes } from "@depthhq/bindings";
 
 // src/hedge/policy.ts
 function validateHedgePolicy(policy) {
@@ -27298,6 +27299,7 @@ class QuoteHandle {
   client;
   reserveSignature;
   releaseSignature;
+  priorId;
   balanceView;
   constructor(id, prepareSignature, client) {
     this.id = id;
@@ -27311,9 +27313,36 @@ class QuoteHandle {
       status: name(state.status),
       maxCapacity: BigInt(state.capacity.toString()),
       attachedOrders: state.attachedOrders,
+      expiresAt: state.expiry.toNumber(),
       ...state.replacementNonce == null ? {} : { replacementNonce: BigInt(state.replacementNonce.toString()) }
     };
   }
+  async renew(input) {
+    const market = await this.client.read("Market", this.client.marketAddress);
+    if (!Number.isSafeInteger(input.validForSeconds) || input.validForSeconds < 1 || input.validForSeconds > market.config.maxQuoteLifetimeSeconds)
+      throw new RangeError("Quote duration is outside market policy");
+    const expiry = Math.floor(Date.now() / 1000) + input.validForSeconds;
+    const before = await this.status();
+    if (before.status !== "active")
+      throw new Error("Only active quotes can be renewed");
+    if (before.expiresAt >= expiry)
+      return before;
+    const actor = this.client.options.wallet.publicKey;
+    try {
+      await this.client.program.methods.renewQuote(new anchor4.BN(expiry)).accountsPartial({
+        actor,
+        market: this.client.marketAddress,
+        quote: this.id,
+        grant: actor.equals(this.client.options.maker) ? this.client.program.programId : this.client.grantAddress()
+      }).rpc({ commitment: "confirmed" });
+    } catch (error) {
+      const receipt = await this.status();
+      if (receipt.status !== "active" || receipt.expiresAt < expiry)
+        throw error;
+      return receipt;
+    }
+    return this.status();
+  }
   async capacity() {
     for (let attempt = 0;attempt < 3; attempt++) {
       const view = this.balanceView ?? await this.client.requestQuoteView(this.id);
@@ -27328,6 +27357,17 @@ class QuoteHandle {
     }
     throw new Error("Quote balance changed while the private view was running");
   }
+  async reservation() {
+    const view = this.balanceView ?? await this.client.requestQuoteView(this.id);
+    this.balanceView = view;
+    const snapshot = await view.wait({ timeoutMs: 0 });
+    if (snapshot.status === "pending")
+      return;
+    await view.deferClose();
+    this.balanceView = undefined;
+    if (snapshot.status === "ready" && "remainingMargin" in snapshot)
+      return snapshot.remainingMargin;
+  }
   async confirm(options = {}) {
     const timeoutMs = options.timeoutMs ?? 60000;
     const started = Date.now();
@@ -27376,8 +27416,22 @@ class QuoteHandle {
         return snapshot;
       }
       if (snapshot.status === "validated" || snapshot.status === "waiting") {
+        if (this.priorId && snapshot.status === "validated") {
+          const prior = await this.client.options.connection.getAccountInfo(this.priorId, "confirmed");
+          if (prior) {
+            const previous = await this.client.quote.get(this.priorId).status();
+            if (previous.status === "active") {
+              const quote2 = await this.client.quoteState(this.id);
+              return this.client.quote.replacement(this.priorId, BigInt(quote2.nonce.toString())).rotate(this);
+            }
+          }
+        }
         const market = await this.client.read("Market", this.client.marketAddress);
         const quote = await this.client.quoteState(this.id);
+        const now = Math.floor(Date.now() / 1000);
+        const age = now - market.oracleTimestamp.toNumber();
+        if (age > market.config.maxOracleAgeSeconds - Math.min(Math.floor(market.config.maxOracleAgeSeconds / 2), 60))
+          return snapshot;
         const reference = BigInt(quote.oracleReferenceE8.toString());
         const price = BigInt(market.oraclePriceE8.toString());
         const drift = price > reference ? price - reference : reference - price;
@@ -27447,6 +27501,15 @@ class QuoteHandle {
       return snapshot;
     const actor = this.client.options.wallet.publicKey;
     const grant = actor.equals(this.client.options.maker) ? undefined : this.client.grantAddress();
+    if (snapshot.status === "reserving") {
+      await this.cancelStep(() => this.client.program.methods.cancelQuoteReserve().accountsPartial({
+        actor,
+        grant: grant ?? this.client.program.programId,
+        quote: this.id,
+        marketAccount: this.client.marketAccount()
+      }).rpc({ commitment: "confirmed" }), ["validated", "active", "cancelled"]);
+      return this.cancel();
+    }
     if (snapshot.status === "validating" || snapshot.status === "validated") {
       return this.cancelStep(() => this.client.program.methods.cancelPreparedQuote().accountsPartial({
         actor,
@@ -27520,6 +27583,8 @@ class QuoteHandle {
 import * as anchor5 from "@anchor-lang/core";
 import { DEPTH_PROGRAM_ID as DEPTH_PROGRAM_ID3 } from "@depthhq/bindings";
 import { PublicKey as PublicKey6 } from "@solana/web3.js";
+import { quoteBounds as quoteBounds3 } from "@depthhq/bindings";
+
 class QuoteReplacement {
   client;
   priorId;
@@ -27565,10 +27630,12 @@ class QuoteReplacement {
     if (input.clientNonce !== undefined && input.clientNonce !== this.nonce)
       throw new Error("Replacement terms use a different client nonce");
     await this.begin();
-    return this.client.quote.publish({
+    const handle = await this.client.quote.publish({
       ...input,
       clientNonce: this.nonce
     });
+    handle.priorId = this.priorId;
+    return handle;
   }
   async begin() {
     if (!await this.client.options.connection.getAccountInfo(this.priorId, "confirmed")) {
@@ -27590,6 +27657,74 @@ class QuoteReplacement {
       }).rpc({ commitment: "confirmed" });
     }
   }
+  async rotate(handle = this.client.quote.get(this.nextId)) {
+    const snapshot = await handle.status();
+    if (["reserving", "active", "filled", "cancelled", "rejected"].includes(snapshot.status))
+      return snapshot;
+    if (snapshot.status !== "validated")
+      return snapshot;
+    const [prior, quote, market, account] = await Promise.all([
+      this.client.quote.get(this.priorId).status(),
+      this.client.quoteState(this.nextId),
+      this.client.read("Market", this.client.marketAddress),
+      this.client.read("MarketAccount", this.client.marketAccount())
+    ]);
+    if (prior.status !== "active")
+      return handle.activate({ timeoutMs: 0 });
+    const reference = BigInt(quote.oracleReferenceE8.toString());
+    const price = BigInt(market.oraclePriceE8.toString());
+    const drift = price > reference ? price - reference : reference - price;
+    if (!quote.marketRevision.eq(market.revision) || market.oracleTimestamp.lt(quote.oracleTimestamp) || reference <= 0n || drift * 10000n > reference * BigInt(quoteBounds3(market.config.maxQuoteDeviationBps).driftBps) || quote.expiry.toNumber() <= Math.floor(Date.now() / 1000))
+      return handle.cancel();
+    if (market.pendingOrders > 0 || !("ready" in account.status) || prior.attachedOrders > 0)
+      return snapshot;
+    const age = Math.floor(Date.now() / 1000) - market.oracleTimestamp.toNumber();
+    if (age > market.config.maxOracleAgeSeconds - Math.min(60, Math.floor(market.config.maxOracleAgeSeconds / 2)))
+      return snapshot;
+    const offset = new anchor5.BN(randomBytes3(8), "le");
+    const actor = this.client.options.wallet.publicKey;
+    try {
+      handle.reserveSignature = await this.client.program.methods.rotateQuote(offset).accountsPartial({
+        ...await this.client.queue("rotate_quote", offset),
+        payer: actor,
+        market: this.client.marketAddress,
+        marketAccount: this.client.marketAccount(),
+        quote: this.nextId,
+        prior: this.priorId,
+        grant: actor.equals(this.client.options.maker) ? this.client.program.programId : this.client.grantAddress()
+      }).rpc({ commitment: "confirmed" });
+    } catch (error) {
+      const receipt = await handle.status();
+      if (["reserving", "active"].includes(receipt.status))
+        return receipt;
+      const code2 = error.error?.errorCode?.code;
+      if (["WrongMarketAccountStatus", "WrongOrderStatus"].includes(code2 ?? ""))
+        return receipt;
+      throw error;
+    }
+    return handle.status();
+  }
+  async discard() {
+    const next = this.client.quote.get(this.nextId);
+    const snapshot = await next.cancel();
+    if (!["cancelled", "rejected"].includes(snapshot.status))
+      throw new Error("Successor cancellation is still pending");
+    const prior = await this.client.quoteState(this.priorId);
+    if (prior.replacementNonce == null)
+      return;
+    const actor = this.client.options.wallet.publicKey;
+    try {
+      await this.client.program.methods.resetQuoteReplacement().accountsPartial({
+        actor,
+        quote: this.priorId,
+        successor: this.nextId,
+        grant: actor.equals(this.client.options.maker) ? this.client.program.programId : this.client.grantAddress()
+      }).rpc({ commitment: "confirmed" });
+    } catch (error) {
+      if ((await this.client.quoteState(this.priorId)).replacementNonce != null)
+        throw error;
+    }
+  }
   async resume(input, options = {}) {
     if (input.clientNonce !== undefined && input.clientNonce !== this.nonce)
       throw new Error("Replacement terms use a different client nonce");
@@ -27600,6 +27735,7 @@ class QuoteReplacement {
     const deadline = Date.now() + timeoutMs;
     const previous = this.client.quote.get(this.priorId);
     const next = await this.prepare(input);
+    next.priorId = this.priorId;
     for (;; ) {
       const snapshot = await next.status();
       if (["validated", "waiting", "reserving", "active", "filled"].includes(snapshot.status))
@@ -27616,6 +27752,10 @@ class QuoteReplacement {
       const snapshot = await previous.status();
       if (["cancelled", "filled", "rejected"].includes(snapshot.status))
         break;
+      if (snapshot.status === "active") {
+        await this.rotate(next);
+        return next;
+      }
       if (["active", "closing"].includes(snapshot.status)) {
         if (snapshot.status === "active" || snapshot.attachedOrders === 0)
           await previous.cancel();
@@ -27707,6 +27847,7 @@ function stateName(value) {
 
 class MakerClient {
   options;
+  marketView;
   hedges;
   automation;
   provider;
@@ -28072,7 +28213,7 @@ class MakerClient {
       throw new Error("Only SOL-USD is supported");
     if (!Number.isSafeInteger(input.validForSeconds) || input.validForSeconds < 1 || input.validForSeconds > market.config.maxQuoteLifetimeSeconds)
       throw new RangeError("Quote duration is outside market policy");
-    const tiers = market.config.quoteTiers.map((size) => BigInt(size.toString())).filter((size) => size > 0n && size <= input.maxCapacity).map((size) => ({
+    const tiers = quoteSizes2(market.config.quoteTiers.map((size) => BigInt(size.toString())), input.maxCapacity).map((size) => ({
       size,
       bidE8: input.bidE8,
       askE8: input.askE8
@@ -28184,10 +28325,13 @@ class MakerClient {
       summary: async (options = { timeoutMs: 30000 }) => {
         if (this.options.wallet.publicKey.equals(this.options.maker))
           return (await this.owned()).position.summary(options);
-        const view = await this.requestMarketView();
+        const view = this.marketView ?? await this.requestMarketView();
+        this.marketView = view;
         const result = await view.wait(options);
-        if (result.status !== "pending")
+        if (result.status !== "pending") {
+          this.marketView = undefined;
           await view.deferClose();
+        }
         return result;
       }
     };
@@ -28224,7 +28368,7 @@ class MakerClient {
   validateQuote(input, market) {
     const now = Math.floor(Date.now() / 1000);
     const reference = BigInt(market.oraclePriceE8.toString());
-    const { preparationBps } = quoteBounds3(market.config.maxQuoteDeviationBps);
+    const { preparationBps } = quoteBounds4(market.config.maxQuoteDeviationBps);
     if (!["draft", "active"].includes(stateName(market.status)))
       throw new Error("Market does not accept quotes");
     if (input.tiers.length === 0 || input.tiers.length > 4) {
@@ -28244,7 +28388,7 @@ class MakerClient {
         throw new Error("Quote prices exceed the preparation deviation limit");
     });
     u642(input.maxCapacity, "maxCapacity");
-    if (input.maxCapacity < input.tiers.at(-1).size || input.maxCapacity > BigInt(market.config.maxAccountNotional.toString()) || input.maxCapacity > BigInt(market.config.maxMarketNotional.toString())) {
+    if (input.maxCapacity < input.tiers[0].size || input.maxCapacity > BigInt(market.config.maxAccountNotional.toString()) || input.maxCapacity > BigInt(market.config.maxMarketNotional.toString())) {
       throw new Error("Quote exceeds market capacity");
     }
     if (!Number.isSafeInteger(input.expiresAt) || input.expiresAt <= now || input.expiresAt - now > market.config.maxQuoteLifetimeSeconds) {

package/dist/index.node.js

@@ -24907,7 +24907,8 @@ import {
   quoteQueueAddress,
   protocolAddress,
   SOL_USD_MARKET_ID as SOL_USD_MARKET_ID2,
-  quoteBounds as quoteBounds3
+  quoteBounds as quoteBounds4,
+  quoteSizes as quoteSizes2
 } from "@depthhq/bindings";
 import { DepthView } from "@depthhq/sdk/views";
 import { DepthRecovery } from "@depthhq/sdk/recovery";
@@ -25118,7 +25119,7 @@ import { PublicKey as PublicKey2 } from "@solana/web3.js";
 
 // src/bot/policy.ts
 import { positionPnl } from "@depthhq/sdk";
-import { quoteBounds } from "@depthhq/bindings";
+import { quoteBounds, quoteSizes } from "@depthhq/bindings";
 
 // src/hedge/policy.ts
 function validateHedgePolicy(policy) {
@@ -25817,6 +25818,7 @@ class QuoteHandle {
   client;
   reserveSignature;
   releaseSignature;
+  priorId;
   balanceView;
   constructor(id, prepareSignature, client) {
     this.id = id;
@@ -25830,9 +25832,36 @@ class QuoteHandle {
       status: name(state.status),
       maxCapacity: BigInt(state.capacity.toString()),
       attachedOrders: state.attachedOrders,
+      expiresAt: state.expiry.toNumber(),
       ...state.replacementNonce == null ? {} : { replacementNonce: BigInt(state.replacementNonce.toString()) }
     };
   }
+  async renew(input) {
+    const market = await this.client.read("Market", this.client.marketAddress);
+    if (!Number.isSafeInteger(input.validForSeconds) || input.validForSeconds < 1 || input.validForSeconds > market.config.maxQuoteLifetimeSeconds)
+      throw new RangeError("Quote duration is outside market policy");
+    const expiry = Math.floor(Date.now() / 1000) + input.validForSeconds;
+    const before = await this.status();
+    if (before.status !== "active")
+      throw new Error("Only active quotes can be renewed");
+    if (before.expiresAt >= expiry)
+      return before;
+    const actor = this.client.options.wallet.publicKey;
+    try {
+      await this.client.program.methods.renewQuote(new anchor4.BN(expiry)).accountsPartial({
+        actor,
+        market: this.client.marketAddress,
+        quote: this.id,
+        grant: actor.equals(this.client.options.maker) ? this.client.program.programId : this.client.grantAddress()
+      }).rpc({ commitment: "confirmed" });
+    } catch (error) {
+      const receipt = await this.status();
+      if (receipt.status !== "active" || receipt.expiresAt < expiry)
+        throw error;
+      return receipt;
+    }
+    return this.status();
+  }
   async capacity() {
     for (let attempt = 0;attempt < 3; attempt++) {
       const view = this.balanceView ?? await this.client.requestQuoteView(this.id);
@@ -25847,6 +25876,17 @@ class QuoteHandle {
     }
     throw new Error("Quote balance changed while the private view was running");
   }
+  async reservation() {
+    const view = this.balanceView ?? await this.client.requestQuoteView(this.id);
+    this.balanceView = view;
+    const snapshot = await view.wait({ timeoutMs: 0 });
+    if (snapshot.status === "pending")
+      return;
+    await view.deferClose();
+    this.balanceView = undefined;
+    if (snapshot.status === "ready" && "remainingMargin" in snapshot)
+      return snapshot.remainingMargin;
+  }
   async confirm(options = {}) {
     const timeoutMs = options.timeoutMs ?? 60000;
     const started = Date.now();
@@ -25895,8 +25935,22 @@ class QuoteHandle {
         return snapshot;
       }
       if (snapshot.status === "validated" || snapshot.status === "waiting") {
+        if (this.priorId && snapshot.status === "validated") {
+          const prior = await this.client.options.connection.getAccountInfo(this.priorId, "confirmed");
+          if (prior) {
+            const previous = await this.client.quote.get(this.priorId).status();
+            if (previous.status === "active") {
+              const quote2 = await this.client.quoteState(this.id);
+              return this.client.quote.replacement(this.priorId, BigInt(quote2.nonce.toString())).rotate(this);
+            }
+          }
+        }
         const market = await this.client.read("Market", this.client.marketAddress);
         const quote = await this.client.quoteState(this.id);
+        const now = Math.floor(Date.now() / 1000);
+        const age = now - market.oracleTimestamp.toNumber();
+        if (age > market.config.maxOracleAgeSeconds - Math.min(Math.floor(market.config.maxOracleAgeSeconds / 2), 60))
+          return snapshot;
         const reference = BigInt(quote.oracleReferenceE8.toString());
         const price = BigInt(market.oraclePriceE8.toString());
         const drift = price > reference ? price - reference : reference - price;
@@ -25966,6 +26020,15 @@ class QuoteHandle {
       return snapshot;
     const actor = this.client.options.wallet.publicKey;
     const grant = actor.equals(this.client.options.maker) ? undefined : this.client.grantAddress();
+    if (snapshot.status === "reserving") {
+      await this.cancelStep(() => this.client.program.methods.cancelQuoteReserve().accountsPartial({
+        actor,
+        grant: grant ?? this.client.program.programId,
+        quote: this.id,
+        marketAccount: this.client.marketAccount()
+      }).rpc({ commitment: "confirmed" }), ["validated", "active", "cancelled"]);
+      return this.cancel();
+    }
     if (snapshot.status === "validating" || snapshot.status === "validated") {
       return this.cancelStep(() => this.client.program.methods.cancelPreparedQuote().accountsPartial({
         actor,
@@ -26040,6 +26103,7 @@ import * as anchor5 from "@anchor-lang/core";
 import { DEPTH_PROGRAM_ID as DEPTH_PROGRAM_ID3 } from "@depthhq/bindings";
 import { PublicKey as PublicKey6 } from "@solana/web3.js";
 import { Buffer as Buffer7 } from "buffer";
+import { quoteBounds as quoteBounds3 } from "@depthhq/bindings";
 
 class QuoteReplacement {
   client;
@@ -26086,10 +26150,12 @@ class QuoteReplacement {
     if (input.clientNonce !== undefined && input.clientNonce !== this.nonce)
       throw new Error("Replacement terms use a different client nonce");
     await this.begin();
-    return this.client.quote.publish({
+    const handle = await this.client.quote.publish({
       ...input,
       clientNonce: this.nonce
     });
+    handle.priorId = this.priorId;
+    return handle;
   }
   async begin() {
     if (!await this.client.options.connection.getAccountInfo(this.priorId, "confirmed")) {
@@ -26111,6 +26177,74 @@ class QuoteReplacement {
       }).rpc({ commitment: "confirmed" });
     }
   }
+  async rotate(handle = this.client.quote.get(this.nextId)) {
+    const snapshot = await handle.status();
+    if (["reserving", "active", "filled", "cancelled", "rejected"].includes(snapshot.status))
+      return snapshot;
+    if (snapshot.status !== "validated")
+      return snapshot;
+    const [prior, quote, market, account] = await Promise.all([
+      this.client.quote.get(this.priorId).status(),
+      this.client.quoteState(this.nextId),
+      this.client.read("Market", this.client.marketAddress),
+      this.client.read("MarketAccount", this.client.marketAccount())
+    ]);
+    if (prior.status !== "active")
+      return handle.activate({ timeoutMs: 0 });
+    const reference = BigInt(quote.oracleReferenceE8.toString());
+    const price = BigInt(market.oraclePriceE8.toString());
+    const drift = price > reference ? price - reference : reference - price;
+    if (!quote.marketRevision.eq(market.revision) || market.oracleTimestamp.lt(quote.oracleTimestamp) || reference <= 0n || drift * 10000n > reference * BigInt(quoteBounds3(market.config.maxQuoteDeviationBps).driftBps) || quote.expiry.toNumber() <= Math.floor(Date.now() / 1000))
+      return handle.cancel();
+    if (market.pendingOrders > 0 || !("ready" in account.status) || prior.attachedOrders > 0)
+      return snapshot;
+    const age = Math.floor(Date.now() / 1000) - market.oracleTimestamp.toNumber();
+    if (age > market.config.maxOracleAgeSeconds - Math.min(60, Math.floor(market.config.maxOracleAgeSeconds / 2)))
+      return snapshot;
+    const offset = new anchor5.BN(randomBytes3(8), "le");
+    const actor = this.client.options.wallet.publicKey;
+    try {
+      handle.reserveSignature = await this.client.program.methods.rotateQuote(offset).accountsPartial({
+        ...await this.client.queue("rotate_quote", offset),
+        payer: actor,
+        market: this.client.marketAddress,
+        marketAccount: this.client.marketAccount(),
+        quote: this.nextId,
+        prior: this.priorId,
+        grant: actor.equals(this.client.options.maker) ? this.client.program.programId : this.client.grantAddress()
+      }).rpc({ commitment: "confirmed" });
+    } catch (error) {
+      const receipt = await handle.status();
+      if (["reserving", "active"].includes(receipt.status))
+        return receipt;
+      const code = error.error?.errorCode?.code;
+      if (["WrongMarketAccountStatus", "WrongOrderStatus"].includes(code ?? ""))
+        return receipt;
+      throw error;
+    }
+    return handle.status();
+  }
+  async discard() {
+    const next = this.client.quote.get(this.nextId);
+    const snapshot = await next.cancel();
+    if (!["cancelled", "rejected"].includes(snapshot.status))
+      throw new Error("Successor cancellation is still pending");
+    const prior = await this.client.quoteState(this.priorId);
+    if (prior.replacementNonce == null)
+      return;
+    const actor = this.client.options.wallet.publicKey;
+    try {
+      await this.client.program.methods.resetQuoteReplacement().accountsPartial({
+        actor,
+        quote: this.priorId,
+        successor: this.nextId,
+        grant: actor.equals(this.client.options.maker) ? this.client.program.programId : this.client.grantAddress()
+      }).rpc({ commitment: "confirmed" });
+    } catch (error) {
+      if ((await this.client.quoteState(this.priorId)).replacementNonce != null)
+        throw error;
+    }
+  }
   async resume(input, options = {}) {
     if (input.clientNonce !== undefined && input.clientNonce !== this.nonce)
       throw new Error("Replacement terms use a different client nonce");
@@ -26121,6 +26255,7 @@ class QuoteReplacement {
     const deadline = Date.now() + timeoutMs;
     const previous = this.client.quote.get(this.priorId);
     const next = await this.prepare(input);
+    next.priorId = this.priorId;
     for (;; ) {
       const snapshot = await next.status();
       if (["validated", "waiting", "reserving", "active", "filled"].includes(snapshot.status))
@@ -26137,6 +26272,10 @@ class QuoteReplacement {
       const snapshot = await previous.status();
       if (["cancelled", "filled", "rejected"].includes(snapshot.status))
         break;
+      if (snapshot.status === "active") {
+        await this.rotate(next);
+        return next;
+      }
       if (["active", "closing"].includes(snapshot.status)) {
         if (snapshot.status === "active" || snapshot.attachedOrders === 0)
           await previous.cancel();
@@ -26228,6 +26367,7 @@ function stateName(value) {
 
 class MakerClient {
   options;
+  marketView;
   hedges;
   automation;
   provider;
@@ -26593,7 +26733,7 @@ class MakerClient {
       throw new Error("Only SOL-USD is supported");
     if (!Number.isSafeInteger(input.validForSeconds) || input.validForSeconds < 1 || input.validForSeconds > market.config.maxQuoteLifetimeSeconds)
       throw new RangeError("Quote duration is outside market policy");
-    const tiers = market.config.quoteTiers.map((size) => BigInt(size.toString())).filter((size) => size > 0n && size <= input.maxCapacity).map((size) => ({
+    const tiers = quoteSizes2(market.config.quoteTiers.map((size) => BigInt(size.toString())), input.maxCapacity).map((size) => ({
       size,
       bidE8: input.bidE8,
       askE8: input.askE8
@@ -26705,10 +26845,13 @@ class MakerClient {
       summary: async (options = { timeoutMs: 30000 }) => {
         if (this.options.wallet.publicKey.equals(this.options.maker))
           return (await this.owned()).position.summary(options);
-        const view = await this.requestMarketView();
+        const view = this.marketView ?? await this.requestMarketView();
+        this.marketView = view;
         const result = await view.wait(options);
-        if (result.status !== "pending")
+        if (result.status !== "pending") {
+          this.marketView = undefined;
           await view.deferClose();
+        }
         return result;
       }
     };
@@ -26745,7 +26888,7 @@ class MakerClient {
   validateQuote(input, market) {
     const now = Math.floor(Date.now() / 1000);
     const reference = BigInt(market.oraclePriceE8.toString());
-    const { preparationBps } = quoteBounds3(market.config.maxQuoteDeviationBps);
+    const { preparationBps } = quoteBounds4(market.config.maxQuoteDeviationBps);
     if (!["draft", "active"].includes(stateName(market.status)))
       throw new Error("Market does not accept quotes");
     if (input.tiers.length === 0 || input.tiers.length > 4) {
@@ -26765,7 +26908,7 @@ class MakerClient {
         throw new Error("Quote prices exceed the preparation deviation limit");
     });
     u642(input.maxCapacity, "maxCapacity");
-    if (input.maxCapacity < input.tiers.at(-1).size || input.maxCapacity > BigInt(market.config.maxAccountNotional.toString()) || input.maxCapacity > BigInt(market.config.maxMarketNotional.toString())) {
+    if (input.maxCapacity < input.tiers[0].size || input.maxCapacity > BigInt(market.config.maxAccountNotional.toString()) || input.maxCapacity > BigInt(market.config.maxMarketNotional.toString())) {
       throw new Error("Quote exceeds market capacity");
     }
     if (!Number.isSafeInteger(input.expiresAt) || input.expiresAt <= now || input.expiresAt - now > market.config.maxQuoteLifetimeSeconds) {

package/dist/node.js

@@ -154,6 +154,11 @@ class BotStore {
     for (const value of [state.quote, state.replacement?.prior])
       if (value !== undefined && !/^[1-9A-HJ-NP-Za-km-z]{32,44}$/.test(value))
         throw new Error("Maker bot checkpoint quote is invalid");
+    if (state.inventoryPendingSince !== undefined && (!Number.isSafeInteger(state.inventoryPendingSince) || state.inventoryPendingSince <= 0))
+      throw new Error("Inventory checkpoint time is invalid");
+    for (const risk of [state.quoteRisk, state.replacement?.risk])
+      if (risk && (!/^[1-9A-HJ-NP-Za-km-z]{32,44}$/.test(risk.quote) || typeof risk.notional !== "bigint" || risk.notional < 0n || typeof risk.price !== "bigint" || risk.price <= 0n || typeof risk.version !== "bigint" || risk.version < 0n || typeof risk.externalPosition !== "bigint" || !Number.isSafeInteger(risk.hedgeNonce) || risk.hedgeNonce < 0 || risk.balanceNonce !== undefined && !/^[0-9a-f]{32}$/.test(risk.balanceNonce)))
+        throw new Error("Quote risk checkpoint is invalid");
     if (state.quoteWrite && (!/^[1-9A-HJ-NP-Za-km-z]{32,44}$/.test(state.quoteWrite.quote) || typeof state.quoteWrite.version !== "bigint" || typeof state.quoteWrite.release !== "boolean" || state.quoteWrite.version < 0n))
       throw new Error("Quote write checkpoint is invalid");
     for (const request of [state.request, state.replacement?.request])
@@ -206,7 +211,7 @@ class BotStore {
 
 // src/bot/policy.ts
 import { positionPnl } from "@depthhq/sdk";
-import { quoteBounds } from "@depthhq/bindings";
+import { quoteBounds, quoteSizes } from "@depthhq/bindings";
 
 // src/hedge/policy.ts
 function validateHedgePolicy(policy) {
@@ -267,6 +272,13 @@ var abs = (value) => value < 0n ? -value : value;
 var notional = (size, priceE8) => (abs(size) * priceE8 + 99999999999n) / 100000000000n;
 
 // src/bot/policy.ts
+function executionCosts(policy, pricing) {
+  const horizon = policy.fundingHours ?? 1;
+  return {
+    bid: Math.ceil((pricing?.takerFeeBps ?? 0) + Math.max(0, -(pricing?.hourlyFundingBps ?? 0)) * horizon),
+    ask: Math.ceil((pricing?.takerFeeBps ?? 0) + Math.max(0, pricing?.hourlyFundingBps ?? 0) * horizon)
+  };
+}
 function validateBotPolicy(policy) {
   if (policy.maxCapacity <= 0n || policy.maxInventoryNotional <= 0n || policy.maxCapacity > policy.maxInventoryNotional)
     throw new RangeError("Maker capacity must fit a positive inventory limit");
@@ -296,7 +308,7 @@ function quoteHealth(market, now) {
   if (BigInt(market.oraclePriceE8.toString()) < 100000000n)
     return "oracle price invalid";
 }
-function botQuote(policy, market, position, nonce, now, pricing) {
+function botQuote(policy, market, position, nonce, now, pricing, reservationCredit = 0n) {
   validateBotPolicy(policy);
   const reason = quoteHealth(market, now);
   if (reason)
@@ -304,12 +316,14 @@ function botQuote(policy, market, position, nonce, now, pricing) {
   if (position.status !== "ready" || position.position === undefined || position.collateral === undefined || position.reserved === undefined)
     throw new Error("Maker private position is not ready");
   const price = BigInt(market.oraclePriceE8.toString());
-  const exposure = (position.position < 0n ? -position.position : position.position) * price / 100000000000n;
+  const exposure = ((position.position < 0n ? -position.position : position.position) * price + 99999999999n) / 100000000000n;
   const marginBps = BigInt(market.config.initialMarginBps);
+  if (reservationCredit < 0n || reservationCredit > position.reserved)
+    throw new Error("Replacement margin credit exceeds the private reservation");
   if (marginBps <= 0n)
     throw new Error("Maker margin policy is invalid");
   const pnl = position.position === 0n ? 0n : positionPnl(position, price, BigInt(market.fundingIndex.toString())).net;
-  const free = position.collateral + pnl - position.reserved - (exposure * marginBps + 9999n) / 10000n;
+  const free = position.collateral + pnl - position.reserved - (exposure * marginBps + 9999n) / 10000n + reservationCredit;
   const limits = [
     policy.maxCapacity,
     policy.maxInventoryNotional - exposure,
@@ -318,7 +332,7 @@ function botQuote(policy, market, position, nonce, now, pricing) {
     BigInt(market.config.maxMarketNotional.toString())
   ];
   const capacity = limits.reduce((minimum, value) => value < minimum ? value : minimum);
-  const tiers = market.config.quoteTiers.map((value) => BigInt(value.toString())).filter((size) => size > 0n && size <= capacity);
+  const tiers = quoteSizes(market.config.quoteTiers.map((value) => BigInt(value.toString())), capacity);
   if (!tiers.length)
     return;
   const half = Math.ceil(policy.spreadBps / 2);
@@ -335,9 +349,9 @@ function botQuote(policy, market, position, nonce, now, pricing) {
   const boundedSkew = skewBps < BigInt(policy.inventorySkewBps ?? 0) ? skewBps : BigInt(policy.inventorySkewBps ?? 0);
   const skew = price * boundedSkew * (netPosition > 0n ? -1n : 1n) / 10000n;
   const costs = BigInt(half + (policy.executionCostBps ?? 0));
-  const horizon = policy.fundingHours ?? 1;
-  const bidCosts = costs + BigInt(Math.ceil((pricing?.takerFeeBps ?? 0) + Math.max(0, -(pricing?.hourlyFundingBps ?? 0)) * horizon));
-  const askCosts = costs + BigInt(Math.ceil((pricing?.takerFeeBps ?? 0) + Math.max(0, pricing?.hourlyFundingBps ?? 0) * horizon));
+  const execution = executionCosts(policy, pricing);
+  const bidCosts = costs + BigInt(execution.bid);
+  const askCosts = costs + BigInt(execution.ask);
   const quotes = tiers.map((size) => {
     const units = (size * 100000000000n + price - 1n) / price;
     const sell = pricing ? executionPrice(pricing.book.bids, units) : price;
@@ -369,6 +383,7 @@ class MakerBot {
   hedge;
   state;
   position;
+  verifiedPosition;
   dirty = true;
   busy = false;
   stopping = false;
@@ -378,6 +393,7 @@ class MakerBot {
   lastCleanup = 0;
   lastFills = 0;
   inventoryVersion;
+  reservationView;
   constructor(maker, policy, store, hedge) {
     this.maker = maker;
     this.policy = policy;
@@ -456,8 +472,18 @@ class MakerBot {
     let ready = "ready" in account.status && "ready" in confirmed.status && account.version.toString() === confirmed.version.toString();
     const currentVersion = BigInt(confirmed.version.toString());
     const candidate = write && this.position && "ready" in confirmed.status && currentVersion === write.version + 1n && (this.inventoryVersion ?? this.position.version) >= write.version && (this.inventoryVersion ?? this.position.version) <= currentVersion;
-    const completedWrite = candidate && (await this.maker.quoteState(new PublicKey(write.quote))).status;
-    const ownCommit = completedWrite && (write.release ? "cancelled" in completedWrite || "filled" in completedWrite : ("active" in completedWrite));
+    const completedQuote = write && "ready" in confirmed.status && currentVersion === write.version + 1n && await this.maker.quoteState(new PublicKey(write.quote));
+    const completedWrite = candidate && completedQuote ? completedQuote.status : undefined;
+    const ownCommit = write && completedWrite && (write.release ? "cancelled" in completedWrite || "filled" in completedWrite : ("active" in completedWrite));
+    const riskWrite = [
+      this.state.quoteRisk,
+      this.state.replacement?.risk
+    ].find((risk) => risk?.quote === write?.quote);
+    if (completedQuote && "active" in completedQuote.status && riskWrite) {
+      riskWrite.version = currentVersion;
+      riskWrite.balanceNonce = Buffer.from(completedQuote.balanceNonce).toString("hex");
+      await this.store.save(this.state);
+    }
     if (ownCommit) {
       this.inventoryVersion = currentVersion;
       ready = true;
@@ -466,9 +492,9 @@ class MakerBot {
         await this.store.save(this.state);
       }
     }
-    if (ready && (!this.position || (this.inventoryVersion ?? this.position.version) !== currentVersion)) {
+    if ("ready" in confirmed.status && (!this.position || this.position.status !== "ready" || this.position.position === undefined || (this.inventoryVersion ?? this.position.version) !== currentVersion && this.position.version !== currentVersion)) {
       const prior = this.position;
-      this.position = await this.maker.position.summary({ timeoutMs: 180000 });
+      this.position = await this.maker.position.summary({ timeoutMs: 0 });
       const fresh = await this.maker.read("MarketAccount", this.maker.marketAccount(), "finalized");
       const latest = await this.maker.read("MarketAccount", this.maker.marketAccount());
       ready = "ready" in fresh.status && "ready" in latest.status && fresh.version.toString() === latest.version.toString() && this.position.status === "ready" && this.position.version === BigInt(fresh.version.toString());
@@ -482,13 +508,50 @@ class MakerBot {
         this.dirty = false;
       }
     }
-    if (ready)
+    if (ready && this.position?.status === "ready") {
+      this.pricingDirty ||= this.verifiedPosition !== undefined && (this.verifiedPosition.position !== this.position.position || this.verifiedPosition.collateral !== this.position.collateral);
+      this.verifiedPosition = this.position;
       this.dirty = false;
+    }
     const snapshot = await this.hedge.tick(this.state.hedge, () => this.saveHedge(), ready ? this.position?.position : undefined);
     if (snapshot.phase === "pending" || snapshot.phase === "blocked") {
+      const risk = this.state.quoteRisk;
+      const inventoryWait = snapshot.phase === "pending" && !this.state.hedge?.pending && (snapshot.reason === "Waiting for finalized Depth inventory" || snapshot.reason === "Waiting for the external account to include the confirmed hedge" || snapshot.reason === "Hedge submitted; reconciling confirmed exposure");
+      if (inventoryWait && risk && risk.quote === this.state.quote && this.hedge.policy.ratioBps === 1e4) {
+        const [book2, external] = await Promise.all([
+          this.hedge.adapter.book(),
+          this.hedge.adapter.account()
+        ]);
+        validateBook(book2, Date.now(), this.hedge.policy.maxPriceAgeMs);
+        if (!Number.isSafeInteger(external.timestamp) || external.timestamp > Date.now() + 1000 || Date.now() - external.timestamp > this.hedge.policy.maxPriceAgeMs || external.openOrders.length || !Number.isInteger(external.leverage) || external.leverage < 1 || external.availableMargin < 0n || external.leverage > this.hedge.policy.maxLeverage)
+          throw new Error("External account is unavailable for quote continuity");
+        const market = await this.maker.read("Market", this.maker.marketAddress);
+        const price = BigInt(market.oraclePriceE8.toString());
+        const expected = risk.externalPosition + this.state.hedge.history.filter((fill) => fill.nonce > risk.hedgeNonce).reduce((total, fill) => total + (fill.buy ? fill.filledSize : -fill.filledSize), 0n);
+        const quote = await this.maker.quoteState(new PublicKey(risk.quote));
+        const balanceNonce = Buffer.from(quote.balanceNonce).toString("hex");
+        const unchanged = currentVersion === risk.version;
+        const ownFill = "ready" in confirmed.status && currentVersion === risk.version + 1n && risk.balanceNonce !== undefined && balanceNonce !== risk.balanceNonce;
+        if (ownFill) {
+          risk.version = currentVersion;
+          risk.balanceNonce = balanceNonce;
+          this.state.inventoryPendingSince ??= Date.now();
+          await this.store.save(this.state);
+        }
+        const bounded = (unchanged || ownFill) && external.position === expected && risk.notional * price <= this.hedge.policy.maxUnhedgedNotional * risk.price;
+        if (market.pendingOrders > 0 && bounded)
+          return snapshot.reason;
+        if (bounded && unchanged && this.state.inventoryPendingSince === undefined && this.state.hedge.unhedgedSince === undefined)
+          return snapshot.reason;
+        this.state.inventoryPendingSince ??= Date.now();
+        await this.store.save(this.state);
+        if (bounded && Date.now() - this.state.inventoryPendingSince < this.hedge.policy.maxUnhedgedMs)
+          return snapshot.reason;
+      }
       await this.cancel(true);
       return snapshot.reason ?? "hedge reconciliation pending";
     }
+    this.state.inventoryPendingSince = undefined;
     const [book, costs] = await Promise.all([
       this.hedge.adapter.book(),
       this.hedge.adapter.costs()
@@ -497,7 +560,9 @@ class MakerBot {
       const before = this.pricing.book.bids[0].priceE8 + this.pricing.book.asks[0].priceE8;
       const after = book.bids[0].priceE8 + book.asks[0].priceE8;
       const change = after > before ? after - before : before - after;
-      this.pricingDirty ||= change * 10000n >= before * BigInt(this.policy.repriceBps) || costs.takerFeeBps !== this.pricing.takerFeeBps || costs.hourlyFundingBps !== this.pricing.hourlyFundingBps;
+      const priorCosts = executionCosts(this.policy, this.pricing);
+      const nextCosts = executionCosts(this.policy, costs);
+      this.pricingDirty ||= change * 10000n >= before * BigInt(this.policy.repriceBps) || priorCosts.bid !== nextCosts.bid || priorCosts.ask !== nextCosts.ask;
     }
     this.pricing = {
       book,
@@ -561,6 +626,7 @@ class MakerBot {
         state.quote = flow.nextId.toBase58();
         state.request = state.replacement.request;
         state.referencePrice = state.replacement.referencePrice;
+        state.quoteRisk = state.replacement.risk;
         state.replacement = undefined;
         await this.store.save(state);
       } else if (!prior && !next && (!state.replacement.request || state.replacement.request.expiresAt + 180 < Math.floor(Date.now() / 1000))) {
@@ -636,7 +702,8 @@ class MakerBot {
             "waiting",
             "validated",
             "validating",
-            "closing"
+            "closing",
+            "reserving"
           ].includes(snapshot.status) ? await this.quoteWrite(handle2, true) : snapshot;
           successorPending = !terminal.has(result.status);
         }
@@ -669,7 +736,14 @@ class MakerBot {
       await this.store.save(state);
       return true;
     }
-    if (["active", "waiting", "validated", "validating", "closing"].includes(quote.status))
+    if ([
+      "active",
+      "waiting",
+      "validated",
+      "validating",
+      "closing",
+      "reserving"
+    ].includes(quote.status))
       await this.quoteWrite(handle, true);
     return false;
   }
@@ -677,23 +751,41 @@ class MakerBot {
     const state = this.state;
     const replacement = state.replacement;
     const flow = this.maker.quote.replacement(new PublicKey(replacement.prior), replacement.nonce);
+    if (now - market.oracleTimestamp.toNumber() > market.config.maxOracleAgeSeconds - Math.min(Math.floor(market.config.maxOracleAgeSeconds / 2), this.policy.lifetimeSeconds))
+      return this.snapshot("pending", "waiting for a fresh oracle update");
     if (!replacement.request) {
       const account = await this.maker.read("MarketAccount", this.maker.marketAccount());
       if (!("ready" in account.status) || market.pendingOrders)
         return this.snapshot("pending", "settlement in progress");
-      if (!this.position || this.position.version !== BigInt(account.version.toString())) {
+      if (!this.position || this.position.status !== "ready" || this.position.version !== BigInt(account.version.toString())) {
         this.position = await this.maker.position.summary({
-          timeoutMs: 180000
+          timeoutMs: 0
         });
         if (this.position.status !== "ready" || this.position.version !== BigInt(account.version.toString()))
           return this.snapshot("pending", "maker view changed");
+        this.inventoryVersion = this.position.version;
+        this.dirty = false;
+        return this.snapshot("pending", "maker view refreshed");
       }
       this.inventoryVersion = this.position.version;
       this.dirty = false;
-      replacement.request = botQuote(this.policy, market, this.position, replacement.nonce, now, this.pricing);
+      const previous2 = await this.maker.quote.get(new PublicKey(replacement.prior)).status();
+      const policy = this.quotePolicy(market);
+      const planned = botQuote(policy, market, this.position, replacement.nonce, now, this.pricing);
+      let credit = 0n;
+      if (previous2.status === "active" && (!planned || planned.maxCapacity < policy.maxCapacity)) {
+        this.reservationView ??= this.maker.quote.get(new PublicKey(replacement.prior));
+        const margin = await this.reservationView.reservation();
+        if (margin === undefined)
+          return this.snapshot("pending", "reading remaining quote margin");
+        credit = margin;
+        this.reservationView = undefined;
+      }
+      replacement.request = botQuote(policy, market, this.position, replacement.nonce, now, this.pricing, credit);
       if (!replacement.request)
         return this.snapshot("pending", "inventory or collateral limit");
       replacement.referencePrice = BigInt(market.oraclePriceE8.toString());
+      replacement.risk = this.quoteRisk(flow.nextId, replacement.request, market);
       await this.store.save(state);
     }
     await flow.begin();
@@ -703,16 +795,39 @@ class MakerBot {
     if (snapshot.status === "validating" && replacement.request.expiresAt > now)
       return this.snapshot("pending", "validating successor quote");
     if (["rejected", "cancelled"].includes(snapshot.status) || replacement.request.expiresAt <= now) {
-      await this.cancel();
-      return this.snapshot("pending", "releasing expired successor");
+      await flow.discard();
+      state.replacement = undefined;
+      this.reservationView = undefined;
+      await this.store.save(state);
+      return this.snapshot("pending", "retrying expired successor");
     }
     const prior = this.maker.quote.get(new PublicKey(replacement.prior));
     const previous = await prior.status();
-    const size = this.position.position;
-    const exposure = ((size < 0n ? -size : size) * BigInt(market.oraclePriceE8.toString()) + 99999999999n) / 100000000000n;
-    if (!terminal.has(previous.status) && ["validated", "waiting", "reserving"].includes(snapshot.status) && market.activeQuoteCount < 4 && exposure + previous.maxCapacity + snapshot.maxCapacity <= this.policy.maxInventoryNotional && BigInt(market.quotedNotional.toString()) + snapshot.maxCapacity <= BigInt(market.config.maxMarketNotional.toString())) {
-      await this.quoteWrite(next);
-      return this.snapshot("pending", "activating successor quote");
+    if (previous.status === "active" && ["validated", "reserving"].includes(snapshot.status)) {
+      const price = BigInt(market.oraclePriceE8.toString());
+      const size = this.position.position;
+      const exposure = ((size < 0n ? -size : size) * price + 99999999999n) / 100000000000n;
+      const risk = this.quoteRisk(next.id, replacement.request, market);
+      if (snapshot.status === "validated" && (exposure + snapshot.maxCapacity > this.policy.maxInventoryNotional || risk && risk.notional > this.hedge.policy.maxUnhedgedNotional)) {
+        await flow.discard();
+        state.replacement = undefined;
+        await this.store.save(state);
+        return this.snapshot("pending", "repricing changed inventory");
+      }
+      if (snapshot.status === "validated")
+        replacement.risk = risk;
+      await this.store.save(state);
+      const account = await this.maker.read("MarketAccount", this.maker.marketAccount());
+      await flow.rotate(next);
+      if (next.reserveSignature) {
+        state.quoteWrite = {
+          quote: next.id.toBase58(),
+          version: BigInt(account.version.toString()),
+          release: false
+        };
+        await this.store.save(state);
+      }
+      return this.snapshot("pending", "rotating quote reservation");
     }
     if (!terminal.has(previous.status)) {
       if (["active", "waiting", "validated", "validating", "closing"].includes(previous.status))
@@ -722,6 +837,7 @@ class MakerBot {
     state.quote = flow.nextId.toBase58();
     state.request = replacement.request;
     state.referencePrice = replacement.referencePrice;
+    state.quoteRisk = replacement.risk;
     state.replacement = undefined;
     this.pricingDirty = false;
     await this.store.save(state);
@@ -762,6 +878,8 @@ class MakerBot {
           await this.hedge.tick(state.hedge, () => this.saveHedge(), undefined);
         return this.snapshot(stopped && !state.hedge?.pending ? "stopped" : "pending", reason);
       }
+      if (state.quote)
+        await this.renew(market, now);
       await this.fills();
       const hedgeReason = await this.hedgeTick();
       if (hedgeReason)
@@ -799,12 +917,29 @@ class MakerBot {
           await this.cancel();
           return this.snapshot("pending", "releasing quote");
         } else if (quote.status === "active") {
+          if (this.dirty && !this.hedge) {
+            const account2 = await this.maker.read("MarketAccount", this.maker.marketAccount());
+            if ("ready" in account2.status) {
+              const before = this.position;
+              this.position = await this.maker.position.summary({
+                timeoutMs: 0
+              });
+              if (this.position.status === "ready" && this.position.version === BigInt(account2.version.toString())) {
+                this.dirty = false;
+                this.pricingDirty ||= before !== undefined && before.position !== this.position.position;
+                this.inventoryVersion = this.position.version;
+              }
+            }
+            if (this.dirty)
+              return this.snapshot("pending", "reading maker inventory");
+          }
           const price = BigInt(market.oraclePriceE8.toString());
           const difference = state.referencePrice === undefined ? undefined : (price > state.referencePrice ? price - state.referencePrice : state.referencePrice - price) * 10000n;
           const current = await this.maker.quoteState(handle2.id);
-          const duration = Math.min(this.policy.lifetimeSeconds, market.config.maxQuoteLifetimeSeconds);
-          const refresh = current.expiry.toNumber() - now <= duration - Math.min(this.policy.refreshSeconds, duration - 1);
-          if (!this.dirty && !this.pricingDirty && !refresh && difference !== undefined && difference < BigInt(this.policy.repriceBps) * state.referencePrice)
+          const reference = BigInt(current.oracleReferenceE8.toString());
+          const drift = price > reference ? price - reference : reference - price;
+          const compatible = current.marketRevision.eq(market.revision) && drift * 10000n <= reference * BigInt(Math.min(Math.floor(market.config.maxQuoteDeviationBps / 4), 25));
+          if (!this.dirty && !this.pricingDirty && compatible && current.expiry.toNumber() > now && difference !== undefined && difference < BigInt(this.policy.repriceBps) * state.referencePrice)
             return this.snapshot("active");
           state.replacement = { prior: state.quote, nonce: nonce() };
           this.pricingDirty = false;
@@ -821,7 +956,7 @@ class MakerBot {
         return this.snapshot("idle", "maker account busy");
       if (this.dirty || !this.position || this.position.version !== BigInt(account.version.toString())) {
         this.position = await this.maker.position.summary({
-          timeoutMs: 180000
+          timeoutMs: 0
         });
         if (this.position.status !== "ready" || this.position.version !== BigInt(account.version.toString()))
           return this.snapshot("idle", "maker view changed");
@@ -829,12 +964,13 @@ class MakerBot {
         return this.snapshot("idle", "maker view refreshed");
       }
       if (!state.request) {
-        const request2 = botQuote(this.policy, market, this.position, nonce(), now, this.pricing);
+        const request2 = botQuote(this.quotePolicy(market), market, this.position, nonce(), now, this.pricing);
         if (!request2)
           return this.snapshot("idle", "inventory or collateral limit");
         state.request = request2;
         this.pricingDirty = false;
         state.referencePrice = BigInt(market.oraclePriceE8.toString());
+        state.quoteRisk = this.quoteRisk(this.requestId(), request2, market);
         await this.store.save(state);
       }
       const request = state.request;
@@ -860,6 +996,55 @@ class MakerBot {
       this.busy = false;
     }
   }
+  async renew(market, now) {
+    const state = this.state;
+    if (this.hedge && (state.hedge?.pending || state.inventoryPendingSince !== undefined && Date.now() - state.inventoryPendingSince >= this.hedge.policy.maxUnhedgedMs))
+      return;
+    const handle = this.maker.quote.get(new PublicKey(state.quote));
+    const quote = await this.maker.quoteState(handle.id);
+    if (!("active" in quote.status) || quote.expiry.toNumber() <= now)
+      return;
+    const duration = Math.min(this.policy.lifetimeSeconds, market.config.maxQuoteLifetimeSeconds);
+    if (quote.expiry.toNumber() - now > Math.max(this.policy.refreshSeconds, duration - this.policy.refreshSeconds))
+      return;
+    const price = BigInt(market.oraclePriceE8.toString());
+    const reference = BigInt(quote.oracleReferenceE8.toString());
+    const drift = price > reference ? price - reference : reference - price;
+    if (!quote.marketRevision.eq(market.revision) || reference <= 0n || drift * 10000n > reference * BigInt(Math.min(Math.floor(market.config.maxQuoteDeviationBps / 4), 25)))
+      return;
+    const renewed = await handle.renew({ validForSeconds: duration });
+    if (state.request)
+      state.request.expiresAt = renewed.expiresAt;
+    await this.store.save(state);
+  }
+  quotePolicy(market) {
+    if (!this.hedge || !this.pricing || this.position?.position === undefined)
+      return this.policy;
+    const price = BigInt(market.oraclePriceE8.toString());
+    const size = this.position.position + this.pricing.externalPosition;
+    const risk = ((size < 0n ? -size : size) * price + 99999999999n) / 100000000000n;
+    const remaining = this.hedge.policy.maxUnhedgedNotional * 9n / 10n - risk;
+    const capacity = remaining * 10000n / BigInt(1e4 + market.config.maxQuoteDeviationBps);
+    return {
+      ...this.policy,
+      maxCapacity: capacity < this.policy.maxCapacity ? capacity > 0n ? capacity : 1n : this.policy.maxCapacity
+    };
+  }
+  quoteRisk(id, request, market) {
+    if (!this.hedge || !this.pricing || this.position?.position === undefined)
+      return;
+    const price = BigInt(market.oraclePriceE8.toString());
+    const size = this.position.position + this.pricing.externalPosition;
+    const notional2 = ((size < 0n ? -size : size) * price + 99999999999n) / 100000000000n + (request.maxCapacity * BigInt(1e4 + market.config.maxQuoteDeviationBps) + 9999n) / 10000n;
+    return {
+      quote: id.toBase58(),
+      notional: notional2,
+      price,
+      version: this.position.version,
+      externalPosition: this.pricing.externalPosition,
+      hedgeNonce: this.state.hedge.nonce
+    };
+  }
   stop() {
     this.stopping = true;
   }

package/dist/quote/quote.d.ts

@@ -5,6 +5,7 @@ export type QuoteSnapshot = {
     status: string;
     maxCapacity: bigint;
     attachedOrders: number;
+    expiresAt: number;
     replacementNonce?: bigint;
 };
 export declare class QuoteHandle {
@@ -13,10 +14,15 @@ export declare class QuoteHandle {
     private readonly client;
     reserveSignature?: string;
     releaseSignature?: string;
+    priorId?: PublicKey;
     private balanceView?;
     constructor(id: PublicKey, prepareSignature: string | undefined, client: MakerClient);
     status(): Promise<QuoteSnapshot>;
+    renew(input: {
+        validForSeconds: number;
+    }): Promise<QuoteSnapshot>;
     capacity(): Promise<bigint>;
+    reservation(): Promise<bigint | undefined>;
     confirm(options?: {
         timeoutMs?: number;
         pollMs?: number;

package/dist/quote/replacement.d.ts

@@ -17,6 +17,8 @@ export declare class QuoteReplacement {
     status(): Promise<ReplacementSnapshot>;
     prepare(input: QuoteRequest): Promise<QuoteHandle>;
     begin(): Promise<void>;
+    rotate(handle?: QuoteHandle): Promise<QuoteSnapshot>;
+    discard(): Promise<void>;
     resume(input: QuoteRequest, options?: {
         timeoutMs?: number;
         pollMs?: number;

package/package.json

@@ -1,6 +1,6 @@
 {
   "name": "@depthhq/maker-sdk",
-  "version": "0.1.11",
+  "version": "0.1.13",
   "publishConfig": {
     "access": "public"
   },
@@ -29,8 +29,8 @@
     "@solana/web3.js": "1.99.0",
     "buffer": "6.0.3",
     "viem": "2.38.0",
-    "@depthhq/bindings": "0.1.3",
-    "@depthhq/sdk": "0.1.7"
+    "@depthhq/bindings": "0.1.4",
+    "@depthhq/sdk": "0.1.8"
   },
   "scripts": {
     "build": "node ../../scripts/build-package.mjs maker-sdk",