@drift-labs/sdk 2.63.0-beta.0 → 2.63.0-beta.2

package/VERSION

@@ -1 +1 @@
-2.63.0-beta.0
+2.63.0-beta.2

package/lib/math/amm.js

@@ -339,7 +339,11 @@ function calculateSpreadBN(baseSpread, lastOracleReservePriceSpreadPct, lastOrac
     }
     spreadTerms.longSpreadwPS = longSpread;
     spreadTerms.shortSpreadwPS = shortSpread;
-    const maxTargetSpread = Math.floor(Math.max(maxSpread, lastOracleReservePriceSpreadPct.abs().toNumber()));
+    const maxSpreadBaseline = Math.min(Math.max(lastOracleReservePriceSpreadPct.abs().toNumber(), lastOracleConfPct.muln(2).toNumber(), anchor_1.BN.max(markStd, oracleStd)
+        .mul(numericConstants_1.PERCENTAGE_PRECISION)
+        .div(reservePrice)
+        .toNumber()), numericConstants_1.BID_ASK_SPREAD_PRECISION.toNumber());
+    const maxTargetSpread = Math.floor(Math.max(maxSpread, maxSpreadBaseline));
     const inventorySpreadScale = calculateInventoryScale(baseAssetAmountWithAmm, baseAssetReserve, minBaseAssetReserve, maxBaseAssetReserve, baseAssetAmountWithAmm.gt(numericConstants_1.ZERO) ? longSpread : shortSpread, maxTargetSpread);
     if (baseAssetAmountWithAmm.gt(numericConstants_1.ZERO)) {
         longSpread *= inventorySpreadScale;

package/lib/math/exchangeStatus.d.ts

@@ -3,3 +3,4 @@ export declare function exchangePaused(state: StateAccount): boolean;
 export declare function fillPaused(state: StateAccount, market: PerpMarketAccount | SpotMarketAccount): boolean;
 export declare function ammPaused(state: StateAccount, market: PerpMarketAccount | SpotMarketAccount): boolean;
 export declare function isOperationPaused(pausedOperations: number, operation: PerpOperation | SpotOperation): boolean;
+export declare function isAmmDrawdownPause(market: PerpMarketAccount): boolean;

package/lib/math/exchangeStatus.js

@@ -1,7 +1,9 @@
 "use strict";
 Object.defineProperty(exports, "__esModule", { value: true });
-exports.isOperationPaused = exports.ammPaused = exports.fillPaused = exports.exchangePaused = void 0;
+exports.isAmmDrawdownPause = exports.isOperationPaused = exports.ammPaused = exports.fillPaused = exports.exchangePaused = void 0;
+const numericConstants_1 = require("../constants/numericConstants");
 const types_1 = require("../types");
+const anchor_1 = require("@coral-xyz/anchor");
 function exchangePaused(state) {
     return state.exchangeStatus !== types_1.ExchangeStatus.ACTIVE;
 }
@@ -25,14 +27,51 @@ function ammPaused(state, market) {
         return true;
     }
     if (market.hasOwnProperty('amm')) {
-        return isOperationPaused(market.pausedOperations, types_1.PerpOperation.AMM_FILL);
-    }
-    else {
-        return false;
+        const operationPaused = isOperationPaused(market.pausedOperations, types_1.PerpOperation.AMM_FILL);
+        if (operationPaused) {
+            return true;
+        }
+        if (isAmmDrawdownPause(market)) {
+            return true;
+        }
     }
+    return false;
 }
 exports.ammPaused = ammPaused;
 function isOperationPaused(pausedOperations, operation) {
     return (pausedOperations & operation) > 0;
 }
 exports.isOperationPaused = isOperationPaused;
+function isAmmDrawdownPause(market) {
+    let quoteDrawdownLimitBreached;
+    if ((0, types_1.isVariant)(market.contractTier, 'a') ||
+        (0, types_1.isVariant)(market.contractTier, 'b')) {
+        quoteDrawdownLimitBreached = market.amm.netRevenueSinceLastFunding.lte(numericConstants_1.DEFAULT_REVENUE_SINCE_LAST_FUNDING_SPREAD_RETREAT.muln(400));
+    }
+    else {
+        quoteDrawdownLimitBreached = market.amm.netRevenueSinceLastFunding.lte(numericConstants_1.DEFAULT_REVENUE_SINCE_LAST_FUNDING_SPREAD_RETREAT.muln(200));
+    }
+    if (quoteDrawdownLimitBreached) {
+        const percentDrawdown = market.amm.netRevenueSinceLastFunding
+            .mul(numericConstants_1.PERCENTAGE_PRECISION)
+            .div(anchor_1.BN.max(market.amm.totalFeeMinusDistributions, numericConstants_1.ONE));
+        let percentDrawdownLimitBreached;
+        if ((0, types_1.isVariant)(market.contractTier, 'a')) {
+            percentDrawdownLimitBreached = percentDrawdown.lte(numericConstants_1.PERCENTAGE_PRECISION.divn(50).neg());
+        }
+        else if ((0, types_1.isVariant)(market.contractTier, 'b')) {
+            percentDrawdownLimitBreached = percentDrawdown.lte(numericConstants_1.PERCENTAGE_PRECISION.divn(33).neg());
+        }
+        else if ((0, types_1.isVariant)(market.contractTier, 'c')) {
+            percentDrawdownLimitBreached = percentDrawdown.lte(numericConstants_1.PERCENTAGE_PRECISION.divn(25).neg());
+        }
+        else {
+            percentDrawdownLimitBreached = percentDrawdown.lte(numericConstants_1.PERCENTAGE_PRECISION.divn(20).neg());
+        }
+        if (percentDrawdownLimitBreached) {
+            return true;
+        }
+    }
+    return false;
+}
+exports.isAmmDrawdownPause = isAmmDrawdownPause;

package/package.json

@@ -1,6 +1,6 @@
 {
 	"name": "@drift-labs/sdk",
-	"version": "2.63.0-beta.0",
+	"version": "2.63.0-beta.2",
 	"main": "lib/index.js",
 	"types": "lib/index.d.ts",
 	"author": "crispheaney",

package/src/math/amm.ts

@@ -658,8 +658,20 @@ export function calculateSpreadBN(
 	spreadTerms.longSpreadwPS = longSpread;
 	spreadTerms.shortSpreadwPS = shortSpread;
 
+	const maxSpreadBaseline = Math.min(
+		Math.max(
+			lastOracleReservePriceSpreadPct.abs().toNumber(),
+			lastOracleConfPct.muln(2).toNumber(),
+			BN.max(markStd, oracleStd)
+				.mul(PERCENTAGE_PRECISION)
+				.div(reservePrice)
+				.toNumber()
+		),
+		BID_ASK_SPREAD_PRECISION.toNumber()
+	);
+
 	const maxTargetSpread: number = Math.floor(
-		Math.max(maxSpread, lastOracleReservePriceSpreadPct.abs().toNumber())
+		Math.max(maxSpread, maxSpreadBaseline)
 	);
 
 	const inventorySpreadScale = calculateInventoryScale(

package/src/math/exchangeStatus.ts

@@ -1,3 +1,8 @@
+import {
+	DEFAULT_REVENUE_SINCE_LAST_FUNDING_SPREAD_RETREAT,
+	PERCENTAGE_PRECISION,
+	ONE,
+} from '../constants/numericConstants';
 import {
 	ExchangeStatus,
 	PerpMarketAccount,
@@ -5,7 +10,9 @@ import {
 	SpotMarketAccount,
 	SpotOperation,
 	StateAccount,
+	isVariant,
 } from '../types';
+import { BN } from '@coral-xyz/anchor';
 
 export function exchangePaused(state: StateAccount): boolean {
 	return state.exchangeStatus !== ExchangeStatus.ACTIVE;
@@ -41,10 +48,19 @@ export function ammPaused(
 	}
 
 	if (market.hasOwnProperty('amm')) {
-		return isOperationPaused(market.pausedOperations, PerpOperation.AMM_FILL);
-	} else {
-		return false;
+		const operationPaused = isOperationPaused(
+			market.pausedOperations,
+			PerpOperation.AMM_FILL
+		);
+		if (operationPaused) {
+			return true;
+		}
+		if (isAmmDrawdownPause(market as PerpMarketAccount)) {
+			return true;
+		}
 	}
+
+	return false;
 }
 
 export function isOperationPaused(
@@ -53,3 +69,52 @@ export function isOperationPaused(
 ): boolean {
 	return (pausedOperations & operation) > 0;
 }
+
+export function isAmmDrawdownPause(market: PerpMarketAccount): boolean {
+	let quoteDrawdownLimitBreached: boolean;
+
+	if (
+		isVariant(market.contractTier, 'a') ||
+		isVariant(market.contractTier, 'b')
+	) {
+		quoteDrawdownLimitBreached = market.amm.netRevenueSinceLastFunding.lte(
+			DEFAULT_REVENUE_SINCE_LAST_FUNDING_SPREAD_RETREAT.muln(400)
+		);
+	} else {
+		quoteDrawdownLimitBreached = market.amm.netRevenueSinceLastFunding.lte(
+			DEFAULT_REVENUE_SINCE_LAST_FUNDING_SPREAD_RETREAT.muln(200)
+		);
+	}
+
+	if (quoteDrawdownLimitBreached) {
+		const percentDrawdown = market.amm.netRevenueSinceLastFunding
+			.mul(PERCENTAGE_PRECISION)
+			.div(BN.max(market.amm.totalFeeMinusDistributions, ONE));
+
+		let percentDrawdownLimitBreached: boolean;
+
+		if (isVariant(market.contractTier, 'a')) {
+			percentDrawdownLimitBreached = percentDrawdown.lte(
+				PERCENTAGE_PRECISION.divn(50).neg()
+			);
+		} else if (isVariant(market.contractTier, 'b')) {
+			percentDrawdownLimitBreached = percentDrawdown.lte(
+				PERCENTAGE_PRECISION.divn(33).neg()
+			);
+		} else if (isVariant(market.contractTier, 'c')) {
+			percentDrawdownLimitBreached = percentDrawdown.lte(
+				PERCENTAGE_PRECISION.divn(25).neg()
+			);
+		} else {
+			percentDrawdownLimitBreached = percentDrawdown.lte(
+				PERCENTAGE_PRECISION.divn(20).neg()
+			);
+		}
+
+		if (percentDrawdownLimitBreached) {
+			return true;
+		}
+	}
+
+	return false;
+}

package/tests/dlob/helpers.ts

@@ -181,6 +181,7 @@ export const mockPerpMarkets: Array<PerpMarketAccount> = [
 		},
 		quoteSpotMarketIndex: 0,
 		feeAdjustment: 0,
+		pausedOperations: 0,
 	},
 	{
 		status: MarketStatus.INITIALIZED,
@@ -219,6 +220,7 @@ export const mockPerpMarkets: Array<PerpMarketAccount> = [
 		},
 		quoteSpotMarketIndex: 0,
 		feeAdjustment: 0,
+		pausedOperations: 0,
 	},
 	{
 		status: MarketStatus.INITIALIZED,
@@ -257,6 +259,7 @@ export const mockPerpMarkets: Array<PerpMarketAccount> = [
 		},
 		quoteSpotMarketIndex: 0,
 		feeAdjustment: 0,
+		pausedOperations: 0,
 	},
 ];
 
@@ -341,6 +344,7 @@ export const mockSpotMarkets: Array<SpotMarketAccount> = [
 			lastIndexPriceTwap5Min: PRICE_PRECISION,
 			lastIndexPriceTwapTs: new BN(0),
 		},
+		pausedOperations: 0,
 	},
 	{
 		status: MarketStatus.ACTIVE,
@@ -422,6 +426,7 @@ export const mockSpotMarkets: Array<SpotMarketAccount> = [
 			lastIndexPriceTwap5Min: new BN(0),
 			lastIndexPriceTwapTs: new BN(0),
 		},
+		pausedOperations: 0,
 	},
 	{
 		status: MarketStatus.ACTIVE,
@@ -503,6 +508,7 @@ export const mockSpotMarkets: Array<SpotMarketAccount> = [
 			lastIndexPriceTwap5Min: new BN(0),
 			lastIndexPriceTwapTs: new BN(0),
 		},
+		pausedOperations: 0,
 	},
 ];