@kasufinance/kasu-sdk 2.4.2 → 2.6.0

package/dist/domain/pools.test.js

@@ -0,0 +1,184 @@
+import { maxNetRateCeiling, pickHighestYieldTranche, poolMaxApy, selectVisiblePools, } from './pools';
+import { netEffectiveApy } from './rates';
+/**
+ * Ported from kasu-ui `select-visible-pools.test.ts` and the
+ * `pickHighestYieldTranche` / `formatMaxNetRate` cases of
+ * `pick-best-tranche.test.ts`. The `formatMaxNetRate` assertions are on the
+ * ceiling NUMBER here; their rendered strings stay in kasu-ui.
+ */
+function tranche(name, apy, poolCapacity, maxApy) {
+    return { id: name, name, apy, poolCapacity, maxApy };
+}
+function pool(over) {
+    return Object.assign({ id: 'p', poolName: 'p', isActive: true, isOversubscribed: false, tranches: [tranche('Senior', '0.09', '250000', '0.10')] }, over);
+}
+const withCapacity = () => [
+    tranche('Senior', '0.09', '250000', '0.10'),
+];
+const noCapacity = () => [tranche('Senior', '0.09', '0', '0.10')];
+/** The live performance fee on all deployments. */
+const FEE = 10;
+describe('poolMaxApy', () => {
+    it('takes the highest usable maxApy across tranches', () => {
+        expect(poolMaxApy(pool({
+            tranches: [
+                tranche('Senior', '0.09', '1', '0.10'),
+                tranche('Junior', '0.12', '1', '0.18'),
+            ],
+        }))).toBe(0.18);
+    });
+    it('is 0 when nothing is usable', () => {
+        expect(poolMaxApy(pool({ tranches: [] }))).toBe(0);
+        expect(poolMaxApy(pool({ tranches: [tranche('Senior', '0.09', '1', 'x')] }))).toBe(0);
+    });
+});
+describe('selectVisiblePools', () => {
+    it('drops inactive pools', () => {
+        const pools = [
+            pool({ id: 'active', isActive: true }),
+            pool({ id: 'inactive', isActive: false }),
+        ];
+        expect(selectVisiblePools(pools).map((p) => p.id)).toEqual(['active']);
+    });
+    it('drops oversubscribed pools', () => {
+        const pools = [
+            pool({ id: 'open', isOversubscribed: false }),
+            pool({ id: 'full', isOversubscribed: true }),
+        ];
+        expect(selectVisiblePools(pools).map((p) => p.id)).toEqual(['open']);
+    });
+    it('sorts pools with capacity ahead of pools without', () => {
+        const pools = [
+            pool({ id: 'empty', tranches: noCapacity() }),
+            pool({ id: 'has-cap', tranches: withCapacity() }),
+        ];
+        expect(selectVisiblePools(pools).map((p) => p.id)).toEqual([
+            'has-cap',
+            'empty',
+        ]);
+    });
+    it('sorts by highest max APY within the same capacity bucket', () => {
+        const pools = [
+            pool({
+                id: 'low',
+                tranches: [tranche('Senior', '0.08', '250000', '0.08')],
+            }),
+            pool({
+                id: 'high',
+                tranches: [tranche('Senior', '0.15', '250000', '0.15')],
+            }),
+        ];
+        expect(selectVisiblePools(pools).map((p) => p.id)).toEqual([
+            'high',
+            'low',
+        ]);
+    });
+    it('does not mutate the input array', () => {
+        const pools = [
+            pool({ id: 'a', tranches: noCapacity() }),
+            pool({ id: 'b', tranches: withCapacity() }),
+        ];
+        const before = pools.map((p) => p.id);
+        selectVisiblePools(pools);
+        expect(pools.map((p) => p.id)).toEqual(before);
+    });
+});
+describe('pickHighestYieldTranche', () => {
+    const named = (poolName, tranches) => pool({ id: poolName, poolName, tranches });
+    it('returns null for empty / nullish input', () => {
+        expect(pickHighestYieldTranche(undefined)).toBeNull();
+        expect(pickHighestYieldTranche(null)).toBeNull();
+        expect(pickHighestYieldTranche([])).toBeNull();
+    });
+    it('picks the highest base APY across all pools with capacity', () => {
+        const best = pickHighestYieldTranche([
+            named('A', [tranche('Junior', '0.12', '5000')]),
+            named('B', [
+                tranche('Senior', '0.18', '5000'),
+                tranche('Mezz', '0.15', '5000'),
+            ]),
+        ]);
+        expect(best === null || best === void 0 ? void 0 : best.pool.poolName).toBe('B');
+        expect(best === null || best === void 0 ? void 0 : best.tranche.name).toBe('Senior');
+        expect(best === null || best === void 0 ? void 0 : best.apy).toBeCloseTo(0.18);
+    });
+    it('skips tranches without capacity (< 1 unit)', () => {
+        const best = pickHighestYieldTranche([
+            named('Full', [tranche('Junior', '0.30', '0')]),
+            named('Live', [tranche('Senior', '0.10', '2000')]),
+        ]);
+        expect(best === null || best === void 0 ? void 0 : best.pool.poolName).toBe('Live');
+        expect(best === null || best === void 0 ? void 0 : best.apy).toBeCloseTo(0.1);
+    });
+    it('breaks APY ties toward more remaining capacity', () => {
+        const best = pickHighestYieldTranche([
+            named('Small', [tranche('Junior', '0.15', '1000')]),
+            named('Big', [tranche('Junior', '0.15', '9000')]),
+        ]);
+        expect(best === null || best === void 0 ? void 0 : best.pool.poolName).toBe('Big');
+    });
+    it('ignores zero / non-finite APY values', () => {
+        const best = pickHighestYieldTranche([
+            named('Zero', [tranche('Junior', '0', '5000')]),
+            named('NaN', [tranche('Junior', 'not-a-number', '5000')]),
+            named('Real', [tranche('Junior', '0.09', '5000')]),
+        ]);
+        expect(best === null || best === void 0 ? void 0 : best.pool.poolName).toBe('Real');
+    });
+    it('reads the BASE rate, not the FTD-widened maxApy', () => {
+        // A ceiling claim and a named tranche's rate are different statements.
+        const best = pickHighestYieldTranche([
+            named('A', [tranche('Junior', '0.12', '5000', '0.30')]),
+            named('B', [tranche('Senior', '0.18', '5000', '0.18')]),
+        ]);
+        expect(best === null || best === void 0 ? void 0 : best.pool.poolName).toBe('B');
+    });
+});
+describe('maxNetRateCeiling', () => {
+    const named = (poolName, tranches) => pool({ id: poolName, poolName, tranches });
+    it('returns the highest ceiling across all pools, net of the fee', () => {
+        const rate = maxNetRateCeiling([
+            named('A', [tranche('Junior', '0.12', '5000', '0.18')]),
+            named('B', [tranche('Senior', '0.10', '5000', '0.22')]),
+        ], FEE);
+        // 0.22 gross → 19.60% net, the same arithmetic as everywhere else.
+        expect(rate).toBe(netEffectiveApy(0.22, FEE));
+        expect(rate).toBeCloseTo(0.196, 4);
+    });
+    it('prefers the FTD-inclusive maxApy over the base rate', () => {
+        // The strategies card's range tops out at maxApy; an "up to" claim
+        // quoting the base rate would contradict it on the same screen.
+        expect(maxNetRateCeiling([named('A', [tranche('Junior', '0.10', '5000', '0.22')])], FEE)).toBe(netEffectiveApy(0.22, FEE));
+    });
+    it('falls back to the base rate when a tranche carries no maxApy', () => {
+        expect(maxNetRateCeiling([named('A', [tranche('Junior', '0.22', '5000')])], FEE)).toBe(netEffectiveApy(0.22, FEE));
+    });
+    it('skips tranches without capacity — an unreachable rate is not a claim', () => {
+        const rate = maxNetRateCeiling([
+            named('Full', [tranche('Junior', '0.30', '0', '0.30')]),
+            named('Live', [tranche('Senior', '0.10', '5000', '0.10')]),
+        ], FEE);
+        expect(rate).toBe(netEffectiveApy(0.1, FEE));
+        expect(rate).toBeCloseTo(0.0896, 4);
+    });
+    it('returns null rather than a gross figure when the fee is out of domain', () => {
+        const pools = [named('A', [tranche('Junior', '0.22', '5000', '0.22')])];
+        expect(maxNetRateCeiling(pools, 1000)).toBeNull();
+        expect(maxNetRateCeiling(pools, -1)).toBeNull();
+        expect(maxNetRateCeiling(pools, NaN)).toBeNull();
+        // A 100% fee leaves nothing to claim.
+        expect(maxNetRateCeiling(pools, 100)).toBeNull();
+    });
+    it('returns null for empty, nullish or rate-less input', () => {
+        expect(maxNetRateCeiling(undefined, FEE)).toBeNull();
+        expect(maxNetRateCeiling(null, FEE)).toBeNull();
+        expect(maxNetRateCeiling([], FEE)).toBeNull();
+        expect(maxNetRateCeiling([named('Zero', [tranche('Junior', '0', '5000', '0')])], FEE)).toBeNull();
+    });
+    it('agrees with the top of the tranche range it must sit alongside', () => {
+        // Both read maxApy through netEffectiveApy; they must not disagree.
+        const tranches = [tranche('Senior', '0.14', '5000', '0.22')];
+        expect(maxNetRateCeiling([named('A', tranches)], FEE)).toBe(netEffectiveApy(0.22, FEE));
+    });
+});
+//# sourceMappingURL=pools.test.js.map

package/dist/domain/pools.test.js.map

@@ -0,0 +1 @@
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package/dist/domain/rates.d.ts

@@ -0,0 +1,83 @@
+/**
+ * Epochs in a year — the single source of truth for every rate conversion in
+ * the SDK and in every consumer that undoes one.
+ *
+ * The subgraph carries a per-epoch `interestRate`; `epochRateToApy` compounds
+ * it into an APY and `apyToEpochRate` inverts exactly that. A second copy of
+ * this number anywhere would recover a different weekly rate and every derived
+ * figure — displayed APYs, net rates, projected interest — would be wrong, so
+ * `DataService.calculateApyForTranche` and `KSULocking.calculateApy` both read
+ * it from here rather than declaring their own.
+ */
+export declare const EPOCHS_IN_YEAR = 52.17857;
+/**
+ * A per-epoch interest rate compounded into an annual rate.
+ *
+ * ```
+ * apy = (1 + r)^E − 1
+ * ```
+ *
+ * This is the exact expression `DataService.calculateApyForTranche` has always
+ * used, kept in its literal `**` form rather than rewritten through
+ * `expm1`/`log1p`: it is the SDK's OWN definition of `tranche.apy`, so its
+ * float behaviour is part of the contract every consumer already calibrated
+ * against. `apyToEpochRate` is the one that must be numerically careful,
+ * because it runs on the result.
+ *
+ * @param epochRate the per-epoch rate as a 0..1 fraction (e.g. `0.003`).
+ * @returns the compounded annual rate as a 0..1 fraction.
+ */
+export declare function epochRateToApy(epochRate: number): number;
+/**
+ * The inverse of `epochRateToApy` — the per-epoch rate an APY was compounded
+ * from.
+ *
+ * `expm1`/`log1p` rather than the literal `(1 + apy) ** (1 / E) - 1`.
+ * Algebraically identical, but the direct form computes a double just above 1
+ * and subtracts 1 from it, discarding the low bits of a result that is itself
+ * ~1e-3 for a realistic rate. These two never form the intermediate near-1
+ * value.
+ *
+ * @param apy the compounded annual rate as a 0..1 fraction.
+ * @returns the per-epoch rate as a 0..1 fraction.
+ */
+export declare function apyToEpochRate(apy: number): number;
+/**
+ * The NET Effective Interest Rate — the compounded annual rate a lender
+ * actually earns, after the platform performance fee.
+ *
+ * ```
+ * r   = (1 + grossApy)^(1/E) − 1                 // the gross per-epoch rate
+ * net = (1 + r · (1 − feePercent/100))^E − 1     // fee taken each epoch, then compounded
+ * ```
+ *
+ * `LendingPool._applyTrancheInterest` mints the lender
+ * `interest × (1 − performanceFee)` at every epoch close, and it is that NET
+ * amount which capitalises and earns interest in the following epoch. So the
+ * fee is applied per epoch and the result is re-compounded — not deducted from
+ * the annual figure.
+ *
+ * ⚠️ UNITS — the one thing that must not be got wrong.
+ * `feePercent` is a PERCENTAGE IN 0..100, **not** a 0..1 fraction.
+ * `DataService.getPerformanceFee()` (and `StrategiesFacade.getPerformanceFeePercent()`)
+ * returns the subgraph's `integerToPercentage2(1000)` = `10`, meaning **ten
+ * percent**. It is NOT `0.10`. Treating it as a fraction computes
+ * `r · (1 − 10)` = `−9r` and yields a nonsense negative rate that would render
+ * as a plausible-looking `-…%`, which is why `feePercent > 100` and
+ * `feePercent < 0` both return `NaN` and why the parameter is named
+ * `feePercent` and never `fee`.
+ *
+ * This returns a NUMBER and nothing else. Rendering it — the 2dp convention,
+ * the ` p.a.` suffix, and the fail-closed em-dash for a `NaN` or non-positive
+ * result — is the consumer's job: kasu-ui does it in
+ * `src/features/lending/lib/interest-rate.ts` (`formatEffectiveRate`,
+ * `RATE_UNAVAILABLE`), which now wraps this function instead of restating it.
+ *
+ * @param grossApy compounded GROSS APY as a 0..1 fraction (e.g. `0.22` for
+ *   22%), exactly as the SDK carries it on `tranche.apy` / `tranche.maxApy`.
+ * @param feePercent the chain's performance fee as a percentage, `0..100`
+ *   (e.g. `10` for the live 10% fee).
+ * @returns the net compounded annual rate as a 0..1 fraction, or `NaN` when
+ *   either input is outside its domain. Callers render `NaN` as "—".
+ */
+export declare function netEffectiveApy(grossApy: number, feePercent: number): number;

package/dist/domain/rates.js

@@ -0,0 +1,120 @@
+/**
+ * Epochs in a year — the single source of truth for every rate conversion in
+ * the SDK and in every consumer that undoes one.
+ *
+ * The subgraph carries a per-epoch `interestRate`; `epochRateToApy` compounds
+ * it into an APY and `apyToEpochRate` inverts exactly that. A second copy of
+ * this number anywhere would recover a different weekly rate and every derived
+ * figure — displayed APYs, net rates, projected interest — would be wrong, so
+ * `DataService.calculateApyForTranche` and `KSULocking.calculateApy` both read
+ * it from here rather than declaring their own.
+ */
+export const EPOCHS_IN_YEAR = 52.17857;
+/**
+ * A per-epoch interest rate compounded into an annual rate.
+ *
+ * ```
+ * apy = (1 + r)^E − 1
+ * ```
+ *
+ * This is the exact expression `DataService.calculateApyForTranche` has always
+ * used, kept in its literal `**` form rather than rewritten through
+ * `expm1`/`log1p`: it is the SDK's OWN definition of `tranche.apy`, so its
+ * float behaviour is part of the contract every consumer already calibrated
+ * against. `apyToEpochRate` is the one that must be numerically careful,
+ * because it runs on the result.
+ *
+ * @param epochRate the per-epoch rate as a 0..1 fraction (e.g. `0.003`).
+ * @returns the compounded annual rate as a 0..1 fraction.
+ */
+export function epochRateToApy(epochRate) {
+    return Math.pow((1 + epochRate), EPOCHS_IN_YEAR) - 1;
+}
+/**
+ * The inverse of `epochRateToApy` — the per-epoch rate an APY was compounded
+ * from.
+ *
+ * `expm1`/`log1p` rather than the literal `(1 + apy) ** (1 / E) - 1`.
+ * Algebraically identical, but the direct form computes a double just above 1
+ * and subtracts 1 from it, discarding the low bits of a result that is itself
+ * ~1e-3 for a realistic rate. These two never form the intermediate near-1
+ * value.
+ *
+ * @param apy the compounded annual rate as a 0..1 fraction.
+ * @returns the per-epoch rate as a 0..1 fraction.
+ */
+export function apyToEpochRate(apy) {
+    return Math.expm1(Math.log1p(apy) / EPOCHS_IN_YEAR);
+}
+/**
+ * The NET Effective Interest Rate — the compounded annual rate a lender
+ * actually earns, after the platform performance fee.
+ *
+ * ```
+ * r   = (1 + grossApy)^(1/E) − 1                 // the gross per-epoch rate
+ * net = (1 + r · (1 − feePercent/100))^E − 1     // fee taken each epoch, then compounded
+ * ```
+ *
+ * `LendingPool._applyTrancheInterest` mints the lender
+ * `interest × (1 − performanceFee)` at every epoch close, and it is that NET
+ * amount which capitalises and earns interest in the following epoch. So the
+ * fee is applied per epoch and the result is re-compounded — not deducted from
+ * the annual figure.
+ *
+ * ⚠️ UNITS — the one thing that must not be got wrong.
+ * `feePercent` is a PERCENTAGE IN 0..100, **not** a 0..1 fraction.
+ * `DataService.getPerformanceFee()` (and `StrategiesFacade.getPerformanceFeePercent()`)
+ * returns the subgraph's `integerToPercentage2(1000)` = `10`, meaning **ten
+ * percent**. It is NOT `0.10`. Treating it as a fraction computes
+ * `r · (1 − 10)` = `−9r` and yields a nonsense negative rate that would render
+ * as a plausible-looking `-…%`, which is why `feePercent > 100` and
+ * `feePercent < 0` both return `NaN` and why the parameter is named
+ * `feePercent` and never `fee`.
+ *
+ * This returns a NUMBER and nothing else. Rendering it — the 2dp convention,
+ * the ` p.a.` suffix, and the fail-closed em-dash for a `NaN` or non-positive
+ * result — is the consumer's job: kasu-ui does it in
+ * `src/features/lending/lib/interest-rate.ts` (`formatEffectiveRate`,
+ * `RATE_UNAVAILABLE`), which now wraps this function instead of restating it.
+ *
+ * @param grossApy compounded GROSS APY as a 0..1 fraction (e.g. `0.22` for
+ *   22%), exactly as the SDK carries it on `tranche.apy` / `tranche.maxApy`.
+ * @param feePercent the chain's performance fee as a percentage, `0..100`
+ *   (e.g. `10` for the live 10% fee).
+ * @returns the net compounded annual rate as a 0..1 fraction, or `NaN` when
+ *   either input is outside its domain. Callers render `NaN` as "—".
+ */
+export function netEffectiveApy(grossApy, feePercent) {
+    if (!Number.isFinite(grossApy) || grossApy < 0)
+        return NaN;
+    if (!Number.isFinite(feePercent) || feePercent < 0 || feePercent > 100) {
+        return NaN;
+    }
+    // The lender's share of each epoch's interest. Short-circuiting on `=== 1`
+    // (rather than on `feePercent === 0`) also covers a fee small enough to
+    // underflow the multiplier: if it cannot change the epoch rate, the net
+    // rate IS the gross rate, and it must be returned unchanged rather than
+    // round-tripped through the de-compound/re-compound pair below — which is
+    // exact in algebra but not in floating point (0.22 comes back as
+    // 0.22000000000000663 in the naive form). If the fee is ever set to zero
+    // on-chain, the displayed rate must equal the SDK's APY exactly.
+    const lenderShare = 1 - feePercent / 100;
+    if (lenderShare === 1)
+        return grossApy;
+    // `expm1`/`log1p` rather than the literal `(1 + x) ** n - 1`. Algebraically
+    // identical, but the direct form computes `(1 + grossApy) ** (1 / E) - 1`
+    // by subtracting 1 from a double just above 1, discarding the low bits of a
+    // result that is itself ~1e-8 for a realistic rate. The ~1e-8 relative
+    // error that survives is enough to push the net rate ABOVE the gross one;
+    // these two never form the intermediate near-1 value.
+    const grossEpochRate = apyToEpochRate(grossApy);
+    const netEpochRate = grossEpochRate * lenderShare;
+    const net = Math.expm1(EPOCHS_IN_YEAR * Math.log1p(netEpochRate));
+    // `net ≤ grossApy` for every `lenderShare ≤ 1` is a theorem, but at the
+    // last ULP it is not a float identity — a fee of 1e-14 percent leaves a
+    // `lenderShare` one ULP below 1 and the round trip can land one ULP above
+    // `grossApy`. Clamping enforces the proven bound rather than letting a
+    // rounding artefact put a net rate above the gross rate it came from.
+    return Math.min(net, grossApy);
+}
+//# sourceMappingURL=rates.js.map

package/dist/domain/rates.js.map

@@ -0,0 +1 @@
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package/dist/domain/rates.test.d.ts

@@ -0,0 +1 @@
+export {};

package/dist/domain/rates.test.js

@@ -0,0 +1,181 @@
+import * as fc from 'fast-check';
+import { apyToEpochRate, epochRateToApy, EPOCHS_IN_YEAR, netEffectiveApy, } from './rates';
+/**
+ * Ported from kasu-ui `src/features/lending/lib/interest-rate.test.ts`. The
+ * `formatEffectiveRate` cases stay there — they assert copy and locale, which
+ * this layer does not own.
+ */
+/** The live performance fee on all deployments (subgraph units: 10 = ten percent). */
+const LIVE_FEE_PERCENT = 10;
+/**
+ * Spec §9 — every distinct per-epoch rate configured on Base, read on-chain
+ * 2026-09-01, with the NET Effective Interest Rate each must display at the
+ * live 10% fee. This table IS the review sanity check: a correct
+ * implementation reproduces the whole column, including the 30% crossover row
+ * (26.30% gross nominal → 26.64% net APY) which moves UP while every other row
+ * moves down, because the two errors in the old display — no fee deducted, and
+ * a spurious de-compounding — pull in opposite directions and cross over near
+ * 28%.
+ */
+const GROUND_TRUTH = [
+    { grossApy: 0.1, netPercent: 8.96 },
+    { grossApy: 0.105, netPercent: 9.4 },
+    { grossApy: 0.12, netPercent: 10.74 },
+    { grossApy: 0.14, netPercent: 12.52 },
+    { grossApy: 0.15, netPercent: 13.41 },
+    { grossApy: 0.16, netPercent: 14.29 },
+    { grossApy: 0.2, netPercent: 17.84 },
+    { grossApy: 0.22, netPercent: 19.6 },
+    { grossApy: 0.3, netPercent: 26.64 },
+];
+describe('netEffectiveApy — spec §9 ground truth', () => {
+    it.each(GROUND_TRUTH)('gross $grossApy at a 10% fee is $netPercent% net', ({ grossApy, netPercent }) => {
+        expect(netEffectiveApy(grossApy, LIVE_FEE_PERCENT) * 100).toBeCloseTo(netPercent, 2);
+    });
+    it('reproduces the 30% crossover — the net APY is ABOVE the old gross nominal figure', () => {
+        // Old display: 52.17857 · ((1.30)^(1/52.17857) − 1) = 26.30%. New: 26.64%.
+        const oldGrossNominal = EPOCHS_IN_YEAR * (Math.pow(1.3, (1 / EPOCHS_IN_YEAR)) - 1);
+        expect(oldGrossNominal * 100).toBeCloseTo(26.3, 1);
+        expect(netEffectiveApy(0.3, LIVE_FEE_PERCENT)).toBeGreaterThan(oldGrossNominal);
+    });
+});
+describe('netEffectiveApy — units (spec §2.3)', () => {
+    it('reads feePercent as a PERCENTAGE: 22% gross at fee 10 is ≈19.602%', () => {
+        expect(netEffectiveApy(0.22, 10)).toBeCloseTo(0.19602, 5);
+    });
+    it('does not silently accept the 0..1 fraction — 0.1 is a 0.1% fee, not 10%', () => {
+        const wrongUnit = netEffectiveApy(0.22, 0.1);
+        const correct = netEffectiveApy(0.22, 10);
+        // It is a finite, in-range number (we cannot reject it — 0.1% is a
+        // legal fee), so the guard cannot catch this. What protects us is that
+        // it is MATERIALLY different: ~2.37pp too high, not a plausible
+        // near-miss that could sit on screen unnoticed.
+        expect(wrongUnit).toBeCloseTo(0.21976, 5);
+        expect(wrongUnit - correct).toBeGreaterThan(0.02);
+    });
+    it('rejects the RAW subgraph integer (1000 = 10%, pre-integerToPercentage2)', () => {
+        expect(netEffectiveApy(0.22, 1000)).toBeNaN();
+    });
+    it('rejects a fee outside 0..100', () => {
+        expect(netEffectiveApy(0.22, 101)).toBeNaN();
+        expect(netEffectiveApy(0.22, -1)).toBeNaN();
+        expect(netEffectiveApy(0.22, NaN)).toBeNaN();
+        expect(netEffectiveApy(0.22, Infinity)).toBeNaN();
+    });
+    it('accepts the domain edges', () => {
+        expect(netEffectiveApy(0.22, 0)).toBe(0.22);
+        // A 100% fee leaves the lender nothing — 0, not NaN: the fee is
+        // knowable and the answer is "you earn zero", which consumers render
+        // as "—".
+        expect(netEffectiveApy(0.22, 100)).toBe(0);
+    });
+    it('returns NaN for a non-finite or negative gross APY (callers render "—")', () => {
+        expect(netEffectiveApy(NaN, 10)).toBeNaN();
+        expect(netEffectiveApy(Infinity, 10)).toBeNaN();
+        expect(netEffectiveApy(-Infinity, 10)).toBeNaN();
+        expect(netEffectiveApy(-0.01, 10)).toBeNaN();
+    });
+});
+// The FULL in-domain range, down to and including zero and the denormals. The
+// invariants below are the reason `netEffectiveApy` is written with
+// `log1p`/`expm1`: the direct `(1 + x) ** n - 1` form breaks the `net <= gross`
+// invariant for tiny rates, and the property runner finds that in a few hundred
+// cases. Narrowing this arb would hide it.
+const grossApyArb = fc.double({
+    min: 0,
+    max: 5,
+    noNaN: true,
+    noDefaultInfinity: true,
+});
+const feePercentArb = fc.double({
+    min: 0,
+    max: 100,
+    noNaN: true,
+    noDefaultInfinity: true,
+});
+/**
+ * A fee as the subgraph can actually express one: `integerToPercentage2`
+ * divides a uint by 100, so every reachable value is a 2dp multiple of 0.01 in
+ * 0..100. Used only for the STRICT-decrease property, which cannot hold for a
+ * fee of 1e-300 percent — `1 − feePercent/100` rounds to exactly 1 and the net
+ * rate is the gross one. That is arithmetic, not a defect, and no such fee
+ * exists.
+ */
+const realisticFeePercentArb = fc
+    .integer({ min: 1, max: 10000 })
+    .map((n) => n / 100);
+describe('netEffectiveApy — invariants', () => {
+    it('never returns more than the gross APY it came from', () => {
+        fc.assert(fc.property(grossApyArb, feePercentArb, (grossApy, feePercent) => {
+            expect(netEffectiveApy(grossApy, feePercent)).toBeLessThanOrEqual(grossApy);
+        }));
+    });
+    it('equals the gross APY EXACTLY when the fee is zero', () => {
+        fc.assert(
+        // Exact equality, not "close to": if the fee is ever set to zero
+        // on-chain, the rate must be the SDK's own APY, with no float drift
+        // from the de-compound/re-compound round trip.
+        fc.property(grossApyArb, (grossApy) => {
+            expect(netEffectiveApy(grossApy, 0)).toBe(grossApy);
+        }));
+    });
+    it('is STRICTLY below the gross APY for any real (2dp) non-zero fee', () => {
+        fc.assert(fc.property(grossApyArb, realisticFeePercentArb, (grossApy, feePercent) => {
+            if (grossApy === 0)
+                return;
+            expect(netEffectiveApy(grossApy, feePercent)).toBeLessThan(grossApy);
+        }));
+    });
+    it('decreases monotonically as the fee rises', () => {
+        fc.assert(fc.property(grossApyArb, feePercentArb, feePercentArb, (grossApy, a, b) => {
+            const [lo, hi] = a <= b ? [a, b] : [b, a];
+            expect(netEffectiveApy(grossApy, hi)).toBeLessThanOrEqual(netEffectiveApy(grossApy, lo));
+        }));
+    });
+    it('increases monotonically as the gross APY rises', () => {
+        fc.assert(fc.property(grossApyArb, grossApyArb, feePercentArb, (a, b, feePercent) => {
+            const [lo, hi] = a <= b ? [a, b] : [b, a];
+            expect(netEffectiveApy(hi, feePercent)).toBeGreaterThanOrEqual(netEffectiveApy(lo, feePercent));
+        }));
+    });
+    it('is never negative for any in-domain input', () => {
+        fc.assert(fc.property(grossApyArb, feePercentArb, (grossApy, feePercent) => {
+            expect(netEffectiveApy(grossApy, feePercent)).toBeGreaterThanOrEqual(0);
+        }));
+    });
+});
+describe('epochRateToApy / apyToEpochRate', () => {
+    it('compounds a per-epoch rate exactly as the data service always has', () => {
+        // The literal expression `calculateApyForTranche` carried inline.
+        for (const r of [0, 0.001, 0.0025, 0.003, 0.005, 0.01]) {
+            expect(epochRateToApy(r)).toBe(Math.pow((1 + r), EPOCHS_IN_YEAR) - 1);
+        }
+    });
+    it('round-trips within 1e-12 for realistic per-epoch rates', () => {
+        fc.assert(fc.property(
+        // 0.0001..0.02 per epoch ≈ 0.5%..190% APY — wider than any
+        // rate the platform has configured.
+        fc.double({
+            min: 0.0001,
+            max: 0.02,
+            noNaN: true,
+            noDefaultInfinity: true,
+        }), (r) => {
+            expect(apyToEpochRate(epochRateToApy(r))).toBeCloseTo(r, 12);
+        }));
+    });
+    it('inverts the APYs the platform actually quotes', () => {
+        for (const apy of [0.1, 0.12, 0.14, 0.16, 0.22, 0.3]) {
+            expect(epochRateToApy(apyToEpochRate(apy))).toBeCloseTo(apy, 12);
+        }
+    });
+    it('is the same de-compounding netEffectiveApy uses at a zero-ish fee', () => {
+        // A fee of exactly 0 short-circuits; the smallest fee that does not
+        // must still agree with the round trip to well under a basis point.
+        const gross = 0.22;
+        const net = netEffectiveApy(gross, 0.01);
+        expect(net).toBeLessThan(gross);
+        expect(gross - net).toBeLessThan(0.0005);
+    });
+});
+//# sourceMappingURL=rates.test.js.map

package/dist/domain/rates.test.js.map

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