@morpho-dev/router 0.7.2 → 0.9.0

package/dist/cli.js

@@ -39,7 +39,7 @@ import { migrate } from "drizzle-orm/node-postgres/migrator";
 import { drizzle as drizzle$1 } from "drizzle-orm/pglite";
 import { migrate as migrate$1 } from "drizzle-orm/pglite/migrator";
 import { Pool } from "pg";
-import { and, asc, eq, gt, gte, inArray, lte, ne, sql } from "drizzle-orm";
+import { and, asc, desc, eq, gt, gte, inArray, lte, ne, sql } from "drizzle-orm";
 import { bigint, boolean, foreignKey, index, integer, numeric, pgSchema, primaryKey, serial, text, timestamp, uniqueIndex, varchar } from "drizzle-orm/pg-core";
 import { parse } from "smol-toml";
 import { cors } from "hono/cors";
@@ -152,7 +152,7 @@ function startActiveSpan(tracer, name, fn) {
 //#endregion
 //#region package.json
 var name = "@morpho-dev/router";
-var version = "0.7.2";
+var version = "0.9.0";
 var description = "Router package for Morpho protocol";
 
 //#endregion
@@ -331,8 +331,8 @@ const chains$2 = {
 		name: "ethereum-virtual-testnet",
 		custom: {
 			morpho: {
-				address: "0x634b095371e4e45feed94c1a45c37798e173ea50",
-				blockCreated: 23226700
+				address: "0xc9f3c65996fc46b9500608b2c9a9152c01c540f7",
+				blockCreated: 23226871
 			},
 			morphoBlue: {
 				address: "0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb",
@@ -1469,7 +1469,7 @@ async function run(parameters) {
 * @param parameters - Gatekeeper parameters. {@link GatekeeperParameters}
 * @returns Gatekeeper instance. {@link Gatekeeper}
 */
-function create$20(parameters) {
+function create$21(parameters) {
 	const { rules } = parameters;
 	return { isAllowed: async (offers) => {
 		return await run({
@@ -1640,6 +1640,33 @@ const assets = {
 		"0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599"
 	]
 };
+const collateralAssets = {
+	[ChainId.ETHEREUM.toString()]: [
+		"0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48",
+		"0x1aBaEA1f7C830bD89Acc67eC4af516284b1bC33c",
+		"0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599",
+		"0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0"
+	],
+	[ChainId.BASE.toString()]: [
+		"0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913",
+		"0x4200000000000000000000000000000000000006",
+		"0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf",
+		"0xc1CBa3fCea344f92D9239c08C0568f6F2F0ee452",
+		"0x60a3E35Cc302bFA44Cb288Bc5a4F316Fdb1adb42"
+	],
+	[ChainId["ETHEREUM-VIRTUAL-TESTNET"].toString()]: [
+		"0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48",
+		"0x1aBaEA1f7C830bD89Acc67eC4af516284b1bC33c",
+		"0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599",
+		"0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0"
+	],
+	[ChainId.ANVIL.toString()]: [
+		"0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48",
+		"0x1aBaEA1f7C830bD89Acc67eC4af516284b1bC33c",
+		"0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599",
+		"0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0"
+	]
+};
 const oracles$1 = {
 	[ChainId.ETHEREUM.toString()]: [
 		"0xDddd770BADd886dF3864029e4B377B5F6a2B6b83",
@@ -1680,19 +1707,19 @@ const oracles$1 = {
 const configs = {
 	ethereum: {
 		callbacks: [{ type: Type$1.BuyWithEmptyCallback }, { type: Type$1.SellWithEmptyCallback }],
-		maturities: [MaturityType.EndOfMonth, MaturityType.EndOfNextMonth]
+		maturities: [MaturityType.EndOfWeek, MaturityType.EndOfNextWeek]
 	},
 	base: {
 		callbacks: [{ type: Type$1.BuyWithEmptyCallback }, { type: Type$1.SellWithEmptyCallback }],
-		maturities: [MaturityType.EndOfMonth, MaturityType.EndOfNextMonth]
+		maturities: [MaturityType.EndOfWeek, MaturityType.EndOfNextWeek]
 	},
 	"ethereum-virtual-testnet": {
 		callbacks: [{ type: Type$1.BuyWithEmptyCallback }, { type: Type$1.SellWithEmptyCallback }],
-		maturities: [MaturityType.EndOfMonth, MaturityType.EndOfNextMonth]
+		maturities: [MaturityType.EndOfWeek, MaturityType.EndOfNextWeek]
 	},
 	anvil: {
 		callbacks: [{ type: Type$1.BuyWithEmptyCallback }, { type: Type$1.SellWithEmptyCallback }],
-		maturities: [MaturityType.EndOfMonth, MaturityType.EndOfNextMonth]
+		maturities: [MaturityType.EndOfWeek, MaturityType.EndOfNextWeek]
 	}
 };
 
@@ -1738,18 +1765,18 @@ const MorphoV2 = parseAbi([
 	"function setFeeSetter(address newFeeSetter)",
 	"function setObligationTradingFee(bytes32 id, uint256 index, uint256 newTradingFee)",
 	"function setOwner(address newOwner)",
-	"function setTradingFeeRecipient(address recipient)",
+	"function setTradingFeeRecipient(address feeRecipient)",
 	"function sharesOf(bytes32 id, address user) view returns (uint256)",
 	"function shuffleSession()",
 	"function supplyCollateral((address loanToken, (address token, uint256 lltv, address oracle)[] collaterals, uint256 maturity) obligation, address collateral, uint256 assets, address onBehalf)",
-	"function take(uint256 buyerAssets, uint256 sellerAssets, uint256 obligationUnits, uint256 obligationShares, address taker, ((address loanToken, (address token, uint256 lltv, address oracle)[] collaterals, uint256 maturity) obligation, bool buy, address maker, uint256 assets, uint256 obligationUnits, uint256 obligationShares, uint256 start, uint256 expiry, uint256 tick, bytes32 group, bytes32 session, address callback, bytes callbackData) offer, (uint8 v, bytes32 r, bytes32 s) sig, bytes32 root, bytes32[] proof, address takerCallback, bytes takerCallbackData) returns (uint256, uint256, uint256, uint256)",
+	"function take(uint256 buyerAssets, uint256 sellerAssets, uint256 obligationUnits, uint256 obligationShares, address taker, address takerCallback, bytes takerCallbackData, address receiverIfTakerIsSeller, ((address loanToken, (address token, uint256 lltv, address oracle)[] collaterals, uint256 maturity) obligation, bool buy, address maker, uint256 assets, uint256 obligationUnits, uint256 obligationShares, uint256 start, uint256 expiry, uint256 tick, bytes32 group, bytes32 session, address callback, bytes callbackData, address receiverIfMakerIsSeller) offer, (uint8 v, bytes32 r, bytes32 s) sig, bytes32 root, bytes32[] proof) returns (uint256, uint256, uint256, uint256)",
 	"function totalShares(bytes32 id) view returns (uint256)",
 	"function totalUnits(bytes32 id) view returns (uint256)",
 	"function touchObligation((address loanToken, (address token, uint256 lltv, address oracle)[] collaterals, uint256 maturity) obligation) returns (bytes32)",
 	"function tradingFee(bytes32 id, uint256 timeToMaturity) view returns (uint256)",
 	"function tradingFeeRecipient() view returns (address)",
-	"function withdraw((address loanToken, (address token, uint256 lltv, address oracle)[] collaterals, uint256 maturity) obligation, uint256 obligationUnits, uint256 shares, address onBehalf) returns (uint256, uint256)",
-	"function withdrawCollateral((address loanToken, (address token, uint256 lltv, address oracle)[] collaterals, uint256 maturity) obligation, address collateral, uint256 assets, address onBehalf)",
+	"function withdraw((address loanToken, (address token, uint256 lltv, address oracle)[] collaterals, uint256 maturity) obligation, uint256 obligationUnits, uint256 shares, address onBehalf, address receiver) returns (uint256, uint256)",
+	"function withdrawCollateral((address loanToken, (address token, uint256 lltv, address oracle)[] collaterals, uint256 maturity) obligation, address collateral, uint256 assets, address onBehalf, address receiver)",
 	"function withdrawable(bytes32 id) view returns (uint256)",
 	"event Constructor(address indexed owner)",
 	"event Consume(address indexed user, bytes32 indexed group, uint256 amount)",
@@ -1761,12 +1788,12 @@ const MorphoV2 = parseAbi([
 	"event SetFeeSetter(address indexed feeSetter)",
 	"event SetObligationTradingFee(bytes32 indexed id, uint256 indexed index, uint256 newTradingFee)",
 	"event SetOwner(address indexed owner)",
-	"event SetTradingFeeRecipient(address indexed recipient)",
+	"event SetTradingFeeRecipient(address indexed feeRecipient)",
 	"event ShuffleSession(address indexed user, bytes32 session)",
 	"event SupplyCollateral(address caller, bytes32 indexed id, address indexed collateral, uint256 assets, address indexed onBehalf)",
-	"event Take(address caller, bytes32 indexed id, address indexed maker, address indexed taker, bool offerIsBuy, uint256 buyerAssets, uint256 sellerAssets, uint256 obligationUnits, uint256 obligationShares, bool buyerIsLender, bool sellerIsBorrower, bytes32 group, uint256 consumed)",
-	"event Withdraw(address indexed caller, bytes32 indexed id, uint256 obligationUnits, uint256 shares, address indexed onBehalf)",
-	"event WithdrawCollateral(address caller, bytes32 indexed id, address indexed collateral, uint256 assets, address indexed onBehalf)"
+	"event Take(address caller, bytes32 indexed id, address indexed maker, address indexed taker, bool offerIsBuy, uint256 buyerAssets, uint256 sellerAssets, uint256 obligationUnits, uint256 obligationShares, bool buyerIsLender, bool sellerIsBorrower, address sellerReceiver, bytes32 group, uint256 consumed)",
+	"event Withdraw(address caller, bytes32 indexed id, uint256 obligationUnits, uint256 shares, address indexed onBehalf, address indexed receiver)",
+	"event WithdrawCollateral(address caller, bytes32 indexed id, address indexed collateral, uint256 assets, address indexed onBehalf, address receiver)"
 ]);
 
 //#endregion
@@ -1789,7 +1816,7 @@ const Oracle = [{
 * @param chains - Array of chain objects to register.
 * @returns A registry for looking up chains by ID. {@link ChainRegistry}
 */
-function create$19(chains) {
+function create$20(chains) {
 	const byId = /* @__PURE__ */ new Map();
 	for (const chain of chains) byId.set(chain.id, chain);
 	return {
@@ -2126,7 +2153,7 @@ const OfferSchema = () => {
 		assets: z$2.bigint({ coerce: true }).min(0n).max(maxUint256),
 		obligationUnits: z$2.bigint({ coerce: true }).min(0n).max(maxUint256).optional().default(0n),
 		obligationShares: z$2.bigint({ coerce: true }).min(0n).max(maxUint256).optional().default(0n),
-		price: z$2.bigint({ coerce: true }).min(0n).max(maxUint256),
+		tick: z$2.coerce.number().int().min(0).max(990),
 		maturity: MaturitySchema,
 		expiry: z$2.number().int().max(Number.MAX_SAFE_INTEGER),
 		start: z$2.number().int().max(Number.MAX_SAFE_INTEGER),
@@ -2147,7 +2174,8 @@ const OfferSchema = () => {
 		callback: z$2.object({
 			address: z$2.string().transform(transformAddress),
 			data: z$2.string().transform(transformHex)
-		})
+		}),
+		receiverIfMakerIsSeller: z$2.string().transform(transformAddress)
 	}).refine((data) => data.start < data.expiry, {
 		message: "start must be before expiry",
 		path: ["start"]
@@ -2163,8 +2191,12 @@ const OfferSchema = () => {
 * @returns The created offer.
 */
 function from$12(input) {
+	const normalizedInput = {
+		...input,
+		receiverIfMakerIsSeller: input.receiverIfMakerIsSeller ?? input.maker
+	};
 	try {
-		return OfferSchema().parse(input);
+		return OfferSchema().parse(normalizedInput);
 	} catch (error) {
 		throw new InvalidOfferError(error);
 	}
@@ -2198,7 +2230,7 @@ const serialize = (offer) => ({
 	assets: offer.assets.toString(),
 	obligationUnits: offer.obligationUnits.toString(),
 	obligationShares: offer.obligationShares.toString(),
-	price: offer.price.toString(),
+	tick: offer.tick,
 	maturity: Number(offer.maturity),
 	expiry: Number(offer.expiry),
 	start: Number(offer.start),
@@ -2216,6 +2248,7 @@ const serialize = (offer) => ({
 		address: offer.callback.address,
 		data: offer.callback.data
 	},
+	receiverIfMakerIsSeller: offer.receiverIfMakerIsSeller,
 	hash: hash(offer)
 });
 /**
@@ -2243,14 +2276,13 @@ function random(config) {
 		[.98, 2]
 	]));
 	const buy = config?.buy !== void 0 ? config.buy : bool();
-	const ONE = 1000000000000000000n;
-	const qMin = buy ? 16 : 4;
-	const len = (buy ? 32 : 16) - qMin + 1;
-	const pricePairs = Array.from({ length: len }, (_, idx) => {
-		const q = qMin + idx;
-		return [BigInt(q) * (ONE / 4n), buy ? 1 + idx : 1 + (len - 1 - idx)];
+	const tickMin = buy ? 0 : 495;
+	const len = (buy ? 495 : 990) - tickMin + 1;
+	const tickPairs = Array.from({ length: len }, (_, idx) => {
+		const weight = buy ? 1 + idx : 1 + (len - 1 - idx);
+		return [tickMin + idx, weight];
 	});
-	const price = config?.price ?? weightedChoice(pricePairs);
+	const tick = config?.tick ?? weightedChoice(tickPairs);
 	const loanTokenDecimals = config?.assetsDecimals?.[loanToken] ?? 18;
 	const unit = BigInt(10) ** BigInt(loanTokenDecimals);
 	const amountBase = BigInt(100 + int(999901));
@@ -2259,12 +2291,13 @@ function random(config) {
 		address: zeroAddress,
 		data: "0x"
 	};
+	const maker = config?.maker ?? address();
 	return from$12({
-		maker: config?.maker ?? address(),
+		maker,
 		assets: assetsScaled,
 		obligationUnits: config?.obligationUnits ?? 0n,
 		obligationShares: config?.obligationShares ?? 0n,
-		price,
+		tick,
 		maturity,
 		expiry: config?.expiry ?? maturity - 1,
 		start: config?.start ?? maturity - 10,
@@ -2277,7 +2310,8 @@ function random(config) {
 			...random$1(),
 			lltv
 		})).sort((a, b) => a.asset.localeCompare(b.asset)),
-		callback: config?.callback ?? emptyCallback
+		callback: config?.callback ?? emptyCallback,
+		receiverIfMakerIsSeller: config?.receiverIfMakerIsSeller ?? maker
 	});
 }
 const weightedChoice = (pairs) => {
@@ -2329,7 +2363,7 @@ const types = {
 			type: "uint256"
 		},
 		{
-			name: "price",
+			name: "tick",
 			type: "uint256"
 		},
 		{
@@ -2363,6 +2397,10 @@ const types = {
 		{
 			name: "callback",
 			type: "Callback"
+		},
+		{
+			name: "receiverIfMakerIsSeller",
+			type: "address"
 		}
 	],
 	Collateral: [
@@ -2397,7 +2435,7 @@ function hash(offer) {
 			assets: offer.assets,
 			obligationUnits: offer.obligationUnits,
 			obligationShares: offer.obligationShares,
-			price: offer.price,
+			tick: BigInt(offer.tick),
 			maturity: BigInt(offer.maturity),
 			expiry: BigInt(offer.expiry),
 			group: offer.group,
@@ -2408,7 +2446,8 @@ function hash(offer) {
 			callback: {
 				address: offer.callback.address.toLowerCase(),
 				data: offer.callback.data
-			}
+			},
+			receiverIfMakerIsSeller: offer.receiverIfMakerIsSeller.toLowerCase()
 		},
 		primaryType: "Offer",
 		types
@@ -2503,6 +2542,12 @@ const takeEvent = {
 			indexed: false,
 			internalType: "bool"
 		},
+		{
+			name: "sellerReceiver",
+			type: "address",
+			indexed: false,
+			internalType: "address"
+		},
 		{
 			name: "group",
 			type: "bytes32",
@@ -2624,13 +2669,57 @@ function from$10(parameters) {
 	};
 }
 
+//#endregion
+//#region src/core/Tick.ts
+/** ln(1 + 0.025), scaled by 1e18. Matches TickLib onchain constant. */
+const LN_ONE_PLUS_DELTA = 24692612590371501n;
+/** ln(2), scaled by 1e18. Matches TickLib onchain constant. */
+const LN2 = 693147180559945309n;
+const WAD$1 = 10n ** 18n;
+const WAD_SQUARED = 10n ** 36n;
+const PRICE_STEP = 10n ** 13n;
+const HALF_TICK_RANGE = 495n;
+/** Tick domain supported by Morpho V2. */
+const TICK_RANGE = 990;
+/**
+* Converts a tick to a wad price using the same approximation and rounding as TickLib.
+* @param tick - Tick value in the inclusive range [0, 990].
+* @returns The price in wad units.
+* @throws {@link InvalidTickError} If tick is not an integer in range [0, 990].
+*/
+function tickToPrice(tick) {
+	assertTick(tick);
+	return divHalfDownUnchecked(divHalfDownUnchecked(WAD_SQUARED, WAD$1 + wExp(LN_ONE_PLUS_DELTA * (HALF_TICK_RANGE - BigInt(tick)))), PRICE_STEP) * PRICE_STEP;
+}
+function divHalfDownUnchecked(x, d) {
+	return (x + (d - 1n) / 2n) / d;
+}
+function wExp(x) {
+	if (x < 0n) return WAD_SQUARED / wExp(-x);
+	const q = (x + LN2 / 2n) / LN2;
+	const r = x - q * LN2;
+	const secondTerm = r * r / (2n * WAD$1);
+	const thirdTerm = secondTerm * r / (3n * WAD$1);
+	return WAD$1 + r + secondTerm + thirdTerm << q;
+}
+function assertTick(tick) {
+	if (!Number.isInteger(tick) || tick < 0 || tick > TICK_RANGE) throw new InvalidTickError(tick);
+}
+var InvalidTickError = class extends BaseError {
+	name = "Tick.InvalidTickError";
+	constructor(tick) {
+		super(`Invalid tick: ${tick}. Tick must be an integer between 0 and ${TICK_RANGE}.`);
+	}
+};
+
 //#endregion
 //#region src/core/Quote.ts
-const QuoteSchema = z$2.object({
+const SideInputSchema = z$2.object({ tick: z$2.number().int().min(0).max(TICK_RANGE).nullable() }).strict();
+const QuoteInputSchema = z$2.object({
 	obligationId: z$2.string().transform(transformHex),
-	ask: z$2.object({ price: z$2.bigint({ coerce: true }).min(0n).max(maxUint256) }),
-	bid: z$2.object({ price: z$2.bigint({ coerce: true }).min(0n).max(maxUint256) })
-});
+	ask: SideInputSchema,
+	bid: SideInputSchema
+}).strict();
 /**
 * Creates a quote for a given obligation.
 * @constructor
@@ -2640,16 +2729,16 @@ const QuoteSchema = z$2.object({
 *
 * @example
 * ```ts
-* const quote = Quote.from({ obligationId: "0x123", ask: { price: 100n }, bid: { price: 100n } });
+* const quote = Quote.from({ obligationId: "0x123", ask: { tick: 500 }, bid: { tick: 510 } });
 * ```
 */
 function from$9(parameters) {
 	try {
-		const parsedQuote = QuoteSchema.parse(parameters);
+		const parsedQuote = QuoteInputSchema.parse(parameters);
 		return {
 			obligationId: parsedQuote.obligationId,
-			ask: parsedQuote.ask,
-			bid: parsedQuote.bid
+			ask: sideFromTick(parsedQuote.ask),
+			bid: sideFromTick(parsedQuote.bid)
 		};
 	} catch (error) {
 		throw new InvalidQuoteError(error);
@@ -2661,6 +2750,12 @@ var InvalidQuoteError = class extends BaseError {
 		super("Invalid quote.", { cause: error });
 	}
 };
+function sideFromTick(side) {
+	return {
+		tick: side.tick,
+		price: side.tick === null ? 0n : tickToPrice(side.tick)
+	};
+}
 
 //#endregion
 //#region src/core/TradingFee.ts
@@ -2942,7 +3037,7 @@ const chains$1 = ({ chains }) => single("chain_ids", `Validates that offer chain
 });
 const maturity = ({ maturities }) => single("maturity", `Validates that offer maturity is one of: [${maturities.join(", ")}]`, (offer) => {
 	const allowedMaturities = maturities.map((m) => from$16(m));
-	if (!allowedMaturities.includes(offer.maturity)) return { message: `Maturity must be end of current month (${allowedMaturities[0]}) or end of next month (${allowedMaturities[1]}). Got: ${offer.maturity}` };
+	if (!allowedMaturities.includes(offer.maturity)) return { message: `Maturity must be one of (${allowedMaturities.join(", ")}). Got: ${offer.maturity}` };
 });
 const callback = ({ callbacks }) => single("callback", `Validates callbacks: buy empty callback is ${callbacks.includes(Type$1.BuyWithEmptyCallback) ? "allowed" : "not allowed"}; sell empty callback is ${callbacks.includes(Type$1.SellWithEmptyCallback) ? "allowed" : "not allowed"}; non-empty callbacks are rejected`, (offer) => {
 	if (!isEmptyCallback(offer)) return { message: "Non-empty callbacks are not supported." };
@@ -2950,15 +3045,25 @@ const callback = ({ callbacks }) => single("callback", `Validates callbacks: buy
 	if (isEmptyCallback(offer) && !offer.buy && !callbacks.includes(Type$1.SellWithEmptyCallback)) return { message: "Sell offers with empty callback not allowed." };
 });
 /**
-* A validation rule that checks if the offer's tokens are allowed for its chain.
-* @param assetsByChainId - Allowed assets indexed by chain id.
+* A validation rule that checks if the offer's loan token is allowed for its chain.
+* @param assetsByChainId - Allowed loan tokens indexed by chain id.
+* @returns The issue that was found. If the offer is valid, this will be undefined.
+*/
+const loanToken = ({ assetsByChainId }) => single("loan_token", "Validates that offer loan token is in the allowed token list for the offer chain", (offer) => {
+	const allowedLoanTokens = assetsByChainId[offer.chainId]?.map((asset) => asset.toLowerCase());
+	if (!allowedLoanTokens || allowedLoanTokens.length === 0) return { message: `No allowed loan tokens for chain ${offer.chainId}` };
+	if (!allowedLoanTokens.includes(offer.loanToken.toLowerCase())) return { message: "Loan token is not allowed" };
+});
+/**
+* A validation rule that checks if the offer's collateral tokens are allowed for its chain.
+* @param collateralAssetsByChainId - Allowed collateral tokens indexed by chain id.
 * @returns The issue that was found. If the offer is valid, this will be undefined.
 */
-const token = ({ assetsByChainId }) => single("token", "Validates that offer loan token and collateral tokens are in the allowed assets list for the offer chain", (offer) => {
-	const allowedAssets = assetsByChainId[offer.chainId]?.map((asset) => asset.toLowerCase());
-	if (!allowedAssets || allowedAssets.length === 0) return { message: `No allowed assets for chain ${offer.chainId}` };
-	if (!allowedAssets.includes(offer.loanToken.toLowerCase())) return { message: "Loan token is not allowed" };
-	if (offer.collaterals.some((collateral) => !allowedAssets.includes(collateral.asset.toLowerCase()))) return { message: "Collateral is not allowed" };
+const collateralToken = ({ collateralAssetsByChainId }) => single("collateral_token", "Validates that offer collateral tokens are in the allowed token list for the offer chain", (offer) => {
+	const allowedCollateralTokens = collateralAssetsByChainId[offer.chainId]?.map((asset) => asset.toLowerCase()) ?? [];
+	if (allowedCollateralTokens.length === 0) return { message: `No allowed collateral tokens for chain ${offer.chainId}` };
+	if (offer.collaterals.length === 0) return { message: "At least one collateral token is required" };
+	if (offer.collaterals.some((collateral) => !allowedCollateralTokens.includes(collateral.asset.toLowerCase()))) return { message: "Collateral token is not allowed" };
 });
 /**
 * A validation rule that checks if the offer's oracle addresses are allowed for its chain.
@@ -3001,21 +3106,24 @@ const amountMutualExclusivity = () => single("amount_mutual_exclusivity", "Valid
 //#region src/gatekeeper/morphoRules.ts
 const morphoRules = (chains) => {
 	const assetsByChainId = {};
+	const collateralAssetsByChainId = {};
 	const oraclesByChainId = {};
 	for (const chain of chains) {
 		assetsByChainId[chain.id] = assets[chain.id.toString()] ?? [];
+		collateralAssetsByChainId[chain.id] = collateralAssets[chain.id.toString()] ?? [];
 		oraclesByChainId[chain.id] = oracles$1[chain.id.toString()] ?? [];
 	}
 	return [
 		sameMaker(),
 		amountMutualExclusivity(),
 		chains$1({ chains }),
-		maturity({ maturities: [MaturityType.EndOfMonth, MaturityType.EndOfNextMonth] }),
+		maturity({ maturities: [MaturityType.EndOfWeek, MaturityType.EndOfNextWeek] }),
 		callback({
 			callbacks: [Type$1.BuyWithEmptyCallback, Type$1.SellWithEmptyCallback],
 			allowedAddresses: []
 		}),
-		token({ assetsByChainId }),
+		loanToken({ assetsByChainId }),
+		collateralToken({ collateralAssetsByChainId }),
 		oracle({ oraclesByChainId })
 	];
 };
@@ -3023,7 +3131,7 @@ const morphoRules = (chains) => {
 //#endregion
 //#region src/gatekeeper/ConfigRules.ts
 /**
-* Build the configured rules (maturities + callback addresses + loan tokens + oracles) for the provided chains.
+* Build the configured rules (maturities + callback addresses + loan tokens + collateral tokens + oracles) for the provided chains.
 * @param chains - Chains to include in the configured rules.
 * @returns Sorted list of config rules.
 */
@@ -3043,6 +3151,12 @@ function buildConfigRules(chains) {
 			chain_id: chain.id,
 			address: normalizeAddress(address)
 		});
+		const collateralTokens = collateralAssets[chain.id.toString()] ?? [];
+		for (const address of collateralTokens) rules.push({
+			type: "collateral_token",
+			chain_id: chain.id,
+			address: normalizeAddress(address)
+		});
 		const oracles = oracles$1[chain.id.toString()] ?? [];
 		for (const address of oracles) rules.push({
 			type: "oracle",
@@ -3070,6 +3184,10 @@ function buildConfigRulesChecksum(rules) {
 			hash.update(`callback:${rule.chain_id}:${rule.callback_type}:${rule.address}\n`);
 			continue;
 		}
+		if (rule.type === "collateral_token") {
+			hash.update(`collateral_token:${rule.chain_id}:${rule.address}\n`);
+			continue;
+		}
 		if (rule.type === "oracle") {
 			hash.update(`oracle:${rule.chain_id}:${rule.address}\n`);
 			continue;
@@ -3090,6 +3208,7 @@ function compareConfigRules(left, right) {
 		return left.address.localeCompare(right.address);
 	}
 	if (left.type === "loan_token" && right.type === "loan_token") return left.address.localeCompare(right.address);
+	if (left.type === "collateral_token" && right.type === "collateral_token") return left.address.localeCompare(right.address);
 	if (left.type === "oracle" && right.type === "oracle") return left.address.localeCompare(right.address);
 	return 0;
 }
@@ -3097,8 +3216,10 @@ function compareConfigRules(left, right) {
 //#endregion
 //#region src/api/Schema/BookResponse.ts
 function from$6(level) {
+	const price = tickToPrice(level.tick);
 	return {
-		price: level.price.toString(),
+		tick: level.tick,
+		price: price.toString(),
 		assets: level.assets.toString(),
 		count: level.count
 	};
@@ -3144,6 +3265,7 @@ const RouterStatusResponse = z$1.object({
 * Creates an `ObligationResponse` from a `Obligation`.
 * @constructor
 * @param obligation - {@link Obligation}
+* @param quote - {@link Quote}
 * @returns The created `ObligationResponse`. {@link ObligationResponse}
 */
 function from$5(obligation, quote) {
@@ -3157,8 +3279,14 @@ function from$5(obligation, quote) {
 			oracle: c.oracle
 		})),
 		maturity: obligation.maturity,
-		ask: { price: quote.ask.price.toString() },
-		bid: { price: quote.bid.price.toString() }
+		ask: {
+			tick: quote.ask.tick,
+			price: quote.ask.price.toString()
+		},
+		bid: {
+			tick: quote.bid.tick,
+			price: quote.bid.price.toString()
+		}
 	};
 }
 
@@ -3201,11 +3329,12 @@ function from$4(input) {
 			obligation_shares: input.obligationShares.toString(),
 			start: input.start,
 			expiry: input.expiry,
-			price: input.price.toString(),
+			tick: input.tick,
 			group: input.group,
 			session: input.session,
 			callback: input.callback.address,
-			callback_data: input.callback.data
+			callback_data: input.callback.data,
+			receiver_if_maker_is_seller: input.receiverIfMakerIsSeller
 		},
 		offer_hash: input.hash,
 		obligation_id: id({
@@ -3272,7 +3401,7 @@ var InternalServerError = class extends APIError {
 		super(STATUS_CODE.INTERNAL_SERVER_ERROR, message, "INTERNAL_SERVER_ERROR");
 	}
 };
-var BadRequestError = class extends APIError {
+var BadRequestError$1 = class extends APIError {
 	constructor(message = "Invalid JSON format", details) {
 		super(STATUS_CODE.BAD_REQUEST, message, "BAD_REQUEST", details);
 	}
@@ -3294,7 +3423,7 @@ function success(args) {
 */
 function failure(err) {
 	if (err instanceof APIError) return handleAPIError(err);
-	if (err instanceof SyntaxError) return handleAPIError(new BadRequestError(err.message));
+	if (err instanceof SyntaxError) return handleAPIError(new BadRequestError$1(err.message));
 	if (err instanceof z$2.ZodError) return handleAPIError(handleZodError(err));
 	return handleAPIError(new InternalServerError());
 }
@@ -3344,7 +3473,7 @@ function __decorate(decorators, target, key, desc) {
 //#region src/api/Schema/openapi.ts
 const timestampExample = "2024-01-01T12:00:00.000Z";
 const offerCursorExample = "eyJvZmZzZXQiOjEwMH0";
-const obligationCursorExample = "0x25690ae1aee324a005be565f3bcdd16dbf8daf7969b26c181c8b8f467dad9abc";
+const obligationCursorExample = "eyJzb3J0IjpbImlkIl0sImlkIjoiMHgxMjM0NTY3ODkwMTIzNDU2Nzg5MDEyMzQ1Njc4OTAxMjM0NTY3ODkwMTIzNDU2Nzg5MDEyMzQ1Njc4OTAiLCJhc2siOiIwIiwiYmlkIjoiMCIsIm1hdHVyaXR5IjoxNzYxOTIyODAwfQ";
 const offerExample = {
 	offer: {
 		obligation: {
@@ -3363,11 +3492,12 @@ const offerExample = {
 		obligation_shares: "0",
 		start: 1761922790,
 		expiry: 1761922799,
-		price: "2750000000000000000",
+		tick: 495,
 		group: "0x000000000000000000000000000000000000000000000000000000000008b8f4",
 		session: "0x0000000000000000000000000000000000000000000000000000000000000000",
 		callback: "0x0000000000000000000000000000000000000000",
-		callback_data: "0x"
+		callback_data: "0x",
+		receiver_if_maker_is_seller: "0x7b093658BE7f90B63D7c359e8f408e503c2D9401"
 	},
 	offer_hash: "0xac4bd8318ec914f89f8af913f162230575b0ac0696a19256bc12138c5cfe1427",
 	obligation_id: "0x25690ae1aee324a005be565f3bcdd16dbf8daf7969b26c181c8b8f467dad9abc",
@@ -3404,7 +3534,7 @@ const validateOfferExample = {
 	assets: "369216000000000000000000",
 	obligation_units: "0",
 	obligation_shares: "0",
-	price: "2750000000000000000",
+	tick: 495,
 	maturity: 1761922799,
 	expiry: 1761922799,
 	start: 1761922790,
@@ -3421,7 +3551,8 @@ const validateOfferExample = {
 	callback: {
 		address: "0x0000000000000000000000000000000000000000",
 		data: "0x"
-	}
+	},
+	receiver_if_maker_is_seller: "0x7b093658BE7f90B63D7c359e8f408e503c2D9401"
 };
 const routerStatusExample = {
 	status: "live",
@@ -3492,11 +3623,23 @@ __decorate([ApiProperty({
 	example: validateOfferExample.callback.data
 })], ValidateCallbackRequest.prototype, "data", void 0);
 var AskResponse = class {};
+__decorate([ApiProperty({
+	type: "number",
+	nullable: true,
+	example: 500,
+	description: "Best ask tick. Null when there is no active ask quote."
+})], AskResponse.prototype, "tick", void 0);
 __decorate([ApiProperty({
 	type: "string",
 	example: "1000000000000000000"
 })], AskResponse.prototype, "price", void 0);
 var BidResponse = class {};
+__decorate([ApiProperty({
+	type: "number",
+	nullable: true,
+	example: 500,
+	description: "Best bid tick. Null when there is no active bid quote."
+})], BidResponse.prototype, "tick", void 0);
 __decorate([ApiProperty({
 	type: "string",
 	example: "1000000000000000000"
@@ -3548,9 +3691,11 @@ __decorate([ApiProperty({
 	example: offerExample.offer.expiry
 })], OfferDataResponse.prototype, "expiry", void 0);
 __decorate([ApiProperty({
-	type: "string",
-	example: offerExample.offer.price
-})], OfferDataResponse.prototype, "price", void 0);
+	type: "number",
+	example: offerExample.offer.tick,
+	minimum: 0,
+	maximum: 990
+})], OfferDataResponse.prototype, "tick", void 0);
 __decorate([ApiProperty({
 	type: "string",
 	example: offerExample.offer.group
@@ -3567,6 +3712,10 @@ __decorate([ApiProperty({
 	type: "string",
 	example: offerExample.offer.callback_data
 })], OfferDataResponse.prototype, "callback_data", void 0);
+__decorate([ApiProperty({
+	type: "string",
+	example: offerExample.offer.receiver_if_maker_is_seller
+})], OfferDataResponse.prototype, "receiver_if_maker_is_seller", void 0);
 var OfferListItemResponse = class {};
 __decorate([ApiProperty({
 	type: () => OfferDataResponse,
@@ -3791,9 +3940,11 @@ __decorate([ApiProperty({
 	required: false
 })], ValidateOfferRequest.prototype, "obligation_shares", void 0);
 __decorate([ApiProperty({
-	type: "string",
-	example: validateOfferExample.price
-})], ValidateOfferRequest.prototype, "price", void 0);
+	type: "number",
+	example: validateOfferExample.tick,
+	minimum: 0,
+	maximum: 990
+})], ValidateOfferRequest.prototype, "tick", void 0);
 __decorate([ApiProperty({
 	type: "number",
 	example: validateOfferExample.maturity
@@ -3834,6 +3985,10 @@ __decorate([ApiProperty({
 	type: () => ValidateCallbackRequest,
 	example: validateOfferExample.callback
 })], ValidateOfferRequest.prototype, "callback", void 0);
+__decorate([ApiProperty({
+	type: "string",
+	example: validateOfferExample.receiver_if_maker_is_seller
+})], ValidateOfferRequest.prototype, "receiver_if_maker_is_seller", void 0);
 var ValidateOffersRequest = class {};
 __decorate([ApiProperty({
 	type: () => [ValidateOfferRequest],
@@ -3893,9 +4048,16 @@ __decorate([ApiProperty({
 	description: "List of validation issues. Returned when any offer fails validation."
 })], ValidationFailureResponse.prototype, "data", void 0);
 var BookLevelResponse = class {};
+__decorate([ApiProperty({
+	type: "number",
+	example: 495,
+	minimum: 0,
+	maximum: 990
+})], BookLevelResponse.prototype, "tick", void 0);
 __decorate([ApiProperty({
 	type: "string",
-	example: "2750000000000000000"
+	example: "500000000000000000",
+	description: "Price derived from tick, scaled by 1e18."
 })], BookLevelResponse.prototype, "price", void 0);
 __decorate([ApiProperty({
 	type: "string",
@@ -3909,6 +4071,7 @@ const positionExample = {
 	chain_id: 1,
 	contract: "0xC9A9C45C0eB717f8b5F193Af6bAa05A1c0Ac5078",
 	user: "0x7b093658BE7f90B63D7c359e8f408e503c2D9401",
+	obligation_id: "0x12590ae1aee324a005be565f3bcdd16dbf8daf7969b26c181c8b8f467dad9f67",
 	reserved: "200000000000000000000",
 	block_number: 21345678
 };
@@ -3925,6 +4088,12 @@ __decorate([ApiProperty({
 	type: "string",
 	example: positionExample.user
 })], PositionListItemResponse.prototype, "user", void 0);
+__decorate([ApiProperty({
+	type: "string",
+	nullable: true,
+	example: positionExample.obligation_id,
+	description: "Obligation id this reserved amount belongs to, or null if no lots exist."
+})], PositionListItemResponse.prototype, "obligation_id", void 0);
 __decorate([ApiProperty({
 	type: "string",
 	example: positionExample.reserved
@@ -3952,7 +4121,7 @@ __decorate([ApiProperty({
 })], BookListResponse.prototype, "cursor", void 0);
 __decorate([ApiProperty({
 	type: () => [BookLevelResponse],
-	description: "Aggregated book levels grouped by computed price."
+	description: "Aggregated book levels grouped by offer tick."
 })], BookListResponse.prototype, "data", void 0);
 let BooksController = class BooksController {
 	async getBook() {}
@@ -3962,7 +4131,7 @@ __decorate([
 		methods: ["get"],
 		path: "/v1/books/{obligationId}/{side}",
 		summary: "Get aggregated book",
-		description: "Returns aggregated book data for a given obligation and side. Offers are grouped by computed price with summed takeable amounts. Book levels are sorted by price (ascending for buy side, descending for sell side)."
+		description: "Returns aggregated book data for a given obligation and side. Offers are grouped by tick with summed takeable amounts, and each level includes the corresponding wad-scaled price. Book levels are sorted by tick (ascending for sell side, descending for buy side)."
 	}),
 	ApiParam({
 		name: "obligationId",
@@ -3987,7 +4156,7 @@ __decorate([
 		name: "limit",
 		type: "number",
 		example: 10,
-		description: "Maximum number of price levels to return."
+		description: "Maximum number of tick levels to return."
 	}),
 	ApiResponse({
 		status: 200,
@@ -4181,6 +4350,11 @@ const configRulesLoanTokenExample = {
 	chain_id: 1,
 	address: "0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48"
 };
+const configRulesCollateralTokenExample = {
+	type: "collateral_token",
+	chain_id: 1,
+	address: "0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0"
+};
 const configRulesOracleExample = {
 	type: "oracle",
 	chain_id: 1,
@@ -4190,6 +4364,7 @@ const configRulesChecksumExample = "f1d2d2f924e986ac86fdf7b36c94bcdf";
 const configRulesPayloadExample = [
 	configRulesMaturityExample,
 	configRulesLoanTokenExample,
+	configRulesCollateralTokenExample,
 	configRulesOracleExample
 ];
 const configContractNames = [
@@ -4316,7 +4491,7 @@ __decorate([
 		methods: ["get"],
 		path: "/v1/config/rules",
 		summary: "Get config rules",
-		description: "Returns configured rules (maturities, loan tokens, oracles) for supported chains."
+		description: "Returns configured rules (maturities, loan tokens, collateral tokens, oracles) for supported chains."
 	}),
 	ApiQuery({
 		name: "cursor",
@@ -4336,7 +4511,7 @@ __decorate([
 		name: "types",
 		type: ["string"],
 		required: false,
-		example: "maturity,loan_token,oracle",
+		example: "maturity,loan_token,collateral_token,oracle",
 		description: "Filter by rule types (comma-separated).",
 		style: "form",
 		explode: false
@@ -4366,13 +4541,13 @@ __decorate([
 		methods: ["get"],
 		path: "/v1/obligations",
 		summary: "List all obligations",
-		description: "Returns a list of obligations with their current best ask and bid. Obligations are sorted by their id in ascending order by default."
+		description: "Returns a list of obligations with their current best ask and bid. Sorting is customizable with the sort parameter and defaults to id ascending."
 	}),
 	ApiQuery({
 		name: "cursor",
 		type: "string",
 		example: obligationCursorExample,
-		description: "Obligation id cursor for pagination."
+		description: "Pagination cursor in base64url-encoded format."
 	}),
 	ApiQuery({
 		name: "limit",
@@ -4416,6 +4591,15 @@ __decorate([
 		style: "form",
 		explode: false
 	}),
+	ApiQuery({
+		name: "sort",
+		type: "string",
+		required: false,
+		example: "-ask,bid,maturity",
+		description: "Sort order as comma-separated fields (`id`, `ask`, `bid`, `maturity`). Prefix with `-` for descending order. Max 3 fields.",
+		style: "form",
+		explode: false
+	}),
 	ApiResponse({
 		status: 200,
 		description: "Success",
@@ -4454,7 +4638,7 @@ __decorate([
 		methods: ["get"],
 		path: "/v1/users/{userAddress}/positions",
 		summary: "Get user positions",
-		description: "Returns positions for a user with reserved balance. The reserved balance is the amount locked by active offers (max lot upper - offset - consumed)."
+		description: "Returns positions for a user with reserved balance per obligation. Each (position, obligation) pair is returned as a separate row. Positions with no lots return a single row with obligation_id = null and reserved = 0."
 	}),
 	ApiParam({
 		name: "userAddress",
@@ -4541,6 +4725,7 @@ function from$3(position) {
 		chain_id: position.chainId,
 		contract: position.contract,
 		user: position.user,
+		obligation_id: position.obligationId,
 		reserved: position.reserved.toString(),
 		block_number: position.blockNumber
 	};
@@ -4549,11 +4734,13 @@ function from$3(position) {
 //#endregion
 //#region src/api/Schema/requests.ts
 const MAX_LIMIT = 100;
-const DEFAULT_LIMIT$4 = 20;
+const DEFAULT_LIMIT$5 = 20;
+const MAX_OBLIGATION_SORT_FIELDS = 3;
 const CONFIG_RULES_MAX_LIMIT = 1e3;
 const CONFIG_RULES_DEFAULT_LIMIT = 100;
 const CONFIG_CONTRACTS_MAX_LIMIT = 1e3;
 const CONFIG_CONTRACTS_DEFAULT_LIMIT = 1e3;
+const OBLIGATION_SORT_ENTRY_REGEX = /^-?(id|ask|bid|maturity)$/;
 /** Validate cursor is a valid base64url-encoded JSON object.
 * Domain layer handles semantic validation of cursor fields. */
 function isValidBase64urlJson(val) {
@@ -4585,8 +4772,8 @@ const PaginationQueryParams = z$2.object({
 		description: "Pagination cursor in base64url-encoded format",
 		example: "eyJzaWRlIjoic2VsbCIsImN1cnJlbnRQcmljZSI6IjEwMDAwMDAwMDAwMDAwMDAwMDAiLCJibG9ja051bWJlciI6MSwiYXNzZXRzIjoiMTAwMDAwMDAwMDAwMDAwMDAwMCIsImhhc2giOiIweGRmZDY4NTllM2UwODJkMTkzODlhMWFlYzFiZGFkN2U4ZDkyZDk2YjFhYTc5NDBkYTkxYTMxMjVkMzFlM2JlNWIiLCJ0b3RhbFJldHVybmVkIjoxMCwibm93IjoxNjAwMDAwMDAwfQ"
 	}),
-	limit: z$2.string().regex(/^[1-9]\d*$/, { message: "Limit must be a positive integer" }).transform((val) => Number.parseInt(val, 10)).pipe(z$2.number().max(MAX_LIMIT, { message: `Limit cannot exceed ${MAX_LIMIT}` })).optional().default(DEFAULT_LIMIT$4).meta({
-		description: `Limit maximum: ${MAX_LIMIT}. Default: ${DEFAULT_LIMIT$4}`,
+	limit: z$2.string().regex(/^[1-9]\d*$/, { message: "Limit must be a positive integer" }).transform((val) => Number.parseInt(val, 10)).pipe(z$2.number().max(MAX_LIMIT, { message: `Limit cannot exceed ${MAX_LIMIT}` })).optional().default(DEFAULT_LIMIT$5).meta({
+		description: `Limit maximum: ${MAX_LIMIT}. Default: ${DEFAULT_LIMIT$5}`,
 		example: 10
 	})
 });
@@ -4594,10 +4781,11 @@ const ConfigRuleTypes = z$2.enum([
 	"maturity",
 	"callback",
 	"loan_token",
+	"collateral_token",
 	"oracle"
 ]);
 const GetConfigRulesQueryParams = z$2.object({
-	cursor: z$2.string().regex(/^(maturity|callback|loan_token|oracle):[1-9]\d*:.+$/, { message: "Cursor must be in the format type:chain_id:<value>" }).optional().meta({
+	cursor: z$2.string().regex(/^(maturity|callback|loan_token|collateral_token|oracle):[1-9]\d*:.+$/, { message: "Cursor must be in the format type:chain_id:<value>" }).optional().meta({
 		description: "Pagination cursor in type:chain_id:<value> format",
 		example: "maturity:1:1730415600:end_of_next_month"
 	}),
@@ -4607,7 +4795,7 @@ const GetConfigRulesQueryParams = z$2.object({
 	}),
 	types: csvArray(ConfigRuleTypes).meta({
 		description: "Filter by rule types (comma-separated).",
-		example: "maturity,loan_token,oracle"
+		example: "maturity,loan_token,collateral_token,oracle"
 	}),
 	chains: csvArray(z$2.string().regex(/^[1-9]\d*$/, { message: "Chain must be a positive integer" }).transform((val) => Number.parseInt(val, 10))).meta({
 		description: "Filter by chain IDs (comma-separated).",
@@ -4682,9 +4870,12 @@ const GetOffersQueryParams = PaginationQueryParams.omit({ cursor: true }).extend
 });
 const GetObligationsQueryParams = z$2.object({
 	...PaginationQueryParams.shape,
-	cursor: z$2.string().optional().meta({
-		description: "Obligation id cursor",
-		example: "0x1234567890123456789012345678901234567890123456789012345678901234"
+	cursor: z$2.string().optional().refine((val) => {
+		if (!val) return true;
+		return isValidBase64urlJson(val);
+	}, { message: "Invalid cursor format. Must be a valid base64url-encoded cursor object" }).meta({
+		description: "Pagination cursor in base64url-encoded format.",
+		example: "eyJzb3J0IjpbImlkIl0sImlkIjoiMHgxMjM0NTY3ODkwMTIzNDU2Nzg5MDEyMzQ1Njc4OTAxMjM0NTY3ODkwMTIzNDU2Nzg5MDEyMzQ1Njc4OTAiLCJhc2siOiIwIiwiYmlkIjoiMCIsIm1hdHVyaXR5IjoxNzYxOTIyODAwfQ"
 	}),
 	chains: csvArray(z$2.string().regex(/^[1-9]\d*$/, { message: "Chain must be a positive integer" }).transform((val) => Number.parseInt(val, 10))).meta({
 		description: "Filter by chain IDs (comma-separated).",
@@ -4701,18 +4892,35 @@ const GetObligationsQueryParams = z$2.object({
 	maturities: csvArray(z$2.string().regex(/^[1-9]\d*$/, { message: "Maturity must be a positive integer" }).transform((val) => Number.parseInt(val, 10))).meta({
 		description: "Filter by exact maturity timestamps (comma-separated, unix seconds).",
 		example: "1761922800,1764524800"
+	}),
+	sort: csvArray(z$2.string().regex(OBLIGATION_SORT_ENTRY_REGEX, { message: "Sort entries must be one of: id, ask, bid, maturity (optionally prefixed with '-')" })).refine((entries) => entries === void 0 || entries.length <= MAX_OBLIGATION_SORT_FIELDS, { message: `Sort cannot include more than ${MAX_OBLIGATION_SORT_FIELDS} fields` }).superRefine((entries, ctx) => {
+		if (!entries) return;
+		const seen = /* @__PURE__ */ new Set();
+		for (const entry of entries) {
+			const field = entry.startsWith("-") ? entry.slice(1) : entry;
+			if (seen.has(field)) {
+				ctx.addIssue({
+					code: "custom",
+					message: `Duplicate sort field: ${field}`
+				});
+				return;
+			}
+			seen.add(field);
+		}
+	}).meta({
+		description: "Sort order as comma-separated fields. Prefix a field with '-' for descending order. Max 3 fields.",
+		example: "-ask,bid,maturity"
 	})
 });
 const GetObligationParams = z$2.object({ obligation_id: z$2.string({ error: "Obligation id is required and must be a valid 32-byte hex string" }).regex(/^0x[a-fA-F0-9]{64}$/, { error: "Obligation id must be a valid 32-byte hex string" }).transform((val) => val.toLowerCase()).meta({
 	description: "Obligation id",
 	example: "0x1234567890123456789012345678901234567890123456789012345678901234"
 }) });
-/** Validate a book cursor format: {side, lastPrice, offersCursor} */
+/** Validate a book cursor format: {side, lastTick, offersCursor} */
 function isValidBookCursor(cursorString) {
-	const isNumericString = (value) => typeof value === "string" && /^-?\d+$/.test(value);
 	try {
 		const v = JSON.parse(Buffer.from(cursorString, "base64url").toString("utf8"));
-		return (v?.side === "buy" || v?.side === "sell") && isNumericString(v?.lastPrice) && (v?.offersCursor === null || typeof v?.offersCursor === "string");
+		return (v?.side === "buy" || v?.side === "sell") && typeof v?.lastTick === "number" && Number.isInteger(v.lastTick) && (v?.offersCursor === null || typeof v?.offersCursor === "string");
 	} catch {
 		return false;
 	}
@@ -4725,8 +4933,8 @@ const BookPaginationQueryParams = z$2.object({
 		description: "Pagination cursor in base64url-encoded format for book levels",
 		example: "eyJzaWRlIjoiYnV5IiwibGFzdFJhdGUiOiIxMDAwMDAwMDAwMDAwMDAwMDAwIiwib2ZmZXJzQ3Vyc29yIjpudWxsfQ"
 	}),
-	limit: z$2.string().regex(/^[1-9]\d*$/, { message: "Limit must be a positive integer" }).transform((val) => Number.parseInt(val, 10)).pipe(z$2.number().max(MAX_LIMIT, { message: `Limit cannot exceed ${MAX_LIMIT}` })).optional().default(DEFAULT_LIMIT$4).meta({
-		description: `Limit maximum: ${MAX_LIMIT}. Default: ${DEFAULT_LIMIT$4}`,
+	limit: z$2.string().regex(/^[1-9]\d*$/, { message: "Limit must be a positive integer" }).transform((val) => Number.parseInt(val, 10)).pipe(z$2.number().max(MAX_LIMIT, { message: `Limit cannot exceed ${MAX_LIMIT}` })).optional().default(DEFAULT_LIMIT$5).meta({
+		description: `Limit maximum: ${MAX_LIMIT}. Default: ${DEFAULT_LIMIT$5}`,
 		example: 10
 	})
 });
@@ -4801,8 +5009,8 @@ async function getConfigRules(query, chains) {
 	} catch (err) {
 		return failure(err);
 	}
-	if (cursorRule && typeFilter && !typeFilter.has(cursorRule.type)) return failure(new BadRequestError("Cursor type must match requested rule types"));
-	if (cursorRule && chainFilter && !chainFilter.has(cursorRule.chain_id)) return failure(new BadRequestError("Cursor chain_id must match requested chains"));
+	if (cursorRule && typeFilter && !typeFilter.has(cursorRule.type)) return failure(new BadRequestError$1("Cursor type must match requested rule types"));
+	if (cursorRule && chainFilter && !chainFilter.has(cursorRule.chain_id)) return failure(new BadRequestError$1("Cursor chain_id must match requested chains"));
 	const startIndex = cursorRule ? findStartIndex$1(filteredRules, cursorRule) : 0;
 	const page = filteredRules.slice(startIndex, startIndex + limit);
 	const nextCursor = startIndex + limit < filteredRules.length && page.length > 0 ? formatCursor$1(page.at(-1)) : null;
@@ -4817,19 +5025,20 @@ function formatCursor$1(rule) {
 	if (rule.type === "maturity") return `maturity:${rule.chain_id}:${rule.timestamp}:${rule.name}`;
 	if (rule.type === "callback") return `callback:${rule.chain_id}:${rule.callback_type}:${rule.address.toLowerCase()}`;
 	if (rule.type === "oracle") return `oracle:${rule.chain_id}:${rule.address.toLowerCase()}`;
+	if (rule.type === "collateral_token") return `collateral_token:${rule.chain_id}:${rule.address.toLowerCase()}`;
 	return `loan_token:${rule.chain_id}:${rule.address.toLowerCase()}`;
 }
 function parseCursor$1(cursor) {
 	const [type, chain, ...rest] = cursor.split(":");
-	if (!type || !chain || rest.length === 0) throw new BadRequestError("Cursor must be in the format type:chain_id:<value>");
-	if (!isConfigRuleType(type)) throw new BadRequestError("Cursor has an invalid rule type");
+	if (!type || !chain || rest.length === 0) throw new BadRequestError$1("Cursor must be in the format type:chain_id:<value>");
+	if (!isConfigRuleType(type)) throw new BadRequestError$1("Cursor has an invalid rule type");
 	const chain_id = Number.parseInt(chain, 10);
-	if (!Number.isFinite(chain_id)) throw new BadRequestError("Cursor has an invalid chain_id");
+	if (!Number.isFinite(chain_id)) throw new BadRequestError$1("Cursor has an invalid chain_id");
 	if (type === "maturity") {
 		const timestampValue = Number.parseInt(rest[0] ?? "", 10);
 		const nameValue = rest.slice(1).join(":");
-		if (!Number.isFinite(timestampValue) || nameValue.length === 0) throw new BadRequestError("Cursor must be in the format maturity:chain_id:timestamp:name");
-		if (!isMaturityType(nameValue)) throw new BadRequestError("Cursor has an invalid maturity name");
+		if (!Number.isFinite(timestampValue) || nameValue.length === 0) throw new BadRequestError$1("Cursor must be in the format maturity:chain_id:timestamp:name");
+		if (!isMaturityType(nameValue)) throw new BadRequestError$1("Cursor has an invalid maturity name");
 		return {
 			type,
 			chain_id,
@@ -4840,8 +5049,8 @@ function parseCursor$1(cursor) {
 	if (type === "callback") {
 		const callbackTypeValue = rest[0] ?? "";
 		const addressValue = rest.slice(1).join(":");
-		if (!callbackTypeValue || !addressValue) throw new BadRequestError("Cursor must be in the format callback:chain_id:callback_type:address");
-		if (!isCallbackType(callbackTypeValue)) throw new BadRequestError("Cursor has an invalid callback type");
+		if (!callbackTypeValue || !addressValue) throw new BadRequestError$1("Cursor must be in the format callback:chain_id:callback_type:address");
+		if (!isCallbackType(callbackTypeValue)) throw new BadRequestError$1("Cursor has an invalid callback type");
 		return {
 			type,
 			chain_id,
@@ -4849,16 +5058,16 @@ function parseCursor$1(cursor) {
 			address: parseAddress(addressValue, "Cursor address")
 		};
 	}
-	if (type === "loan_token" || type === "oracle") {
+	if (type === "loan_token" || type === "collateral_token" || type === "oracle") {
 		const addressValue = rest.join(":");
-		if (!addressValue) throw new BadRequestError(`Cursor must be in the format ${type}:chain_id:address`);
+		if (!addressValue) throw new BadRequestError$1(`Cursor must be in the format ${type}:chain_id:address`);
 		return {
 			type,
 			chain_id,
 			address: parseAddress(addressValue, "Cursor address")
 		};
 	}
-	throw new BadRequestError("Cursor has an invalid rule type");
+	throw new BadRequestError$1("Cursor has an invalid rule type");
 }
 function findStartIndex$1(rules, cursor) {
 	let low = 0;
@@ -4872,11 +5081,11 @@ function findStartIndex$1(rules, cursor) {
 	return low;
 }
 function parseAddress(address, label) {
-	if (!/^0x[a-fA-F0-9]{40}$/.test(address)) throw new BadRequestError(`${label} must be a valid 20-byte address`);
+	if (!/^0x[a-fA-F0-9]{40}$/.test(address)) throw new BadRequestError$1(`${label} must be a valid 20-byte address`);
 	return address.toLowerCase();
 }
 function isConfigRuleType(value) {
-	return value === "maturity" || value === "callback" || value === "loan_token" || value === "oracle";
+	return value === "maturity" || value === "callback" || value === "loan_token" || value === "collateral_token" || value === "oracle";
 }
 function isMaturityType(value) {
 	return Object.values(MaturityType).includes(value);
@@ -4885,7 +5094,7 @@ function parseMaturity(value) {
 	try {
 		return from$16(value);
 	} catch (err) {
-		throw new BadRequestError(err instanceof Error ? err.message : "Invalid maturity timestamp");
+		throw new BadRequestError$1(err instanceof Error ? err.message : "Invalid maturity timestamp");
 	}
 }
 function isCallbackType(value) {
@@ -4968,7 +5177,7 @@ function formatValue(value) {
 async function validateOffers(body, gatekeeper) {
 	const logger = getLogger();
 	const result = safeParse("validate_offers", body, (issue) => issue.message);
-	if (!result.success) return failure(new BadRequestError(result.error.issues[0]?.message ?? "Invalid request body"));
+	if (!result.success) return failure(new BadRequestError$1(result.error.issues[0]?.message ?? "Invalid request body"));
 	const { offers: rawOffers } = result.data;
 	const parsedOffers = [];
 	const offerIndexByHash = /* @__PURE__ */ new Map();
@@ -4984,7 +5193,7 @@ async function validateOffers(body, gatekeeper) {
 		} catch (err) {
 			let message = err instanceof Error ? err.message : String(err);
 			if (err instanceof InvalidOfferError) message = err.formattedMessage;
-			return failure(new BadRequestError(`Offer at index ${i} failed to parse: ${message}`));
+			return failure(new BadRequestError$1(`Offer at index ${i} failed to parse: ${message}`));
 		}
 	}
 	try {
@@ -5043,7 +5252,7 @@ function createApp(parameters) {
 			return c.json(failure$4.body, failure$4.statusCode);
 		}
 		if (body === null || typeof body !== "object") {
-			const failure$3 = failure(new BadRequestError("Request body must be a JSON object"));
+			const failure$3 = failure(new BadRequestError$1("Request body must be a JSON object"));
 			return c.json(failure$3.body, failure$3.statusCode);
 		}
 		const { statusCode, body: payload } = await validateOffers(body, gatekeeper);
@@ -5149,7 +5358,7 @@ function now() {
 
 //#endregion
 //#region src/database/drizzle/VERSION.ts
-const VERSION = "router_v1.6";
+const VERSION = "router_v1.8";
 
 //#endregion
 //#region src/database/drizzle/schema.ts
@@ -5301,10 +5510,7 @@ const offers = s.table(EnumTableName.OFFERS, {
 		precision: 78,
 		scale: 0
 	}).notNull().default("0"),
-	price: numeric("price", {
-		precision: 78,
-		scale: 0
-	}).notNull(),
+	tick: integer("tick").notNull(),
 	maturity: integer("maturity").notNull(),
 	expiry: integer("expiry").notNull(),
 	start: integer("start").notNull(),
@@ -5315,6 +5521,7 @@ const offers = s.table(EnumTableName.OFFERS, {
 	buy: boolean("buy").notNull(),
 	callbackAddress: varchar("callback_address", { length: 42 }).notNull(),
 	callbackData: text("callback_data").notNull(),
+	receiverIfMakerIsSeller: varchar("receiver_if_maker_is_seller", { length: 42 }),
 	blockNumber: bigint("block_number", { mode: "number" }).notNull(),
 	updatedAt: timestamp("updated_at").defaultNow().notNull()
 }, (table) => [
@@ -5369,6 +5576,7 @@ const lots = s.table(EnumTableName.LOTS, {
 	user: varchar("user", { length: 42 }).notNull(),
 	contract: varchar("contract", { length: 42 }).notNull(),
 	group: varchar("group", { length: 66 }).notNull(),
+	obligationId: varchar("obligation_id", { length: 66 }).notNull(),
 	lower: numeric("lower", {
 		precision: 78,
 		scale: 0
@@ -5383,7 +5591,8 @@ const lots = s.table(EnumTableName.LOTS, {
 			table.chainId,
 			table.user,
 			table.contract,
-			table.group
+			table.group,
+			table.obligationId
 		],
 		name: "lots_pk"
 	}),
@@ -5419,6 +5628,7 @@ const offsets = s.table(EnumTableName.OFFSETS, {
 	user: varchar("user", { length: 42 }).notNull(),
 	contract: varchar("contract", { length: 42 }).notNull(),
 	group: varchar("group", { length: 66 }).notNull(),
+	obligationId: varchar("obligation_id", { length: 66 }).notNull(),
 	value: numeric("value", {
 		precision: 78,
 		scale: 0
@@ -5428,7 +5638,8 @@ const offsets = s.table(EnumTableName.OFFSETS, {
 		table.chainId,
 		table.user,
 		table.contract,
-		table.group
+		table.group,
+		table.obligationId
 	],
 	name: "offsets_pk"
 }), foreignKey({
@@ -6019,6 +6230,7 @@ function decodeCallbacks(parameters) {
 			positionContract: loanToken,
 			positionUser: offer.maker,
 			group: offer.group,
+			obligationId: obligationId(offer),
 			size: offer.assets
 		});
 		callbacks.push({
@@ -6691,7 +6903,7 @@ async function* collectPrices(parameters) {
 //#region src/indexer/collectors/CollectorBuilder.ts
 function createBuilder(parameters) {
 	const { client, db, gatekeeper, options: { maxBlockNumber, blockWindow, interval } = {} } = parameters;
-	const createCollector = (name, collect) => create$16({
+	const createCollector = (name, collect) => create$17({
 		name,
 		collect,
 		client,
@@ -6795,7 +7007,7 @@ function from$1(config) {
 		retryAttempts,
 		retryDelayMs
 	});
-	return create$18({
+	return create$19({
 		client,
 		collectors: [
 			offersCollector,
@@ -6805,7 +7017,7 @@ function from$1(config) {
 		]
 	});
 }
-function create$18(params) {
+function create$19(params) {
 	const { collectors, client } = params;
 	const indexerId = `${client.chain.id.toString()}.indexer`;
 	const tracer = getTracer(`router.${indexerId}`);
@@ -6834,7 +7046,7 @@ function create$18(params) {
 
 //#endregion
 //#region src/indexer/collectors/Admin.ts
-function create$17(parameters) {
+function create$18(parameters) {
 	const collector = "admin";
 	const { client, db, options: { maxBatchSize = 25, maxBlockNumber } = {} } = parameters;
 	const maxBlockNumberBI = maxBlockNumber !== void 0 ? BigInt(maxBlockNumber) : void 0;
@@ -7074,8 +7286,8 @@ const names = [
 	"positions",
 	"prices"
 ];
-function create$16({ name, collect, client, db, options }) {
-	const admin = create$17({
+function create$17({ name, collect, client, db, options }) {
+	const admin = create$18({
 		client,
 		db,
 		options
@@ -7202,7 +7414,7 @@ function start(collector) {
 //#endregion
 //#region src/database/domains/Blocks.ts
 /** Postgres implementation. */
-const create$15 = (config) => {
+const create$16 = (config) => {
 	const { db, chainRegistry } = config;
 	const getChain = async (chainId) => {
 		const rows = await db.select({
@@ -7381,14 +7593,14 @@ const create$15 = (config) => {
 
 //#endregion
 //#region src/database/domains/Book.ts
-const DEFAULT_LIMIT$3 = 100;
+const DEFAULT_LIMIT$4 = 100;
 const MAX_TOTAL_OFFERS = 500;
-function create$14(config) {
+function create$15(config) {
 	const db = config.db;
 	const logger = getLogger();
 	const getOffers = async (parameters) => {
 		const { side, obligationId, cursor: cursorString } = parameters;
-		const requestedLimit = parameters.limit ?? DEFAULT_LIMIT$3;
+		const requestedLimit = parameters.limit ?? DEFAULT_LIMIT$4;
 		const priceSortDirection = side === "sell" ? "asc" : "desc";
 		const inputCursor = Cursor.decode(cursorString, logger);
 		if (cursorString != null && inputCursor === null) return {
@@ -7420,7 +7632,8 @@ function create$14(config) {
 	};
 	return {
 		get: async (parameters) => {
-			const { side, obligationId, cursor: cursorString, limit = DEFAULT_LIMIT$3 } = parameters;
+			const { side, obligationId, cursor: cursorString, limit = DEFAULT_LIMIT$4 } = parameters;
+			const tickSortDirection = side === "sell" ? "asc" : "desc";
 			const inputCursor = LevelCursor.decode(cursorString, logger);
 			if (cursorString != null && inputCursor === null) return {
 				levels: [],
@@ -7435,23 +7648,23 @@ function create$14(config) {
 				cursor: inputCursor?.offersCursor ?? void 0,
 				limit: fetchLimit
 			});
-			const priceMap = /* @__PURE__ */ new Map();
+			const tickMap = /* @__PURE__ */ new Map();
 			for (const row of rows) {
-				const priceKey = row.price.toString();
-				const existing = priceMap.get(priceKey);
+				const existing = tickMap.get(row.tick);
 				if (existing) {
 					existing.assets += row.takeable;
 					existing.count += 1;
-				} else priceMap.set(priceKey, {
+				} else tickMap.set(row.tick, {
 					assets: row.takeable,
 					count: 1
 				});
 			}
-			const levels = Array.from(priceMap.entries()).map(([price, data]) => ({
-				price: BigInt(price),
-				assets: data.assets,
-				count: data.count
+			const levels = Array.from(tickMap.entries()).map(([tick, level]) => ({
+				tick,
+				assets: level.assets,
+				count: level.count
 			}));
+			levels.sort((a, b) => tickSortDirection === "asc" ? a.tick - b.tick : b.tick - a.tick);
 			const paginatedLevels = levels.slice(0, limit);
 			const hasMore = levels.length > limit || offersNextCursor !== null;
 			const lastLevel = paginatedLevels[paginatedLevels.length - 1];
@@ -7497,14 +7710,14 @@ async function _getOffers(db, params) {
         AND (s.code IS NULL OR s.code = ${Status.VALID})
       ORDER BY
         o.group_chain_id, o.group_maker, o."group_group",
-        o.price::numeric ${priceSortDirection === "asc" ? sql`ASC` : sql`DESC`}, o.block_number ASC, o.assets DESC, o.hash ASC
+        o.tick ${priceSortDirection === "asc" ? sql`ASC` : sql`DESC`}, o.block_number ASC, o.assets DESC, o.hash ASC
     ),
     enriched AS (
       SELECT
         w.*,
         g.consumed, g.chain_id, obl.loan_token,
         CASE WHEN ${priceSortDirection === "asc" ? sql`TRUE` : sql`FALSE`}
-          THEN w.price::numeric ELSE -w.price::numeric END AS price_norm,
+          THEN w.tick ELSE -w.tick END AS tick_norm,
         w.block_number AS block_norm,
         -w.assets AS assets_norm,
         w.hash AS hash_norm
@@ -7521,33 +7734,35 @@ async function _getOffers(db, params) {
       FROM enriched e
       ${cursor != null ? sql`
         WHERE
-        (e.price_norm, e.block_norm, e.assets_norm, e.hash_norm)
+        (e.tick_norm, e.block_norm, e.assets_norm, e.hash_norm)
           > (
               CASE WHEN ${priceSortDirection === "asc" ? sql`TRUE` : sql`FALSE`}
-                THEN ${cursor.price}::numeric ELSE -${cursor.price}::numeric END,
+                THEN ${cursor.tick}::integer ELSE -${cursor.tick}::integer END,
               ${cursor.blockNumber},
               -${cursor.assets}::numeric,
               ${cursor.hash}
             )` : sql``}
-      ORDER BY e.price::numeric ${priceSortDirection === "asc" ? sql`ASC` : sql`DESC`}, e.block_number ASC, e.assets DESC, e.hash ASC
+      ORDER BY e.tick ${priceSortDirection === "asc" ? sql`ASC` : sql`DESC`}, e.block_number ASC, e.assets DESC, e.hash ASC
       LIMIT ${limit}
     ),
-    -- Compute sum of offsets per position
+    -- Compute sum of offsets per position and obligation
     position_offsets AS (
       SELECT
         chain_id,
         "user",
         contract,
+        obligation_id,
         SUM(value::numeric) AS total_offset
       FROM ${offsets}
-      GROUP BY chain_id, "user", contract
+      GROUP BY chain_id, "user", contract, obligation_id
     ),
-    -- Compute position_consumed: sum of consumed from all groups with lots on each position (converted to lot terms)
+    -- Compute position_consumed: sum of consumed from all groups with lots on each position+obligation (converted to lot terms)
     position_consumed AS (
       SELECT
         l.chain_id,
         l.contract,
         l."user",
+        l.obligation_id,
         SUM(
           CASE
             WHEN wo.assets::numeric > 0
@@ -7564,7 +7779,7 @@ async function _getOffers(db, params) {
         ON wo.group_chain_id = g.chain_id
         AND LOWER(wo.group_maker) = LOWER(g.maker)
         AND wo.group_group = g."group"
-      GROUP BY l.chain_id, l.contract, l."user"
+      GROUP BY l.chain_id, l.contract, l."user", l.obligation_id
     ),
     -- Compute callback contributions with lot balance
     callback_contributions AS (
@@ -7572,7 +7787,7 @@ async function _getOffers(db, params) {
         p.hash,
         p.obligation_id,
         p.assets,
-        p.price,
+        p.tick,
         p.obligation_units,
         p.obligation_shares,
         p.maturity,
@@ -7582,6 +7797,7 @@ async function _getOffers(db, params) {
         p.buy,
         p.callback_address,
         p.callback_data,
+        p.receiver_if_maker_is_seller,
         p.block_number,
         p.group_chain_id,
         p.group_maker,
@@ -7617,6 +7833,7 @@ async function _getOffers(db, params) {
         AND LOWER(l.contract) = LOWER(c.position_contract)
         AND LOWER(l."user") = LOWER(c.position_user)
         AND l."group" = p.group_group
+        AND l.obligation_id = p.obligation_id
       LEFT JOIN ${positions} pos
         ON pos.chain_id = c.position_chain_id
         AND LOWER(pos.contract) = LOWER(c.position_contract)
@@ -7625,10 +7842,12 @@ async function _getOffers(db, params) {
         ON pos_offsets.chain_id = c.position_chain_id
         AND LOWER(pos_offsets.contract) = LOWER(c.position_contract)
         AND LOWER(pos_offsets."user") = LOWER(c.position_user)
+        AND pos_offsets.obligation_id = p.obligation_id
       LEFT JOIN position_consumed pc
         ON pc.chain_id = c.position_chain_id
         AND LOWER(pc.contract) = LOWER(c.position_contract)
         AND LOWER(pc."user") = LOWER(c.position_user)
+        AND pc.obligation_id = p.obligation_id
     ),
     -- Compute contribution per callback in loan terms (loan token only — collateral positions are not indexed)
     callback_loan_contribution AS (
@@ -7646,7 +7865,7 @@ async function _getOffers(db, params) {
         hash,
         obligation_id,
         assets,
-        price,
+        tick,
         obligation_units,
         obligation_shares,
         maturity,
@@ -7656,6 +7875,7 @@ async function _getOffers(db, params) {
         buy,
         callback_address,
         callback_data,
+        receiver_if_maker_is_seller,
         block_number,
         group_chain_id,
         group_maker,
@@ -7672,16 +7892,17 @@ async function _getOffers(db, params) {
         WHERE clc.callback_id IS NOT NULL
         ORDER BY clc.hash, clc.position_chain_id, clc.position_contract, clc.position_user, clc.contribution_in_loan DESC
       ) deduped
-      GROUP BY hash, obligation_id, assets, price, obligation_units, obligation_shares, maturity, expiry, start, group_group, buy,
-               callback_address, callback_data, block_number, group_chain_id, group_maker,
-               consumed, chain_id, loan_token, session
+      GROUP BY hash, obligation_id, assets, tick, obligation_units, obligation_shares, maturity, expiry, start, group_group, buy,
+        callback_address, callback_data, block_number, group_chain_id, group_maker,
+               consumed, chain_id, loan_token, session, receiver_if_maker_is_seller
       UNION ALL
       -- Sell offers without callbacks: collateral positions not indexed, takeable = assets - consumed
       SELECT
-        p.hash, p.obligation_id, p.assets, p.price,
+        p.hash, p.obligation_id, p.assets, p.tick,
         p.obligation_units, p.obligation_shares,
         p.maturity, p.expiry, p.start, p.group_group,
         p.buy, p.callback_address, p.callback_data,
+        p.receiver_if_maker_is_seller,
         p.block_number, p.group_chain_id, p.group_maker,
         p.consumed, p.chain_id, p.loan_token, p.session,
         0 AS total_available
@@ -7700,7 +7921,7 @@ async function _getOffers(db, params) {
       oc.obligation_units,
       oc.obligation_shares,
       oc.consumed,
-      oc.price,
+      oc.tick,
       oc.maturity,
       oc.expiry,
       oc.start,
@@ -7710,6 +7931,7 @@ async function _getOffers(db, params) {
       oc.loan_token,
       oc.callback_address,
       oc.callback_data,
+      oc.receiver_if_maker_is_seller,
       oc.block_number,
       oc.session,
       COALESCE(oc.total_available, 0) AS available,
@@ -7732,20 +7954,21 @@ async function _getOffers(db, params) {
       ))
     END > 0
     ORDER BY
-      oc.price::numeric ${priceSortDirection === "asc" ? sql`ASC` : sql`DESC`},
+      oc.tick ${priceSortDirection === "asc" ? sql`ASC` : sql`DESC`},
       oc.block_number ASC,
       oc.assets DESC,
       oc.hash ASC;
   `);
 	return {
 		rows: raw.rows.map((row) => {
+			const receiverIfMakerIsSeller = (row.receiver_if_maker_is_seller ?? row.group_maker).toLowerCase();
 			return {
 				hash: row.hash,
 				maker: row.group_maker,
 				assets: BigInt(row.assets),
 				obligationUnits: BigInt(row.obligation_units ?? 0),
 				obligationShares: BigInt(row.obligation_shares ?? 0),
-				price: BigInt(row.price),
+				tick: row.tick,
 				maturity: row.maturity,
 				expiry: row.expiry,
 				start: row.start,
@@ -7763,6 +7986,7 @@ async function _getOffers(db, params) {
 					address: row.callback_address,
 					data: row.callback_data
 				},
+				receiverIfMakerIsSeller,
 				blockNumber: row.block_number,
 				consumed: BigInt(row.consumed ?? 0),
 				available: BigInt(String(row.available ?? "0").split(".")[0] ?? "0"),
@@ -7777,7 +8001,7 @@ let Cursor;
 	function encode(row, totalReturned, now, side) {
 		return Buffer.from(JSON.stringify({
 			side,
-			price: row.price.toString(),
+			tick: row.tick,
 			blockNumber: row.blockNumber,
 			assets: row.assets.toString(),
 			hash: row.hash,
@@ -7788,10 +8012,9 @@ let Cursor;
 	_Cursor.encode = encode;
 	function decode(cursorString, logger) {
 		if (cursorString == null) return null;
-		const isNumericString = (value) => typeof value === "string" && /^-?\d+$/.test(value);
 		try {
 			const v = JSON.parse(Buffer.from(cursorString, "base64url").toString("utf8"));
-			if ((v?.side === "buy" || v?.side === "sell") && isNumericString(v?.price) && typeof v?.blockNumber === "number" && Number.isInteger(v.blockNumber) && isNumericString(v?.assets) && isHex(v?.hash) && typeof v?.totalReturned === "number" && Number.isInteger(v.totalReturned) && typeof v?.now === "number" && Number.isInteger(v.now)) return v;
+			if ((v?.side === "buy" || v?.side === "sell") && typeof v?.tick === "number" && Number.isInteger(v.tick) && typeof v?.blockNumber === "number" && Number.isInteger(v.blockNumber) && typeof v?.assets === "string" && /^-?\d+$/.test(v.assets) && isHex(v?.hash) && typeof v?.totalReturned === "number" && Number.isInteger(v.totalReturned) && typeof v?.now === "number" && Number.isInteger(v.now)) return v;
 			throw new Error("Invalid cursor");
 		} catch {
 			logger.error({
@@ -7809,7 +8032,7 @@ let LevelCursor;
 	function encode(lastLevel, offersCursor, side, now) {
 		return Buffer.from(JSON.stringify({
 			side,
-			lastPrice: lastLevel.price.toString(),
+			lastTick: lastLevel.tick,
 			now,
 			offersCursor
 		})).toString("base64url");
@@ -7817,10 +8040,9 @@ let LevelCursor;
 	_LevelCursor.encode = encode;
 	function decode(cursorString, logger) {
 		if (cursorString == null) return null;
-		const isNumericString = (value) => typeof value === "string" && /^-?\d+$/.test(value);
 		try {
 			const v = JSON.parse(Buffer.from(cursorString, "base64url").toString("utf8"));
-			if ((v?.side === "buy" || v?.side === "sell") && isNumericString(v?.lastPrice) && typeof v?.now === "number" && Number.isInteger(v.now) && (v?.offersCursor === null || typeof v?.offersCursor === "string")) return v;
+			if ((v?.side === "buy" || v?.side === "sell") && typeof v?.lastTick === "number" && Number.isInteger(v.lastTick) && typeof v?.now === "number" && Number.isInteger(v.now) && (v?.offersCursor === null || typeof v?.offersCursor === "string")) return v;
 			throw new Error("Invalid book cursor");
 		} catch {
 			logger.error({
@@ -7856,7 +8078,7 @@ const DEFAULT_BATCH_SIZE = 4e3;
 * @param db - Database core instance.
 * @returns Callbacks domain. {@link CallbacksDomain}
 */
-function create$13(db) {
+function create$14(db) {
 	return {
 		upsert: async (inputs) => {
 			if (inputs.length === 0) return;
@@ -7911,7 +8133,7 @@ function create$13(db) {
 
 //#endregion
 //#region src/database/domains/Consumed.ts
-function create$12(db) {
+function create$13(db) {
 	return {
 		create: async (events) => {
 			if (events.length === 0) return;
@@ -7959,7 +8181,7 @@ function create$12(db) {
 * @param db - Database core instance.
 * @returns Groups domain. {@link GroupsDomain}
 */
-function create$11(db) {
+function create$12(db) {
 	return { create: async (groups$1) => {
 		if (groups$1.length === 0) return;
 		const rows = groups$1.map((group) => ({
@@ -7975,34 +8197,36 @@ function create$11(db) {
 
 //#endregion
 //#region src/database/domains/Lots.ts
-function create$10(db) {
+function create$11(db) {
 	return {
 		get: async (parameters) => {
-			const { chainId, user, contract, group } = parameters ?? {};
+			const { chainId, user, contract, group, obligationId } = parameters ?? {};
 			const conditions = [];
 			if (chainId !== void 0) conditions.push(eq(lots.chainId, chainId));
 			if (user !== void 0) conditions.push(eq(lots.user, user.toLowerCase()));
 			if (contract !== void 0) conditions.push(eq(lots.contract, contract.toLowerCase()));
 			if (group !== void 0) conditions.push(eq(lots.group, group));
+			if (obligationId !== void 0) conditions.push(eq(lots.obligationId, obligationId));
 			return (await db.select().from(lots).where(conditions.length > 0 ? and(...conditions) : void 0)).map((row) => ({
 				chainId: row.chainId,
 				user: row.user,
 				contract: row.contract,
 				group: row.group,
+				obligationId: row.obligationId,
 				lower: BigInt(row.lower),
 				upper: BigInt(row.upper)
 			}));
 		},
 		create: async (parameters) => {
 			if (parameters.length === 0) return;
-			const lotsByPositionGroup = /* @__PURE__ */ new Map();
+			const lotsByKey = /* @__PURE__ */ new Map();
 			for (const offer of parameters) {
-				const key = `${offer.positionChainId}-${offer.positionContract}-${offer.positionUser}-${offer.group}`.toLowerCase();
-				const existing = lotsByPositionGroup.get(key);
-				if (!existing || offer.size > existing.size) lotsByPositionGroup.set(key, offer);
+				const key = `${offer.positionChainId}-${offer.positionContract}-${offer.positionUser}-${offer.group}-${offer.obligationId}`.toLowerCase();
+				const existing = lotsByKey.get(key);
+				if (!existing || offer.size > existing.size) lotsByKey.set(key, offer);
 			}
-			for (const offer of lotsByPositionGroup.values()) if ((await db.select().from(lots).where(and(eq(lots.chainId, offer.positionChainId), eq(lots.contract, offer.positionContract.toLowerCase()), eq(lots.user, offer.positionUser.toLowerCase()), eq(lots.group, offer.group.toLowerCase()))).limit(1)).length === 0) {
-				const maxUpperResult = await db.select({ maxUpper: sql`COALESCE(MAX(${lots.upper}::numeric), 0)` }).from(lots).where(and(eq(lots.chainId, offer.positionChainId), eq(lots.contract, offer.positionContract.toLowerCase()), eq(lots.user, offer.positionUser.toLowerCase())));
+			for (const offer of lotsByKey.values()) if ((await db.select().from(lots).where(and(eq(lots.chainId, offer.positionChainId), eq(lots.contract, offer.positionContract.toLowerCase()), eq(lots.user, offer.positionUser.toLowerCase()), eq(lots.group, offer.group.toLowerCase()), eq(lots.obligationId, offer.obligationId.toLowerCase()))).limit(1)).length === 0) {
+				const maxUpperResult = await db.select({ maxUpper: sql`COALESCE(MAX(${lots.upper}::numeric), 0)` }).from(lots).where(and(eq(lots.chainId, offer.positionChainId), eq(lots.contract, offer.positionContract.toLowerCase()), eq(lots.user, offer.positionUser.toLowerCase()), eq(lots.obligationId, offer.obligationId.toLowerCase())));
 				const newLower = BigInt(maxUpperResult[0]?.maxUpper ?? "0");
 				const newUpper = newLower + offer.size;
 				await db.insert(lots).values({
@@ -8010,6 +8234,7 @@ function create$10(db) {
 					user: offer.positionUser.toLowerCase(),
 					contract: offer.positionContract.toLowerCase(),
 					group: offer.group.toLowerCase(),
+					obligationId: offer.obligationId.toLowerCase(),
 					lower: newLower.toString(),
 					upper: newUpper.toString()
 				});
@@ -8025,45 +8250,67 @@ function create$10(db) {
 * @param db - Database core instance.
 * @returns Obligations domain. {@link ObligationsDomain}
 */
-function create$9(db) {
-	return { create: async (obligations$1) => {
-		if (obligations$1.length === 0) return;
-		const obligationsById = /* @__PURE__ */ new Map();
-		for (const obligation of obligations$1) {
-			const id$1 = id(obligation).toLowerCase();
-			if (!obligationsById.get(id$1)) obligationsById.set(id$1, obligation);
-		}
-		try {
-			await db.transaction(async (dbTx) => {
-				const obligationRows = obligations$1.map((obligation) => ({
-					obligationId: id(obligation),
-					chainId: obligation.chainId,
-					loanToken: obligation.loanToken.toLowerCase(),
-					maturity: obligation.maturity
-				}));
-				for (const batch of batch$1(obligationRows, DEFAULT_BATCH_SIZE)) await dbTx.insert(obligations).values(batch).onConflictDoNothing();
-				const collateralRows = obligations$1.flatMap((obligation) => {
-					return obligation.collaterals.map((collateral) => ({
+function create$10(db) {
+	return {
+		get: async (parameters) => {
+			const chainIds = parameters?.chainId;
+			const now$3 = now();
+			return (await db.select({
+				chainId: obligations.chainId,
+				loanToken: obligations.loanToken,
+				collaterals: sql`ARRAY_AGG(jsonb_build_object('asset', ${obligationCollateralsV2.asset}, 'oracle', ${oracles.address}, 'lltv', ${obligationCollateralsV2.lltv}))`.as("collaterals"),
+				maturity: obligations.maturity
+			}).from(obligations).innerJoin(obligationCollateralsV2, eq(obligations.obligationId, obligationCollateralsV2.obligationId)).innerJoin(oracles, sql`${obligationCollateralsV2.oracleChainId} = ${oracles.chainId}
+             AND ${obligationCollateralsV2.oracleAddress} = ${oracles.address}`).groupBy(obligations.obligationId).where(and(chainIds !== void 0 && chainIds.length > 0 ? inArray(obligations.chainId, chainIds) : void 0, gte(obligations.maturity, now$3))).orderBy(asc(obligations.obligationId))).map((row) => from$13({
+				chainId: row.chainId,
+				loanToken: row.loanToken,
+				collaterals: row.collaterals.sort((left, right) => left.asset.localeCompare(right.asset)).map((collateral) => from$14({
+					asset: collateral.asset,
+					oracle: collateral.oracle,
+					lltv: from$15(BigInt(collateral.lltv))
+				})),
+				maturity: row.maturity
+			}));
+		},
+		create: async (obligations$1) => {
+			if (obligations$1.length === 0) return;
+			const obligationsById = /* @__PURE__ */ new Map();
+			for (const obligation of obligations$1) {
+				const id$1 = id(obligation).toLowerCase();
+				if (!obligationsById.get(id$1)) obligationsById.set(id$1, obligation);
+			}
+			try {
+				await db.transaction(async (dbTx) => {
+					const obligationRows = obligations$1.map((obligation) => ({
 						obligationId: id(obligation),
-						asset: collateral.asset.toLowerCase(),
-						oracleChainId: obligation.chainId,
-						oracleAddress: collateral.oracle.toLowerCase(),
-						lltv: collateral.lltv
+						chainId: obligation.chainId,
+						loanToken: obligation.loanToken.toLowerCase(),
+						maturity: obligation.maturity
 					}));
+					for (const batch of batch$1(obligationRows, DEFAULT_BATCH_SIZE)) await dbTx.insert(obligations).values(batch).onConflictDoNothing();
+					const collateralRows = obligations$1.flatMap((obligation) => {
+						return obligation.collaterals.map((collateral) => ({
+							obligationId: id(obligation),
+							asset: collateral.asset.toLowerCase(),
+							oracleChainId: obligation.chainId,
+							oracleAddress: collateral.oracle.toLowerCase(),
+							lltv: collateral.lltv
+						}));
+					});
+					for (const batch of batch$1(collateralRows, DEFAULT_BATCH_SIZE)) await dbTx.insert(obligationCollateralsV2).values(batch).onConflictDoNothing();
 				});
-				for (const batch of batch$1(collateralRows, DEFAULT_BATCH_SIZE)) await dbTx.insert(obligationCollateralsV2).values(batch).onConflictDoNothing();
-			});
-		} catch (err) {
-			const error = err instanceof Error ? err : new Error(String(err));
-			throw new Error("Obligations.create failed. Ensure oracles exist before inserting obligations.", { cause: error });
+			} catch (err) {
+				const error = err instanceof Error ? err : new Error(String(err));
+				throw new Error("Obligations.create failed. Ensure oracles exist before inserting obligations.", { cause: error });
+			}
 		}
-	} };
+	};
 }
 
 //#endregion
 //#region src/database/domains/Offers.ts
-const DEFAULT_LIMIT$2 = 100;
-function create$8(config) {
+const DEFAULT_LIMIT$3 = 100;
+function create$9(config) {
 	const { db } = config;
 	return {
 		create: async (batches) => {
@@ -8075,6 +8322,7 @@ function create$8(config) {
 				groupMaker: offer.maker.toLowerCase(),
 				callbackAddress: offer.callback.address.toLowerCase(),
 				callbackData: offer.callback.data,
+				receiverIfMakerIsSeller: offer.receiverIfMakerIsSeller.toLowerCase(),
 				blockNumber
 			})));
 			if (offersRows.length === 0) return [];
@@ -8103,7 +8351,7 @@ function create$8(config) {
 			}
 		},
 		get: async (parameters) => {
-			const limit = parameters?.limit ?? DEFAULT_LIMIT$2;
+			const limit = parameters?.limit ?? DEFAULT_LIMIT$3;
 			const cursor = parameters?.cursor;
 			const maker = parameters?.maker;
 			if (cursor !== null && cursor !== void 0) {
@@ -8126,7 +8374,7 @@ function create$8(config) {
 				assets: offers.assets,
 				obligationUnits: offers.obligationUnits,
 				obligationShares: offers.obligationShares,
-				price: offers.price,
+				tick: offers.tick,
 				maturity: offers.maturity,
 				expiry: offers.expiry,
 				start: offers.start,
@@ -8137,16 +8385,18 @@ function create$8(config) {
 				loanToken: obligations.loanToken,
 				callbackAddress: offers.callbackAddress,
 				callbackData: offers.callbackData,
+				receiverIfMakerIsSeller: offers.receiverIfMakerIsSeller,
 				collaterals: collateralsLateral.collaterals,
 				blockNumber: offers.blockNumber
 			}).from(offers).innerJoin(obligations, eq(offers.obligationId, obligations.obligationId)).innerJoinLateral(collateralsLateral, sql`true`).where(and(cursor !== null && cursor !== void 0 ? gt(offers.hash, cursor) : void 0, maker !== void 0 ? eq(offers.groupMaker, maker.toLowerCase()) : void 0)).orderBy(asc(offers.hash)).limit(limit)).map((row) => {
+				const receiverIfMakerIsSeller = (row.receiverIfMakerIsSeller ?? row.maker).toLowerCase();
 				return {
 					hash: row.hash,
 					maker: row.maker,
 					assets: BigInt(row.assets),
 					obligationUnits: BigInt(row.obligationUnits),
 					obligationShares: BigInt(row.obligationShares),
-					price: BigInt(row.price),
+					tick: row.tick,
 					maturity: from$16(row.maturity),
 					expiry: row.expiry,
 					start: row.start,
@@ -8164,6 +8414,7 @@ function create$8(config) {
 						address: row.callbackAddress,
 						data: row.callbackData
 					},
+					receiverIfMakerIsSeller,
 					consumed: 0n,
 					available: 0n,
 					takeable: 0n,
@@ -8188,64 +8439,30 @@ function create$8(config) {
 			}
 			throw new Error("Invalid parameters");
 		},
-		getObligations: async (parameters) => {
-			const { ids, chainId: chainIds, loanToken: loanTokens, collateralToken: collateralTokens, maturity: maturities, cursor, limit = DEFAULT_LIMIT$2 } = parameters ?? {};
-			const now$1 = now();
-			const loanTokenFilter = loanTokens !== void 0 && loanTokens.length > 0 ? sql`(${sql.join(loanTokens.map((token) => sql`LOWER(${obligations.loanToken}) = ${token.toLowerCase()}`), sql` OR `)})` : void 0;
-			const collateralFilter = collateralTokens !== void 0 && collateralTokens.length > 0 ? sql`EXISTS (
-              SELECT 1 FROM ${obligationCollateralsV2} oc
-              WHERE oc.obligation_id = ${obligations.obligationId}
-              AND (${sql.join(collateralTokens.map((token) => sql`LOWER(oc.asset) = ${token.toLowerCase()}`), sql` OR `)})
-            )` : void 0;
-			const result = await db.select({
-				obligationId: obligations.obligationId,
-				chainId: obligations.chainId,
-				loanToken: obligations.loanToken,
-				collaterals: sql`ARRAY_AGG(jsonb_build_object('asset', ${obligationCollateralsV2.asset}, 'oracle', ${oracles.address}, 'lltv', ${obligationCollateralsV2.lltv}))`.as("collaterals"),
-				maturity: obligations.maturity
-			}).from(obligations).innerJoin(obligationCollateralsV2, eq(obligations.obligationId, obligationCollateralsV2.obligationId)).innerJoin(oracles, sql`${obligationCollateralsV2.oracleChainId} = ${oracles.chainId}
-             AND ${obligationCollateralsV2.oracleAddress} = ${oracles.address}`).groupBy(obligations.obligationId).where(and(cursor !== null && cursor !== void 0 ? gt(obligations.obligationId, cursor) : sql`true`, ids !== void 0 && ids.length > 0 ? inArray(obligations.obligationId, ids) : void 0, chainIds !== void 0 && chainIds.length > 0 ? inArray(obligations.chainId, chainIds) : void 0, loanTokenFilter, maturities !== void 0 && maturities.length > 0 ? inArray(obligations.maturity, maturities) : gte(obligations.maturity, now$1), collateralFilter)).orderBy(asc(obligations.obligationId)).limit(limit);
-			const items = [];
-			for (const row of result) items.push(from$13({
-				chainId: row.chainId,
-				loanToken: row.loanToken,
-				collaterals: row.collaterals.sort((a, b) => a.asset.localeCompare(b.asset)).map((c) => from$14({
-					asset: c.asset,
-					oracle: c.oracle,
-					lltv: from$15(BigInt(c.lltv))
-				})),
-				maturity: row.maturity
-			}));
-			const returnedItems = Array.from(items.values());
-			return {
-				obligations: returnedItems,
-				nextCursor: returnedItems.length === limit && returnedItems.length > 0 ? result[result.length - 1].obligationId : null
-			};
-		},
 		getQuotes: async (parameters) => {
 			const { obligationIds } = parameters;
 			if (obligationIds.length === 0) return [];
 			const now$2 = now();
 			const query = ({ side }) => db.selectDistinctOn([offers.obligationId], {
 				obligationId: offers.obligationId,
-				price: offers.price
-			}).from(offers).innerJoin(groups, and(eq(offers.groupChainId, groups.chainId), eq(offers.groupMaker, groups.maker), eq(offers.group, groups.group))).leftJoin(validations, eq(offers.hash, validations.offerHash)).leftJoin(status, eq(validations.statusId, status.id)).where(and(inArray(offers.obligationId, obligationIds), eq(offers.buy, side === "buy"), gte(offers.expiry, now$2), gte(offers.maturity, now$2), lte(offers.start, now$2), sql`(${status.code} IS NULL OR ${status.code} = ${Status.VALID})`)).orderBy(offers.obligationId, side === "buy" ? sql`${offers.price}::numeric ASC` : sql`${offers.price}::numeric DESC`);
+				tick: offers.tick
+			}).from(offers).innerJoin(groups, and(eq(offers.groupChainId, groups.chainId), eq(offers.groupMaker, groups.maker), eq(offers.group, groups.group))).leftJoin(validations, eq(offers.hash, validations.offerHash)).leftJoin(status, eq(validations.statusId, status.id)).where(and(inArray(offers.obligationId, obligationIds), eq(offers.buy, side === "buy"), gte(offers.expiry, now$2), gte(offers.maturity, now$2), lte(offers.start, now$2), sql`(${status.code} IS NULL OR ${status.code} = ${Status.VALID})`)).orderBy(offers.obligationId, side === "buy" ? sql`${offers.tick} ASC` : sql`${offers.tick} DESC`);
 			const [bestBuys, bestSells] = await Promise.all([query({ side: "buy" }), query({ side: "sell" })]);
 			const quotes = /* @__PURE__ */ new Map();
 			for (const row of bestSells) quotes.set(row.obligationId, {
-				ask: { price: BigInt(row.price) },
-				bid: { price: 0n }
+				ask: { tick: row.tick },
+				bid: { tick: null }
 			});
 			for (const row of bestBuys) {
 				const quote = quotes.get(row.obligationId);
 				if (!quote) {
 					quotes.set(row.obligationId, {
-						ask: { price: 0n },
-						bid: { price: BigInt(row.price) }
+						ask: { tick: null },
+						bid: { tick: row.tick }
 					});
 					continue;
 				}
-				quote.bid = { price: BigInt(row.price) };
+				quote.bid = { tick: row.tick };
 			}
 			return Array.from(quotes.entries()).map(([id, quote]) => {
 				return from$9({
@@ -8262,19 +8479,21 @@ function create$8(config) {
 
 //#endregion
 //#region src/database/domains/Offsets.ts
-function create$7(db) {
+function create$8(db) {
 	return { get: async (parameters) => {
-		const { chainId, user, contract, group } = parameters ?? {};
+		const { chainId, user, contract, group, obligationId } = parameters ?? {};
 		const conditions = [];
 		if (chainId !== void 0) conditions.push(eq(offsets.chainId, chainId));
 		if (user !== void 0) conditions.push(eq(offsets.user, user.toLowerCase()));
 		if (contract !== void 0) conditions.push(eq(offsets.contract, contract.toLowerCase()));
 		if (group !== void 0) conditions.push(eq(offsets.group, group));
+		if (obligationId !== void 0) conditions.push(eq(offsets.obligationId, obligationId));
 		return (await db.select().from(offsets).where(conditions.length > 0 ? and(...conditions) : void 0)).map((row) => ({
 			chainId: row.chainId,
 			user: row.user,
 			contract: row.contract,
 			group: row.group,
+			obligationId: row.obligationId,
 			value: BigInt(row.value)
 		}));
 	} };
@@ -8282,7 +8501,7 @@ function create$7(db) {
 
 //#endregion
 //#region src/database/domains/Oracles.ts
-function create$6(db) {
+function create$7(db) {
 	return {
 		get: async ({ chainId }) => {
 			return (await db.select({
@@ -8324,8 +8543,8 @@ function create$6(db) {
 
 //#endregion
 //#region src/database/domains/Positions.ts
-const DEFAULT_LIMIT$1 = 100;
-const create$5 = (db) => {
+const DEFAULT_LIMIT$2 = 100;
+const create$6 = (db) => {
 	return {
 		upsert: async (positions$1) => {
 			const positionsMap = /* @__PURE__ */ new Map();
@@ -8380,7 +8599,7 @@ const create$5 = (db) => {
 			return totalUpdated;
 		},
 		get: async (parameters) => {
-			const { limit = DEFAULT_LIMIT$1, cursor: encodedCursor, chainId, type, filled } = parameters ?? {};
+			const { limit = DEFAULT_LIMIT$2, cursor: encodedCursor, chainId, type, filled } = parameters ?? {};
 			let cursor = null;
 			if (encodedCursor !== null && encodedCursor !== void 0) {
 				const parsed = JSON.parse(Buffer.from(encodedCursor, "base64url").toString("utf8"));
@@ -8417,14 +8636,15 @@ const create$5 = (db) => {
 			};
 		},
 		getByUser: async (parameters) => {
-			const { user, limit = DEFAULT_LIMIT$1, cursor: encodedCursor } = parameters;
+			const { user, limit = DEFAULT_LIMIT$2, cursor: encodedCursor } = parameters;
 			let cursor = null;
 			if (encodedCursor !== null && encodedCursor !== void 0) {
 				const parsed = JSON.parse(Buffer.from(encodedCursor, "base64url").toString("utf8"));
 				if (!parsed.chainId || !parsed.contract) throw new Error("Invalid cursor format");
 				cursor = {
 					chainId: parsed.chainId,
-					contract: parsed.contract
+					contract: parsed.contract,
+					obligationId: parsed.obligationId ?? null
 				};
 			}
 			const raw = await db.execute(sql`
@@ -8433,16 +8653,18 @@ const create$5 = (db) => {
             chain_id,
             "user",
             contract,
+            obligation_id,
             SUM(value::numeric) AS total_offset
           FROM ${offsets}
           WHERE LOWER("user") = LOWER(${user})
-          GROUP BY chain_id, "user", contract
+          GROUP BY chain_id, "user", contract, obligation_id
         ),
         position_consumed AS (
           SELECT
             l.chain_id,
             l.contract,
             l."user",
+            l.obligation_id,
             SUM(
               CASE
                 WHEN offer_agg.assets > 0
@@ -8468,50 +8690,64 @@ const create$5 = (db) => {
             AND LOWER(offer_agg.group_maker) = LOWER(g.maker)
             AND offer_agg."group_group" = g."group"
           WHERE LOWER(l."user") = LOWER(${user})
-          GROUP BY l.chain_id, l.contract, l."user"
+          GROUP BY l.chain_id, l.contract, l."user", l.obligation_id
         ),
         position_max_lot AS (
           SELECT
             chain_id,
             contract,
             "user",
+            obligation_id,
             MAX(upper::numeric) AS max_upper
           FROM ${lots}
           WHERE LOWER("user") = LOWER(${user})
-          GROUP BY chain_id, contract, "user"
+          GROUP BY chain_id, contract, "user", obligation_id
+        ),
+        per_obligation AS (
+          SELECT
+            pml.chain_id,
+            pml.contract,
+            pml."user",
+            pml.obligation_id,
+            GREATEST(0,
+              COALESCE(pml.max_upper, 0)
+              - COALESCE(po.total_offset, 0)
+              - COALESCE(pc.consumed, 0)
+            )::text AS reserved_balance
+          FROM position_max_lot pml
+          LEFT JOIN position_offsets po
+            ON po.chain_id = pml.chain_id
+            AND LOWER(po.contract) = LOWER(pml.contract)
+            AND LOWER(po."user") = LOWER(pml."user")
+            AND po.obligation_id = pml.obligation_id
+          LEFT JOIN position_consumed pc
+            ON pc.chain_id = pml.chain_id
+            AND LOWER(pc.contract) = LOWER(pml.contract)
+            AND LOWER(pc."user") = LOWER(pml."user")
+            AND pc.obligation_id = pml.obligation_id
         )
         SELECT
           p.chain_id,
           p.contract,
           p."user",
           p.block_number,
-          GREATEST(0,
-            COALESCE(pml.max_upper, 0)
-            - COALESCE(po.total_offset, 0)
-            - COALESCE(pc.consumed, 0)
-          )::text AS reserved_balance
+          po.obligation_id,
+          COALESCE(po.reserved_balance, '0') AS reserved_balance
         FROM ${positions} p
-        LEFT JOIN position_offsets po
+        LEFT JOIN per_obligation po
           ON po.chain_id = p.chain_id
           AND LOWER(po.contract) = LOWER(p.contract)
           AND LOWER(po."user") = LOWER(p."user")
-        LEFT JOIN position_consumed pc
-          ON pc.chain_id = p.chain_id
-          AND LOWER(pc.contract) = LOWER(p.contract)
-          AND LOWER(pc."user") = LOWER(p."user")
-        LEFT JOIN position_max_lot pml
-          ON pml.chain_id = p.chain_id
-          AND LOWER(pml.contract) = LOWER(p.contract)
-          AND LOWER(pml."user") = LOWER(p."user")
         WHERE LOWER(p."user") = LOWER(${user})
           AND p."user" != ${zeroAddress}
-          ${cursor !== null ? sql`AND (p.chain_id, p.contract) > (${cursor.chainId}, ${cursor.contract})` : sql``}
-        ORDER BY p.chain_id ASC, p.contract ASC
+          ${cursor !== null ? sql`AND (p.chain_id, p.contract, COALESCE(po.obligation_id, '')) > (${cursor.chainId}, ${cursor.contract}, ${cursor.obligationId ?? ""})` : sql``}
+        ORDER BY p.chain_id ASC, p.contract ASC, po.obligation_id ASC NULLS FIRST
         LIMIT ${limit}
       `);
 			const nextCursor = raw.rows.length === limit ? Buffer.from(JSON.stringify({
 				chainId: raw.rows[raw.rows.length - 1].chain_id.toString(),
-				contract: raw.rows[raw.rows.length - 1].contract
+				contract: raw.rows[raw.rows.length - 1].contract,
+				obligationId: raw.rows[raw.rows.length - 1].obligation_id
 			})).toString("base64url") : null;
 			return {
 				positions: raw.rows.map((row) => ({
@@ -8519,6 +8755,7 @@ const create$5 = (db) => {
 					contract: row.contract,
 					user: row.user,
 					blockNumber: row.block_number,
+					obligationId: row.obligation_id,
 					reserved: BigInt(row.reserved_balance.split(".")[0] ?? "0")
 				})),
 				nextCursor
@@ -8549,7 +8786,7 @@ const create$5 = (db) => {
 
 //#endregion
 //#region src/database/domains/Transfers.ts
-const create$4 = (db) => ({ create: async (transfers$1) => {
+const create$5 = (db) => ({ create: async (transfers$1) => {
 	if (transfers$1.length === 0) return 0;
 	return await db.transaction(async (dbTx) => {
 		let totalInserted = 0;
@@ -8654,7 +8891,7 @@ const create$4 = (db) => ({ create: async (transfers$1) => {
 * @param config - Configuration with database instance
 * @returns TreesDomain instance
 */
-function create$3(config) {
+function create$4(config) {
 	const db = config.db;
 	return {
 		create: async (trees$1) => {
@@ -8737,11 +8974,11 @@ function splitProofs(concatenated) {
 
 //#endregion
 //#region src/database/domains/Validations.ts
-const DEFAULT_LIMIT = 100;
-function create$2(db) {
+const DEFAULT_LIMIT$1 = 100;
+function create$3(db) {
 	return {
 		get: async (params) => {
-			const { status: status$2, cursor, limit = DEFAULT_LIMIT } = params ?? {};
+			const { status: status$2, cursor, limit = DEFAULT_LIMIT$1 } = params ?? {};
 			if (cursor !== null && cursor !== void 0) {
 				if (!cursor.startsWith("0x") || cursor.length !== 66) throw new Error("Invalid cursor format");
 			}
@@ -8795,29 +9032,260 @@ function create$2(db) {
 	};
 }
 
+//#endregion
+//#region src/database/readers/ObligationsListing.ts
+const SORT_FIELDS = [
+	"id",
+	"ask",
+	"bid",
+	"maturity"
+];
+const CURSOR_ID_REGEX = /^0x[a-f0-9]{64}$/i;
+const INT32_MIN = -2147483648;
+const INT32_MAX = 2147483647;
+const INT32_MAX_BIGINT = BigInt(INT32_MAX);
+const MAX_CURSOR_SORT_FIELDS = 4;
+const DEFAULT_LIMIT = 20;
+var BadRequestError = class extends Error {
+	constructor(message) {
+		super(message);
+		this.name = "ObligationsListingBadRequestError";
+	}
+};
+/**
+* Creates the obligations listing reader facade.
+* @param parameters - Reader dependencies.
+* @returns Obligations listing reader.
+*/
+function create$2(parameters) {
+	const { db } = parameters;
+	return { list: async (queryParameters) => {
+		const { ids, chainId: chainIds, loanToken: loanTokens, collateralToken: collateralTokens, maturity: maturities, sort: sortTokens, cursor: encodedCursor, limit: requestedLimit } = queryParameters ?? {};
+		const limit = requestedLimit ?? DEFAULT_LIMIT;
+		if (!Number.isInteger(limit) || limit <= 0) throw new BadRequestError("Limit must be a positive integer");
+		const cursorPayload = encodedCursor ? decodeCursorPayload(encodedCursor) : void 0;
+		const requestedSort = normalizeSort(sortTokens);
+		const cursorSort = cursorPayload ? normalizeSort(cursorPayload.sort) : void 0;
+		if (cursorSort !== void 0 && sortTokens !== void 0 && !hasSameSort(requestedSort, cursorSort)) throw new BadRequestError("Cursor sort does not match requested sort");
+		const sort = sortTokens !== void 0 ? requestedSort : cursorSort ?? requestedSort;
+		const cursorValues = cursorPayload ? cursorValuesFromPayload(cursorPayload) : void 0;
+		const now$1 = now();
+		const loanTokenFilter = loanTokens !== void 0 && loanTokens.length > 0 ? sql`(${sql.join(loanTokens.map((token) => sql`LOWER(${obligations.loanToken}) = ${token.toLowerCase()}`), sql` OR `)})` : void 0;
+		const collateralFilter = collateralTokens !== void 0 && collateralTokens.length > 0 ? sql`EXISTS (
+          SELECT 1 FROM ${obligationCollateralsV2} oc
+          WHERE oc.obligation_id = ${obligations.obligationId}
+          AND (${sql.join(collateralTokens.map((token) => sql`LOWER(oc.asset) = ${token.toLowerCase()}`), sql` OR `)})
+        )` : void 0;
+		const bestAskTick = db.select({ askTick: offers.tick }).from(offers).innerJoin(groups, and(eq(offers.groupChainId, groups.chainId), eq(offers.groupMaker, groups.maker), eq(offers.group, groups.group))).leftJoin(validations, eq(offers.hash, validations.offerHash)).leftJoin(status, eq(validations.statusId, status.id)).where(and(eq(offers.obligationId, obligations.obligationId), eq(offers.buy, false), gte(offers.expiry, now$1), gte(offers.maturity, now$1), lte(offers.start, now$1), sql`(${status.code} IS NULL OR ${status.code} = ${Status.VALID})`)).orderBy(desc(offers.tick)).limit(1).as("best_ask_tick");
+		const bestBidTick = db.select({ bidTick: offers.tick }).from(offers).innerJoin(groups, and(eq(offers.groupChainId, groups.chainId), eq(offers.groupMaker, groups.maker), eq(offers.group, groups.group))).leftJoin(validations, eq(offers.hash, validations.offerHash)).leftJoin(status, eq(validations.statusId, status.id)).where(and(eq(offers.obligationId, obligations.obligationId), eq(offers.buy, true), gte(offers.expiry, now$1), gte(offers.maturity, now$1), lte(offers.start, now$1), sql`(${status.code} IS NULL OR ${status.code} = ${Status.VALID})`)).orderBy(asc(offers.tick)).limit(1).as("best_bid_tick");
+		const obligationsWithQuotes = db.select({
+			obligationId: obligations.obligationId,
+			chainId: obligations.chainId,
+			loanToken: obligations.loanToken,
+			collaterals: sql`ARRAY_AGG(jsonb_build_object('asset', ${obligationCollateralsV2.asset}, 'oracle', ${oracles.address}, 'lltv', ${obligationCollateralsV2.lltv}))`.as("collaterals"),
+			maturity: obligations.maturity,
+			askTick: sql`MAX(${bestAskTick.askTick})`.as("ask_tick"),
+			bidTick: sql`MAX(${bestBidTick.bidTick})`.as("bid_tick"),
+			ask: sql`COALESCE(MAX(${bestAskTick.askTick}) + 1, 0)`.as("ask"),
+			bid: sql`COALESCE(MAX(${bestBidTick.bidTick}) + 1, 0)`.as("bid")
+		}).from(obligations).innerJoin(obligationCollateralsV2, eq(obligations.obligationId, obligationCollateralsV2.obligationId)).innerJoin(oracles, sql`${obligationCollateralsV2.oracleChainId} = ${oracles.chainId}
+         AND ${obligationCollateralsV2.oracleAddress} = ${oracles.address}`).leftJoinLateral(bestAskTick, sql`true`).leftJoinLateral(bestBidTick, sql`true`).groupBy(obligations.obligationId).where(and(ids !== void 0 && ids.length > 0 ? inArray(obligations.obligationId, ids) : void 0, chainIds !== void 0 && chainIds.length > 0 ? inArray(obligations.chainId, chainIds) : void 0, loanTokenFilter, maturities !== void 0 && maturities.length > 0 ? inArray(obligations.maturity, maturities) : gte(obligations.maturity, now$1), collateralFilter)).as("obligations_with_quotes");
+		const sortColumns = {
+			id: obligationsWithQuotes.obligationId,
+			ask: obligationsWithQuotes.ask,
+			bid: obligationsWithQuotes.bid,
+			maturity: obligationsWithQuotes.maturity
+		};
+		const rows = await db.select({
+			obligationId: obligationsWithQuotes.obligationId,
+			chainId: obligationsWithQuotes.chainId,
+			loanToken: obligationsWithQuotes.loanToken,
+			collaterals: obligationsWithQuotes.collaterals,
+			maturity: obligationsWithQuotes.maturity,
+			askTick: obligationsWithQuotes.askTick,
+			bidTick: obligationsWithQuotes.bidTick,
+			ask: obligationsWithQuotes.ask,
+			bid: obligationsWithQuotes.bid
+		}).from(obligationsWithQuotes).where(buildCursorFilter(sortColumns, sort, cursorValues)).orderBy(...buildOrderBy(sortColumns, sort)).limit(limit + 1);
+		const hasMore = rows.length > limit;
+		const listedRows = (hasMore ? rows.slice(0, limit) : rows).map((row) => {
+			return {
+				obligation: from$13({
+					chainId: row.chainId,
+					loanToken: row.loanToken,
+					collaterals: row.collaterals.sort((left, right) => left.asset.localeCompare(right.asset)).map((collateral) => from$14({
+						asset: collateral.asset,
+						oracle: collateral.oracle,
+						lltv: from$15(BigInt(collateral.lltv))
+					})),
+					maturity: row.maturity
+				}),
+				quote: from$9({
+					obligationId: row.obligationId,
+					ask: { tick: row.askTick },
+					bid: { tick: row.bidTick }
+				}),
+				cursorValues: {
+					id: row.obligationId,
+					ask: toBigInt(row.ask),
+					bid: toBigInt(row.bid),
+					maturity: row.maturity
+				}
+			};
+		});
+		const nextCursor = hasMore && listedRows.length > 0 ? encodeCursorPayload({
+			sort: sortToTokens(sort),
+			id: listedRows[listedRows.length - 1].cursorValues.id,
+			ask: listedRows[listedRows.length - 1].cursorValues.ask.toString(),
+			bid: listedRows[listedRows.length - 1].cursorValues.bid.toString(),
+			maturity: listedRows[listedRows.length - 1].cursorValues.maturity
+		}) : null;
+		return {
+			obligations: listedRows.map((row) => ({
+				obligation: row.obligation,
+				quote: row.quote
+			})),
+			nextCursor
+		};
+	} };
+}
+function isSortField(value) {
+	return SORT_FIELDS.includes(value);
+}
+function parseSortToken(token) {
+	const direction = token.startsWith("-") ? "desc" : "asc";
+	const rawField = token.startsWith("-") ? token.slice(1) : token;
+	if (!isSortField(rawField)) throw new BadRequestError(`Invalid sort field: ${rawField}`);
+	return {
+		field: rawField,
+		direction
+	};
+}
+function normalizeSort(sortTokens) {
+	const parsed = sortTokens?.length ? sortTokens.map(parseSortToken) : [{
+		field: "id",
+		direction: "asc"
+	}];
+	return parsed.some((entry) => entry.field === "id") ? parsed : [...parsed, {
+		field: "id",
+		direction: "asc"
+	}];
+}
+function sortToTokens(sortEntries) {
+	return sortEntries.map((entry) => entry.direction === "desc" ? `-${entry.field}` : entry.field);
+}
+function hasSameSort(left, right) {
+	if (left.length !== right.length) return false;
+	return left.every((sortEntry, index) => sortEntry.field === right[index]?.field && sortEntry.direction === right[index]?.direction);
+}
+function decodeCursorPayload(cursor) {
+	let decoded;
+	try {
+		decoded = JSON.parse(Buffer.from(cursor, "base64url").toString("utf8"));
+	} catch {
+		throw new BadRequestError("Invalid cursor format");
+	}
+	if (decoded === null || typeof decoded !== "object") throw new BadRequestError("Invalid cursor payload");
+	const payload = decoded;
+	const sortTokens = parseCursorSortTokens(payload.sort);
+	if (typeof payload.id !== "string" || !CURSOR_ID_REGEX.test(payload.id)) throw new BadRequestError("Invalid cursor obligation id");
+	const ask = parseCursorNonNegativeInt32(payload.ask, "ask");
+	const bid = parseCursorNonNegativeInt32(payload.bid, "bid");
+	if (!isInt32(payload.maturity)) throw new BadRequestError("Invalid cursor maturity value");
+	return {
+		sort: sortTokens,
+		id: payload.id,
+		ask,
+		bid,
+		maturity: payload.maturity
+	};
+}
+function parseCursorSortTokens(value) {
+	if (!Array.isArray(value) || value.length === 0 || value.length > MAX_CURSOR_SORT_FIELDS) throw new BadRequestError("Invalid cursor sort");
+	const sortEntries = value.map((token) => {
+		if (typeof token !== "string") throw new BadRequestError("Invalid cursor sort");
+		try {
+			return parseSortToken(token);
+		} catch {
+			throw new BadRequestError("Invalid cursor sort");
+		}
+	});
+	if (new Set(sortEntries.map((entry) => entry.field)).size !== sortEntries.length) throw new BadRequestError("Invalid cursor sort");
+	return sortToTokens(sortEntries);
+}
+function parseCursorNonNegativeInt32(value, field) {
+	if (typeof value !== "string" || !/^\d+$/.test(value)) throw new BadRequestError(`Invalid cursor ${field} value`);
+	if (BigInt(value) > INT32_MAX_BIGINT) throw new BadRequestError(`Invalid cursor ${field} value`);
+	return value;
+}
+function isInt32(value) {
+	return typeof value === "number" && Number.isSafeInteger(value) && value >= INT32_MIN && value <= INT32_MAX;
+}
+function encodeCursorPayload(payload) {
+	return Buffer.from(JSON.stringify(payload), "utf8").toString("base64url");
+}
+function cursorValuesFromPayload(payload) {
+	return {
+		id: payload.id,
+		ask: BigInt(payload.ask),
+		bid: BigInt(payload.bid),
+		maturity: payload.maturity
+	};
+}
+function cursorComparisonValue(cursorValues, field) {
+	switch (field) {
+		case "id": return cursorValues.id;
+		case "maturity": return cursorValues.maturity;
+		case "ask": return cursorValues.ask.toString();
+		case "bid": return cursorValues.bid.toString();
+	}
+}
+function buildCursorFilter(columns, sortEntries, cursorValues) {
+	if (cursorValues === void 0) return void 0;
+	const comparisons = sortEntries.map((sortEntry, index) => {
+		const equals = sortEntries.slice(0, index).map((previous) => {
+			return sql`${columns[previous.field]} = ${cursorComparisonValue(cursorValues, previous.field)}`;
+		});
+		const comparison = sortEntry.direction === "asc" ? sql`${columns[sortEntry.field]} > ${cursorComparisonValue(cursorValues, sortEntry.field)}` : sql`${columns[sortEntry.field]} < ${cursorComparisonValue(cursorValues, sortEntry.field)}`;
+		return equals.length > 0 ? sql`(${sql.join([...equals, comparison], sql` AND `)})` : sql`(${comparison})`;
+	});
+	return comparisons.length > 0 ? sql`(${sql.join(comparisons, sql` OR `)})` : void 0;
+}
+function buildOrderBy(columns, sortEntries) {
+	return sortEntries.map((sortEntry) => sortEntry.direction === "asc" ? asc(columns[sortEntry.field]) : desc(columns[sortEntry.field]));
+}
+function toBigInt(value) {
+	if (typeof value === "bigint") return value;
+	if (typeof value === "number") return BigInt(value);
+	return BigInt(value.split(".")[0] ?? "0");
+}
+
 //#endregion
 //#region src/database/Database.ts
 function createDomains(core, chainRegistry) {
 	return {
-		book: create$14({ db: core }),
-		blocks: create$15({
+		book: create$15({ db: core }),
+		blocks: create$16({
 			db: core,
 			chainRegistry
 		}),
-		callbacks: create$13(core),
-		offers: create$8({ db: core }),
-		consumed: create$12(core),
-		groups: create$11(core),
-		lots: create$10(core),
-		obligations: create$9(core),
-		offsets: create$7(core),
-		oracles: create$6(core),
-		trees: create$3({ db: core }),
-		validations: create$2(core),
-		positions: create$5(core),
-		transfers: create$4(core)
+		callbacks: create$14(core),
+		offers: create$9({ db: core }),
+		consumed: create$13(core),
+		groups: create$12(core),
+		lots: create$11(core),
+		obligations: create$10(core),
+		offsets: create$8(core),
+		oracles: create$7(core),
+		trees: create$4({ db: core }),
+		validations: create$3(core),
+		positions: create$6(core),
+		transfers: create$5(core)
 	};
 }
+function createReaders(core) {
+	return { obligations: create$2({ db: core }) };
+}
 const AUGMENT_CACHE = /* @__PURE__ */ new WeakMap();
 function augmentWithDomains(base, chainRegistry) {
 	const cached = AUGMENT_CACHE.get(base)?.get(chainRegistry);
@@ -8829,6 +9297,7 @@ function augmentWithDomains(base, chainRegistry) {
 		});
 	};
 	const dms = createDomains(wrapped, chainRegistry);
+	const readers = createReaders(wrapped);
 	Object.defineProperties(wrapped, {
 		book: {
 			value: dms.book,
@@ -8885,6 +9354,10 @@ function augmentWithDomains(base, chainRegistry) {
 		transfers: {
 			value: dms.transfers,
 			enumerable: true
+		},
+		readers: {
+			value: readers,
+			enumerable: true
 		}
 	});
 	const chainRegistryMap = AUGMENT_CACHE.get(base);
@@ -8893,6 +9366,7 @@ function augmentWithDomains(base, chainRegistry) {
 	return wrapped;
 }
 const InMemoryDbMap = /* @__PURE__ */ new Map();
+const LEGACY_SCHEMA_START_MINOR = 7;
 /**
 * Connect to the database.
 * @notice If no connection string is provided, an in-process PGLite database is created.
@@ -8947,9 +9421,26 @@ function applyMigrations(kind, driver) {
 async function preMigrate(driver) {
 	const tracer = getTracer("db.preMigrate");
 	await startActiveSpan(tracer, "db.preMigrate", async () => {
-		await driver.execute(`create schema if not exists "${VERSION}"`);
+		const schemaNames = getSchemaNamesForMigration(VERSION);
+		for (const schemaName of schemaNames) await driver.execute(`create schema if not exists "${schemaName}"`);
 	});
 }
+/**
+* Build the list of router schemas that should exist before running migrations.
+* @param version - Current schema version (e.g. `router_v1.8`).
+* @returns Ordered schema names from `router_v1.7` to current, or just current if parsing fails.
+*/
+function getSchemaNamesForMigration(version) {
+	const parsed = /^router_v(?<major>\d+)\.(?<minor>\d+)$/.exec(version);
+	if (!parsed?.groups?.major || !parsed.groups.minor) return [version];
+	const major = Number.parseInt(parsed.groups.major, 10);
+	const currentMinor = Number.parseInt(parsed.groups.minor, 10);
+	if (!Number.isInteger(major) || !Number.isInteger(currentMinor)) return [version];
+	if (currentMinor < LEGACY_SCHEMA_START_MINOR) return [version];
+	const schemaNames = [];
+	for (let minor = LEGACY_SCHEMA_START_MINOR; minor <= currentMinor; minor += 1) schemaNames.push(`router_v${major}.${minor}`);
+	return schemaNames;
+}
 async function postMigrate(driver) {
 	const tracer = getTracer("db.postMigrate");
 	await startActiveSpan(tracer, "db.postMigrate", async () => {
@@ -9219,15 +9710,16 @@ async function postMigrate(driver) {
     RETURNS trigger
     LANGUAGE plpgsql AS $$
     BEGIN
-      INSERT INTO "${VERSION}"."offsets" (chain_id, "user", contract, "group", value)
+      INSERT INTO "${VERSION}"."offsets" (chain_id, "user", contract, "group", obligation_id, value)
       VALUES (
         OLD.chain_id,
         OLD."user",
         OLD.contract,
         OLD."group",
+        OLD.obligation_id,
         OLD.upper::numeric - OLD.lower::numeric
       )
-      ON CONFLICT (chain_id, "user", contract, "group") DO NOTHING;
+      ON CONFLICT (chain_id, "user", contract, "group", obligation_id) DO NOTHING;
       RETURN OLD;
     END;
     $$;
@@ -9527,7 +10019,7 @@ var RouterCmd = class RouterCmd extends Command {
 		const configPath = resolveConfigPath(options.configFile);
 		const config = configPath !== null ? loadRouterConfig(configPath) : createDefaultConfig();
 		const logger = defaultLogger(config.logging.level, config.logging.pretty);
-		const chainRegistry = create$19(Object.values(config.chains).map((entry) => entry.chain));
+		const chainRegistry = create$20(Object.values(config.chains).map((entry) => entry.chain));
 		const clients = (config.indexer?.chains ?? []).map((name) => {
 			const chainConfig = config.chains[name];
 			if (!chainConfig) throw new Error(`Indexer chain ${name} is not defined under [chains].`);
@@ -9575,7 +10067,7 @@ const gatekeeperCmd = new RouterCmd("gatekeeper");
 gatekeeperCmd.description("Start Gatekeeper validation service.").action(async (opts) => {
 	const { gatekeeper: gatekeeperConfig, chainRegistry, logger } = opts;
 	await runWithLogger(logger, async () => {
-		const gatekeeperCore = create$20({ rules: morphoRules(chainRegistry.list()) });
+		const gatekeeperCore = create$21({ rules: morphoRules(chainRegistry.list()) });
 		const handle = await start$1({
 			gatekeeper: gatekeeperCore,
 			chainRegistry,
@@ -9633,7 +10125,7 @@ async function getBook(params, db) {
 			side: query.side,
 			levels_count: levels.length,
 			has_next_cursor: nextCursor != null,
-			first_level_price: firstLevel?.price.toString() ?? null,
+			first_level_tick: firstLevel?.tick ?? null,
 			first_level_assets: firstLevel?.assets.toString() ?? null,
 			first_level_count: firstLevel?.count ?? null
 		});
@@ -9721,7 +10213,7 @@ async function getConfigContracts(query, chainRegistry) {
 }
 function parseCursor(cursor) {
 	const [chain, address] = cursor.split(":", 2);
-	if (!chain || !address) throw new BadRequestError("Cursor must be in the format chain_id:0x...");
+	if (!chain || !address) throw new BadRequestError$1("Cursor must be in the format chain_id:0x...");
 	return {
 		chain_id: Number.parseInt(chain, 10),
 		address: address.toLowerCase()
@@ -10042,37 +10534,44 @@ async function getHealthCollectors(query, db, chainRegistry) {
 
 //#endregion
 //#region src/api/Controllers/getObligation.ts
+function toPayloadError$1(err) {
+	if (err instanceof BadRequestError) return new BadRequestError$1(err.message);
+	return err;
+}
 async function getObligation(params, db) {
 	const logger = getLogger();
 	const result = safeParse("get_obligation", params, (issue) => issue.message);
 	if (!result.success) return failure(result.error);
 	const query = result.data;
 	try {
-		const { obligations } = await db.offers.getObligations({ ids: [query.obligation_id] });
-		if (obligations.length === 0) return failure(new NotFoundError("Obligation not found"));
-		const obligation = obligations[0];
-		const [quote] = await db.offers.getQuotes({ obligationIds: [id(obligation)] });
+		const listing = await db.readers.obligations.list({
+			ids: [query.obligation_id],
+			limit: 1
+		});
+		if (listing.obligations.length === 0) return failure(new NotFoundError("Obligation not found"));
+		const obligation = listing.obligations[0];
 		return success({
-			data: from$5(obligation, quote ?? {
-				obligationId: id(obligation),
-				ask: { price: 0n },
-				bid: { price: 0n }
-			}),
+			data: from$5(obligation.obligation, obligation.quote),
 			cursor: null
 		});
 	} catch (err) {
+		const payloadError = toPayloadError$1(err);
 		logger.error({
-			err,
+			err: payloadError,
 			msg: "Error get obligation",
-			errorMessage: err instanceof Error ? err.message : String(err),
-			errorStack: err instanceof Error ? err.stack : void 0
+			errorMessage: payloadError instanceof Error ? payloadError.message : String(payloadError),
+			errorStack: payloadError instanceof Error ? payloadError.stack : void 0
 		});
-		return failure(err);
+		return failure(payloadError);
 	}
 }
 
 //#endregion
 //#region src/api/Controllers/getObligations.ts
+function toPayloadError(err) {
+	if (err instanceof BadRequestError) return new BadRequestError$1(err.message);
+	return err;
+}
 async function getObligations(queryParameters, db) {
 	const logger = getLogger();
 	const result = safeParse("get_obligations", queryParameters, (issue) => issue.message);
@@ -10083,31 +10582,28 @@ async function getObligations(queryParameters, db) {
 		const loanTokens = query.loan_tokens?.length ? query.loan_tokens : void 0;
 		const collateralTokens = query.collateral_tokens?.length ? query.collateral_tokens : void 0;
 		const maturities = query.maturities?.length ? query.maturities : void 0;
-		const { obligations, nextCursor } = await db.offers.getObligations({
-			cursor: query.cursor,
-			limit: query.limit,
+		const listing = await db.readers.obligations.list({
 			chainId: chainIds,
 			loanToken: loanTokens,
 			collateralToken: collateralTokens,
-			maturity: maturities
+			maturity: maturities,
+			sort: query.sort,
+			cursor: query.cursor,
+			limit: query.limit
 		});
-		const quotes = await db.offers.getQuotes({ obligationIds: obligations.map((o) => id(o)) });
 		return success({
-			data: obligations.map((o) => from$5(o, quotes.find((q) => q.obligationId === id(o)) ?? {
-				obligationId: id(o),
-				ask: { price: 0n },
-				bid: { price: 0n }
-			})),
-			cursor: nextCursor ?? null
+			data: listing.obligations.map((item) => from$5(item.obligation, item.quote)),
+			cursor: listing.nextCursor
 		});
 	} catch (err) {
+		const payloadError = toPayloadError(err);
 		logger.error({
-			err,
+			err: payloadError,
 			msg: "Error get obligations",
-			errorMessage: err instanceof Error ? err.message : String(err),
-			errorStack: err instanceof Error ? err.stack : void 0
+			errorMessage: payloadError instanceof Error ? payloadError.message : String(payloadError),
+			errorStack: payloadError instanceof Error ? payloadError.stack : void 0
 		});
-		return failure(err);
+		return failure(payloadError);
 	}
 }
 
@@ -10120,7 +10616,7 @@ async function getObligations(queryParameters, db) {
 * @returns The offers with pagination cursor.
 */
 async function getOffersQuery(db, parameters) {
-	const limit = parameters?.limit ?? DEFAULT_LIMIT$2;
+	const limit = parameters?.limit ?? DEFAULT_LIMIT$3;
 	const cursor = parameters?.cursor;
 	const maker = parameters?.maker;
 	if (cursor !== null && cursor !== void 0) {
@@ -10196,7 +10692,7 @@ async function getOffersQuery(db, parameters) {
 		obligationUnits: offers.obligationUnits,
 		obligationShares: offers.obligationShares,
 		consumed: groups.consumed,
-		price: offers.price,
+		tick: offers.tick,
 		maturity: offers.maturity,
 		expiry: offers.expiry,
 		start: offers.start,
@@ -10207,6 +10703,7 @@ async function getOffersQuery(db, parameters) {
 		loanToken: obligations.loanToken,
 		callbackAddress: offers.callbackAddress,
 		callbackData: offers.callbackData,
+		receiverIfMakerIsSeller: offers.receiverIfMakerIsSeller,
 		collaterals: collateralsLateral.collaterals,
 		blockNumber: offers.blockNumber,
 		available: sql`${availableExpr}::numeric`.as("available"),
@@ -10228,13 +10725,14 @@ async function getOffersQuery(db, parameters) {
                     )
                   END
                 ) > 0` : void 0)).orderBy(asc(offers.hash)).limit(limit)).map((row) => {
+		const receiverIfMakerIsSeller = (row.receiverIfMakerIsSeller ?? row.maker).toLowerCase();
 		return {
 			hash: row.hash,
 			maker: row.maker,
 			assets: BigInt(row.assets),
 			obligationUnits: BigInt(row.obligationUnits),
 			obligationShares: BigInt(row.obligationShares),
-			price: BigInt(row.price),
+			tick: row.tick,
 			maturity: from$16(row.maturity),
 			expiry: row.expiry,
 			start: row.start,
@@ -10252,6 +10750,7 @@ async function getOffersQuery(db, parameters) {
 				address: row.callbackAddress,
 				data: row.callbackData
 			},
+			receiverIfMakerIsSeller,
 			consumed: BigInt(row.consumed),
 			available: BigInt(String(row.available ?? "0").split(".")[0] ?? "0"),
 			takeable: BigInt(String(row.takeable ?? "0").split(".")[0] ?? "0"),
@@ -10565,7 +11064,7 @@ startCmd.description("Start Router services.").addOption(new Option("--mock <n>"
 		let gatekeeperUrl = gatekeeperConfig?.url;
 		let gatekeeperHandle = null;
 		if (!gatekeeperUrl) {
-			const gatekeeperCore = create$20({ rules: morphoRules(chainRegistry.list()) });
+			const gatekeeperCore = create$21({ rules: morphoRules(chainRegistry.list()) });
 			gatekeeperHandle = await start$1({
 				gatekeeper: gatekeeperCore,
 				chainRegistry,
@@ -10891,6 +11390,7 @@ function buildOfferAssociationsFromOffers(parameters) {
 			positionContract: loanToken,
 			positionUser: offer.maker,
 			group: offer.group,
+			obligationId: obligationId(offer),
 			size: offer.assets
 		});
 	}