@morpho-org/midnight-sdk 1.1.1 → 1.2.0

package/lib/esm/offers/OfferChainUtils.js

@@ -0,0 +1,443 @@
+import { MathLib, Time } from "@morpho-org/morpho-ts";
+import { formatUnits, parseUnits } from "viem";
+import { DEFAULT_TICK_SPACING, MAX_TICK } from "../constants.js";
+import { InvalidOfferParameterError } from "../errors.js";
+import { TickLib } from "../math/index.js";
+const FAVORABLE_RATE_DRIFT = 0.1;
+const MAX_EXPIRY_TTM_NUMERATOR = 75n;
+const MAX_EXPIRY_TTM_DENOMINATOR = 100n;
+const MAX_CHAIN_LEGS = Number(MAX_TICK) + 1;
+const SECONDS_PER_YEAR = Number(Time.s.from.y(1n));
+/**
+ * Utilities for building time-bounded Midnight offer chains.
+ *
+ * A Midnight offer has one fixed price, so its displayed yearly rate changes
+ * as maturity approaches. The markets app uses these helpers when a maker wants
+ * to post, for example, a 5% order for several months: the app builds several
+ * adjacent offers sharing the same reserve, each with a different tick and time
+ * window, so the order reviews and renders as a stable 5% order across the
+ * selected window instead of drifting upward as time passes.
+ *
+ * @example
+ * ```ts
+ * import { OfferChainUtils } from "@morpho-org/midnight-sdk";
+ *
+ * const legs = OfferChainUtils.buildLendFixedRateOfferChain({
+ *   targetRate: 0.05,
+ *   tickSpacing: 4n,
+ *   maturityTimestamp: 1_798_761_600n,
+ *   chainStartTimestamp: 1_767_225_600n,
+ *   chainEndTimestamp: 1_791_153_600n,
+ * });
+ * console.log(legs[0]?.tick);
+ * ```
+ */
+export var OfferChainUtils;
+(function (OfferChainUtils) {
+    /**
+     * Maximum fraction of the initial time-to-maturity covered by a fixed-rate offer chain.
+     *
+     * Use this cap before displaying an expiry picker for a fixed-rate maker
+     * order. The last part of the maturity window is intentionally excluded
+     * because tiny time changes cause large displayed-rate drift.
+     *
+     * @example
+     * ```ts
+     * import { OfferChainUtils } from "@morpho-org/midnight-sdk";
+     *
+     * console.log(OfferChainUtils.MAX_EXPIRY_TTM_FRACTION);
+     * ```
+     */
+    OfferChainUtils.MAX_EXPIRY_TTM_FRACTION = 0.75;
+    /**
+     * Builds borrow-side sell-offer legs that approximate one fixed maker rate over time.
+     *
+     * Use before a make-borrow or supply-collateral-and-make-borrow flow when a
+     * borrower wants one displayed fixed borrow rate across a longer window. Map
+     * the returned legs to `Offer.create({ buy: false, ... })`, then group and
+     * submit them through the maker flow.
+     *
+     * Borrow chains read their target rate at each leg's expiry edge. If a leg
+     * would need to extend past `chainEndTimestamp`, it is dropped rather than
+     * clamped so the expiry edge remains the recoverable target-rate edge.
+     *
+     * @param params - Fixed-rate offer-chain parameters without a side field.
+     * @param params.targetRate - Target yearly fixed rate expressed as a decimal number.
+     * @param params.tickSpacing - Tick spacing enforced by the market.
+     * @param params.maturityTimestamp - Market maturity timestamp in seconds.
+     * @param params.chainStartTimestamp - First timestamp the chain should cover.
+     * @param params.chainEndTimestamp - Latest timestamp the chain may cover.
+     * @returns Borrow-side offer legs that can be mapped to `Offer.create({ buy: false, ... })`.
+     * @throws {InvalidOfferParameterError} when an input is invalid or the end timestamp exceeds the supported horizon.
+     * @example
+     * ```ts
+     * import { Offer, OfferChainUtils } from "@morpho-org/midnight-sdk";
+     *
+     * const legs = OfferChainUtils.buildBorrowFixedRateOfferChain({
+     *   targetRate: 0.08,
+     *   tickSpacing: market.tickSpacing,
+     *   maturityTimestamp: market.params.maturity,
+     *   chainStartTimestamp: now,
+     *   chainEndTimestamp: expiry,
+     * });
+     * const offers = legs.map((leg) =>
+     *   Offer.create({
+     *     ...baseOffer,
+     *     buy: false,
+     *     tick: leg.tick,
+     *     start: leg.startTimestamp,
+     *     expiry: leg.expiryTimestamp,
+     *   }),
+     * );
+     * ```
+     */
+    function buildBorrowFixedRateOfferChain(params) {
+        if (!Number.isFinite(params.targetRate)) {
+            throw new InvalidOfferParameterError({
+                parameter: "targetRate",
+                value: params.targetRate,
+                instruction: "Use a finite positive yearly rate.",
+            });
+        }
+        if (params.targetRate <= 0) {
+            throw new InvalidOfferParameterError({
+                parameter: "targetRate",
+                value: params.targetRate,
+                instruction: "Use a positive yearly rate.",
+            });
+        }
+        const tickSpacing = normalizeSafeInteger("tickSpacing", params.tickSpacing);
+        if (tickSpacing <= 0n || DEFAULT_TICK_SPACING % tickSpacing !== 0n) {
+            throw new InvalidOfferParameterError({
+                parameter: "tickSpacing",
+                value: tickSpacing,
+                instruction: `Use a positive tick spacing that divides "${DEFAULT_TICK_SPACING}".`,
+            });
+        }
+        const maturityTimestamp = normalizeTimestamp("maturityTimestamp", params.maturityTimestamp);
+        const chainStartTimestamp = normalizeTimestamp("chainStartTimestamp", params.chainStartTimestamp);
+        const chainEndTimestamp = normalizeTimestamp("chainEndTimestamp", params.chainEndTimestamp);
+        if (maturityTimestamp <= chainStartTimestamp) {
+            throw new InvalidOfferParameterError({
+                parameter: "maturityTimestamp",
+                value: maturityTimestamp,
+                instruction: "Use a timestamp greater than chainStartTimestamp.",
+            });
+        }
+        if (chainEndTimestamp <= chainStartTimestamp) {
+            throw new InvalidOfferParameterError({
+                parameter: "chainEndTimestamp",
+                value: chainEndTimestamp,
+                instruction: "Use a timestamp greater than chainStartTimestamp.",
+            });
+        }
+        const maxChainEndTimestamp = getMaxFixedRateOfferChainEndTimestamp({
+            maturityTimestamp,
+            chainStartTimestamp,
+        });
+        if (chainEndTimestamp > maxChainEndTimestamp) {
+            throw new InvalidOfferParameterError({
+                parameter: "chainEndTimestamp",
+                value: chainEndTimestamp,
+                instruction: `Use a timestamp no greater than "${maxChainEndTimestamp}".`,
+            });
+        }
+        const tauInitial = Number(maturityTimestamp - chainStartTimestamp) / SECONDS_PER_YEAR;
+        const tauStop = Number(maturityTimestamp - chainEndTimestamp) / SECONDS_PER_YEAR;
+        const lowerRate = params.targetRate * (1 - FAVORABLE_RATE_DRIFT);
+        /* v8 ignore next: positive finite targetRate validation keeps lowerRate positive for practical JS numbers. */
+        if (lowerRate <= 0)
+            return [];
+        const legs = [];
+        let tauTop = tauInitial;
+        let iteration = 0;
+        for (; iteration < MAX_CHAIN_LEGS; iteration++) {
+            const price = 1 / (1 + lowerRate * tauTop);
+            let priceInput;
+            if (!Number.isFinite(price) || price <= 0) {
+                priceInput = 0n;
+            }
+            else if (price >= 1) {
+                priceInput = MathLib.WAD;
+            }
+            else {
+                priceInput = parseUnits(price.toFixed(18), 18);
+            }
+            const rawTick = TickLib.priceToTick(priceInput, 1n) - 1n;
+            if (rawTick < 0n || rawTick > MAX_TICK)
+                break;
+            const tick = floorTickToSpacing(rawTick, tickSpacing);
+            if (legs.at(-1)?.tick === tick)
+                break;
+            const tauMax = rateTau(tick, lowerRate);
+            const tauMin = rateTau(tick, params.targetRate);
+            if (tauMin >= tauTop)
+                break;
+            if (tauMin < tauStop)
+                break;
+            const startTimestamp = maturityTimestamp -
+                BigInt(Math.round(Math.min(tauMax, tauTop) * SECONDS_PER_YEAR));
+            const expiryTimestamp = maturityTimestamp - BigInt(Math.round(tauMin * SECONDS_PER_YEAR));
+            /* v8 ignore next: tests cover positive legs; zero-width legs are skipped only on rounding ties. */
+            if (expiryTimestamp > startTimestamp) {
+                legs.push({ tick, startTimestamp, expiryTimestamp });
+            }
+            tauTop = tauMin;
+        }
+        /* v8 ignore next: the monotonic tick walk exits before exhausting the finite tick range. */
+        if (iteration >= MAX_CHAIN_LEGS) {
+            throw new InvalidOfferParameterError({
+                parameter: "tickSpacing",
+                value: tickSpacing,
+                instruction: `Borrow chain exceeded "${MAX_CHAIN_LEGS}" legs.`,
+            });
+        }
+        return legs;
+    }
+    OfferChainUtils.buildBorrowFixedRateOfferChain = buildBorrowFixedRateOfferChain;
+    /**
+     * Builds lend-side buy-offer legs that approximate one fixed maker rate over time.
+     *
+     * Use before a make-lend flow when a lender wants one displayed fixed lend
+     * rate across a longer window. Map the returned legs to
+     * `Offer.create({ buy: true, ... })`, then group and submit them through the
+     * maker flow.
+     *
+     * Lend chains read their target rate at each leg's start edge. The first leg
+     * may start before `chainStartTimestamp`; clamping that edge would move the
+     * recoverable display rate below the maker's target.
+     *
+     * @param params - Fixed-rate offer-chain parameters without a side field.
+     * @param params.targetRate - Target yearly fixed rate expressed as a decimal number.
+     * @param params.tickSpacing - Tick spacing enforced by the market.
+     * @param params.maturityTimestamp - Market maturity timestamp in seconds.
+     * @param params.chainStartTimestamp - First timestamp the chain should cover.
+     * @param params.chainEndTimestamp - Latest timestamp the chain may cover.
+     * @returns Lend-side offer legs that can be mapped to `Offer.create({ buy: true, ... })`.
+     * @throws {InvalidOfferParameterError} when an input is invalid or the end timestamp exceeds the supported horizon.
+     * @example
+     * ```ts
+     * import { Offer, OfferChainUtils } from "@morpho-org/midnight-sdk";
+     *
+     * const legs = OfferChainUtils.buildLendFixedRateOfferChain({
+     *   targetRate: 0.05,
+     *   tickSpacing: market.tickSpacing,
+     *   maturityTimestamp: market.params.maturity,
+     *   chainStartTimestamp: now,
+     *   chainEndTimestamp: expiry,
+     * });
+     * const offers = legs.map((leg) =>
+     *   Offer.create({
+     *     ...baseOffer,
+     *     buy: true,
+     *     tick: leg.tick,
+     *     start: leg.startTimestamp,
+     *     expiry: leg.expiryTimestamp,
+     *   }),
+     * );
+     * ```
+     */
+    function buildLendFixedRateOfferChain(params) {
+        if (!Number.isFinite(params.targetRate)) {
+            throw new InvalidOfferParameterError({
+                parameter: "targetRate",
+                value: params.targetRate,
+                instruction: "Use a finite positive yearly rate.",
+            });
+        }
+        if (params.targetRate <= 0) {
+            throw new InvalidOfferParameterError({
+                parameter: "targetRate",
+                value: params.targetRate,
+                instruction: "Use a positive yearly rate.",
+            });
+        }
+        const tickSpacing = normalizeSafeInteger("tickSpacing", params.tickSpacing);
+        if (tickSpacing <= 0n || DEFAULT_TICK_SPACING % tickSpacing !== 0n) {
+            throw new InvalidOfferParameterError({
+                parameter: "tickSpacing",
+                value: tickSpacing,
+                instruction: `Use a positive tick spacing that divides "${DEFAULT_TICK_SPACING}".`,
+            });
+        }
+        const maturityTimestamp = normalizeTimestamp("maturityTimestamp", params.maturityTimestamp);
+        const chainStartTimestamp = normalizeTimestamp("chainStartTimestamp", params.chainStartTimestamp);
+        const chainEndTimestamp = normalizeTimestamp("chainEndTimestamp", params.chainEndTimestamp);
+        if (maturityTimestamp <= chainStartTimestamp) {
+            throw new InvalidOfferParameterError({
+                parameter: "maturityTimestamp",
+                value: maturityTimestamp,
+                instruction: "Use a timestamp greater than chainStartTimestamp.",
+            });
+        }
+        if (chainEndTimestamp <= chainStartTimestamp) {
+            throw new InvalidOfferParameterError({
+                parameter: "chainEndTimestamp",
+                value: chainEndTimestamp,
+                instruction: "Use a timestamp greater than chainStartTimestamp.",
+            });
+        }
+        const maxChainEndTimestamp = getMaxFixedRateOfferChainEndTimestamp({
+            maturityTimestamp,
+            chainStartTimestamp,
+        });
+        if (chainEndTimestamp > maxChainEndTimestamp) {
+            throw new InvalidOfferParameterError({
+                parameter: "chainEndTimestamp",
+                value: chainEndTimestamp,
+                instruction: `Use a timestamp no greater than "${maxChainEndTimestamp}".`,
+            });
+        }
+        const tauInitial = Number(maturityTimestamp - chainStartTimestamp) / SECONDS_PER_YEAR;
+        const tauStop = Number(maturityTimestamp - chainEndTimestamp) / SECONDS_PER_YEAR;
+        const upperRate = params.targetRate * (1 + FAVORABLE_RATE_DRIFT);
+        const maxAlignedTick = floorTickToSpacing(MAX_TICK, tickSpacing);
+        const highestDiscountTick = floorTickToSpacing(TickLib.priceToTick(MathLib.WAD, 1n) - 1n, tickSpacing);
+        const ceilingTick = highestDiscountTick < maxAlignedTick
+            ? highestDiscountTick
+            : maxAlignedTick;
+        const tauCeiling = rateTau(ceilingTick, upperRate);
+        let tauBottom = Math.max(tauStop, tauCeiling);
+        if (tauBottom >= tauInitial)
+            return [];
+        const tauLegs = [];
+        let iteration = 0;
+        for (; iteration < MAX_CHAIN_LEGS; iteration++) {
+            const price = 1 / (1 + upperRate * tauBottom);
+            let priceInput;
+            if (!Number.isFinite(price) || price <= 0) {
+                priceInput = 0n;
+            }
+            else {
+                /* v8 ignore next: positive rates that survive the grid-floor check keep lend-chain prices below one. */
+                if (price >= 1) {
+                    priceInput = MathLib.WAD;
+                }
+                else {
+                    priceInput = parseUnits(price.toFixed(18), 18);
+                }
+            }
+            const rawTick = TickLib.priceToTick(priceInput, 1n);
+            /* v8 ignore next: priceToTick returns in-range ticks; maxAlignedTick only tightens non-dividing spacing. */
+            if (rawTick < 0n || rawTick > MAX_TICK || rawTick > maxAlignedTick)
+                break;
+            const alignedTick = ((rawTick + tickSpacing - 1n) / tickSpacing) * tickSpacing;
+            /* v8 ignore next: non-dividing spacing boundary clamp is defensive; normal alignment is covered. */
+            const tick = alignedTick < maxAlignedTick ? alignedTick : maxAlignedTick;
+            if (tauLegs.at(-1)?.tick === tick)
+                break;
+            const tauMax = rateTau(tick, params.targetRate);
+            const tauMin = rateTau(tick, upperRate);
+            if (tauMax <= tauBottom)
+                break;
+            tauLegs.push({ tick, tauMax, tauMin: Math.max(tauMin, tauBottom) });
+            if (tauMax >= tauInitial)
+                break;
+            tauBottom = tauMax;
+        }
+        /* v8 ignore next: the monotonic tick walk exits before exhausting the finite tick range. */
+        if (iteration >= MAX_CHAIN_LEGS) {
+            throw new InvalidOfferParameterError({
+                parameter: "tickSpacing",
+                value: tickSpacing,
+                instruction: `Lend chain exceeded "${MAX_CHAIN_LEGS}" legs.`,
+            });
+        }
+        const leftmostLeg = tauLegs.at(-1);
+        if (leftmostLeg && leftmostLeg.tauMax < tauInitial)
+            return [];
+        return tauLegs
+            .reverse()
+            .map((leg) => ({
+            tick: leg.tick,
+            startTimestamp: maturityTimestamp - BigInt(Math.round(leg.tauMax * SECONDS_PER_YEAR)),
+            expiryTimestamp: maturityTimestamp - BigInt(Math.round(leg.tauMin * SECONDS_PER_YEAR)),
+        }))
+            .filter((leg) => leg.expiryTimestamp > leg.startTimestamp);
+    }
+    OfferChainUtils.buildLendFixedRateOfferChain = buildLendFixedRateOfferChain;
+    /**
+     * Returns the latest supported end timestamp for a fixed-rate offer chain.
+     *
+     * Chains intentionally stop before the final part of the maturity window
+     * because rate sensitivity accelerates near maturity and would require too
+     * many short-lived offers for a stable maker quote.
+     * Call this when constraining a make-offer expiry selector, then pass the
+     * selected timestamp to the lend-only or borrow-only chain builder.
+     *
+     * @param params - Maturity and chain-start timestamps.
+     * @param params.maturityTimestamp - Market maturity timestamp in seconds.
+     * @param params.chainStartTimestamp - First timestamp the chain should cover.
+     * @returns Latest accepted chain end timestamp.
+     * @throws {InvalidOfferParameterError} when a timestamp is invalid.
+     * @example
+     * ```ts
+     * import { OfferChainUtils } from "@morpho-org/midnight-sdk";
+     *
+     * const maxExpiry = OfferChainUtils.getMaxFixedRateOfferChainEndTimestamp({
+     *   maturityTimestamp: market.params.maturity,
+     *   chainStartTimestamp: now,
+     * });
+     * console.log(maxExpiry);
+     * ```
+     */
+    function getMaxFixedRateOfferChainEndTimestamp(params) {
+        const maturityTimestamp = normalizeTimestamp("maturityTimestamp", params.maturityTimestamp);
+        const chainStartTimestamp = normalizeTimestamp("chainStartTimestamp", params.chainStartTimestamp);
+        if (maturityTimestamp <= chainStartTimestamp) {
+            throw new InvalidOfferParameterError({
+                parameter: "maturityTimestamp",
+                value: maturityTimestamp,
+                instruction: "Use a maturity timestamp greater than chainStartTimestamp.",
+            });
+        }
+        return (chainStartTimestamp +
+            ((maturityTimestamp - chainStartTimestamp) * MAX_EXPIRY_TTM_NUMERATOR) /
+                MAX_EXPIRY_TTM_DENOMINATOR);
+    }
+    OfferChainUtils.getMaxFixedRateOfferChainEndTimestamp = getMaxFixedRateOfferChainEndTimestamp;
+})(OfferChainUtils || (OfferChainUtils = {}));
+function normalizeSafeInteger(parameter, value) {
+    let normalized;
+    try {
+        normalized = BigInt(value);
+    }
+    catch (cause) {
+        throw new InvalidOfferParameterError({
+            parameter,
+            value,
+            instruction: "Use a safe integer value.",
+            cause,
+        });
+    }
+    const numberValue = Number(normalized);
+    if (!Number.isSafeInteger(numberValue)) {
+        throw new InvalidOfferParameterError({
+            parameter,
+            value,
+            instruction: "Use a JavaScript-safe integer value.",
+        });
+    }
+    return normalized;
+}
+function normalizeTimestamp(parameter, value) {
+    const normalized = normalizeSafeInteger(parameter, value);
+    if (normalized < 0n) {
+        throw new InvalidOfferParameterError({
+            parameter,
+            value,
+            instruction: "Use a non-negative timestamp.",
+        });
+    }
+    return normalized;
+}
+function rateTau(tick, rate) {
+    const price = Number(formatUnits(TickLib.tickToPrice(tick), 18));
+    /* v8 ignore next: builders pass positive rates and discount ticks; this guards direct internal misuse. */
+    if (price <= 0 || price >= 1 || rate <= 0)
+        return 0;
+    return (1 / price - 1) / rate;
+}
+function floorTickToSpacing(tick, spacing) {
+    return tick - (tick % spacing);
+}

package/lib/esm/offers/index.d.ts

@@ -1,2 +1,3 @@
 export * from "./Offer.js";
+export * from "./OfferChainUtils.js";
 export * from "./OfferUtils.js";

package/lib/esm/offers/index.js

@@ -1,2 +1,3 @@
 export * from "./Offer.js";
+export * from "./OfferChainUtils.js";
 export * from "./OfferUtils.js";

package/lib/esm/{market → position}/Position.d.ts

@@ -1,6 +1,6 @@
 import { type BigIntish } from "@morpho-org/morpho-ts";
-import type { Address } from "viem";
-import { type IMarket, Market } from "./Market.js";
+import type { Address, Hash } from "viem";
+import { type IMarket, Market } from "../market/Market.js";
 /**
  * Plain input accepted by {@link Position}.
  *
@@ -9,6 +9,8 @@ import { type IMarket, Market } from "./Market.js";
  * import type { IPosition } from "@morpho-org/midnight-sdk";
  *
  * const position: IPosition = {
+ *   user: "0x0000000000000000000000000000000000009000",
+ *   marketId: "0x0000000000000000000000000000000000000000000000000000000000000001",
  *   credit: 0n,
  *   pendingFee: 0n,
  *   lastLossFactor: 0n,
@@ -20,6 +22,10 @@ import { type IMarket, Market } from "./Market.js";
  * ```
  */
 export interface IPosition {
+    /** User holding this position. */
+    readonly user: Address;
+    /** Id of the market on which this position is held. */
+    readonly marketId: Hash;
     /** User credit. */
     readonly credit: BigIntish;
     /** Pending continuous fee. */
@@ -43,6 +49,8 @@ export interface IPosition {
  * import { Position } from "@morpho-org/midnight-sdk";
  *
  * const position = new Position({
+ *   user: "0x0000000000000000000000000000000000009000",
+ *   marketId: "0x0000000000000000000000000000000000000000000000000000000000000001",
  *   credit: 0n,
  *   pendingFee: 0n,
  *   lastLossFactor: 0n,
@@ -54,7 +62,11 @@ export interface IPosition {
  * console.log(position.debt);
  * ```
  */
-export declare class Position {
+export declare class Position implements IPosition {
+    /** User holding this position. */
+    readonly user: Address;
+    /** Id of the market on which this position is held. */
+    readonly marketId: Hash;
     /** User credit. */
     readonly credit: bigint;
     /** Pending continuous fee. */
@@ -79,6 +91,8 @@ export declare class Position {
      * import { Position } from "@morpho-org/midnight-sdk";
      *
      * const position = new Position({
+     *   user: "0x0000000000000000000000000000000000009000",
+     *   marketId: "0x0000000000000000000000000000000000000000000000000000000000000001",
      *   credit: 1_000n,
      *   pendingFee: 100n,
      *   lastLossFactor: 0n,
@@ -92,6 +106,9 @@ export declare class Position {
      */
     get faceValue(): bigint;
 }
+/** Plain input shape for a Midnight position paired with hydrated market state. */
+export interface IAccrualPosition extends Omit<IPosition, "marketId"> {
+}
 /**
  * Midnight position paired with its hydrated market.
  *
@@ -116,6 +133,7 @@ export declare class Position {
  *
  * const position = new AccrualPosition(
  *   {
+ *     user: "0x0000000000000000000000000000000000009000",
  *     credit: 1_000n,
  *     pendingFee: 100n,
  *     lastLossFactor: 0n,
@@ -154,10 +172,65 @@ export declare class Position {
  * console.log(position.market.id);
  * ```
  */
-export declare class AccrualPosition extends Position {
+export declare class AccrualPosition extends Position implements IAccrualPosition {
+    protected readonly _market: Market;
+    constructor(position: IAccrualPosition, market: IMarket | Market);
     /** Hydrated market for this position. */
-    readonly market: Market;
-    constructor(position: IPosition, market: IMarket | Market);
+    get market(): Market;
+    /**
+     * Returns the maximum credit units currently withdrawable from this position.
+     *
+     * The protocol capacity is limited by both the accrued position credit and
+     * the market's currently withdrawable liquidity. Default redemption flows may
+     * still choose the position face value.
+     *
+     * @returns Maximum credit units currently withdrawable.
+     * @example
+     * ```ts
+     * import { AccrualPosition } from "@morpho-org/midnight-sdk";
+     *
+     * const position = new AccrualPosition(
+     *   {
+     *     user: "0x0000000000000000000000000000000000009000",
+     *     credit: 1_000n,
+     *     pendingFee: 100n,
+     *     lastLossFactor: 0n,
+     *     lastAccrual: 1_000n,
+     *     debt: 0n,
+     *     collateralBitmap: 1n,
+     *     collateral: [50n],
+     *   },
+     *   {
+     *     params: {
+     *       chainId: 8453,
+     *       midnight: "0x0000000000000000000000000000000000001000",
+     *       loanToken: "0x0000000000000000000000000000000000006000",
+     *       collateralParams: [
+     *         {
+     *           token: "0x0000000000000000000000000000000000007000",
+     *           lltv: 770000000000000000n,
+     *           liquidationCursor: 250000000000000000n,
+     *           oracle: "0x0000000000000000000000000000000000008000",
+     *         },
+     *       ],
+     *       maturity: 54_000n,
+     *       rcfThreshold: 0n,
+     *       enterGate: "0x0000000000000000000000000000000000000000",
+     *       liquidatorGate: "0x0000000000000000000000000000000000000000",
+     *     },
+     *     totalUnits: 1_000n,
+     *     lossFactor: 0n,
+     *     withdrawable: 950n,
+     *     continuousFeeCredit: 0n,
+     *     settlementFeeCbps: [1, 2, 3, 4, 5, 6, 7],
+     *     continuousFee: 10,
+     *     tickSpacing: 4,
+     *   },
+     * );
+     * console.log(position.withdrawable); // 950n
+     * ```
+     */
+    get withdrawable(): bigint;
     /**
      * Returns the position collateral balance at an index configured by the market.
      *
@@ -184,6 +257,7 @@ export declare class AccrualPosition extends Position {
      *
      * const position = new AccrualPosition(
      *   {
+     *     user: "0x0000000000000000000000000000000000009000",
      *     credit: 1_000n,
      *     pendingFee: 100n,
      *     lastLossFactor: 0n,
@@ -251,6 +325,7 @@ export declare class AccrualPosition extends Position {
      * const collateralToken = "0x0000000000000000000000000000000000007000";
      * const position = new AccrualPosition(
      *   {
+     *     user: "0x0000000000000000000000000000000000009000",
      *     credit: 1_000n,
      *     pendingFee: 100n,
      *     lastLossFactor: 0n,
@@ -317,6 +392,7 @@ export declare class AccrualPosition extends Position {
      *
      * const position = new AccrualPosition(
      *   {
+     *     user: "0x0000000000000000000000000000000000009000",
      *     credit: 1_000n,
      *     pendingFee: 100n,
      *     lastLossFactor: 0n,
@@ -386,6 +462,7 @@ export declare class AccrualPosition extends Position {
      *
      * const position = new AccrualPosition(
      *   {
+     *     user: "0x0000000000000000000000000000000000009000",
      *     credit: 1_000n,
      *     pendingFee: 100n,
      *     lastLossFactor: 0n,