@nadohq/shared 0.65.0 → 0.67.0

package/dist/index.d.cts

@@ -24,7 +24,7 @@ import { t as clampBigNumber } from "./clamp-D9lICt7X.cjs";
 import { n as addDecimals, r as removeDecimals, t as NADO_PRODUCT_DECIMALS } from "./decimalAdjustment-DCwilVOA.cjs";
 import { t as sumBigNumberBy } from "./sumBigNumberBy-BvDeov4-.cjs";
 import { t as toBigInt } from "./toBigInt-BDiOjNl-.cjs";
-import { t as toIntegerString } from "./toIntegerString-BUESqiY1.cjs";
+import { t as toIntegerString } from "./toIntegerString-XmD3bQt-.cjs";
 import { t as OrderExecutionType } from "./OrderExecutionType-5C8Yad5R.cjs";
 import { a as OrderAppendixTwapFields, i as OrderAppendixTriggerType, n as OrderAppendixBuilderFields, r as OrderAppendixIsolatedFields, t as OrderAppendix } from "./orderAppendixTypes-BUU6xlgS.cjs";
 import { t as SignatureParams } from "./signatureTypes-3nTqmq1y.cjs";
@@ -41,7 +41,7 @@ import { t as WalletNotProvidedError } from "./WalletNotProvidedError-Ba9SiWnP.c
 import { t as getNadoClientTypeHeaders } from "./getNadoClientTypeHeaders-E-LLWL7-.cjs";
 import { t as getValidatedAddress } from "./getValidatedAddress-CEK3POgJ.cjs";
 import { t as getValidatedHex } from "./getValidatedHex-DIJn4BMz.cjs";
-import { a as calcTotalDeposited, i as calcTotalBorrowed, n as calcBorrowRatePerSecond, o as calcUtilizationRatio, r as calcRealizedDepositRateForTimeRange, t as calcBorrowRateForTimeRange } from "./interest-BEsEmpAy.cjs";
+import { a as calcTotalDeposited, i as calcTotalBorrowed, n as calcBorrowRatePerSecond, o as calcUtilizationRatio, r as calcRealizedDepositRateForTimeRange, t as calcBorrowRateForTimeRange } from "./interest-BN4bYdpY.cjs";
 import { t as isWriteableContract } from "./isWriteableContract-C9lzUJ7s.cjs";
 import { t as mapValues } from "./mapValues-H9D_81GC.cjs";
 import { n as unpackTwapOrderAppendixValue, t as packTwapOrderAppendixValue } from "./appendixTwapValue-DNudvbI5.cjs";

package/dist/index.d.ts

@@ -24,7 +24,7 @@ import { t as clampBigNumber } from "./clamp-D9lICt7X.js";
 import { n as addDecimals, r as removeDecimals, t as NADO_PRODUCT_DECIMALS } from "./decimalAdjustment-pLqKqD8x.js";
 import { t as sumBigNumberBy } from "./sumBigNumberBy-BvDeov4-.js";
 import { t as toBigInt } from "./toBigInt-CBRk3mgz.js";
-import { t as toIntegerString } from "./toIntegerString-CyhOUxbE.js";
+import { t as toIntegerString } from "./toIntegerString-DfbD1c3k.js";
 import { t as OrderExecutionType } from "./OrderExecutionType-5C8Yad5R.js";
 import { a as OrderAppendixTwapFields, i as OrderAppendixTriggerType, n as OrderAppendixBuilderFields, r as OrderAppendixIsolatedFields, t as OrderAppendix } from "./orderAppendixTypes-pxsI3qLs.js";
 import { t as SignatureParams } from "./signatureTypes-3nTqmq1y.js";
@@ -41,7 +41,7 @@ import { t as WalletNotProvidedError } from "./WalletNotProvidedError-Ba9SiWnP.j
 import { t as getNadoClientTypeHeaders } from "./getNadoClientTypeHeaders-E-LLWL7-.js";
 import { t as getValidatedAddress } from "./getValidatedAddress-CEK3POgJ.js";
 import { t as getValidatedHex } from "./getValidatedHex-DIJn4BMz.js";
-import { a as calcTotalDeposited, i as calcTotalBorrowed, n as calcBorrowRatePerSecond, o as calcUtilizationRatio, r as calcRealizedDepositRateForTimeRange, t as calcBorrowRateForTimeRange } from "./interest-DUfNVtPJ.js";
+import { a as calcTotalDeposited, i as calcTotalBorrowed, n as calcBorrowRatePerSecond, o as calcUtilizationRatio, r as calcRealizedDepositRateForTimeRange, t as calcBorrowRateForTimeRange } from "./interest-CcDkLJnv.js";
 import { t as isWriteableContract } from "./isWriteableContract-X1rD5O8a.js";
 import { t as mapValues } from "./mapValues-H9D_81GC.js";
 import { n as unpackTwapOrderAppendixValue, t as packTwapOrderAppendixValue } from "./appendixTwapValue-Bb2ukj7A.js";

package/dist/{interest-BEsEmpAy.d.cts → interest-BN4bYdpY.d.cts}

@@ -37,6 +37,7 @@ declare function calcBorrowRatePerSecond(product: SpotProduct): BigNumber;
  *
  * @param product Spot product
  * @param seconds Number of seconds for the time period
+ * @param minDepositRate Annual min deposit rate, as stored in the product config
  */
 declare function calcBorrowRateForTimeRange(product: SpotProduct, seconds: BigNumberish, minDepositRate: BigNumberish): BigNumber;
 /**
@@ -45,8 +46,9 @@ declare function calcBorrowRateForTimeRange(product: SpotProduct, seconds: BigNu
  * @param product Spot product
  * @param seconds Number of seconds for the time period
  * @param interestFeeFrac Fraction of paid borrower interest that is paid as a fee (0.2 = 20% fee)
+ * @param minDepositRate Annual min deposit rate, as stored in the product config
  */
 declare function calcRealizedDepositRateForTimeRange(product: SpotProduct, seconds: BigNumberish, interestFeeFrac: BigNumberish, minDepositRate: BigNumberish): BigNumber;
 //#endregion
 export { calcTotalDeposited as a, calcTotalBorrowed as i, calcBorrowRatePerSecond as n, calcUtilizationRatio as o, calcRealizedDepositRateForTimeRange as r, calcBorrowRateForTimeRange as t };
-//# sourceMappingURL=interest-BEsEmpAy.d.cts.map
+//# sourceMappingURL=interest-BN4bYdpY.d.cts.map

package/dist/{interest-BEsEmpAy.d.cts.map → interest-BN4bYdpY.d.cts.map}

@@ -1 +1 @@
-{"version":3,"file":"interest-BEsEmpAy.d.cts","names":[],"sources":["../src/utils/src/utils/interest.ts"],"mappings":";;;;;;;;iBAQgB,iBAAA,CACd,sBAAA,EAAwB,YAAA,EACxB,8BAAA,EAAgC,YAAA,GAC/B,SAAA;;;;iBASa,kBAAA,CACd,uBAAA,EAAyB,YAAA,EACzB,+BAAA,EAAiC,YAAA,GAChC,SAAA;;;;;;iBAWa,oBAAA,CAAqB,OAAA,EAAS,WAAA,GAAW,SAAA;;;;AAvB7C;AASZ;;;;;;;;;;iBAmCgB,uBAAA,CAAwB,OAAA,EAAS,WAAA,GAAW,SAAA;;;;AAhChD;AAWZ;;iBA0DgB,0BAAA,CACd,OAAA,EAAS,WAAA,EACT,OAAA,EAAS,YAAA,EACT,cAAA,EAAgB,YAAA,GAAY,SAAA;;;;;;AA7D2B;AAqBzD;iBA0DgB,mCAAA,CACd,OAAA,EAAS,WAAA,EACT,OAAA,EAAS,YAAA,EACT,eAAA,EAAiB,YAAA,EACjB,cAAA,EAAgB,YAAA,GAAY,SAAA"}
+{"version":3,"file":"interest-BN4bYdpY.d.cts","names":[],"sources":["../src/utils/src/utils/interest.ts"],"mappings":";;;;;;;;iBAQgB,iBAAA,CACd,sBAAA,EAAwB,YAAA,EACxB,8BAAA,EAAgC,YAAA,GAC/B,SAAA;;;;iBASa,kBAAA,CACd,uBAAA,EAAyB,YAAA,EACzB,+BAAA,EAAiC,YAAA,GAChC,SAAA;;;;;;iBAWa,oBAAA,CAAqB,OAAA,EAAS,WAAA,GAAW,SAAA;;;;AAvB7C;AASZ;;;;;;;;;;iBAmCgB,uBAAA,CAAwB,OAAA,EAAS,WAAA,GAAW,SAAA;;;;AAhChD;AAWZ;;;iBA6EgB,0BAAA,CACd,OAAA,EAAS,WAAA,EACT,OAAA,EAAS,YAAA,EACT,cAAA,EAAgB,YAAA,GAAY,SAAA;;;;;AAhF2B;AAqBzD;;;iBAoFgB,mCAAA,CACd,OAAA,EAAS,WAAA,EACT,OAAA,EAAS,YAAA,EACT,eAAA,EAAiB,YAAA,EACjB,cAAA,EAAgB,YAAA,GAAY,SAAA"}

package/dist/{interest-DUfNVtPJ.d.ts → interest-CcDkLJnv.d.ts}

@@ -37,6 +37,7 @@ declare function calcBorrowRatePerSecond(product: SpotProduct): BigNumber;
  *
  * @param product Spot product
  * @param seconds Number of seconds for the time period
+ * @param minDepositRate Annual min deposit rate, as stored in the product config
  */
 declare function calcBorrowRateForTimeRange(product: SpotProduct, seconds: BigNumberish, minDepositRate: BigNumberish): BigNumber;
 /**
@@ -45,8 +46,9 @@ declare function calcBorrowRateForTimeRange(product: SpotProduct, seconds: BigNu
  * @param product Spot product
  * @param seconds Number of seconds for the time period
  * @param interestFeeFrac Fraction of paid borrower interest that is paid as a fee (0.2 = 20% fee)
+ * @param minDepositRate Annual min deposit rate, as stored in the product config
  */
 declare function calcRealizedDepositRateForTimeRange(product: SpotProduct, seconds: BigNumberish, interestFeeFrac: BigNumberish, minDepositRate: BigNumberish): BigNumber;
 //#endregion
 export { calcTotalDeposited as a, calcTotalBorrowed as i, calcBorrowRatePerSecond as n, calcUtilizationRatio as o, calcRealizedDepositRateForTimeRange as r, calcBorrowRateForTimeRange as t };
-//# sourceMappingURL=interest-DUfNVtPJ.d.ts.map
+//# sourceMappingURL=interest-CcDkLJnv.d.ts.map

package/dist/{interest-DUfNVtPJ.d.ts.map → interest-CcDkLJnv.d.ts.map}

@@ -1 +1 @@
-{"version":3,"file":"interest-DUfNVtPJ.d.ts","names":[],"sources":["../src/utils/src/utils/interest.ts"],"mappings":";;;;;;;;iBAQgB,iBAAA,CACd,sBAAA,EAAwB,YAAA,EACxB,8BAAA,EAAgC,YAAA,GAC/B,SAAA;;;;iBASa,kBAAA,CACd,uBAAA,EAAyB,YAAA,EACzB,+BAAA,EAAiC,YAAA,GAChC,SAAA;;;;;;iBAWa,oBAAA,CAAqB,OAAA,EAAS,WAAA,GAAW,SAAA;;;;AAvB7C;AASZ;;;;;;;;;;iBAmCgB,uBAAA,CAAwB,OAAA,EAAS,WAAA,GAAW,SAAA;;;;AAhChD;AAWZ;;iBA0DgB,0BAAA,CACd,OAAA,EAAS,WAAA,EACT,OAAA,EAAS,YAAA,EACT,cAAA,EAAgB,YAAA,GAAY,SAAA;;;;;;AA7D2B;AAqBzD;iBA0DgB,mCAAA,CACd,OAAA,EAAS,WAAA,EACT,OAAA,EAAS,YAAA,EACT,eAAA,EAAiB,YAAA,EACjB,cAAA,EAAgB,YAAA,GAAY,SAAA"}
+{"version":3,"file":"interest-CcDkLJnv.d.ts","names":[],"sources":["../src/utils/src/utils/interest.ts"],"mappings":";;;;;;;;iBAQgB,iBAAA,CACd,sBAAA,EAAwB,YAAA,EACxB,8BAAA,EAAgC,YAAA,GAC/B,SAAA;;;;iBASa,kBAAA,CACd,uBAAA,EAAyB,YAAA,EACzB,+BAAA,EAAiC,YAAA,GAChC,SAAA;;;;;;iBAWa,oBAAA,CAAqB,OAAA,EAAS,WAAA,GAAW,SAAA;;;;AAvB7C;AASZ;;;;;;;;;;iBAmCgB,uBAAA,CAAwB,OAAA,EAAS,WAAA,GAAW,SAAA;;;;AAhChD;AAWZ;;;iBA6EgB,0BAAA,CACd,OAAA,EAAS,WAAA,EACT,OAAA,EAAS,YAAA,EACT,cAAA,EAAgB,YAAA,GAAY,SAAA;;;;;AAhF2B;AAqBzD;;;iBAoFgB,mCAAA,CACd,OAAA,EAAS,WAAA,EACT,OAAA,EAAS,YAAA,EACT,eAAA,EAAiB,YAAA,EACjB,cAAA,EAAgB,YAAA,GAAY,SAAA"}

package/dist/{toIntegerString-CyhOUxbE.d.ts → toIntegerString-DfbD1c3k.d.ts}

@@ -2,11 +2,12 @@ import { t as BigNumberish } from "./bigNumber-BqgJEjFs.js";
 
 //#region src/utils/math/toIntegerString.d.ts
 /**
- * Converts a BigNumberish value to string
+ * Converts a BigNumberish value to an integer string, rounding any fractional
+ * part to the nearest integer (bignumber.js `.toFixed(0)` default rounding mode).
  *
  * @param val
  */
 declare function toIntegerString(val: BigNumberish): string;
 //#endregion
 export { toIntegerString as t };
-//# sourceMappingURL=toIntegerString-CyhOUxbE.d.ts.map
+//# sourceMappingURL=toIntegerString-DfbD1c3k.d.ts.map

package/dist/toIntegerString-DfbD1c3k.d.ts.map

@@ -0,0 +1 @@
+{"version":3,"file":"toIntegerString-DfbD1c3k.d.ts","names":[],"sources":["../src/utils/math/src/utils/math/toIntegerString.ts"],"mappings":";;;;;AAQA;;;;iBAAgB,eAAA,CAAgB,GAAiB,EAAZ,YAAY"}

package/dist/{toIntegerString-BUESqiY1.d.cts → toIntegerString-XmD3bQt-.d.cts}

@@ -2,11 +2,12 @@ import { t as BigNumberish } from "./bigNumber-BqgJEjFs.cjs";
 
 //#region src/utils/math/toIntegerString.d.ts
 /**
- * Converts a BigNumberish value to string
+ * Converts a BigNumberish value to an integer string, rounding any fractional
+ * part to the nearest integer (bignumber.js `.toFixed(0)` default rounding mode).
  *
  * @param val
  */
 declare function toIntegerString(val: BigNumberish): string;
 //#endregion
 export { toIntegerString as t };
-//# sourceMappingURL=toIntegerString-BUESqiY1.d.cts.map
+//# sourceMappingURL=toIntegerString-XmD3bQt-.d.cts.map

package/dist/toIntegerString-XmD3bQt-.d.cts.map

@@ -0,0 +1 @@
+{"version":3,"file":"toIntegerString-XmD3bQt-.d.cts","names":[],"sources":["../src/utils/math/src/utils/math/toIntegerString.ts"],"mappings":";;;;;AAQA;;;;iBAAgB,eAAA,CAAgB,GAAiB,EAAZ,YAAY"}

package/dist/utils/index.d.cts

@@ -4,7 +4,7 @@ import { t as clampBigNumber } from "../clamp-D9lICt7X.cjs";
 import { n as addDecimals, r as removeDecimals, t as NADO_PRODUCT_DECIMALS } from "../decimalAdjustment-DCwilVOA.cjs";
 import { t as sumBigNumberBy } from "../sumBigNumberBy-BvDeov4-.cjs";
 import { t as toBigInt } from "../toBigInt-BDiOjNl-.cjs";
-import { t as toIntegerString } from "../toIntegerString-BUESqiY1.cjs";
+import { t as toIntegerString } from "../toIntegerString-XmD3bQt-.cjs";
 import { n as asyncResult, t as AsyncResult } from "../asyncResult-BL5RY5sb.cjs";
 import { n as calcPerpBalanceValue, r as calcSpotBalanceValue, t as calcPerpBalanceNotionalValue } from "../balanceValue-1rQfF7-m.cjs";
 import { a as subaccountToBytes32, i as subaccountNameToBytes12, n as subaccountFromHex, o as subaccountToHex, r as subaccountNameBytesToStr, t as subaccountFromBytes32 } from "../bytes32-RGr1nYVD.cjs";
@@ -13,7 +13,7 @@ import { t as WalletNotProvidedError } from "../WalletNotProvidedError-Ba9SiWnP.
 import { t as getNadoClientTypeHeaders } from "../getNadoClientTypeHeaders-E-LLWL7-.cjs";
 import { t as getValidatedAddress } from "../getValidatedAddress-CEK3POgJ.cjs";
 import { t as getValidatedHex } from "../getValidatedHex-DIJn4BMz.cjs";
-import { a as calcTotalDeposited, i as calcTotalBorrowed, n as calcBorrowRatePerSecond, o as calcUtilizationRatio, r as calcRealizedDepositRateForTimeRange, t as calcBorrowRateForTimeRange } from "../interest-BEsEmpAy.cjs";
+import { a as calcTotalDeposited, i as calcTotalBorrowed, n as calcBorrowRatePerSecond, o as calcUtilizationRatio, r as calcRealizedDepositRateForTimeRange, t as calcBorrowRateForTimeRange } from "../interest-BN4bYdpY.cjs";
 import { t as isWriteableContract } from "../isWriteableContract-C9lzUJ7s.cjs";
 import { t as mapValues } from "../mapValues-H9D_81GC.cjs";
 import { n as unpackTwapOrderAppendixValue, t as packTwapOrderAppendixValue } from "../appendixTwapValue-DNudvbI5.cjs";

package/dist/utils/index.d.ts

@@ -4,7 +4,7 @@ import { t as clampBigNumber } from "../clamp-D9lICt7X.js";
 import { n as addDecimals, r as removeDecimals, t as NADO_PRODUCT_DECIMALS } from "../decimalAdjustment-pLqKqD8x.js";
 import { t as sumBigNumberBy } from "../sumBigNumberBy-BvDeov4-.js";
 import { t as toBigInt } from "../toBigInt-CBRk3mgz.js";
-import { t as toIntegerString } from "../toIntegerString-CyhOUxbE.js";
+import { t as toIntegerString } from "../toIntegerString-DfbD1c3k.js";
 import { n as asyncResult, t as AsyncResult } from "../asyncResult-BL5RY5sb.js";
 import { n as calcPerpBalanceValue, r as calcSpotBalanceValue, t as calcPerpBalanceNotionalValue } from "../balanceValue-BYBNPNZD.js";
 import { a as subaccountToBytes32, i as subaccountNameToBytes12, n as subaccountFromHex, o as subaccountToHex, r as subaccountNameBytesToStr, t as subaccountFromBytes32 } from "../bytes32-DsSNgVyG.js";
@@ -13,7 +13,7 @@ import { t as WalletNotProvidedError } from "../WalletNotProvidedError-Ba9SiWnP.
 import { t as getNadoClientTypeHeaders } from "../getNadoClientTypeHeaders-E-LLWL7-.js";
 import { t as getValidatedAddress } from "../getValidatedAddress-CEK3POgJ.js";
 import { t as getValidatedHex } from "../getValidatedHex-DIJn4BMz.js";
-import { a as calcTotalDeposited, i as calcTotalBorrowed, n as calcBorrowRatePerSecond, o as calcUtilizationRatio, r as calcRealizedDepositRateForTimeRange, t as calcBorrowRateForTimeRange } from "../interest-DUfNVtPJ.js";
+import { a as calcTotalDeposited, i as calcTotalBorrowed, n as calcBorrowRatePerSecond, o as calcUtilizationRatio, r as calcRealizedDepositRateForTimeRange, t as calcBorrowRateForTimeRange } from "../interest-CcDkLJnv.js";
 import { t as isWriteableContract } from "../isWriteableContract-X1rD5O8a.js";
 import { t as mapValues } from "../mapValues-H9D_81GC.js";
 import { n as unpackTwapOrderAppendixValue, t as packTwapOrderAppendixValue } from "../appendixTwapValue-Bb2ukj7A.js";

package/dist/utils/interest.cjs

@@ -55,13 +55,25 @@ function calcBorrowRatePerSecond(product) {
 	return annualRate.div(31536e3);
 }
 /**
+* Compounds an annual min deposit rate over a period, giving the multiplier
+* `SpotEngine._updateState` applies to both the borrow and the deposit
+* multiplier: `(1 + minDepositRate / secondsPerYear) ** seconds`.
+*
+* @param minDepositRate Annual min deposit rate, as stored in the product config
+* @param seconds Number of seconds for the time period
+*/
+function calcMinDepositRateMultiplier(minDepositRate, seconds) {
+	return (1 + require_utils_math_bigNumber.toBigNumber(minDepositRate).div(31536e3).toNumber()) ** require_utils_math_bigNumber.toBigNumber(seconds).toNumber();
+}
+/**
 * Calculates borrower interest rate compounded for a period of time.
 *
 * @param product Spot product
 * @param seconds Number of seconds for the time period
+* @param minDepositRate Annual min deposit rate, as stored in the product config
 */
 function calcBorrowRateForTimeRange(product, seconds, minDepositRate) {
-	return require_utils_math_bigNumber.toBigNumber(calcBorrowRatePerSecond(product).plus(1).toNumber() ** require_utils_math_bigNumber.toBigNumber(seconds).toNumber() - 1).plus(require_utils_math_bigNumber.toBigNumber(minDepositRate));
+	return require_utils_math_bigNumber.toBigNumber(calcBorrowRatePerSecond(product).plus(1).toNumber() ** require_utils_math_bigNumber.toBigNumber(seconds).toNumber() * calcMinDepositRateMultiplier(minDepositRate, seconds) - 1);
 }
 /**
 * Calculate depositor interest rate compounded for a period of time.
@@ -69,11 +81,13 @@ function calcBorrowRateForTimeRange(product, seconds, minDepositRate) {
 * @param product Spot product
 * @param seconds Number of seconds for the time period
 * @param interestFeeFrac Fraction of paid borrower interest that is paid as a fee (0.2 = 20% fee)
+* @param minDepositRate Annual min deposit rate, as stored in the product config
 */
 function calcRealizedDepositRateForTimeRange(product, seconds, interestFeeFrac, minDepositRate) {
+	const minDepositRateMultiplier = calcMinDepositRateMultiplier(minDepositRate, seconds);
 	const utilization = calcUtilizationRatio(product);
-	if (utilization.eq(0)) return require_utils_math_bigNumber.toBigNumber(0);
-	return utilization.times(calcBorrowRateForTimeRange(product, seconds, require_utils_math_bigNumber.toBigNumber(0))).times(require_utils_math_BigNumbers.BigNumbers.ONE.minus(require_utils_math_bigNumber.toBigNumber(interestFeeFrac))).plus(require_utils_math_bigNumber.toBigNumber(minDepositRate));
+	if (utilization.eq(0)) return require_utils_math_bigNumber.toBigNumber(minDepositRateMultiplier - 1);
+	return utilization.times(calcBorrowRateForTimeRange(product, seconds, require_utils_math_bigNumber.toBigNumber(0))).times(require_utils_math_BigNumbers.BigNumbers.ONE.minus(require_utils_math_bigNumber.toBigNumber(interestFeeFrac))).plus(require_utils_math_BigNumbers.BigNumbers.ONE).times(minDepositRateMultiplier).minus(require_utils_math_BigNumbers.BigNumbers.ONE);
 }
 //#endregion
 exports.calcBorrowRateForTimeRange = calcBorrowRateForTimeRange;

package/dist/utils/interest.cjs.map

@@ -1 +1 @@
-{"version":3,"file":"interest.cjs","names":["toBigNumber","removeDecimals","BigNumbers"],"sources":["../../src/utils/interest.ts"],"sourcesContent":["import BigNumber from 'bignumber.js';\nimport { SpotProduct } from '../types/productTypes';\nimport { BigNumberish, BigNumbers, removeDecimals, toBigNumber } from './math';\nimport { TimeInSeconds } from './time';\n\n/**\n * Calculate amount total borrowed for a product\n */\nexport function calcTotalBorrowed(\n  totalBorrowsNormalized: BigNumberish,\n  cumulativeBorrowsMultiplierX18: BigNumberish,\n): BigNumber {\n  return toBigNumber(totalBorrowsNormalized).multipliedBy(\n    removeDecimals(cumulativeBorrowsMultiplierX18),\n  );\n}\n\n/**\n * Calculate amount total deposited for a product.\n */\nexport function calcTotalDeposited(\n  totalDepositsNormalized: BigNumberish,\n  cumulativeDepositsMultiplierX18: BigNumberish,\n): BigNumber {\n  return toBigNumber(totalDepositsNormalized).multipliedBy(\n    removeDecimals(cumulativeDepositsMultiplierX18),\n  );\n}\n\n/**\n * Calculates utilization ratio = abs(total borrowed / total deposited)\n *\n * @param product Spot product\n */\nexport function calcUtilizationRatio(product: SpotProduct) {\n  if (product.totalDeposited.eq(0) || product.totalBorrowed.eq(0)) {\n    return toBigNumber(0);\n  }\n  return product.totalBorrowed.abs().div(product.totalDeposited);\n}\n\n/**\n * Calculates per-second borrow interest rate for a product. For example, a returned rate of 0.1 indicates 10% borrower\n * interest. The calculation for interest rate is as follows:\n *\n * If utilization ratio > inflection:\n * annual rate = (utilization ratio - inflection) / (1 - inflection) * interestLargeCap + interestFloor + interestSmallCap\n *\n * If utilization ratio <= inflection:\n * annual rate = utilization ratio * interestSmallCap / inflection + interestFloor\n *\n * The returned rate is annual rate / 31536000 seconds per year.\n *\n * @param product Spot product\n */\nexport function calcBorrowRatePerSecond(product: SpotProduct) {\n  const {\n    interestFloor,\n    interestInflectionUtil,\n    interestSmallCap,\n    interestLargeCap,\n  } = product;\n  const utilization = calcUtilizationRatio(product);\n  if (utilization.eq(0)) {\n    return toBigNumber(0);\n  }\n  const pastInflection = utilization.gt(interestInflectionUtil);\n\n  let annualRate: BigNumber;\n  if (pastInflection) {\n    const utilizationTerm = interestLargeCap.times(\n      toBigNumber(utilization)\n        .minus(interestInflectionUtil)\n        .div(BigNumbers.ONE.minus(interestInflectionUtil)),\n    );\n    annualRate = interestFloor.plus(interestSmallCap).plus(utilizationTerm);\n  } else {\n    const utilizationTerm = utilization\n      .div(interestInflectionUtil)\n      .times(interestSmallCap);\n    annualRate = interestFloor.plus(utilizationTerm);\n  }\n\n  return annualRate.div(TimeInSeconds.YEAR);\n}\n\n/**\n * Calculates borrower interest rate compounded for a period of time.\n *\n * @param product Spot product\n * @param seconds Number of seconds for the time period\n */\nexport function calcBorrowRateForTimeRange(\n  product: SpotProduct,\n  seconds: BigNumberish,\n  minDepositRate: BigNumberish,\n) {\n  const borrowRatePerSecond = calcBorrowRatePerSecond(product);\n\n  // Convert to number for this, with some loss of precision, but using `.pow()` causes us to hit browser resource limits\n  const borrowRateForTime =\n    borrowRatePerSecond.plus(1).toNumber() ** toBigNumber(seconds).toNumber() -\n    1;\n  return toBigNumber(borrowRateForTime).plus(toBigNumber(minDepositRate));\n}\n\n/**\n * Calculate depositor interest rate compounded for a period of time.\n *\n * @param product Spot product\n * @param seconds Number of seconds for the time period\n * @param interestFeeFrac Fraction of paid borrower interest that is paid as a fee (0.2 = 20% fee)\n */\nexport function calcRealizedDepositRateForTimeRange(\n  product: SpotProduct,\n  seconds: BigNumberish,\n  interestFeeFrac: BigNumberish,\n  minDepositRate: BigNumberish,\n) {\n  const utilization = calcUtilizationRatio(product);\n  if (utilization.eq(0)) {\n    return toBigNumber(0);\n  }\n  return utilization\n    .times(calcBorrowRateForTimeRange(product, seconds, toBigNumber(0)))\n    .times(BigNumbers.ONE.minus(toBigNumber(interestFeeFrac)))\n    .plus(toBigNumber(minDepositRate));\n}\n"],"mappings":";;;;;;;;;AAQA,SAAgB,kBACd,wBACA,gCACW;CACX,OAAOA,6BAAAA,YAAY,sBAAsB,EAAE,aACzCC,qCAAAA,eAAe,8BAA8B,CAC/C;AACF;;;;AAKA,SAAgB,mBACd,yBACA,iCACW;CACX,OAAOD,6BAAAA,YAAY,uBAAuB,EAAE,aAC1CC,qCAAAA,eAAe,+BAA+B,CAChD;AACF;;;;;;AAOA,SAAgB,qBAAqB,SAAsB;CACzD,IAAI,QAAQ,eAAe,GAAG,CAAC,KAAK,QAAQ,cAAc,GAAG,CAAC,GAC5D,OAAOD,6BAAAA,YAAY,CAAC;CAEtB,OAAO,QAAQ,cAAc,IAAI,EAAE,IAAI,QAAQ,cAAc;AAC/D;;;;;;;;;;;;;;;AAgBA,SAAgB,wBAAwB,SAAsB;CAC5D,MAAM,EACJ,eACA,wBACA,kBACA,qBACE;CACJ,MAAM,cAAc,qBAAqB,OAAO;CAChD,IAAI,YAAY,GAAG,CAAC,GAClB,OAAOA,6BAAAA,YAAY,CAAC;CAEtB,MAAM,iBAAiB,YAAY,GAAG,sBAAsB;CAE5D,IAAI;CACJ,IAAI,gBAAgB;EAClB,MAAM,kBAAkB,iBAAiB,MACvCA,6BAAAA,YAAY,WAAW,EACpB,MAAM,sBAAsB,EAC5B,IAAIE,8BAAAA,WAAW,IAAI,MAAM,sBAAsB,CAAC,CACrD;EACA,aAAa,cAAc,KAAK,gBAAgB,EAAE,KAAK,eAAe;CACxE,OAAO;EACL,MAAM,kBAAkB,YACrB,IAAI,sBAAsB,EAC1B,MAAM,gBAAgB;EACzB,aAAa,cAAc,KAAK,eAAe;CACjD;CAEA,OAAO,WAAW,IAAA,OAAsB;AAC1C;;;;;;;AAQA,SAAgB,2BACd,SACA,SACA,gBACA;CAOA,OAAOF,6BAAAA,YANqB,wBAAwB,OAIhC,EAAE,KAAK,CAAC,EAAE,SAAS,KAAKA,6BAAAA,YAAY,OAAO,EAAE,SAAS,IACxE,CACkC,EAAE,KAAKA,6BAAAA,YAAY,cAAc,CAAC;AACxE;;;;;;;;AASA,SAAgB,oCACd,SACA,SACA,iBACA,gBACA;CACA,MAAM,cAAc,qBAAqB,OAAO;CAChD,IAAI,YAAY,GAAG,CAAC,GAClB,OAAOA,6BAAAA,YAAY,CAAC;CAEtB,OAAO,YACJ,MAAM,2BAA2B,SAAS,SAASA,6BAAAA,YAAY,CAAC,CAAC,CAAC,EAClE,MAAME,8BAAAA,WAAW,IAAI,MAAMF,6BAAAA,YAAY,eAAe,CAAC,CAAC,EACxD,KAAKA,6BAAAA,YAAY,cAAc,CAAC;AACrC"}
+{"version":3,"file":"interest.cjs","names":["toBigNumber","removeDecimals","BigNumbers"],"sources":["../../src/utils/interest.ts"],"sourcesContent":["import BigNumber from 'bignumber.js';\nimport { SpotProduct } from '../types/productTypes';\nimport { BigNumberish, BigNumbers, removeDecimals, toBigNumber } from './math';\nimport { TimeInSeconds } from './time';\n\n/**\n * Calculate amount total borrowed for a product\n */\nexport function calcTotalBorrowed(\n  totalBorrowsNormalized: BigNumberish,\n  cumulativeBorrowsMultiplierX18: BigNumberish,\n): BigNumber {\n  return toBigNumber(totalBorrowsNormalized).multipliedBy(\n    removeDecimals(cumulativeBorrowsMultiplierX18),\n  );\n}\n\n/**\n * Calculate amount total deposited for a product.\n */\nexport function calcTotalDeposited(\n  totalDepositsNormalized: BigNumberish,\n  cumulativeDepositsMultiplierX18: BigNumberish,\n): BigNumber {\n  return toBigNumber(totalDepositsNormalized).multipliedBy(\n    removeDecimals(cumulativeDepositsMultiplierX18),\n  );\n}\n\n/**\n * Calculates utilization ratio = abs(total borrowed / total deposited)\n *\n * @param product Spot product\n */\nexport function calcUtilizationRatio(product: SpotProduct) {\n  if (product.totalDeposited.eq(0) || product.totalBorrowed.eq(0)) {\n    return toBigNumber(0);\n  }\n  return product.totalBorrowed.abs().div(product.totalDeposited);\n}\n\n/**\n * Calculates per-second borrow interest rate for a product. For example, a returned rate of 0.1 indicates 10% borrower\n * interest. The calculation for interest rate is as follows:\n *\n * If utilization ratio > inflection:\n * annual rate = (utilization ratio - inflection) / (1 - inflection) * interestLargeCap + interestFloor + interestSmallCap\n *\n * If utilization ratio <= inflection:\n * annual rate = utilization ratio * interestSmallCap / inflection + interestFloor\n *\n * The returned rate is annual rate / 31536000 seconds per year.\n *\n * @param product Spot product\n */\nexport function calcBorrowRatePerSecond(product: SpotProduct) {\n  const {\n    interestFloor,\n    interestInflectionUtil,\n    interestSmallCap,\n    interestLargeCap,\n  } = product;\n  const utilization = calcUtilizationRatio(product);\n  if (utilization.eq(0)) {\n    return toBigNumber(0);\n  }\n  const pastInflection = utilization.gt(interestInflectionUtil);\n\n  let annualRate: BigNumber;\n  if (pastInflection) {\n    const utilizationTerm = interestLargeCap.times(\n      toBigNumber(utilization)\n        .minus(interestInflectionUtil)\n        .div(BigNumbers.ONE.minus(interestInflectionUtil)),\n    );\n    annualRate = interestFloor.plus(interestSmallCap).plus(utilizationTerm);\n  } else {\n    const utilizationTerm = utilization\n      .div(interestInflectionUtil)\n      .times(interestSmallCap);\n    annualRate = interestFloor.plus(utilizationTerm);\n  }\n\n  return annualRate.div(TimeInSeconds.YEAR);\n}\n\n/**\n * Compounds an annual min deposit rate over a period, giving the multiplier\n * `SpotEngine._updateState` applies to both the borrow and the deposit\n * multiplier: `(1 + minDepositRate / secondsPerYear) ** seconds`.\n *\n * @param minDepositRate Annual min deposit rate, as stored in the product config\n * @param seconds Number of seconds for the time period\n */\nfunction calcMinDepositRateMultiplier(\n  minDepositRate: BigNumberish,\n  seconds: BigNumberish,\n): number {\n  const perSecond = toBigNumber(minDepositRate)\n    .div(TimeInSeconds.YEAR)\n    .toNumber();\n  return (1 + perSecond) ** toBigNumber(seconds).toNumber();\n}\n\n/**\n * Calculates borrower interest rate compounded for a period of time.\n *\n * @param product Spot product\n * @param seconds Number of seconds for the time period\n * @param minDepositRate Annual min deposit rate, as stored in the product config\n */\nexport function calcBorrowRateForTimeRange(\n  product: SpotProduct,\n  seconds: BigNumberish,\n  minDepositRate: BigNumberish,\n) {\n  const borrowRatePerSecond = calcBorrowRatePerSecond(product);\n\n  // Convert to number for this, with some loss of precision, but using `.pow()` causes us to hit browser resource limits\n  const borrowRateMultiplier =\n    borrowRatePerSecond.plus(1).toNumber() ** toBigNumber(seconds).toNumber();\n  // The engine multiplies the borrow multiplier by the min deposit multiplier,\n  // so the min deposit rate has to be compounded over the same period rather\n  // than added as an annual figure.\n  return toBigNumber(\n    borrowRateMultiplier *\n      calcMinDepositRateMultiplier(minDepositRate, seconds) -\n      1,\n  );\n}\n\n/**\n * Calculate depositor interest rate compounded for a period of time.\n *\n * @param product Spot product\n * @param seconds Number of seconds for the time period\n * @param interestFeeFrac Fraction of paid borrower interest that is paid as a fee (0.2 = 20% fee)\n * @param minDepositRate Annual min deposit rate, as stored in the product config\n */\nexport function calcRealizedDepositRateForTimeRange(\n  product: SpotProduct,\n  seconds: BigNumberish,\n  interestFeeFrac: BigNumberish,\n  minDepositRate: BigNumberish,\n) {\n  const minDepositRateMultiplier = calcMinDepositRateMultiplier(\n    minDepositRate,\n    seconds,\n  );\n  const utilization = calcUtilizationRatio(product);\n  // Nothing is borrowed, so no interest is paid — but the engine still applies\n  // the min deposit multiplier, which is the whole point of a rate floor.\n  if (utilization.eq(0)) {\n    return toBigNumber(minDepositRateMultiplier - 1);\n  }\n  const realizedDepositRate = utilization\n    .times(calcBorrowRateForTimeRange(product, seconds, toBigNumber(0)))\n    .times(BigNumbers.ONE.minus(toBigNumber(interestFeeFrac)));\n  return realizedDepositRate\n    .plus(BigNumbers.ONE)\n    .times(minDepositRateMultiplier)\n    .minus(BigNumbers.ONE);\n}\n"],"mappings":";;;;;;;;;AAQA,SAAgB,kBACd,wBACA,gCACW;CACX,OAAOA,6BAAAA,YAAY,sBAAsB,EAAE,aACzCC,qCAAAA,eAAe,8BAA8B,CAC/C;AACF;;;;AAKA,SAAgB,mBACd,yBACA,iCACW;CACX,OAAOD,6BAAAA,YAAY,uBAAuB,EAAE,aAC1CC,qCAAAA,eAAe,+BAA+B,CAChD;AACF;;;;;;AAOA,SAAgB,qBAAqB,SAAsB;CACzD,IAAI,QAAQ,eAAe,GAAG,CAAC,KAAK,QAAQ,cAAc,GAAG,CAAC,GAC5D,OAAOD,6BAAAA,YAAY,CAAC;CAEtB,OAAO,QAAQ,cAAc,IAAI,EAAE,IAAI,QAAQ,cAAc;AAC/D;;;;;;;;;;;;;;;AAgBA,SAAgB,wBAAwB,SAAsB;CAC5D,MAAM,EACJ,eACA,wBACA,kBACA,qBACE;CACJ,MAAM,cAAc,qBAAqB,OAAO;CAChD,IAAI,YAAY,GAAG,CAAC,GAClB,OAAOA,6BAAAA,YAAY,CAAC;CAEtB,MAAM,iBAAiB,YAAY,GAAG,sBAAsB;CAE5D,IAAI;CACJ,IAAI,gBAAgB;EAClB,MAAM,kBAAkB,iBAAiB,MACvCA,6BAAAA,YAAY,WAAW,EACpB,MAAM,sBAAsB,EAC5B,IAAIE,8BAAAA,WAAW,IAAI,MAAM,sBAAsB,CAAC,CACrD;EACA,aAAa,cAAc,KAAK,gBAAgB,EAAE,KAAK,eAAe;CACxE,OAAO;EACL,MAAM,kBAAkB,YACrB,IAAI,sBAAsB,EAC1B,MAAM,gBAAgB;EACzB,aAAa,cAAc,KAAK,eAAe;CACjD;CAEA,OAAO,WAAW,IAAA,OAAsB;AAC1C;;;;;;;;;AAUA,SAAS,6BACP,gBACA,SACQ;CAIR,QAAQ,IAHUF,6BAAAA,YAAY,cAAc,EACzC,IAAA,OAAsB,EACtB,SACiB,MAAMA,6BAAAA,YAAY,OAAO,EAAE,SAAS;AAC1D;;;;;;;;AASA,SAAgB,2BACd,SACA,SACA,gBACA;CASA,OAAOA,6BAAAA,YARqB,wBAAwB,OAIhC,EAAE,KAAK,CAAC,EAAE,SAAS,KAAKA,6BAAAA,YAAY,OAAO,EAAE,SAAS,IAMtE,6BAA6B,gBAAgB,OAAO,IACpD,CACJ;AACF;;;;;;;;;AAUA,SAAgB,oCACd,SACA,SACA,iBACA,gBACA;CACA,MAAM,2BAA2B,6BAC/B,gBACA,OACF;CACA,MAAM,cAAc,qBAAqB,OAAO;CAGhD,IAAI,YAAY,GAAG,CAAC,GAClB,OAAOA,6BAAAA,YAAY,2BAA2B,CAAC;CAKjD,OAH4B,YACzB,MAAM,2BAA2B,SAAS,SAASA,6BAAAA,YAAY,CAAC,CAAC,CAAC,EAClE,MAAME,8BAAAA,WAAW,IAAI,MAAMF,6BAAAA,YAAY,eAAe,CAAC,CACjC,EACtB,KAAKE,8BAAAA,WAAW,GAAG,EACnB,MAAM,wBAAwB,EAC9B,MAAMA,8BAAAA,WAAW,GAAG;AACzB"}

package/dist/utils/interest.d.cts

@@ -1,2 +1,2 @@
-import { a as calcTotalDeposited, i as calcTotalBorrowed, n as calcBorrowRatePerSecond, o as calcUtilizationRatio, r as calcRealizedDepositRateForTimeRange, t as calcBorrowRateForTimeRange } from "../interest-BEsEmpAy.cjs";
+import { a as calcTotalDeposited, i as calcTotalBorrowed, n as calcBorrowRatePerSecond, o as calcUtilizationRatio, r as calcRealizedDepositRateForTimeRange, t as calcBorrowRateForTimeRange } from "../interest-BN4bYdpY.cjs";
 export { calcBorrowRateForTimeRange, calcBorrowRatePerSecond, calcRealizedDepositRateForTimeRange, calcTotalBorrowed, calcTotalDeposited, calcUtilizationRatio };

package/dist/utils/interest.d.ts

@@ -1,2 +1,2 @@
-import { a as calcTotalDeposited, i as calcTotalBorrowed, n as calcBorrowRatePerSecond, o as calcUtilizationRatio, r as calcRealizedDepositRateForTimeRange, t as calcBorrowRateForTimeRange } from "../interest-DUfNVtPJ.js";
+import { a as calcTotalDeposited, i as calcTotalBorrowed, n as calcBorrowRatePerSecond, o as calcUtilizationRatio, r as calcRealizedDepositRateForTimeRange, t as calcBorrowRateForTimeRange } from "../interest-CcDkLJnv.js";
 export { calcBorrowRateForTimeRange, calcBorrowRatePerSecond, calcRealizedDepositRateForTimeRange, calcTotalBorrowed, calcTotalDeposited, calcUtilizationRatio };

package/dist/utils/interest.js

@@ -54,13 +54,25 @@ function calcBorrowRatePerSecond(product) {
 	return annualRate.div(31536e3);
 }
 /**
+* Compounds an annual min deposit rate over a period, giving the multiplier
+* `SpotEngine._updateState` applies to both the borrow and the deposit
+* multiplier: `(1 + minDepositRate / secondsPerYear) ** seconds`.
+*
+* @param minDepositRate Annual min deposit rate, as stored in the product config
+* @param seconds Number of seconds for the time period
+*/
+function calcMinDepositRateMultiplier(minDepositRate, seconds) {
+	return (1 + toBigNumber(minDepositRate).div(31536e3).toNumber()) ** toBigNumber(seconds).toNumber();
+}
+/**
 * Calculates borrower interest rate compounded for a period of time.
 *
 * @param product Spot product
 * @param seconds Number of seconds for the time period
+* @param minDepositRate Annual min deposit rate, as stored in the product config
 */
 function calcBorrowRateForTimeRange(product, seconds, minDepositRate) {
-	return toBigNumber(calcBorrowRatePerSecond(product).plus(1).toNumber() ** toBigNumber(seconds).toNumber() - 1).plus(toBigNumber(minDepositRate));
+	return toBigNumber(calcBorrowRatePerSecond(product).plus(1).toNumber() ** toBigNumber(seconds).toNumber() * calcMinDepositRateMultiplier(minDepositRate, seconds) - 1);
 }
 /**
 * Calculate depositor interest rate compounded for a period of time.
@@ -68,11 +80,13 @@ function calcBorrowRateForTimeRange(product, seconds, minDepositRate) {
 * @param product Spot product
 * @param seconds Number of seconds for the time period
 * @param interestFeeFrac Fraction of paid borrower interest that is paid as a fee (0.2 = 20% fee)
+* @param minDepositRate Annual min deposit rate, as stored in the product config
 */
 function calcRealizedDepositRateForTimeRange(product, seconds, interestFeeFrac, minDepositRate) {
+	const minDepositRateMultiplier = calcMinDepositRateMultiplier(minDepositRate, seconds);
 	const utilization = calcUtilizationRatio(product);
-	if (utilization.eq(0)) return toBigNumber(0);
-	return utilization.times(calcBorrowRateForTimeRange(product, seconds, toBigNumber(0))).times(BigNumbers.ONE.minus(toBigNumber(interestFeeFrac))).plus(toBigNumber(minDepositRate));
+	if (utilization.eq(0)) return toBigNumber(minDepositRateMultiplier - 1);
+	return utilization.times(calcBorrowRateForTimeRange(product, seconds, toBigNumber(0))).times(BigNumbers.ONE.minus(toBigNumber(interestFeeFrac))).plus(BigNumbers.ONE).times(minDepositRateMultiplier).minus(BigNumbers.ONE);
 }
 //#endregion
 export { calcBorrowRateForTimeRange, calcBorrowRatePerSecond, calcRealizedDepositRateForTimeRange, calcTotalBorrowed, calcTotalDeposited, calcUtilizationRatio };

package/dist/utils/interest.js.map

@@ -1 +1 @@
-{"version":3,"file":"interest.js","names":[],"sources":["../../src/utils/interest.ts"],"sourcesContent":["import BigNumber from 'bignumber.js';\nimport { SpotProduct } from '../types/productTypes';\nimport { BigNumberish, BigNumbers, removeDecimals, toBigNumber } from './math';\nimport { TimeInSeconds } from './time';\n\n/**\n * Calculate amount total borrowed for a product\n */\nexport function calcTotalBorrowed(\n  totalBorrowsNormalized: BigNumberish,\n  cumulativeBorrowsMultiplierX18: BigNumberish,\n): BigNumber {\n  return toBigNumber(totalBorrowsNormalized).multipliedBy(\n    removeDecimals(cumulativeBorrowsMultiplierX18),\n  );\n}\n\n/**\n * Calculate amount total deposited for a product.\n */\nexport function calcTotalDeposited(\n  totalDepositsNormalized: BigNumberish,\n  cumulativeDepositsMultiplierX18: BigNumberish,\n): BigNumber {\n  return toBigNumber(totalDepositsNormalized).multipliedBy(\n    removeDecimals(cumulativeDepositsMultiplierX18),\n  );\n}\n\n/**\n * Calculates utilization ratio = abs(total borrowed / total deposited)\n *\n * @param product Spot product\n */\nexport function calcUtilizationRatio(product: SpotProduct) {\n  if (product.totalDeposited.eq(0) || product.totalBorrowed.eq(0)) {\n    return toBigNumber(0);\n  }\n  return product.totalBorrowed.abs().div(product.totalDeposited);\n}\n\n/**\n * Calculates per-second borrow interest rate for a product. For example, a returned rate of 0.1 indicates 10% borrower\n * interest. The calculation for interest rate is as follows:\n *\n * If utilization ratio > inflection:\n * annual rate = (utilization ratio - inflection) / (1 - inflection) * interestLargeCap + interestFloor + interestSmallCap\n *\n * If utilization ratio <= inflection:\n * annual rate = utilization ratio * interestSmallCap / inflection + interestFloor\n *\n * The returned rate is annual rate / 31536000 seconds per year.\n *\n * @param product Spot product\n */\nexport function calcBorrowRatePerSecond(product: SpotProduct) {\n  const {\n    interestFloor,\n    interestInflectionUtil,\n    interestSmallCap,\n    interestLargeCap,\n  } = product;\n  const utilization = calcUtilizationRatio(product);\n  if (utilization.eq(0)) {\n    return toBigNumber(0);\n  }\n  const pastInflection = utilization.gt(interestInflectionUtil);\n\n  let annualRate: BigNumber;\n  if (pastInflection) {\n    const utilizationTerm = interestLargeCap.times(\n      toBigNumber(utilization)\n        .minus(interestInflectionUtil)\n        .div(BigNumbers.ONE.minus(interestInflectionUtil)),\n    );\n    annualRate = interestFloor.plus(interestSmallCap).plus(utilizationTerm);\n  } else {\n    const utilizationTerm = utilization\n      .div(interestInflectionUtil)\n      .times(interestSmallCap);\n    annualRate = interestFloor.plus(utilizationTerm);\n  }\n\n  return annualRate.div(TimeInSeconds.YEAR);\n}\n\n/**\n * Calculates borrower interest rate compounded for a period of time.\n *\n * @param product Spot product\n * @param seconds Number of seconds for the time period\n */\nexport function calcBorrowRateForTimeRange(\n  product: SpotProduct,\n  seconds: BigNumberish,\n  minDepositRate: BigNumberish,\n) {\n  const borrowRatePerSecond = calcBorrowRatePerSecond(product);\n\n  // Convert to number for this, with some loss of precision, but using `.pow()` causes us to hit browser resource limits\n  const borrowRateForTime =\n    borrowRatePerSecond.plus(1).toNumber() ** toBigNumber(seconds).toNumber() -\n    1;\n  return toBigNumber(borrowRateForTime).plus(toBigNumber(minDepositRate));\n}\n\n/**\n * Calculate depositor interest rate compounded for a period of time.\n *\n * @param product Spot product\n * @param seconds Number of seconds for the time period\n * @param interestFeeFrac Fraction of paid borrower interest that is paid as a fee (0.2 = 20% fee)\n */\nexport function calcRealizedDepositRateForTimeRange(\n  product: SpotProduct,\n  seconds: BigNumberish,\n  interestFeeFrac: BigNumberish,\n  minDepositRate: BigNumberish,\n) {\n  const utilization = calcUtilizationRatio(product);\n  if (utilization.eq(0)) {\n    return toBigNumber(0);\n  }\n  return utilization\n    .times(calcBorrowRateForTimeRange(product, seconds, toBigNumber(0)))\n    .times(BigNumbers.ONE.minus(toBigNumber(interestFeeFrac)))\n    .plus(toBigNumber(minDepositRate));\n}\n"],"mappings":";;;;;;;;AAQA,SAAgB,kBACd,wBACA,gCACW;CACX,OAAO,YAAY,sBAAsB,EAAE,aACzC,eAAe,8BAA8B,CAC/C;AACF;;;;AAKA,SAAgB,mBACd,yBACA,iCACW;CACX,OAAO,YAAY,uBAAuB,EAAE,aAC1C,eAAe,+BAA+B,CAChD;AACF;;;;;;AAOA,SAAgB,qBAAqB,SAAsB;CACzD,IAAI,QAAQ,eAAe,GAAG,CAAC,KAAK,QAAQ,cAAc,GAAG,CAAC,GAC5D,OAAO,YAAY,CAAC;CAEtB,OAAO,QAAQ,cAAc,IAAI,EAAE,IAAI,QAAQ,cAAc;AAC/D;;;;;;;;;;;;;;;AAgBA,SAAgB,wBAAwB,SAAsB;CAC5D,MAAM,EACJ,eACA,wBACA,kBACA,qBACE;CACJ,MAAM,cAAc,qBAAqB,OAAO;CAChD,IAAI,YAAY,GAAG,CAAC,GAClB,OAAO,YAAY,CAAC;CAEtB,MAAM,iBAAiB,YAAY,GAAG,sBAAsB;CAE5D,IAAI;CACJ,IAAI,gBAAgB;EAClB,MAAM,kBAAkB,iBAAiB,MACvC,YAAY,WAAW,EACpB,MAAM,sBAAsB,EAC5B,IAAI,WAAW,IAAI,MAAM,sBAAsB,CAAC,CACrD;EACA,aAAa,cAAc,KAAK,gBAAgB,EAAE,KAAK,eAAe;CACxE,OAAO;EACL,MAAM,kBAAkB,YACrB,IAAI,sBAAsB,EAC1B,MAAM,gBAAgB;EACzB,aAAa,cAAc,KAAK,eAAe;CACjD;CAEA,OAAO,WAAW,IAAA,OAAsB;AAC1C;;;;;;;AAQA,SAAgB,2BACd,SACA,SACA,gBACA;CAOA,OAAO,YANqB,wBAAwB,OAIhC,EAAE,KAAK,CAAC,EAAE,SAAS,KAAK,YAAY,OAAO,EAAE,SAAS,IACxE,CACkC,EAAE,KAAK,YAAY,cAAc,CAAC;AACxE;;;;;;;;AASA,SAAgB,oCACd,SACA,SACA,iBACA,gBACA;CACA,MAAM,cAAc,qBAAqB,OAAO;CAChD,IAAI,YAAY,GAAG,CAAC,GAClB,OAAO,YAAY,CAAC;CAEtB,OAAO,YACJ,MAAM,2BAA2B,SAAS,SAAS,YAAY,CAAC,CAAC,CAAC,EAClE,MAAM,WAAW,IAAI,MAAM,YAAY,eAAe,CAAC,CAAC,EACxD,KAAK,YAAY,cAAc,CAAC;AACrC"}
+{"version":3,"file":"interest.js","names":[],"sources":["../../src/utils/interest.ts"],"sourcesContent":["import BigNumber from 'bignumber.js';\nimport { SpotProduct } from '../types/productTypes';\nimport { BigNumberish, BigNumbers, removeDecimals, toBigNumber } from './math';\nimport { TimeInSeconds } from './time';\n\n/**\n * Calculate amount total borrowed for a product\n */\nexport function calcTotalBorrowed(\n  totalBorrowsNormalized: BigNumberish,\n  cumulativeBorrowsMultiplierX18: BigNumberish,\n): BigNumber {\n  return toBigNumber(totalBorrowsNormalized).multipliedBy(\n    removeDecimals(cumulativeBorrowsMultiplierX18),\n  );\n}\n\n/**\n * Calculate amount total deposited for a product.\n */\nexport function calcTotalDeposited(\n  totalDepositsNormalized: BigNumberish,\n  cumulativeDepositsMultiplierX18: BigNumberish,\n): BigNumber {\n  return toBigNumber(totalDepositsNormalized).multipliedBy(\n    removeDecimals(cumulativeDepositsMultiplierX18),\n  );\n}\n\n/**\n * Calculates utilization ratio = abs(total borrowed / total deposited)\n *\n * @param product Spot product\n */\nexport function calcUtilizationRatio(product: SpotProduct) {\n  if (product.totalDeposited.eq(0) || product.totalBorrowed.eq(0)) {\n    return toBigNumber(0);\n  }\n  return product.totalBorrowed.abs().div(product.totalDeposited);\n}\n\n/**\n * Calculates per-second borrow interest rate for a product. For example, a returned rate of 0.1 indicates 10% borrower\n * interest. The calculation for interest rate is as follows:\n *\n * If utilization ratio > inflection:\n * annual rate = (utilization ratio - inflection) / (1 - inflection) * interestLargeCap + interestFloor + interestSmallCap\n *\n * If utilization ratio <= inflection:\n * annual rate = utilization ratio * interestSmallCap / inflection + interestFloor\n *\n * The returned rate is annual rate / 31536000 seconds per year.\n *\n * @param product Spot product\n */\nexport function calcBorrowRatePerSecond(product: SpotProduct) {\n  const {\n    interestFloor,\n    interestInflectionUtil,\n    interestSmallCap,\n    interestLargeCap,\n  } = product;\n  const utilization = calcUtilizationRatio(product);\n  if (utilization.eq(0)) {\n    return toBigNumber(0);\n  }\n  const pastInflection = utilization.gt(interestInflectionUtil);\n\n  let annualRate: BigNumber;\n  if (pastInflection) {\n    const utilizationTerm = interestLargeCap.times(\n      toBigNumber(utilization)\n        .minus(interestInflectionUtil)\n        .div(BigNumbers.ONE.minus(interestInflectionUtil)),\n    );\n    annualRate = interestFloor.plus(interestSmallCap).plus(utilizationTerm);\n  } else {\n    const utilizationTerm = utilization\n      .div(interestInflectionUtil)\n      .times(interestSmallCap);\n    annualRate = interestFloor.plus(utilizationTerm);\n  }\n\n  return annualRate.div(TimeInSeconds.YEAR);\n}\n\n/**\n * Compounds an annual min deposit rate over a period, giving the multiplier\n * `SpotEngine._updateState` applies to both the borrow and the deposit\n * multiplier: `(1 + minDepositRate / secondsPerYear) ** seconds`.\n *\n * @param minDepositRate Annual min deposit rate, as stored in the product config\n * @param seconds Number of seconds for the time period\n */\nfunction calcMinDepositRateMultiplier(\n  minDepositRate: BigNumberish,\n  seconds: BigNumberish,\n): number {\n  const perSecond = toBigNumber(minDepositRate)\n    .div(TimeInSeconds.YEAR)\n    .toNumber();\n  return (1 + perSecond) ** toBigNumber(seconds).toNumber();\n}\n\n/**\n * Calculates borrower interest rate compounded for a period of time.\n *\n * @param product Spot product\n * @param seconds Number of seconds for the time period\n * @param minDepositRate Annual min deposit rate, as stored in the product config\n */\nexport function calcBorrowRateForTimeRange(\n  product: SpotProduct,\n  seconds: BigNumberish,\n  minDepositRate: BigNumberish,\n) {\n  const borrowRatePerSecond = calcBorrowRatePerSecond(product);\n\n  // Convert to number for this, with some loss of precision, but using `.pow()` causes us to hit browser resource limits\n  const borrowRateMultiplier =\n    borrowRatePerSecond.plus(1).toNumber() ** toBigNumber(seconds).toNumber();\n  // The engine multiplies the borrow multiplier by the min deposit multiplier,\n  // so the min deposit rate has to be compounded over the same period rather\n  // than added as an annual figure.\n  return toBigNumber(\n    borrowRateMultiplier *\n      calcMinDepositRateMultiplier(minDepositRate, seconds) -\n      1,\n  );\n}\n\n/**\n * Calculate depositor interest rate compounded for a period of time.\n *\n * @param product Spot product\n * @param seconds Number of seconds for the time period\n * @param interestFeeFrac Fraction of paid borrower interest that is paid as a fee (0.2 = 20% fee)\n * @param minDepositRate Annual min deposit rate, as stored in the product config\n */\nexport function calcRealizedDepositRateForTimeRange(\n  product: SpotProduct,\n  seconds: BigNumberish,\n  interestFeeFrac: BigNumberish,\n  minDepositRate: BigNumberish,\n) {\n  const minDepositRateMultiplier = calcMinDepositRateMultiplier(\n    minDepositRate,\n    seconds,\n  );\n  const utilization = calcUtilizationRatio(product);\n  // Nothing is borrowed, so no interest is paid — but the engine still applies\n  // the min deposit multiplier, which is the whole point of a rate floor.\n  if (utilization.eq(0)) {\n    return toBigNumber(minDepositRateMultiplier - 1);\n  }\n  const realizedDepositRate = utilization\n    .times(calcBorrowRateForTimeRange(product, seconds, toBigNumber(0)))\n    .times(BigNumbers.ONE.minus(toBigNumber(interestFeeFrac)));\n  return realizedDepositRate\n    .plus(BigNumbers.ONE)\n    .times(minDepositRateMultiplier)\n    .minus(BigNumbers.ONE);\n}\n"],"mappings":";;;;;;;;AAQA,SAAgB,kBACd,wBACA,gCACW;CACX,OAAO,YAAY,sBAAsB,EAAE,aACzC,eAAe,8BAA8B,CAC/C;AACF;;;;AAKA,SAAgB,mBACd,yBACA,iCACW;CACX,OAAO,YAAY,uBAAuB,EAAE,aAC1C,eAAe,+BAA+B,CAChD;AACF;;;;;;AAOA,SAAgB,qBAAqB,SAAsB;CACzD,IAAI,QAAQ,eAAe,GAAG,CAAC,KAAK,QAAQ,cAAc,GAAG,CAAC,GAC5D,OAAO,YAAY,CAAC;CAEtB,OAAO,QAAQ,cAAc,IAAI,EAAE,IAAI,QAAQ,cAAc;AAC/D;;;;;;;;;;;;;;;AAgBA,SAAgB,wBAAwB,SAAsB;CAC5D,MAAM,EACJ,eACA,wBACA,kBACA,qBACE;CACJ,MAAM,cAAc,qBAAqB,OAAO;CAChD,IAAI,YAAY,GAAG,CAAC,GAClB,OAAO,YAAY,CAAC;CAEtB,MAAM,iBAAiB,YAAY,GAAG,sBAAsB;CAE5D,IAAI;CACJ,IAAI,gBAAgB;EAClB,MAAM,kBAAkB,iBAAiB,MACvC,YAAY,WAAW,EACpB,MAAM,sBAAsB,EAC5B,IAAI,WAAW,IAAI,MAAM,sBAAsB,CAAC,CACrD;EACA,aAAa,cAAc,KAAK,gBAAgB,EAAE,KAAK,eAAe;CACxE,OAAO;EACL,MAAM,kBAAkB,YACrB,IAAI,sBAAsB,EAC1B,MAAM,gBAAgB;EACzB,aAAa,cAAc,KAAK,eAAe;CACjD;CAEA,OAAO,WAAW,IAAA,OAAsB;AAC1C;;;;;;;;;AAUA,SAAS,6BACP,gBACA,SACQ;CAIR,QAAQ,IAHU,YAAY,cAAc,EACzC,IAAA,OAAsB,EACtB,SACiB,MAAM,YAAY,OAAO,EAAE,SAAS;AAC1D;;;;;;;;AASA,SAAgB,2BACd,SACA,SACA,gBACA;CASA,OAAO,YARqB,wBAAwB,OAIhC,EAAE,KAAK,CAAC,EAAE,SAAS,KAAK,YAAY,OAAO,EAAE,SAAS,IAMtE,6BAA6B,gBAAgB,OAAO,IACpD,CACJ;AACF;;;;;;;;;AAUA,SAAgB,oCACd,SACA,SACA,iBACA,gBACA;CACA,MAAM,2BAA2B,6BAC/B,gBACA,OACF;CACA,MAAM,cAAc,qBAAqB,OAAO;CAGhD,IAAI,YAAY,GAAG,CAAC,GAClB,OAAO,YAAY,2BAA2B,CAAC;CAKjD,OAH4B,YACzB,MAAM,2BAA2B,SAAS,SAAS,YAAY,CAAC,CAAC,CAAC,EAClE,MAAM,WAAW,IAAI,MAAM,YAAY,eAAe,CAAC,CACjC,EACtB,KAAK,WAAW,GAAG,EACnB,MAAM,wBAAwB,EAC9B,MAAM,WAAW,GAAG;AACzB"}

package/dist/utils/math/index.d.cts

@@ -4,5 +4,5 @@ import { t as clampBigNumber } from "../../clamp-D9lICt7X.cjs";
 import { n as addDecimals, r as removeDecimals, t as NADO_PRODUCT_DECIMALS } from "../../decimalAdjustment-DCwilVOA.cjs";
 import { t as sumBigNumberBy } from "../../sumBigNumberBy-BvDeov4-.cjs";
 import { t as toBigInt } from "../../toBigInt-BDiOjNl-.cjs";
-import { t as toIntegerString } from "../../toIntegerString-BUESqiY1.cjs";
+import { t as toIntegerString } from "../../toIntegerString-XmD3bQt-.cjs";
 export { BigNumberish, BigNumbers, NADO_PRODUCT_DECIMALS, addDecimals, clampBigNumber, removeDecimals, sumBigNumberBy, toBigInt, toBigNumber, toIntegerString };

package/dist/utils/math/index.d.ts

@@ -4,5 +4,5 @@ import { t as clampBigNumber } from "../../clamp-D9lICt7X.js";
 import { n as addDecimals, r as removeDecimals, t as NADO_PRODUCT_DECIMALS } from "../../decimalAdjustment-pLqKqD8x.js";
 import { t as sumBigNumberBy } from "../../sumBigNumberBy-BvDeov4-.js";
 import { t as toBigInt } from "../../toBigInt-CBRk3mgz.js";
-import { t as toIntegerString } from "../../toIntegerString-CyhOUxbE.js";
+import { t as toIntegerString } from "../../toIntegerString-DfbD1c3k.js";
 export { BigNumberish, BigNumbers, NADO_PRODUCT_DECIMALS, addDecimals, clampBigNumber, removeDecimals, sumBigNumberBy, toBigInt, toBigNumber, toIntegerString };

package/dist/utils/math/toIntegerString.cjs

@@ -2,7 +2,8 @@ Object.defineProperty(exports, Symbol.toStringTag, { value: "Module" });
 const require_utils_math_bigNumber = require("./bigNumber.cjs");
 //#region src/utils/math/toIntegerString.ts
 /**
-* Converts a BigNumberish value to string
+* Converts a BigNumberish value to an integer string, rounding any fractional
+* part to the nearest integer (bignumber.js `.toFixed(0)` default rounding mode).
 *
 * @param val
 */

package/dist/utils/math/toIntegerString.cjs.map

@@ -1 +1 @@
-{"version":3,"file":"toIntegerString.cjs","names":["toBigNumber"],"sources":["../../../src/utils/math/toIntegerString.ts"],"sourcesContent":["import { BigNumberish, toBigNumber } from './bigNumber';\n\n/**\n * Converts a BigNumberish value to string\n *\n * @param val\n */\nexport function toIntegerString(val: BigNumberish): string {\n  // toFixed is required as toString gives values with `e`\n  return toBigNumber(val).toFixed(0);\n}\n"],"mappings":";;;;;;;;AAOA,SAAgB,gBAAgB,KAA2B;CAEzD,OAAOA,6BAAAA,YAAY,GAAG,EAAE,QAAQ,CAAC;AACnC"}
+{"version":3,"file":"toIntegerString.cjs","names":["toBigNumber"],"sources":["../../../src/utils/math/toIntegerString.ts"],"sourcesContent":["import { BigNumberish, toBigNumber } from './bigNumber';\n\n/**\n * Converts a BigNumberish value to an integer string, rounding any fractional\n * part to the nearest integer (bignumber.js `.toFixed(0)` default rounding mode).\n *\n * @param val\n */\nexport function toIntegerString(val: BigNumberish): string {\n  // toFixed is required as toString gives values with `e`\n  return toBigNumber(val).toFixed(0);\n}\n"],"mappings":";;;;;;;;;AAQA,SAAgB,gBAAgB,KAA2B;CAEzD,OAAOA,6BAAAA,YAAY,GAAG,EAAE,QAAQ,CAAC;AACnC"}

package/dist/utils/math/toIntegerString.d.cts

@@ -1,2 +1,2 @@
-import { t as toIntegerString } from "../../toIntegerString-BUESqiY1.cjs";
+import { t as toIntegerString } from "../../toIntegerString-XmD3bQt-.cjs";
 export { toIntegerString };

package/dist/utils/math/toIntegerString.d.ts

@@ -1,2 +1,2 @@
-import { t as toIntegerString } from "../../toIntegerString-CyhOUxbE.js";
+import { t as toIntegerString } from "../../toIntegerString-DfbD1c3k.js";
 export { toIntegerString };

package/dist/utils/math/toIntegerString.js

@@ -1,7 +1,8 @@
 import { toBigNumber } from "./bigNumber.js";
 //#region src/utils/math/toIntegerString.ts
 /**
-* Converts a BigNumberish value to string
+* Converts a BigNumberish value to an integer string, rounding any fractional
+* part to the nearest integer (bignumber.js `.toFixed(0)` default rounding mode).
 *
 * @param val
 */

package/dist/utils/math/toIntegerString.js.map

@@ -1 +1 @@
-{"version":3,"file":"toIntegerString.js","names":[],"sources":["../../../src/utils/math/toIntegerString.ts"],"sourcesContent":["import { BigNumberish, toBigNumber } from './bigNumber';\n\n/**\n * Converts a BigNumberish value to string\n *\n * @param val\n */\nexport function toIntegerString(val: BigNumberish): string {\n  // toFixed is required as toString gives values with `e`\n  return toBigNumber(val).toFixed(0);\n}\n"],"mappings":";;;;;;;AAOA,SAAgB,gBAAgB,KAA2B;CAEzD,OAAO,YAAY,GAAG,EAAE,QAAQ,CAAC;AACnC"}
+{"version":3,"file":"toIntegerString.js","names":[],"sources":["../../../src/utils/math/toIntegerString.ts"],"sourcesContent":["import { BigNumberish, toBigNumber } from './bigNumber';\n\n/**\n * Converts a BigNumberish value to an integer string, rounding any fractional\n * part to the nearest integer (bignumber.js `.toFixed(0)` default rounding mode).\n *\n * @param val\n */\nexport function toIntegerString(val: BigNumberish): string {\n  // toFixed is required as toString gives values with `e`\n  return toBigNumber(val).toFixed(0);\n}\n"],"mappings":";;;;;;;;AAQA,SAAgB,gBAAgB,KAA2B;CAEzD,OAAO,YAAY,GAAG,EAAE,QAAQ,CAAC;AACnC"}

package/package.json

@@ -1,6 +1,6 @@
 {
   "name": "@nadohq/shared",
-  "version": "0.65.0",
+  "version": "0.67.0",
   "type": "module",
   "sideEffects": false,
   "description": "Shared utilities, types, and contract helpers for Nado SDK",
@@ -52,5 +52,5 @@
     "bignumber.js": "11.1.1",
     "viem": "2.52.0"
   },
-  "gitHead": "12b716e33133073ea5012fcbcf8f4ba2fd7335c5"
+  "gitHead": "58263d0bb5d08e10371a917e5c16d61cc81bb937"
 }

package/src/utils/interest.test.ts

@@ -0,0 +1,123 @@
+import { describe, expect, it } from '@jest/globals';
+import BigNumber from 'bignumber.js';
+import { SpotProduct } from '../types/productTypes';
+import {
+  calcBorrowRateForTimeRange,
+  calcBorrowRatePerSecond,
+  calcRealizedDepositRateForTimeRange,
+} from './interest';
+import { TimeInSeconds } from './time';
+
+const MIN_DEPOSIT_RATE = 0.05;
+
+function spotProduct(overrides: Partial<SpotProduct> = {}) {
+  return {
+    interestFloor: new BigNumber(0.01),
+    interestInflectionUtil: new BigNumber(0.8),
+    interestSmallCap: new BigNumber(0.04),
+    interestLargeCap: new BigNumber(0.4),
+    minDepositRate: new BigNumber(MIN_DEPOSIT_RATE),
+    totalDeposited: new BigNumber(1_000_000),
+    totalBorrowed: new BigNumber(-500_000),
+    ...overrides,
+  } as SpotProduct;
+}
+
+/**
+ * `SpotEngine._updateState` compounds the min deposit rate over the period and
+ * multiplies it into the borrow multiplier, rather than adding the annual rate.
+ */
+function onChainBorrowRate(product: SpotProduct, seconds: number) {
+  const borrowRatePerSecond = calcBorrowRatePerSecond(product).toNumber();
+  const minDepositRatePerSecond = MIN_DEPOSIT_RATE / TimeInSeconds.YEAR;
+  return (
+    (1 + borrowRatePerSecond) ** seconds *
+      (1 + minDepositRatePerSecond) ** seconds -
+    1
+  );
+}
+
+describe('interest', () => {
+  const periods: [string, number][] = [
+    ['an hour', TimeInSeconds.HOUR],
+    ['a day', TimeInSeconds.DAY],
+    ['thirty days', TimeInSeconds.DAY * 30],
+    ['a year', TimeInSeconds.YEAR],
+  ];
+
+  describe('calcBorrowRateForTimeRange', () => {
+    it.each(periods)(
+      'compounds the min deposit rate over %s rather than adding it',
+      (_label, seconds) => {
+        const product = spotProduct();
+        expect(
+          calcBorrowRateForTimeRange(
+            product,
+            seconds,
+            product.minDepositRate,
+          ).toNumber(),
+        ).toBeCloseTo(onChainBorrowRate(product, seconds), 10);
+      },
+    );
+
+    it('stays below the annual min deposit rate for a short period', () => {
+      const product = spotProduct();
+      // Adding the annual rate unscaled put an hour of borrowing above 5%.
+      expect(
+        calcBorrowRateForTimeRange(
+          product,
+          TimeInSeconds.HOUR,
+          product.minDepositRate,
+        ).toNumber(),
+      ).toBeLessThan(MIN_DEPOSIT_RATE / 100);
+    });
+
+    it('returns only the borrow rate when there is no min deposit rate', () => {
+      const product = spotProduct();
+      const borrowRatePerSecond = calcBorrowRatePerSecond(product).toNumber();
+      expect(
+        calcBorrowRateForTimeRange(product, TimeInSeconds.DAY, 0).toNumber(),
+      ).toBeCloseTo((1 + borrowRatePerSecond) ** TimeInSeconds.DAY - 1, 12);
+    });
+  });
+
+  describe('calcRealizedDepositRateForTimeRange', () => {
+    it('still pays the min deposit rate when nothing is borrowed', () => {
+      const product = spotProduct({ totalBorrowed: new BigNumber(0) });
+      const expected =
+        (1 + MIN_DEPOSIT_RATE / TimeInSeconds.YEAR) ** TimeInSeconds.DAY - 1;
+      expect(
+        calcRealizedDepositRateForTimeRange(
+          product,
+          TimeInSeconds.DAY,
+          0.2,
+          product.minDepositRate,
+        ).toNumber(),
+      ).toBeCloseTo(expected, 12);
+    });
+
+    it('compounds the min deposit rate on top of the realized rate', () => {
+      const product = spotProduct();
+      const seconds = TimeInSeconds.DAY;
+      const utilization = 0.5;
+      const borrowRate = calcBorrowRateForTimeRange(
+        product,
+        seconds,
+        0,
+      ).toNumber();
+      const realized = utilization * borrowRate * (1 - 0.2);
+      const expected =
+        (1 + realized) *
+          (1 + MIN_DEPOSIT_RATE / TimeInSeconds.YEAR) ** seconds -
+        1;
+      expect(
+        calcRealizedDepositRateForTimeRange(
+          product,
+          seconds,
+          0.2,
+          product.minDepositRate,
+        ).toNumber(),
+      ).toBeCloseTo(expected, 12);
+    });
+  });
+});

package/src/utils/interest.ts

@@ -84,11 +84,30 @@ export function calcBorrowRatePerSecond(product: SpotProduct) {
   return annualRate.div(TimeInSeconds.YEAR);
 }
 
+/**
+ * Compounds an annual min deposit rate over a period, giving the multiplier
+ * `SpotEngine._updateState` applies to both the borrow and the deposit
+ * multiplier: `(1 + minDepositRate / secondsPerYear) ** seconds`.
+ *
+ * @param minDepositRate Annual min deposit rate, as stored in the product config
+ * @param seconds Number of seconds for the time period
+ */
+function calcMinDepositRateMultiplier(
+  minDepositRate: BigNumberish,
+  seconds: BigNumberish,
+): number {
+  const perSecond = toBigNumber(minDepositRate)
+    .div(TimeInSeconds.YEAR)
+    .toNumber();
+  return (1 + perSecond) ** toBigNumber(seconds).toNumber();
+}
+
 /**
  * Calculates borrower interest rate compounded for a period of time.
  *
  * @param product Spot product
  * @param seconds Number of seconds for the time period
+ * @param minDepositRate Annual min deposit rate, as stored in the product config
  */
 export function calcBorrowRateForTimeRange(
   product: SpotProduct,
@@ -98,10 +117,16 @@ export function calcBorrowRateForTimeRange(
   const borrowRatePerSecond = calcBorrowRatePerSecond(product);
 
   // Convert to number for this, with some loss of precision, but using `.pow()` causes us to hit browser resource limits
-  const borrowRateForTime =
-    borrowRatePerSecond.plus(1).toNumber() ** toBigNumber(seconds).toNumber() -
-    1;
-  return toBigNumber(borrowRateForTime).plus(toBigNumber(minDepositRate));
+  const borrowRateMultiplier =
+    borrowRatePerSecond.plus(1).toNumber() ** toBigNumber(seconds).toNumber();
+  // The engine multiplies the borrow multiplier by the min deposit multiplier,
+  // so the min deposit rate has to be compounded over the same period rather
+  // than added as an annual figure.
+  return toBigNumber(
+    borrowRateMultiplier *
+      calcMinDepositRateMultiplier(minDepositRate, seconds) -
+      1,
+  );
 }
 
 /**
@@ -110,6 +135,7 @@ export function calcBorrowRateForTimeRange(
  * @param product Spot product
  * @param seconds Number of seconds for the time period
  * @param interestFeeFrac Fraction of paid borrower interest that is paid as a fee (0.2 = 20% fee)
+ * @param minDepositRate Annual min deposit rate, as stored in the product config
  */
 export function calcRealizedDepositRateForTimeRange(
   product: SpotProduct,
@@ -117,12 +143,21 @@ export function calcRealizedDepositRateForTimeRange(
   interestFeeFrac: BigNumberish,
   minDepositRate: BigNumberish,
 ) {
+  const minDepositRateMultiplier = calcMinDepositRateMultiplier(
+    minDepositRate,
+    seconds,
+  );
   const utilization = calcUtilizationRatio(product);
+  // Nothing is borrowed, so no interest is paid — but the engine still applies
+  // the min deposit multiplier, which is the whole point of a rate floor.
   if (utilization.eq(0)) {
-    return toBigNumber(0);
+    return toBigNumber(minDepositRateMultiplier - 1);
   }
-  return utilization
+  const realizedDepositRate = utilization
     .times(calcBorrowRateForTimeRange(product, seconds, toBigNumber(0)))
-    .times(BigNumbers.ONE.minus(toBigNumber(interestFeeFrac)))
-    .plus(toBigNumber(minDepositRate));
+    .times(BigNumbers.ONE.minus(toBigNumber(interestFeeFrac)));
+  return realizedDepositRate
+    .plus(BigNumbers.ONE)
+    .times(minDepositRateMultiplier)
+    .minus(BigNumbers.ONE);
 }

package/src/utils/math/toIntegerString.ts

@@ -1,7 +1,8 @@
 import { BigNumberish, toBigNumber } from './bigNumber';
 
 /**
- * Converts a BigNumberish value to string
+ * Converts a BigNumberish value to an integer string, rounding any fractional
+ * part to the nearest integer (bignumber.js `.toFixed(0)` default rounding mode).
  *
  * @param val
  */

package/dist/toIntegerString-BUESqiY1.d.cts.map

@@ -1 +0,0 @@
-{"version":3,"file":"toIntegerString-BUESqiY1.d.cts","names":[],"sources":["../src/utils/math/src/utils/math/toIntegerString.ts"],"mappings":";;;;;AAOA;;;iBAAgB,eAAA,CAAgB,GAAiB,EAAZ,YAAY"}

package/dist/toIntegerString-CyhOUxbE.d.ts.map

@@ -1 +0,0 @@
-{"version":3,"file":"toIntegerString-CyhOUxbE.d.ts","names":[],"sources":["../src/utils/math/src/utils/math/toIntegerString.ts"],"mappings":";;;;;AAOA;;;iBAAgB,eAAA,CAAgB,GAAiB,EAAZ,YAAY"}