@perena/vault-sdk 1.0.41 → 1.0.43

package/dist/index.d.ts

@@ -6508,8 +6508,9 @@ type Bankineco = {
                     {
                         name: "maxApyBps";
                         docs: [
-                            "Maximum annualized APY accepted between oracle NAV updates that advance",
-                            "the vault's regular performance-fee high-water mark, in basis points."
+                            "Maximum linear annualized growth of the settled regular share price",
+                            "against `max_apy_anchor`, for settlements advancing its performance-fee",
+                            "high-water mark. Basis points; zero disables enforcement, not observation."
                         ];
                         type: "u16";
                     },
@@ -6556,10 +6557,23 @@ type Bankineco = {
                         ];
                         type: "i64";
                     },
+                    {
+                        name: "maxApyAnchor";
+                        docs: [
+                            "Independent of the durable fixed-APY accrual anchor above. Carved from",
+                            "reserved bytes without changing APYConfig or Vault size/field offsets.",
+                            "Existing zero-filled accounts initialize lazily from a known price/time."
+                        ];
+                        type: {
+                            defined: {
+                                name: "maxApyAnchor";
+                            };
+                        };
+                    },
                     {
                         name: "padding1";
                         type: {
-                            array: ["u64", 32];
+                            array: ["u64", 28];
                         };
                     }
                 ];
@@ -7146,6 +7160,41 @@ type Bankineco = {
                 ];
             };
         },
+        {
+            name: "maxApyAnchor";
+            docs: [
+                "Weekly observations of the settled regular share price. Keep the previous",
+                "observation while the newest is younger than seven days, so rollover never",
+                "reduces a mature comparison window to a few seconds. With regular settlement",
+                "the effective lookback is seven to fourteen days; sparse settlement can make",
+                "it longer. A new cohort uses its actual age until seven days of history exist."
+            ];
+            serialization: "bytemuck";
+            repr: {
+                kind: "c";
+            };
+            type: {
+                kind: "struct";
+                fields: [
+                    {
+                        name: "sharePrice";
+                        type: "u64";
+                    },
+                    {
+                        name: "timestamp";
+                        type: "i64";
+                    },
+                    {
+                        name: "previousSharePrice";
+                        type: "u64";
+                    },
+                    {
+                        name: "previousTimestamp";
+                        type: "i64";
+                    }
+                ];
+            };
+        },
         {
             name: "pendingManagerWithdrawDestination";
             docs: [
@@ -11345,7 +11394,10 @@ declare class VaultClient {
     readonly account: AccountClient;
     readonly tx: TransactionClient;
     readonly quote: VaultQuoteClient;
-    constructor(provider: AnchorProvider, programId?: Address);
+    readonly skipSimulation: boolean;
+    constructor(provider: AnchorProvider, programId?: Address, options?: {
+        skipSimulation?: boolean;
+    });
     /**
      * Sign, send, and confirm a transaction plan built from {@link TransactionClient}.
      * Pass `extraSigners` for accounts created in the same tx (e.g. a new share mint).
@@ -11401,6 +11453,8 @@ declare function loadKeypair(keypairPath: string): Keypair;
  */
 declare function defaultKeypairPath(env: VaultEnv, role?: string): string;
 interface CreateVaultClientOptions {
+    /** Skip optional transaction simulations and RPC send preflight. */
+    skipSimulation?: boolean;
     /** Explicit RPC endpoint; otherwise resolved from env vars. */
     rpcUrl?: string;
     /** Keypair file path; defaults to {@link defaultKeypairPath}. Ignored if `keypair` is set. */
@@ -11982,7 +12036,7 @@ declare class OracleService {
  * The orchestrator ({@link ConsensusOracleService}) depends only on these
  * interfaces, so it carries no network/RPC/protocol dependencies of its own and
  * can be unit-tested with in-memory fakes. Concrete implementations
- * (Jupiter price/balance feeds, the mock yield tracker, live-LP providers) are
+ * (price feeds, the mock yield tracker, live-LP providers) are
  * injected by the caller.
  */
 
@@ -11994,10 +12048,6 @@ interface PriceSource {
      */
     fetchUsdPrices(mints: Address[]): Promise<Record<string, number>>;
 }
-/** Supplies an owner's SPL token balances (raw base units), keyed by mint. */
-interface WalletBalanceSource {
-    fetchBalances(owner: Address): Promise<Record<string, bigint>>;
-}
 /** A balance deployed outside vault-owned token accounts, in the mint's base units. */
 interface ExternalPosition {
     mint: Address;
@@ -12015,8 +12065,6 @@ interface ExternalPositionRef {
 }
 interface ExternalPositionContext {
     vault: Address;
-    /** The vault's manager wallet (positions are usually held against it). */
-    manager: Address;
     /** Position descriptors gathered from the target config for this vault. */
     refs: ExternalPositionRef[];
 }
@@ -12099,7 +12147,6 @@ interface ConsensusOracleTarget {
 /** Injected collaborators for {@link ConsensusOracleService}. */
 interface ConsensusOracleDeps {
     priceSource: PriceSource;
-    balanceSource: WalletBalanceSource;
     /** Optional; omitted ⇒ no live-LP balances are folded in. */
     externalPositions?: ExternalPositionProvider;
     /** Optional; omitted ⇒ no yield accrual is folded in. */
@@ -12123,8 +12170,6 @@ interface HoldingUpdatePreview {
     usdPrice: number;
     /** Price in the vault's accounting unit, fixed-point (scaled by assetDecimals). */
     price: bigint;
-    /** Manager-wallet balance of this mint (base units). */
-    walletAmount: bigint;
     /** Summed live-LP positions for this mint (base units). */
     lpAmount: bigint;
     /** Accrued yield attributed to this holding (base units). */
@@ -12133,7 +12178,7 @@ interface HoldingUpdatePreview {
     trackedPrincipalAmount: bigint;
     /** Complete tracked value, including NAV accounts (base units). */
     trackedValueAmount: bigint;
-    /** Total external balance pushed = wallet + LP + complete tracked value. */
+    /** Total external balance pushed = LP + complete tracked value. */
     externalAmount: bigint;
 }
 interface VaultOracleResult {
@@ -12256,6 +12301,31 @@ interface SettlementSimulationSnapshot {
     junior?: SimulatedShareClass;
     senior?: SimulatedShareClass;
 }
+interface MaxApyAnchorSnapshot {
+    sharePrice: bigint;
+    timestamp: bigint;
+    previousSharePrice: bigint;
+    previousTimestamp: bigint;
+}
+/** Inputs to the program's linear annualized max-APY comparison. */
+interface RealizedApySimulation {
+    basis: "regular-share-price";
+    priorValue: bigint;
+    nextValue?: bigint;
+    priorTs: bigint;
+    timestampSource: "apy.max_apy_anchor.timestamp" | "apy.max_apy_anchor.previous_timestamp" | "legacy fixed-APY anchor (initialization)" | "current share-price observation (initialization)";
+    checkpointTs: bigint;
+    nowTs: bigint;
+    elapsedSecs: bigint;
+    /** Signed annualized growth, in millionths of a basis point, truncated. */
+    impliedApyMicroBps?: bigint;
+    /** Ceiling of the positive implied rate; zero for flat/negative growth. */
+    minimumCapBps?: bigint;
+    maxApyBps: number;
+    fixedApyBps: number;
+    hwmBefore: bigint;
+    hwmAfter: bigint;
+}
 /**
  * Result of replaying the relevant on-chain consensus and NAV-settlement math.
  * All numbers remain in raw on-chain fixed-point/base units.
@@ -12275,6 +12345,10 @@ interface SettlementSimulation {
     /** Per-holding attribution of the gross-NAV change consensus would cause. */
     navContributions: HoldingNavContribution[];
     grossNav?: bigint;
+    /** Also retained when max APY blocks the otherwise-projected settlement. */
+    realizedApy?: RealizedApySimulation;
+    /** Weekly observations after the projected settlement succeeds. */
+    projectedMaxApyAnchor?: MaxApyAnchorSnapshot;
     settledAccountingNav?: bigint;
     current: SettlementSimulationSnapshot;
     /**
@@ -12283,6 +12357,8 @@ interface SettlementSimulation {
      * until the vault config is updated.
      */
     projectionRequiresMaxApyDisabled?: boolean;
+    /** Hypothetical projection with losses enabled; the real crank remains blocked. */
+    projectionRequiresLossesEnabled?: boolean;
     projected?: SettlementSimulationSnapshot;
     performanceFees?: {
         curator: bigint;
@@ -12301,7 +12377,6 @@ interface VaultPricingInputs {
     assetDecimals: number;
     baseUsd: number;
     usdPrices: Record<string, number>;
-    walletBalances: Record<string, bigint>;
     lpByMint: Map<string, bigint>;
     configByMint: Map<string, ConsensusOracleHoldingConfig>;
 }
@@ -12425,7 +12500,6 @@ interface LargeBalanceChangeViolation {
     valueChange: bigint;
     tvl: bigint;
     thresholdBps: bigint;
-    walletAmount: bigint;
     lpAmount: bigint;
     trackedPrincipalAmount: bigint;
     trackedValueAmount: bigint;
@@ -12489,11 +12563,6 @@ interface RefreshLiveOraclePricesParams {
 /** Returns true when at least one price was actually refreshed on-chain. */
 declare function refreshLiveOraclePrices({ oracle, signer, vault, vaultState, nowSecs, log, dryRun, }: RefreshLiveOraclePricesParams): Promise<boolean>;
 
-/**
- * Sourcing step: fetch every external input the per-holding updates draw on —
- * USD spot prices, manager wallet balances, and live external LP positions.
- */
-
 declare function gatherPricingInputs(deps: ConsensusOracleDeps, target: ConsensusOracleTarget, vaultState: DecodedVault, reportableHoldings: ConsensusHoldingEntry[], log?: (msg: string) => void): Promise<VaultPricingInputs>;
 /**
  * Live-LP balances for the target, summed by mint (empty if no provider).
@@ -12503,7 +12572,7 @@ declare function gatherPricingInputs(deps: ConsensusOracleDeps, target: Consensu
  * or hit a lagging RPC node, and this value is reported on-chain as
  * `external_amount`.
  */
-declare function fetchExternalPositions(deps: ConsensusOracleDeps, target: ConsensusOracleTarget, manager: Address, vaultState: DecodedVault, log?: (msg: string) => void): Promise<Map<string, bigint>>;
+declare function fetchExternalPositions(deps: ConsensusOracleDeps, target: ConsensusOracleTarget, vaultState: DecodedVault, log?: (msg: string) => void): Promise<Map<string, bigint>>;
 
 /**
  * Receipt mints issued by a vault are liabilities/shares, not underlying assets
@@ -12544,8 +12613,9 @@ interface LogProspectiveApyParams {
     log: (msg: string) => void;
 }
 /**
- * Fetch the current settlement timestamp and log the APY implied by the
- * prospective update, so MaxApyExceeded failures are diagnosable.
+ * @deprecated Raw candidate NAV estimate, retained for SDK compatibility.
+ * Use simulateDryRunSettlement + formatSettlementSimulation for the program's
+ * consensus-aware max-APY diagnostic, including regular-share and HWM rules.
  *
  * NAV is expressed in the vault's accounting unit (scaled by assetDecimals).
  * Mirrors `gross_nav_from_holdings`: consensus updates overlay their target
@@ -12570,8 +12640,8 @@ declare function discoverVaultsForSigner(client: VaultClient, signer: Keypair, o
 
 /**
  * Fail closed while any configured yield account has an unsettled payment.
- * The payout must be confirmed only after it is visible in the same wallet
- * balance source used by this service. Until then, no oracle update is safe.
+ * Confirmed payments reduce tracked value; the oracle does not add the payout's
+ * destination balance to the reported external amount.
  */
 declare function assertNoUnconfirmedYieldPayments(yieldTracker: YieldTracker | undefined, target: ConsensusOracleTarget): Promise<void>;
 /**
@@ -12581,24 +12651,6 @@ declare function assertNoUnconfirmedYieldPayments(yieldTracker: YieldTracker | u
  */
 declare function withDiscoveredYieldAccounts(yieldTracker: YieldTracker | undefined, target: ConsensusOracleTarget, vaultState: DecodedVault, excludedMints: ReadonlySet<string>, log: (msg: string) => void): Promise<ConsensusOracleTarget>;
 
-/**
- * Wallet token balances, from the Jupiter Ultra balances API with an on-chain
- * RPC fallback.
- *
- *   Jupiter: GET https://lite-api.jup.ag/ultra/v1/balances/{owner}
- *            → { "<mint>": { amount, uiAmount, slot, isFrozen }, "SOL": {…} }
- *   RPC:     `getParsedTokenAccountsByOwner` over the SPL Token and Token-2022
- *            programs, summed per mint.
- *
- * Amounts are raw base units in both paths — no decimal conversion is applied.
- * Native SOL is skipped; these are SPL holdings only.
- */
-
-interface FetchJupiterBalancesOptions {
-    baseUrl?: string;
-    fetchFn?: typeof fetch;
-}
-
 /**
  * Jupiter price API (`GET /price/v3`).
  *
@@ -12682,28 +12734,6 @@ declare class LivePriceSource implements PriceSource {
     fetchUsdPrices(mints: Address[]): Promise<Record<string, number>>;
 }
 
-/**
- * {@link WalletBalanceSource} adapter over the `jupiter` package's balances API.
- *
- * The Jupiter call and the RPC fallback both live in
- * `jupiter/src/balancesApi.ts`; this file owns the policy — try Jupiter first,
- * fall back to RPC on failure or an empty result — plus logging.
- */
-
-interface JupiterBalanceSourceOptions extends FetchJupiterBalancesOptions {
-    /** Skip the Jupiter call and read straight from RPC. */
-    rpcOnly?: boolean;
-    log?: (msg: string) => void;
-}
-declare class JupiterBalanceSource implements WalletBalanceSource {
-    private readonly connection;
-    private readonly rpcOnly;
-    private readonly log;
-    private readonly apiOptions;
-    constructor(connection: Connection, opts?: JupiterBalanceSourceOptions);
-    fetchBalances(owner: Address): Promise<Record<string, bigint>>;
-}
-
 /**
  * Aggregation of {@link ExternalPositionProvider}s plus a trivial static
  * provider. Concrete live-LP providers (Kamino, Marginfi) wrap protocol SDKs,
@@ -12834,6 +12864,7 @@ declare class MockYieldTracker implements YieldTracker {
  * file owns deterministic program-math parity and is straightforward to test.
  */
 
+declare const MAX_APY_ANCHOR_WINDOW_SECS = 604800n;
 interface SimulateSettlementArgs {
     vault: DecodedVault;
     oracleData: readonly number[];
@@ -12855,7 +12886,6 @@ declare function formatSettlementSimulation(simulation: SettlementSimulation): s
 
 interface LiveConsensusOracleDepsOptions {
     log?: (msg: string) => void;
-    rpcOnly?: boolean;
     includeExternalPositions?: boolean;
 }
 declare function createLiveConsensusOracleDeps(connection: Connection, opts?: LiveConsensusOracleDepsOptions): ConsensusOracleDeps;
@@ -12865,8 +12895,6 @@ interface RunLiveConsensusOracleOptions extends RunOptions {
     rpcUrl?: string;
     /** Override the vault program id. Defaults to the environment's configured program. */
     programId?: Address;
-    /** Skip Jupiter balances and use RPC token-account balances only. */
-    rpcOnly?: boolean;
     /** Include live Kamino/Marginfi positions in external amount updates. Defaults to true. */
     includeExternalPositions?: boolean;
 }
@@ -13201,4 +13229,4 @@ declare class TimelockSettlementService {
     private execute;
 }
 
-export { ASSET_DECIMALS, ASSET_REBALANCE_COOLDOWN_SECS, type AccountBalanceResponse, AccountClient, type AccountYieldResponse, ActivateCircuitBreakerBuilder, type ActivateCircuitBreakerIxArgs, type ActivateCircuitBreakerTxArgs, type AddAprCashflowUpdateParams, type AddCashflowUpdateParams, type AddIncentiveRecipientArgs, AddIncentiveRecipientBuilder, type AddIncentiveRecipientIxArgs, type AddNavCashflowUpdateParams, type AprAccountBalanceResponse, type AprAccountYieldResponse, type AssetPriceOracleConfigIxArgs, type AssetPriceOracleConfigTxArgs, type AssetPriceRefreshTarget, type AssetRefreshResult, type AssetType, BALANCE_CHANGE_BASELINE_MAX_AGE_SECS, type Bankineco, type BasicAuthCredentials, type Bigintish, type BuildMarginfiWithdrawInteractionArgs, CONSENSUS_ORACLE_VARIANT, type CancelIncentiveProposalArgs, CancelIncentiveProposalBuilder, CancelJuniorTrancheWithdrawBuilder, type CancelJuniorTrancheWithdrawIxArgs, type CancelJuniorTrancheWithdrawTxArgs, ClaimIncentiveBuilder, type ClaimIncentiveIxArgs, type ClaimIncentiveTxArgs, type Clock, type CollectSamplesOptions, type ConsensusAssetUpdate, type ConsensusHoldingEntry, type ConsensusHoldingSimulation, type ConsensusOracleDeps, type ConsensusOracleHoldingConfig, ConsensusOracleService, type ConsensusOracleTarget, CrankNavBuilder, type CrankNavIxArgs, type CrankNavTxArgs, CrankPerformanceFeesBuilder, type CrankPerformanceFeesIxArgs, type CrankPerformanceFeesTxArgs, type CreateAccountParams, CreateAssetHoldingBuilder, type CreateAssetHoldingIxArgs, type CreateAssetHoldingTxArgs, CreateIncentiveBuilder, type CreateIncentiveIxArgs, type CreateIncentiveTxArgs, type CreateTokenMintIxs, CreateTrancheStateBuilder, type CreateTrancheStateIxArgs, type CreateTrancheStateTxArgs, CreateVaultBuilder, type CreateVaultClientOptions, type CreateVaultIxArgs, type CreateVaultParams, type CreateVaultTxArgs, type CreateYieldPaymentParams, DEFAULT_CU_PRICE_MICRO_LAMPORTS, DEFAULT_JUNIOR_EARLY_UNSTAKE_FEE_BPS, DEFAULT_JUNIOR_STANDARD_UNSTAKE_FEE_BPS, DEFAULT_JUNIOR_WITHDRAWAL_LOCKUP_SECS, DEFAULT_MAX_ACCEPTABLE_APY_BPS, DEFAULT_MAX_ACCOUNTS, DEFAULT_MINTS, DEFAULT_MIN_AMOUNT_UI, DEFAULT_ORACLE_STALENESS_THRESHOLD_SECS, DEFAULT_PRICE_ORACLE_ACCOUNT, DEFAULT_PRICE_STALENESS_SECS, DEFAULT_PRICE_STALENESS_THRESHOLD_SECS, DEFAULT_REBALANCE_BAND_BPS, DEFAULT_SLIPPAGE_BPS, DEFAULT_TARGET_LOCAL_BPS, DEFAULT_VAULT_ID, type DecodedHolding, type DecodedVault, type DecodedVaultTrancheState, type DeleteAccountParams, DisableCircuitBreakerBuilder, type DisableCircuitBreakerIxArgs, type DisableCircuitBreakerTxArgs, DistributeIncentiveBuilder, type DistributeIncentiveIxArgs, type DistributeIncentiveTxArgs, EXTERNAL_POSITION_SAMPLES, ExecuteDepositBuilder, type ExecuteDepositIxArgs, type ExecuteDepositTxArgs, ExecuteShareSwapBuilder, type ExecuteShareSwapIxArgs, type ExecuteShareSwapTxArgs, ExecuteTrancheDepositBuilder, type ExecuteTrancheDepositIxArgs, type ExecuteTrancheDepositTxArgs, ExecuteTrancheWithdrawBuilder, type ExecuteTrancheWithdrawIxArgs, type ExecuteTrancheWithdrawTxArgs, ExecuteWithdrawBuilder, type ExecuteWithdrawIxArgs, type ExecuteWithdrawTxArgs, type ExternalLiquidityIntegrityOptions, type ExternalLiquidityIntegrityResult, ExternalLiquidityIntegrityService, type ExternalLiquidityIntegritySummary, type ExternalLiquiditySlot, type ExternalLiquiditySourceArgs, type ExternalPosition, type ExternalPositionContext, type ExternalPositionProvider, type ExternalPositionRef, ExternalPositionRegistry, FEE_VAULT_CACHE_CATEGORY, type FeeVaultAccountData, type FetchNestTokenPriceOptions, FulfillJuniorTrancheWithdrawBuilder, type FulfillJuniorTrancheWithdrawIxArgs, type FulfillJuniorTrancheWithdrawTxArgs, type FulfillSummary, type HoldingNavContribution, type HoldingUpdatePreview, IDL, IDLE_RESERVE_FLOOR_BPS, IDLE_RESERVE_TARGET_BPS, type IdleLiquidityOptions, type IdleLiquidityResult, IdleLiquidityService, type IdleLiquidityStatus, type IncentiveRecipient, type IncentiveTotals, InitializeVaultRolesBuilder, type InitializeVaultRolesIxArgs, type InitializeVaultRolesTxArgs, type JuniorWithdrawalMode, JupiterBalanceSource, type JupiterBalanceSourceOptions, JupiterPriceSource, type JupiterPriceSourceOptions, JupiterSwapBuilder, type JupiterSwapIxArgs, type JupiterSwapTxArgs, KaminoPositionProvider, LIVE_ORACLE_VARIANTS, LIVE_PRICE_REFRESH_INTERVAL_SECS, LOCAL_PROTOCOL_ADMIN, LargeBalanceChangeError, type LargeBalanceChangeViolation, type LiveConsensusOracleDepsOptions, LivePriceSource, type LivePriceSourceOptions, MAX_BALANCE_CHANGE_BPS, MAX_CONSENSUS_SIGNERS, MAX_INCENTIVE_RECIPIENTS, MAX_MANAGER_WITHDRAW_DESTINATIONS, MAX_PRICE_STALENESS_THRESHOLD_SECS, MIN_EXTERNAL_POSITION_SAMPLES, ManagerRedepositAssetBuilder, type ManagerRedepositAssetIxArgs, type ManagerRedepositAssetTxArgs, ManagerWithdrawAssetBuilder, type ManagerWithdrawAssetIxArgs, type ManagerWithdrawAssetTxArgs, MarginfiPositionProvider, type MintConfig, type MintIdentifier, type MintInfo, MintRegistry, type MintRegistryOptions, type MockYieldAccountConfig, MockYieldTracker, type MockYieldTrackerOptions, NEST_API_BASE_URL, NEST_RWA_SHARE_MINT, NEST_VAULT_SLUG, type NavAccountBalanceResponse, type NavAccountValueResponse, type NavCrankBlocker, type NavCrankBlockerReason, type NavCrankReadiness, type NavCrankResult, type NavPriceConfig, type NavYieldAccount, NestPriceSource, type NestPriceSourceOptions, ORACLE_ENTRIES_OFFSET, ORACLE_ENTRY_SIZE, ORACLE_SETTLED_NAV_TS_OFFSET, OracleService, PRICE_ORACLE_TYPES_BY_INDEX, PROGRAM_FEE_EXEMPT_OWNER_WHITELIST, PROTOCOL_ADMIN, PROTOCOL_FEE_RECIPIENT, PdaClient, type PendingConsensusSignerSet, type PreparedDirectTransaction, type PreparedSquadsTransaction, type PreparedVaultTransaction, type PriceOracleTypeArgs, type PriceSource, ProtocolInteractionBuilder, type ProtocolInteractionIxArgs, type ProtocolInteractionTxArgs, type QuoteFeeUnit, REPORTABLE_ORACLE_VARIANTS, type RefreshLiveOraclePricesParams, RemoveAssetHoldingBuilder, type RemoveAssetHoldingIxArgs, type RemoveAssetHoldingTxArgs, RequestJuniorTrancheWithdrawBuilder, type RequestJuniorTrancheWithdrawIxArgs, type RequestJuniorTrancheWithdrawTxArgs, type ResolveExternalWithdrawArgs, type ResolvedExternalWithdraw, type ResolvedSquadsWalletRoute, type RollingLimitConfig, type RollingRebalanceLimitConfig, type RunLiveConsensusOracleOptions, type RunOptions, type RunSummary, SHARE_DECIMALS, SYSTEM_PROGRAM, SetAssetPriceOracleBuilder, type SetAssetPriceOracleIxArgs, type SetAssetPriceOracleTxArgs, SetExternalLiquidityBuilder, type SetExternalLiquidityIxArgs, type SetExternalLiquidityTxArgs, type SetIncentiveLimitsArgs, SetIncentiveLimitsBuilder, SetManagerWithdrawDestinationBuilder, type SetManagerWithdrawDestinationIxArgs, type SetManagerWithdrawDestinationTxArgs, SetProtocolFeeBuilder, type SetProtocolFeeIxArgs, type SetProtocolFeeTxArgs, SetVaultConfigBuilder, type SetVaultConfigIxArgs, type SetVaultConfigTxArgs, type SettleVaultParams, type SettleVaultResult, type SettlementSimulation, type SettlementSimulationSnapshot, type SimulateDryRunSettlementParams, type SimulateSettlementArgs, type SimulatedShareClass, SquadsProposalExecutionSimulationError, type SquadsWalletRouteConfig, type StaleBalanceChangeBypass, StaticPositionProvider, SubmitIncentiveBuilder, type SubmitIncentiveIxArgs, type SubmitIncentiveTxArgs, TOKEN_PROGRAM, TOKEN_PROGRAM_ID, type TimelockSettlementKind, type TimelockSettlementOptions, type TimelockSettlementRecord, TimelockSettlementService, type TimelockSettlementSummary, type TrackedAccountValue, type TrancheKindArgs, type TransactionBuilder, TransactionClient, USDC_MINT, USD_STAR_JUNIOR_MINT, USD_STAR_MINT, USD_STAR_PRINCIPAL_MINT, type UpdateAccountParams, UpdateAssetPriceBuilder, type UpdateAssetPriceIxArgs, type UpdateAssetPriceTxArgs, UpdateConsensusOracleBuilder, type UpdateConsensusOracleIxArgs, type UpdateConsensusOracleTxArgs, UpdateConsensusSignersBuilder, type UpdateConsensusSignersIxArgs, type UpdateConsensusSignersTxArgs, type UpdateDynamicAprParams, UpdateTrancheConfigBuilder, type UpdateTrancheConfigIxArgs, type UpdateTrancheConfigTxArgs, VAULT_CACHE_CATEGORY, VAULT_CREATOR_WHITELIST, VAULT_ENVIRONMENTS, VAULT_ORACLE_CACHE_CATEGORY, VAULT_PROGRAM_ID, VAULT_PROGRAM_IDS, VAULT_PROGRAM_PUBLIC_KEY, VAULT_ROLE_UPDATE_TIMELOCK_SECS, VAULT_TRANCHE_STATE_CACHE_CATEGORY, VAULT_TRANCHE_WITHDRAWAL_QUEUE_CACHE_CATEGORY, type Vault, type VaultAccountData, VaultBuilderBase, type VaultBuilderContext, type VaultCacheInvalidation, VaultClient, type VaultClientBundle, type VaultEnv, type VaultIncentiveAccount, type VaultIncentiveAccountData, type VaultOracleAccountData, type VaultOracleResult, type VaultPricingInputs, type VaultQuote, type VaultQuoteArgs, VaultQuoteClient, type VaultQuoteDirection, type VaultQuoteShareClass, VaultReallocationBuilder, type VaultReallocationIxArgs, type VaultReallocationTxArgs, type VaultTrancheStateAccountData, type VaultTrancheWithdrawalQueueAccountData, type VaultTransactionPlan, type WalletBalanceSource, type WithdrawProtocolFeesIxArgs, type WithdrawProtocolFeesTxArgs, WithdrawalQueueService, type WithdrawalQueueSnapshot, type YieldAccount, type YieldAccountSnapshot, type YieldCalculationLog, type YieldCashflow, type YieldPaymentResponse, type YieldPaymentSnapshot, type YieldTracker, type YieldValuationModel, accountingUnitPriceToUsd, addCashflowUpdate, applyEffectiveApy, assertNoLargeBalanceChanges, assertNoUnconfirmedYieldPayments, buildHoldingUpdate, buildMarginfiWithdrawInteraction, buildUpdates, coerceBool, collectSamples, confirmYieldPayment, createAccount, createLiveConsensusOracleDeps, createRpcFromConnection, createTokenMint, createTokenMintIxs, createVaultClient, createYieldPayment, dateToStr, decodePendingConsensusSigners, defaultKeypairPath, deleteAccount, discoverVaultsForSigner, fetchExternalPositions, fetchNestTokenPrice, fetchReceiptMints, filterTargetHoldings, findLargeBalanceChanges, findSquadsWalletRoute, formatSettlementSimulation, fromUiAmount, gatherPricingInputs, getAccount, getAccounts, getAprYield, getBalance, getCashflows, getIncentiveRecipientShareAtas, getIncentiveRecipients, getIncentiveReportRecipients, getIncentiveTotals, getNavValue, getRpcUrl, getTotalOutstandingYield, getTotalTrackedValue, getTotalYield, getTrackedValue, getVaultProgramId, getYield, getYieldPayments, indexConfigByMint, isNavAccountBalance, isNavAccountValue, isNavYieldAccount, isVaultEnv, keypairAddress, loadKeypair, logProspectiveApy, makeProvider, mintTokensTo, mints, mostFrequent, parseExternalLiquidityRefs, planRebalance, prepareVaultTransaction, priceInAccountingUnit, readI64LE, readSplMintSupply, refreshLiveOraclePrices, resolveExternalWithdraw, resolveKeypairPath, resolveSquadsWalletRoute, resolveTrackedAmounts, roundToNextUtcMidnight, runLiveConsensusOracle, selectReportableHoldings, settleVault, signerInOracleData, simulateConsensusOracleSettlement, simulateDryRunSettlement, simulateSquadsProposalExecution, sumPositionsByMint, systemClock, toBigInt, toUiAmount, toWeb3AccountMeta, trackedValueFromResponse, updateAccount, updateDynamicApr, validateSquadsWalletRoutes, variantName, vaultAuthorityForWallet, withDiscoveredYieldAccounts };
+export { ASSET_DECIMALS, ASSET_REBALANCE_COOLDOWN_SECS, type AccountBalanceResponse, AccountClient, type AccountYieldResponse, ActivateCircuitBreakerBuilder, type ActivateCircuitBreakerIxArgs, type ActivateCircuitBreakerTxArgs, type AddAprCashflowUpdateParams, type AddCashflowUpdateParams, type AddIncentiveRecipientArgs, AddIncentiveRecipientBuilder, type AddIncentiveRecipientIxArgs, type AddNavCashflowUpdateParams, type AprAccountBalanceResponse, type AprAccountYieldResponse, type AssetPriceOracleConfigIxArgs, type AssetPriceOracleConfigTxArgs, type AssetPriceRefreshTarget, type AssetRefreshResult, type AssetType, BALANCE_CHANGE_BASELINE_MAX_AGE_SECS, type Bankineco, type BasicAuthCredentials, type Bigintish, type BuildMarginfiWithdrawInteractionArgs, CONSENSUS_ORACLE_VARIANT, type CancelIncentiveProposalArgs, CancelIncentiveProposalBuilder, CancelJuniorTrancheWithdrawBuilder, type CancelJuniorTrancheWithdrawIxArgs, type CancelJuniorTrancheWithdrawTxArgs, ClaimIncentiveBuilder, type ClaimIncentiveIxArgs, type ClaimIncentiveTxArgs, type Clock, type CollectSamplesOptions, type ConsensusAssetUpdate, type ConsensusHoldingEntry, type ConsensusHoldingSimulation, type ConsensusOracleDeps, type ConsensusOracleHoldingConfig, ConsensusOracleService, type ConsensusOracleTarget, CrankNavBuilder, type CrankNavIxArgs, type CrankNavTxArgs, CrankPerformanceFeesBuilder, type CrankPerformanceFeesIxArgs, type CrankPerformanceFeesTxArgs, type CreateAccountParams, CreateAssetHoldingBuilder, type CreateAssetHoldingIxArgs, type CreateAssetHoldingTxArgs, CreateIncentiveBuilder, type CreateIncentiveIxArgs, type CreateIncentiveTxArgs, type CreateTokenMintIxs, CreateTrancheStateBuilder, type CreateTrancheStateIxArgs, type CreateTrancheStateTxArgs, CreateVaultBuilder, type CreateVaultClientOptions, type CreateVaultIxArgs, type CreateVaultParams, type CreateVaultTxArgs, type CreateYieldPaymentParams, DEFAULT_CU_PRICE_MICRO_LAMPORTS, DEFAULT_JUNIOR_EARLY_UNSTAKE_FEE_BPS, DEFAULT_JUNIOR_STANDARD_UNSTAKE_FEE_BPS, DEFAULT_JUNIOR_WITHDRAWAL_LOCKUP_SECS, DEFAULT_MAX_ACCEPTABLE_APY_BPS, DEFAULT_MAX_ACCOUNTS, DEFAULT_MINTS, DEFAULT_MIN_AMOUNT_UI, DEFAULT_ORACLE_STALENESS_THRESHOLD_SECS, DEFAULT_PRICE_ORACLE_ACCOUNT, DEFAULT_PRICE_STALENESS_SECS, DEFAULT_PRICE_STALENESS_THRESHOLD_SECS, DEFAULT_REBALANCE_BAND_BPS, DEFAULT_SLIPPAGE_BPS, DEFAULT_TARGET_LOCAL_BPS, DEFAULT_VAULT_ID, type DecodedHolding, type DecodedVault, type DecodedVaultTrancheState, type DeleteAccountParams, DisableCircuitBreakerBuilder, type DisableCircuitBreakerIxArgs, type DisableCircuitBreakerTxArgs, DistributeIncentiveBuilder, type DistributeIncentiveIxArgs, type DistributeIncentiveTxArgs, EXTERNAL_POSITION_SAMPLES, ExecuteDepositBuilder, type ExecuteDepositIxArgs, type ExecuteDepositTxArgs, ExecuteShareSwapBuilder, type ExecuteShareSwapIxArgs, type ExecuteShareSwapTxArgs, ExecuteTrancheDepositBuilder, type ExecuteTrancheDepositIxArgs, type ExecuteTrancheDepositTxArgs, ExecuteTrancheWithdrawBuilder, type ExecuteTrancheWithdrawIxArgs, type ExecuteTrancheWithdrawTxArgs, ExecuteWithdrawBuilder, type ExecuteWithdrawIxArgs, type ExecuteWithdrawTxArgs, type ExternalLiquidityIntegrityOptions, type ExternalLiquidityIntegrityResult, ExternalLiquidityIntegrityService, type ExternalLiquidityIntegritySummary, type ExternalLiquiditySlot, type ExternalLiquiditySourceArgs, type ExternalPosition, type ExternalPositionContext, type ExternalPositionProvider, type ExternalPositionRef, ExternalPositionRegistry, FEE_VAULT_CACHE_CATEGORY, type FeeVaultAccountData, type FetchNestTokenPriceOptions, FulfillJuniorTrancheWithdrawBuilder, type FulfillJuniorTrancheWithdrawIxArgs, type FulfillJuniorTrancheWithdrawTxArgs, type FulfillSummary, type HoldingNavContribution, type HoldingUpdatePreview, IDL, IDLE_RESERVE_FLOOR_BPS, IDLE_RESERVE_TARGET_BPS, type IdleLiquidityOptions, type IdleLiquidityResult, IdleLiquidityService, type IdleLiquidityStatus, type IncentiveRecipient, type IncentiveTotals, InitializeVaultRolesBuilder, type InitializeVaultRolesIxArgs, type InitializeVaultRolesTxArgs, type JuniorWithdrawalMode, JupiterPriceSource, type JupiterPriceSourceOptions, JupiterSwapBuilder, type JupiterSwapIxArgs, type JupiterSwapTxArgs, KaminoPositionProvider, LIVE_ORACLE_VARIANTS, LIVE_PRICE_REFRESH_INTERVAL_SECS, LOCAL_PROTOCOL_ADMIN, LargeBalanceChangeError, type LargeBalanceChangeViolation, type LiveConsensusOracleDepsOptions, LivePriceSource, type LivePriceSourceOptions, MAX_APY_ANCHOR_WINDOW_SECS, MAX_BALANCE_CHANGE_BPS, MAX_CONSENSUS_SIGNERS, MAX_INCENTIVE_RECIPIENTS, MAX_MANAGER_WITHDRAW_DESTINATIONS, MAX_PRICE_STALENESS_THRESHOLD_SECS, MIN_EXTERNAL_POSITION_SAMPLES, ManagerRedepositAssetBuilder, type ManagerRedepositAssetIxArgs, type ManagerRedepositAssetTxArgs, ManagerWithdrawAssetBuilder, type ManagerWithdrawAssetIxArgs, type ManagerWithdrawAssetTxArgs, MarginfiPositionProvider, type MaxApyAnchorSnapshot, type MintConfig, type MintIdentifier, type MintInfo, MintRegistry, type MintRegistryOptions, type MockYieldAccountConfig, MockYieldTracker, type MockYieldTrackerOptions, NEST_API_BASE_URL, NEST_RWA_SHARE_MINT, NEST_VAULT_SLUG, type NavAccountBalanceResponse, type NavAccountValueResponse, type NavCrankBlocker, type NavCrankBlockerReason, type NavCrankReadiness, type NavCrankResult, type NavPriceConfig, type NavYieldAccount, NestPriceSource, type NestPriceSourceOptions, ORACLE_ENTRIES_OFFSET, ORACLE_ENTRY_SIZE, ORACLE_SETTLED_NAV_TS_OFFSET, OracleService, PRICE_ORACLE_TYPES_BY_INDEX, PROGRAM_FEE_EXEMPT_OWNER_WHITELIST, PROTOCOL_ADMIN, PROTOCOL_FEE_RECIPIENT, PdaClient, type PendingConsensusSignerSet, type PreparedDirectTransaction, type PreparedSquadsTransaction, type PreparedVaultTransaction, type PriceOracleTypeArgs, type PriceSource, ProtocolInteractionBuilder, type ProtocolInteractionIxArgs, type ProtocolInteractionTxArgs, type QuoteFeeUnit, REPORTABLE_ORACLE_VARIANTS, type RealizedApySimulation, type RefreshLiveOraclePricesParams, RemoveAssetHoldingBuilder, type RemoveAssetHoldingIxArgs, type RemoveAssetHoldingTxArgs, RequestJuniorTrancheWithdrawBuilder, type RequestJuniorTrancheWithdrawIxArgs, type RequestJuniorTrancheWithdrawTxArgs, type ResolveExternalWithdrawArgs, type ResolvedExternalWithdraw, type ResolvedSquadsWalletRoute, type RollingLimitConfig, type RollingRebalanceLimitConfig, type RunLiveConsensusOracleOptions, type RunOptions, type RunSummary, SHARE_DECIMALS, SYSTEM_PROGRAM, SetAssetPriceOracleBuilder, type SetAssetPriceOracleIxArgs, type SetAssetPriceOracleTxArgs, SetExternalLiquidityBuilder, type SetExternalLiquidityIxArgs, type SetExternalLiquidityTxArgs, type SetIncentiveLimitsArgs, SetIncentiveLimitsBuilder, SetManagerWithdrawDestinationBuilder, type SetManagerWithdrawDestinationIxArgs, type SetManagerWithdrawDestinationTxArgs, SetProtocolFeeBuilder, type SetProtocolFeeIxArgs, type SetProtocolFeeTxArgs, SetVaultConfigBuilder, type SetVaultConfigIxArgs, type SetVaultConfigTxArgs, type SettleVaultParams, type SettleVaultResult, type SettlementSimulation, type SettlementSimulationSnapshot, type SimulateDryRunSettlementParams, type SimulateSettlementArgs, type SimulatedShareClass, SquadsProposalExecutionSimulationError, type SquadsWalletRouteConfig, type StaleBalanceChangeBypass, StaticPositionProvider, SubmitIncentiveBuilder, type SubmitIncentiveIxArgs, type SubmitIncentiveTxArgs, TOKEN_PROGRAM, TOKEN_PROGRAM_ID, type TimelockSettlementKind, type TimelockSettlementOptions, type TimelockSettlementRecord, TimelockSettlementService, type TimelockSettlementSummary, type TrackedAccountValue, type TrancheKindArgs, type TransactionBuilder, TransactionClient, USDC_MINT, USD_STAR_JUNIOR_MINT, USD_STAR_MINT, USD_STAR_PRINCIPAL_MINT, type UpdateAccountParams, UpdateAssetPriceBuilder, type UpdateAssetPriceIxArgs, type UpdateAssetPriceTxArgs, UpdateConsensusOracleBuilder, type UpdateConsensusOracleIxArgs, type UpdateConsensusOracleTxArgs, UpdateConsensusSignersBuilder, type UpdateConsensusSignersIxArgs, type UpdateConsensusSignersTxArgs, type UpdateDynamicAprParams, UpdateTrancheConfigBuilder, type UpdateTrancheConfigIxArgs, type UpdateTrancheConfigTxArgs, VAULT_CACHE_CATEGORY, VAULT_CREATOR_WHITELIST, VAULT_ENVIRONMENTS, VAULT_ORACLE_CACHE_CATEGORY, VAULT_PROGRAM_ID, VAULT_PROGRAM_IDS, VAULT_PROGRAM_PUBLIC_KEY, VAULT_ROLE_UPDATE_TIMELOCK_SECS, VAULT_TRANCHE_STATE_CACHE_CATEGORY, VAULT_TRANCHE_WITHDRAWAL_QUEUE_CACHE_CATEGORY, type Vault, type VaultAccountData, VaultBuilderBase, type VaultBuilderContext, type VaultCacheInvalidation, VaultClient, type VaultClientBundle, type VaultEnv, type VaultIncentiveAccount, type VaultIncentiveAccountData, type VaultOracleAccountData, type VaultOracleResult, type VaultPricingInputs, type VaultQuote, type VaultQuoteArgs, VaultQuoteClient, type VaultQuoteDirection, type VaultQuoteShareClass, VaultReallocationBuilder, type VaultReallocationIxArgs, type VaultReallocationTxArgs, type VaultTrancheStateAccountData, type VaultTrancheWithdrawalQueueAccountData, type VaultTransactionPlan, type WithdrawProtocolFeesIxArgs, type WithdrawProtocolFeesTxArgs, WithdrawalQueueService, type WithdrawalQueueSnapshot, type YieldAccount, type YieldAccountSnapshot, type YieldCalculationLog, type YieldCashflow, type YieldPaymentResponse, type YieldPaymentSnapshot, type YieldTracker, type YieldValuationModel, accountingUnitPriceToUsd, addCashflowUpdate, applyEffectiveApy, assertNoLargeBalanceChanges, assertNoUnconfirmedYieldPayments, buildHoldingUpdate, buildMarginfiWithdrawInteraction, buildUpdates, coerceBool, collectSamples, confirmYieldPayment, createAccount, createLiveConsensusOracleDeps, createRpcFromConnection, createTokenMint, createTokenMintIxs, createVaultClient, createYieldPayment, dateToStr, decodePendingConsensusSigners, defaultKeypairPath, deleteAccount, discoverVaultsForSigner, fetchExternalPositions, fetchNestTokenPrice, fetchReceiptMints, filterTargetHoldings, findLargeBalanceChanges, findSquadsWalletRoute, formatSettlementSimulation, fromUiAmount, gatherPricingInputs, getAccount, getAccounts, getAprYield, getBalance, getCashflows, getIncentiveRecipientShareAtas, getIncentiveRecipients, getIncentiveReportRecipients, getIncentiveTotals, getNavValue, getRpcUrl, getTotalOutstandingYield, getTotalTrackedValue, getTotalYield, getTrackedValue, getVaultProgramId, getYield, getYieldPayments, indexConfigByMint, isNavAccountBalance, isNavAccountValue, isNavYieldAccount, isVaultEnv, keypairAddress, loadKeypair, logProspectiveApy, makeProvider, mintTokensTo, mints, mostFrequent, parseExternalLiquidityRefs, planRebalance, prepareVaultTransaction, priceInAccountingUnit, readI64LE, readSplMintSupply, refreshLiveOraclePrices, resolveExternalWithdraw, resolveKeypairPath, resolveSquadsWalletRoute, resolveTrackedAmounts, roundToNextUtcMidnight, runLiveConsensusOracle, selectReportableHoldings, settleVault, signerInOracleData, simulateConsensusOracleSettlement, simulateDryRunSettlement, simulateSquadsProposalExecution, sumPositionsByMint, systemClock, toBigInt, toUiAmount, toWeb3AccountMeta, trackedValueFromResponse, updateAccount, updateDynamicApr, validateSquadsWalletRoutes, variantName, vaultAuthorityForWallet, withDiscoveredYieldAccounts };

package/dist/index.js

@@ -611,7 +611,7 @@ var require_transaction = __commonJS({
         searchTransactionHistory: true
       })).value[0];
     }
-    async function sendVersionedTransaction({ connection, payer, instructions: instructions2, lookupTables }) {
+    async function sendVersionedTransaction({ connection, payer, instructions: instructions2, lookupTables, skipPreflight = true }) {
       const { blockhash, lastValidBlockHeight } = await connection.getLatestBlockhash("confirmed");
       const lookupTableAccounts = await fetchLookupTables3(connection, lookupTables);
       const message2 = new web3_js_1.TransactionMessage({
@@ -622,9 +622,12 @@ var require_transaction = __commonJS({
       const tx = new web3_js_1.VersionedTransaction(message2);
       tx.sign([payer]);
       const signature = await connection.sendRawTransaction(tx.serialize(), {
-        skipPreflight: true
+        skipPreflight
       });
-      await connection.confirmTransaction({ signature, blockhash, lastValidBlockHeight }, "confirmed");
+      const confirmation = await connection.confirmTransaction({ signature, blockhash, lastValidBlockHeight }, "confirmed");
+      if (confirmation.value.err) {
+        throw new Error(`Transaction ${signature} failed: ${JSON.stringify(confirmation.value.err)}`);
+      }
       return signature;
     }
   }
@@ -1412,7 +1415,12 @@ var require_positions = __commonJS({
       return out;
     }
     async function createMarginfiReadClient2(connection, preloadedBankAddresses = []) {
-      return marginfi_client_v2_1.MarginfiClient.fetch((0, marginfi_client_v2_1.getConfig)("production"), void 0, connection, { preloadedBankAddresses });
+      return marginfi_client_v2_1.MarginfiClient.fetch((0, marginfi_client_v2_1.getConfig)("production"), void 0, connection, {
+        preloadedBankAddresses,
+        // Balance readers use on-chain shares and bank addresses, not metadata.
+        // An explicit map skips the SDK's optional bank/staked-bank cache downloads.
+        bankMetadataMap: {}
+      });
     }
     async function readMarginfiBankBalance2(client, marginfiAccount, marginfiBank) {
       const account = await marginfi_client_v2_1.MarginfiAccountWrapper.fetch(marginfiAccount, client);
@@ -2681,12 +2689,11 @@ var require_constants4 = __commonJS({
   "../jupiter/dist/constants.js"(exports2) {
     "use strict";
     Object.defineProperty(exports2, "__esModule", { value: true });
-    exports2.DEFAULT_EXCLUDED_DEXES = exports2.DEFAULT_MAX_ACCOUNTS = exports2.DEFAULT_SLIPPAGE_BPS = exports2.JUPITER_BALANCES_API_URL = exports2.JUPITER_PRICE_API_URL = exports2.JUPITER_API_URL = exports2.JUPITER_V6_PROGRAM_ID = void 0;
+    exports2.DEFAULT_EXCLUDED_DEXES = exports2.DEFAULT_MAX_ACCOUNTS = exports2.DEFAULT_SLIPPAGE_BPS = exports2.JUPITER_PRICE_API_URL = exports2.JUPITER_API_URL = exports2.JUPITER_V6_PROGRAM_ID = void 0;
     var kit_1 = require("@solana/kit");
     exports2.JUPITER_V6_PROGRAM_ID = (0, kit_1.address)("JUP6LkbZbjS1jKKwapdHNy74zcZ3tLUZoi5QNyVTaV4");
     exports2.JUPITER_API_URL = "https://lite-api.jup.ag";
     exports2.JUPITER_PRICE_API_URL = `${exports2.JUPITER_API_URL}/price/v3`;
-    exports2.JUPITER_BALANCES_API_URL = `${exports2.JUPITER_API_URL}/ultra/v1/balances`;
     exports2.DEFAULT_SLIPPAGE_BPS = 500;
     exports2.DEFAULT_MAX_ACCOUNTS = 20;
     exports2.DEFAULT_EXCLUDED_DEXES = [
@@ -2772,68 +2779,6 @@ var require_api = __commonJS({
   }
 });
 
-// ../jupiter/dist/balancesApi.js
-var require_balancesApi = __commonJS({
-  "../jupiter/dist/balancesApi.js"(exports2) {
-    "use strict";
-    Object.defineProperty(exports2, "__esModule", { value: true });
-    exports2.fetchJupiterWalletBalances = fetchJupiterWalletBalances2;
-    exports2.fetchWalletBalancesFromRpc = fetchWalletBalancesFromRpc2;
-    var web3_js_1 = require("@solana/web3.js");
-    var spl_token_1 = require("@solana/spl-token");
-    var constants_1 = require_constants4();
-    async function fetchJupiterWalletBalances2(owner, opts = {}) {
-      const baseUrl = opts.baseUrl ?? constants_1.JUPITER_BALANCES_API_URL;
-      const fetchFn = opts.fetchFn ?? fetch;
-      const res = await fetchFn(`${baseUrl}/${owner.toString()}`);
-      if (!res.ok) {
-        throw new Error(`Jupiter balances API ${res.status}`);
-      }
-      const body = await res.json();
-      if (!body || typeof body !== "object") {
-        throw new Error("Jupiter balances API returned a non-object body");
-      }
-      const out = {};
-      for (const [key, value] of Object.entries(body)) {
-        if (key === "SOL")
-          continue;
-        if (!value || typeof value !== "object")
-          continue;
-        const amount = value.amount;
-        if (amount === void 0 || amount === null)
-          continue;
-        try {
-          const raw = BigInt(String(amount));
-          if (raw > 0n)
-            out[key] = raw;
-        } catch {
-        }
-      }
-      return out;
-    }
-    async function fetchWalletBalancesFromRpc2(connection, owner) {
-      const ownerPk = owner instanceof web3_js_1.PublicKey ? owner : new web3_js_1.PublicKey(owner.toString());
-      const out = {};
-      for (const programId of [spl_token_1.TOKEN_PROGRAM_ID, spl_token_1.TOKEN_2022_PROGRAM_ID]) {
-        const { value } = await connection.getParsedTokenAccountsByOwner(ownerPk, {
-          programId: new web3_js_1.PublicKey(programId)
-        });
-        for (const { account } of value) {
-          const info = account.data.parsed?.info;
-          const mint = info?.mint;
-          const amount = info?.tokenAmount?.amount;
-          if (!mint || amount === void 0)
-            continue;
-          const raw = BigInt(amount);
-          if (raw > 0n)
-            out[mint] = (out[mint] ?? 0n) + raw;
-        }
-      }
-      return out;
-    }
-  }
-});
-
 // ../jupiter/dist/extract.js
 var require_extract = __commonJS({
   "../jupiter/dist/extract.js"(exports2) {
@@ -3185,7 +3130,6 @@ var require_dist3 = __commonJS({
     };
     Object.defineProperty(exports2, "__esModule", { value: true });
     __exportStar(require_api(), exports2);
-    __exportStar(require_balancesApi(), exports2);
     __exportStar(require_client(), exports2);
     __exportStar(require_constants4(), exports2);
     __exportStar(require_priceApi(), exports2);
@@ -3297,7 +3241,6 @@ __export(index_exports, {
   IDLE_RESERVE_TARGET_BPS: () => IDLE_RESERVE_TARGET_BPS,
   IdleLiquidityService: () => IdleLiquidityService,
   InitializeVaultRolesBuilder: () => InitializeVaultRolesBuilder,
-  JupiterBalanceSource: () => JupiterBalanceSource,
   JupiterPriceSource: () => JupiterPriceSource,
   JupiterSwapBuilder: () => JupiterSwapBuilder,
   KaminoPositionProvider: () => KaminoPositionProvider,
@@ -3306,6 +3249,7 @@ __export(index_exports, {
   LOCAL_PROTOCOL_ADMIN: () => LOCAL_PROTOCOL_ADMIN,
   LargeBalanceChangeError: () => LargeBalanceChangeError,
   LivePriceSource: () => LivePriceSource,
+  MAX_APY_ANCHOR_WINDOW_SECS: () => MAX_APY_ANCHOR_WINDOW_SECS,
   MAX_BALANCE_CHANGE_BPS: () => MAX_BALANCE_CHANGE_BPS,
   MAX_CONSENSUS_SIGNERS: () => MAX_CONSENSUS_SIGNERS,
   MAX_INCENTIVE_RECIPIENTS: () => MAX_INCENTIVE_RECIPIENTS,
@@ -9973,8 +9917,9 @@ var IDL = {
           {
             name: "max_apy_bps",
             docs: [
-              "Maximum annualized APY accepted between oracle NAV updates that advance",
-              "the vault's regular performance-fee high-water mark, in basis points."
+              "Maximum linear annualized growth of the settled regular share price",
+              "against `max_apy_anchor`, for settlements advancing its performance-fee",
+              "high-water mark. Basis points; zero disables enforcement, not observation."
             ],
             type: "u16"
           },
@@ -10021,10 +9966,23 @@ var IDL = {
             ],
             type: "i64"
           },
+          {
+            name: "max_apy_anchor",
+            docs: [
+              "Independent of the durable fixed-APY accrual anchor above. Carved from",
+              "reserved bytes without changing APYConfig or Vault size/field offsets.",
+              "Existing zero-filled accounts initialize lazily from a known price/time."
+            ],
+            type: {
+              defined: {
+                name: "MaxApyAnchor"
+              }
+            }
+          },
           {
             name: "_padding1",
             type: {
-              array: ["u64", 32]
+              array: ["u64", 28]
             }
           }
         ]
@@ -10611,6 +10569,41 @@ var IDL = {
         ]
       }
     },
+    {
+      name: "MaxApyAnchor",
+      docs: [
+        "Weekly observations of the settled regular share price. Keep the previous",
+        "observation while the newest is younger than seven days, so rollover never",
+        "reduces a mature comparison window to a few seconds. With regular settlement",
+        "the effective lookback is seven to fourteen days; sparse settlement can make",
+        "it longer. A new cohort uses its actual age until seven days of history exist."
+      ],
+      serialization: "bytemuck",
+      repr: {
+        kind: "c"
+      },
+      type: {
+        kind: "struct",
+        fields: [
+          {
+            name: "share_price",
+            type: "u64"
+          },
+          {
+            name: "timestamp",
+            type: "i64"
+          },
+          {
+            name: "previous_share_price",
+            type: "u64"
+          },
+          {
+            name: "previous_timestamp",
+            type: "i64"
+          }
+        ]
+      }
+    },
     {
       name: "PendingManagerWithdrawDestination",
       docs: [
@@ -16376,8 +16369,9 @@ var TransactionClient = class {
 
 // src/client/client.ts
 var VaultClient = class {
-  constructor(provider, programId = VAULT_PROGRAM_ID) {
+  constructor(provider, programId = VAULT_PROGRAM_ID, options = {}) {
     this.provider = provider;
+    this.skipSimulation = options.skipSimulation ?? false;
     const idl = { ...IDL, address: programId };
     this.program = new import_core18.Program(idl, provider);
     this.pda = new PdaClient((0, import_kit9.address)(this.program.programId.toBase58()));
@@ -16410,13 +16404,20 @@ var VaultClient = class {
     const signature = await this.provider.connection.sendRawTransaction(
       tx.serialize(),
       {
-        skipPreflight: false
+        skipPreflight: this.skipSimulation
       }
     );
-    await this.provider.connection.confirmTransaction(
+    const confirmation = await this.provider.connection.confirmTransaction(
       { signature, blockhash, lastValidBlockHeight },
       "confirmed"
     );
+    if (confirmation.value.err) {
+      throw new Error(
+        `Transaction ${signature} failed: ${JSON.stringify(
+          confirmation.value.err
+        )}`
+      );
+    }
     this.applyCacheInvalidations(plan);
     return signature;
   }
@@ -16526,7 +16527,8 @@ function createVaultClient(env, opts = {}) {
   });
   const client = new VaultClient(
     provider,
-    opts.programId ?? getVaultProgramId(env)
+    opts.programId ?? getVaultProgramId(env),
+    { skipSimulation: opts.skipSimulation }
   );
   return {
     env,
@@ -17720,7 +17722,6 @@ function evaluateBalanceChanges(vaultState, updates, thresholdBps, nowSecs) {
       valueChange: valueNumerator / amountScale,
       tvl,
       thresholdBps,
-      walletAmount: update.walletAmount,
       lpAmount: update.lpAmount,
       trackedPrincipalAmount: update.trackedPrincipalAmount,
       trackedValueAmount: update.trackedValueAmount,
@@ -17782,10 +17783,7 @@ function assertNoLargeBalanceChanges(vault, vaultState, updates, nowSecs, log =
         violation.decimals
       )}, value_change=${violation.valueChange} accounting_base_units (${percentOfTvl} of TVL ${violation.tvl} accounting_base_units; threshold=${formatBpsAsPercent(
         violation.thresholdBps
-      )}), sources=[wallet=${formatTokenAmount(
-        violation.walletAmount,
-        violation.decimals
-      )} lp=${formatTokenAmount(
+      )}), sources=[lp=${formatTokenAmount(
         violation.lpAmount,
         violation.decimals
       )} tracked=${formatTokenAmount(
@@ -17848,6 +17846,7 @@ var DEFAULT_SHARE_PRICE = 1000000n;
 var BPS_DENOMINATOR3 = 10000n;
 var NAV_LOSS_TOLERANCE_BPS = 25n;
 var SECONDS_PER_YEAR = 31536000n;
+var MAX_APY_ANCHOR_WINDOW_SECS = 604800n;
 var DEFAULT_STALENESS_SECS = 86400n;
 var CONSENSUS_MAX_DIFF_BPS = 8n;
 var MIN_CONSENSUS_SIGNERS = 2;
@@ -17950,6 +17949,7 @@ function simulateConsensusOracleSettlement(args) {
       current
     };
   }
+  let realizedApy;
   try {
     const settlement = settleVault({
       grossNav,
@@ -17968,7 +17968,11 @@ function simulateConsensusOracleSettlement(args) {
       accruedApyBalance: bigint(apyConfig.accruedApyBalance),
       apyAnchorSharePrice: bigint(apyConfig.anchorSharePrice),
       apyAnchorTs: bigint(apyConfig.anchorTs),
-      tranche: currentTranche
+      maxApyAnchor: decodeMaxApyAnchor(apyConfig.maxApyAnchor),
+      tranche: currentTranche,
+      onRealizedApy: (diagnostic) => {
+        realizedApy = diagnostic;
+      }
     });
     return {
       nowTs: args.nowTs,
@@ -17980,6 +17984,8 @@ function simulateConsensusOracleSettlement(args) {
       consensus,
       navContributions,
       grossNav,
+      realizedApy,
+      projectedMaxApyAnchor: settlement.maxApyAnchor,
       settledAccountingNav: settlement.settledAccountingNav,
       current,
       projected: settlement.projected,
@@ -17988,50 +17994,32 @@ function simulateConsensusOracleSettlement(args) {
   } catch (error) {
     const blocker = message(error);
     blockers.push(blocker);
-    if (blocker.includes("MaxApyExceeded")) {
-      try {
-        const settlement = settleVault({
-          grossNav,
-          nowTs: args.nowTs,
-          currentTvl,
-          currentSharePrice: bigint(vaultAccounting.mintSharePrice),
-          totalSupply: reconciledSupply,
-          lossesEnabled: bool(args.vault.lossesEnabled),
-          accountingLastUpdateTs: bigint(vaultAccounting.lastUpdateTs),
-          priorSettledNavTs: oracle.settledNavTs,
-          performanceFeeBps: number(feesConfig.performanceFeeBps),
-          protocolFeeBps: number(feesConfig.protocolFeeBps),
-          hwmSharePrice: bigint(vaultAccounting.hwmSharePrice),
-          fixedApyBps: number(apyConfig.fixedApyBps),
-          maxApyBps: 0,
-          accruedApyBalance: bigint(apyConfig.accruedApyBalance),
-          apyAnchorSharePrice: bigint(apyConfig.anchorSharePrice),
-          apyAnchorTs: bigint(apyConfig.anchorTs),
-          tranche: currentTranche
-        });
-        return {
-          nowTs: args.nowTs,
-          assetDecimals: args.vault.config.assetDecimals,
-          ...consensusSummary,
-          canSettle: false,
-          blockers,
-          warnings,
-          consensus,
-          navContributions,
-          grossNav,
-          settledAccountingNav: settlement.settledAccountingNav,
-          current,
-          projectionRequiresMaxApyDisabled: true,
-          projected: settlement.projected,
-          performanceFees: settlement.performanceFees
-        };
-      } catch (projectionError) {
-        warnings.push(
-          `could not calculate the uncapped projection: ${message(
-            projectionError
-          )}`
-        );
-      }
+    const requiresLossesEnabled = blocker.includes("LossesDisabled");
+    const requiresMaxApyDisabled = blocker.includes("MaxApyExceeded");
+    if (requiresLossesEnabled || requiresMaxApyDisabled) {
+      const projection = simulateConsensusOracleSettlement({
+        ...args,
+        vault: {
+          ...args.vault,
+          lossesEnabled: requiresLossesEnabled ? true : args.vault.lossesEnabled,
+          config: {
+            ...args.vault.config,
+            apy: {
+              ...apyConfig,
+              maxApyBps: requiresMaxApyDisabled ? 0 : apyConfig.maxApyBps
+            }
+          }
+        }
+      });
+      return {
+        ...projection,
+        // Retain the real configured cap when the projection retries uncapped.
+        realizedApy: realizedApy ?? projection.realizedApy,
+        canSettle: false,
+        blockers: [...blockers, ...projection.blockers],
+        projectionRequiresLossesEnabled: projection.projected ? requiresLossesEnabled || projection.projectionRequiresLossesEnabled : void 0,
+        projectionRequiresMaxApyDisabled: projection.projected ? requiresMaxApyDisabled || projection.projectionRequiresMaxApyDisabled : void 0
+      };
     }
     return {
       nowTs: args.nowTs,
@@ -18043,6 +18031,7 @@ function simulateConsensusOracleSettlement(args) {
       consensus,
       navContributions,
       grossNav,
+      realizedApy,
       current
     };
   }
@@ -18117,8 +18106,23 @@ function settleVault(args) {
       `crank would fail LossesDisabled: gross NAV ${args.grossNav} is more than ${NAV_LOSS_TOLERANCE_BPS}bps below physical NAV ${physicalNavBefore}`
     );
   }
-  const priorTs = args.priorSettledNavTs > 0n ? args.priorSettledNavTs : max(args.accountingLastUpdateTs, args.apyAnchorTs);
-  const nextApyValue = args.tranche ? args.grossNav : sharePriceForValue(args.grossNav, args.totalSupply);
+  const priorSettledTs = args.priorSettledNavTs > 0n ? args.priorSettledNavTs : max(args.accountingLastUpdateTs, args.apyAnchorTs);
+  let maxApyAnchor = { ...args.maxApyAnchor };
+  let timestampSource = "apy.max_apy_anchor.timestamp";
+  if (maxApyAnchor.sharePrice <= 0n || maxApyAnchor.timestamp <= 0n) {
+    const hasFixedAnchor = args.apyAnchorSharePrice > 0n && args.apyAnchorTs > 0n;
+    maxApyAnchor = {
+      sharePrice: hasFixedAnchor ? args.apyAnchorSharePrice : args.currentSharePrice,
+      timestamp: hasFixedAnchor ? args.apyAnchorTs : max(priorSettledTs, args.accountingLastUpdateTs),
+      previousSharePrice: 0n,
+      previousTimestamp: 0n
+    };
+    timestampSource = hasFixedAnchor ? "legacy fixed-APY anchor (initialization)" : "current share-price observation (initialization)";
+  }
+  const usePrevious = args.nowTs - maxApyAnchor.timestamp < MAX_APY_ANCHOR_WINDOW_SECS && maxApyAnchor.previousSharePrice > 0n && maxApyAnchor.previousTimestamp > 0n;
+  const priorApyValue = usePrevious ? maxApyAnchor.previousSharePrice : maxApyAnchor.sharePrice;
+  const priorTs = usePrevious ? maxApyAnchor.previousTimestamp : maxApyAnchor.timestamp;
+  if (usePrevious) timestampSource = "apy.max_apy_anchor.previous_timestamp";
   let regularValue;
   let regularSharePrice = args.currentSharePrice;
   let regularHwmSharePrice = args.hwmSharePrice;
@@ -18191,15 +18195,55 @@ function settleVault(args) {
     curatorFee = regularFees.fees.curator;
     protocolFee = regularFees.fees.protocol;
   }
+  const nextApyValue = args.totalSupply > 0n ? regularSharePrice : void 0;
+  const elapsedSecs = args.nowTs - priorTs;
+  const numerator = nextApyValue === void 0 ? void 0 : (nextApyValue - priorApyValue) * BPS_DENOMINATOR3 * SECONDS_PER_YEAR;
+  const denominator = priorApyValue * elapsedSecs;
+  const rateAvailable = numerator !== void 0 && priorApyValue > 0n && priorTs > 0n && elapsedSecs > 0n;
+  args.onRealizedApy({
+    basis: "regular-share-price",
+    priorValue: priorApyValue,
+    nextValue: nextApyValue,
+    priorTs,
+    timestampSource,
+    checkpointTs: maxApyAnchor.timestamp,
+    nowTs: args.nowTs,
+    elapsedSecs,
+    impliedApyMicroBps: rateAvailable ? numerator * 1000000n / denominator : void 0,
+    minimumCapBps: rateAvailable ? numerator > 0n ? (numerator + denominator - 1n) / denominator : 0n : void 0,
+    maxApyBps: args.maxApyBps,
+    fixedApyBps: args.fixedApyBps,
+    hwmBefore: args.hwmSharePrice,
+    hwmAfter: regularHwmSharePrice
+  });
   if (regularHwmSharePrice > args.hwmSharePrice && nextApyValue !== void 0) {
     validateRealizedApy(
-      args.tranche ? physicalNavBefore : args.currentSharePrice,
+      priorApyValue,
       priorTs,
       nextApyValue,
       args.nowTs,
       args.maxApyBps
     );
   }
+  if (args.totalSupply > 0n) {
+    if (maxApyAnchor.sharePrice <= 0n || maxApyAnchor.timestamp <= 0n) {
+      maxApyAnchor = {
+        sharePrice: regularSharePrice,
+        timestamp: args.nowTs,
+        previousSharePrice: 0n,
+        previousTimestamp: 0n
+      };
+    } else if (args.nowTs - maxApyAnchor.timestamp >= MAX_APY_ANCHOR_WINDOW_SECS) {
+      maxApyAnchor = {
+        sharePrice: regularSharePrice,
+        timestamp: args.nowTs,
+        previousSharePrice: maxApyAnchor.sharePrice,
+        previousTimestamp: maxApyAnchor.timestamp
+      };
+    }
+  } else {
+    maxApyAnchor = args.maxApyAnchor;
+  }
   const totalFees = curatorFee + protocolFee;
   const netRegularBacking = mulDiv2(
     args.totalSupply,
@@ -18226,6 +18270,7 @@ function settleVault(args) {
   return {
     settledAccountingNav,
     projected,
+    maxApyAnchor,
     performanceFees: {
       curator: curatorFee,
       protocol: protocolFee,
@@ -18234,6 +18279,15 @@ function settleVault(args) {
     }
   };
 }
+function decodeMaxApyAnchor(value) {
+  const decoded = record(value);
+  return {
+    sharePrice: bigint(decoded.sharePrice),
+    timestamp: bigint(decoded.timestamp),
+    previousSharePrice: bigint(decoded.previousSharePrice),
+    previousTimestamp: bigint(decoded.previousTimestamp)
+  };
+}
 function settleTrancheNav(tranche, currentTvl, nextTvl, nowTs) {
   const before = tranche.junior.value + tranche.senior.value;
   if (before === 0n) {
@@ -18415,7 +18469,7 @@ function validateRealizedApy(priorValue, priorTs, nextValue, nextTs, maxApyBps)
   const lhs = (nextValue - priorValue) * BPS_DENOMINATOR3 * SECONDS_PER_YEAR;
   const rhs = BigInt(maxApyBps) * priorValue * elapsed;
   if (lhs > rhs) {
-    const implied = lhs / (priorValue * elapsed);
+    const implied = formatUnits(lhs * 1000000n / (priorValue * elapsed), 6);
     throw new Error(
       `crank would fail MaxApyExceeded: implied ${implied}bps > ${maxApyBps}bps`
     );
@@ -18772,6 +18826,13 @@ function formatSettlementSimulation(simulation) {
   lines.push(
     `  crank simulation: ${simulation.canSettle ? "WOULD SETTLE" : "BLOCKED"}`
   );
+  if (simulation.realizedApy) {
+    lines.push(...formatRealizedApy(simulation.realizedApy));
+  } else {
+    lines.push(
+      "    max-APY diagnostic unavailable: settlement did not reach the APY check"
+    );
+  }
   for (const holding of simulation.consensus) {
     const detail = holding.settledPrice ? `price=${holding.settledPrice} external=${holding.settledExternalAmount}` : holding.reason ?? "no aggregate";
     lines.push(
@@ -18832,6 +18893,11 @@ function formatSettlementSimulation(simulation) {
     );
   }
   if (simulation.projected) {
+    if (simulation.projectionRequiresLossesEnabled) {
+      lines.push(
+        "    hypothetical projection with losses enabled (losses_enabled=true):"
+      );
+    }
     if (simulation.projectionRequiresMaxApyDisabled) {
       lines.push("    projection with max APY disabled (max_apy_bps=0):");
     }
@@ -18888,6 +18954,70 @@ function formatSettlementSimulation(simulation) {
     lines.push(`    warning: ${warning}`);
   return lines;
 }
+function formatRealizedApy(apy) {
+  const lines = [
+    `    max-APY share-price anchor -> settled regular share price (after tranche allocation, fixed APY, and fees): ${formatUnits(
+      apy.priorValue,
+      6
+    )} [${apy.priorValue}] -> ${apy.nextValue === void 0 ? "unavailable (zero supply)" : `${formatUnits(apy.nextValue, 6)} [${apy.nextValue}]`}`,
+    `      weekly checkpoints: every 604800s (7 days); previous checkpoint retained through rollover; latest=${apy.checkpointTs}`,
+    `      observation window: ${formatUnits(
+      apy.elapsedSecs * 1000000n / 86400n,
+      6
+    )} days${apy.elapsedSecs < MAX_APY_ANCHOR_WINDOW_SECS ? " (initial history is shorter than 7 days)" : ""}`,
+    `      timestamp: ${apy.priorTs} from ${apy.timestampSource}; settlement time estimate=${apy.nowTs}; elapsed=${apy.elapsedSecs}s`,
+    `      configured max: ${apy.maxApyBps}bps (${formatUnits(
+      BigInt(apy.maxApyBps),
+      2
+    )}%); regular HWM: ${apy.hwmBefore} -> ${apy.hwmAfter}`
+  ];
+  if (apy.impliedApyMicroBps !== void 0) {
+    lines.push(
+      `      implied APY (linear annualization): ${formatUnits(
+        apy.impliedApyMicroBps,
+        6
+      )}bps (${formatUnits(apy.impliedApyMicroBps, 8)}%)`
+    );
+    lines.push(
+      "      formula: (new - anchor) * 10,000 * 31,536,000 / (anchor * elapsed_seconds)"
+    );
+  } else {
+    lines.push(
+      "      implied APY: unavailable (missing baseline/supply or non-positive elapsed time)"
+    );
+  }
+  const hwmAdvances = apy.hwmAfter > apy.hwmBefore;
+  const positiveGrowth = apy.nextValue !== void 0 && apy.nextValue > apy.priorValue;
+  const comparisonApplies = hwmAdvances && positiveGrowth && apy.priorValue > 0n && apy.priorTs > 0n;
+  const status = apy.maxApyBps === 0 ? "DISABLED (0 means uncapped)" : !hwmAdvances ? "BYPASSED (regular HWM does not advance)" : apy.nextValue === void 0 ? "BYPASSED (zero regular supply)" : apy.priorValue === 0n || apy.priorTs <= 0n ? "BYPASSED (no valid prior anchor)" : !positiveGrowth ? "BYPASSED (no positive growth)" : apy.elapsedSecs <= 0n ? "BLOCKED (positive growth with no elapsed time; no nonzero cap passes)" : apy.minimumCapBps > BigInt(apy.maxApyBps) ? "BLOCKED (MaxApyExceeded)" : "PASS";
+  lines.push(`      max-APY guard: ${status}`);
+  if (comparisonApplies && apy.elapsedSecs > 0n && apy.minimumCapBps !== void 0) {
+    const minimum = max(1n, max(apy.minimumCapBps, BigInt(apy.fixedApyBps)));
+    lines.push(
+      `      minimum nonzero --max-apy-bps for this snapshot: ${minimum} (${formatUnits(
+        minimum,
+        2
+      )}%; rounded UP, includes fixed-APY config floor)`
+    );
+    if (minimum > BPS_DENOMINATOR3) {
+      lines.push(
+        "      exceeds the configurable maximum of 10000bps (100%); no supported nonzero cap passes this snapshot"
+      );
+    }
+  } else if (comparisonApplies && apy.elapsedSecs <= 0n) {
+    lines.push(
+      "      no nonzero cap passes positive growth until settlement time advances beyond the anchor"
+    );
+  } else if (!comparisonApplies) {
+    lines.push(
+      "      this settlement does not require a higher cap; the HWM/baseline/growth gate bypasses the comparison"
+    );
+  }
+  lines.push(
+    "      estimate uses current consensus and sampled time; later reports or settlement time can change it"
+  );
+  return lines;
+}
 function formatTransition(before, after, decimals) {
   return `${formatUnits(before, decimals)} [${before}] -> ${formatUnits(
     after,
@@ -18977,7 +19107,6 @@ async function buildHoldingUpdate(yieldTracker, entry, inputs) {
     }
     usd = accountingUnitPriceToUsd(price, inputs.baseUsd, inputs.assetDecimals);
   }
-  const walletAmount = inputs.walletBalances[mintKey] ?? 0n;
   const lpAmount = inputs.lpByMint.get(mintKey) ?? 0n;
   const { trackedValueAmount, principalAmount, yieldAmount } = await resolveTrackedAmounts(
     yieldTracker,
@@ -18990,12 +19119,11 @@ async function buildHoldingUpdate(yieldTracker, entry, inputs) {
     decimals: holding.decimals,
     usdPrice: usd,
     price,
-    walletAmount,
     lpAmount,
     yieldAmount,
     trackedPrincipalAmount: principalAmount,
     trackedValueAmount,
-    externalAmount: walletAmount + lpAmount + trackedValueAmount
+    externalAmount: lpAmount + trackedValueAmount
   };
 }
 async function resolveTrackedAmounts(yieldTracker, cfg, decimals) {
@@ -19091,7 +19219,6 @@ async function refreshLiveOraclePrices({
 var import_common48 = __toESM(require_dist());
 async function gatherPricingInputs(deps, target, vaultState, reportableHoldings, log = () => {
 }) {
-  const manager = (0, import_common48.fromWeb3Pk)(vaultState.roles.manager);
   const consensusMints = reportableHoldings.filter(
     ({ holding }) => variantName2(holding.priceOracleType).toLowerCase() === CONSENSUS_ORACLE_VARIANT
   ).map(({ holding }) => (0, import_common48.fromWeb3Pk)(holding.mint));
@@ -19112,24 +19239,16 @@ async function gatherPricingInputs(deps, target, vaultState, reportableHoldings,
       `no USD price for base asset ${baseMint} (cannot denominate prices)`
     );
   }
-  const walletBalances = await deps.balanceSource.fetchBalances(manager);
-  const lpByMint = await fetchExternalPositions(
-    deps,
-    target,
-    manager,
-    vaultState,
-    log
-  );
+  const lpByMint = await fetchExternalPositions(deps, target, vaultState, log);
   return {
     assetDecimals: vaultState.config.assetDecimals,
     baseUsd,
     usdPrices,
-    walletBalances,
     lpByMint,
     configByMint: indexConfigByMint(target.holdings)
   };
 }
-async function fetchExternalPositions(deps, target, manager, vaultState, log = () => {
+async function fetchExternalPositions(deps, target, vaultState, log = () => {
 }) {
   if (!deps.externalPositions) return /* @__PURE__ */ new Map();
   const configRefs = (target.holdings ?? []).flatMap(
@@ -19150,7 +19269,6 @@ async function fetchExternalPositions(deps, target, manager, vaultState, log = (
     async () => sumPositionsByMint(
       await provider.positionsFor({
         vault: target.vault,
-        manager,
         refs: mergedRefs
       })
     ),
@@ -19302,17 +19420,27 @@ async function settleVault2({
   log(`vault ${vault}: submitting ${updates.length} consensus asset update(s)`);
   for (const update of updates) {
     log(
-      `  holding #${update.holdingIndex} ${update.mint}: price=${update.price} external_amount=${update.externalAmount} [wallet=${update.walletAmount} lp=${update.lpAmount} tracked=${update.trackedValueAmount} principal=${update.trackedPrincipalAmount} yield=${update.yieldAmount}]`
+      `  holding #${update.holdingIndex} ${update.mint}: price=${update.price} external_amount=${update.externalAmount} [lp=${update.lpAmount} tracked=${update.trackedValueAmount} principal=${update.trackedPrincipalAmount} yield=${update.yieldAmount}]`
+    );
+  }
+  try {
+    const simulation = await simulateDryRunSettlement({
+      client,
+      signer,
+      vault,
+      vaultState,
+      updates,
+      nowSecs
+    });
+    log(
+      `vault ${vault}: expected settlement using this report and current consensus`
+    );
+    for (const line of formatSettlementSimulation(simulation)) log(line);
+  } catch (error) {
+    log(
+      `vault ${vault}: expected share prices unavailable (${error instanceof Error ? error.message : String(error)})`
     );
   }
-  await logProspectiveApy({
-    client,
-    vault,
-    updates,
-    vaultState,
-    nowSecs,
-    log
-  });
   await assertNoUnconfirmedYieldPayments(yieldTracker, target);
   const updateSignature = await oracle.updateAssetConsensusPrice(
     signer,
@@ -19377,7 +19505,7 @@ async function logProspectiveApy({
     if (elapsedSecs <= 0n) return;
     const apyBps = (prospectiveNav - physicalNavBefore) * SECONDS_PER_YEAR2 * 10000n / (physicalNavBefore * elapsedSecs);
     log(
-      `vault ${vault}: prospective NAV ${prospectiveNav} vs physical baseline ${physicalNavBefore} (elapsed ${elapsedSecs}s) \u2192 implied APY ${apyBps}bps`
+      `vault ${vault}: raw candidate estimate (before consensus, not the max-APY check): NAV ${prospectiveNav} vs physical baseline ${physicalNavBefore} (elapsed ${elapsedSecs}s) \u2192 implied APY ${apyBps}bps`
     );
   } catch {
   }
@@ -19471,34 +19599,6 @@ var LivePriceSource = class {
   }
 };
 
-// src/services/consensusOracle/sources/jupiterBalanceSource.ts
-var import_jupiter2 = __toESM(require_dist3());
-var JupiterBalanceSource = class {
-  constructor(connection, opts = {}) {
-    this.connection = connection;
-    this.rpcOnly = opts.rpcOnly ?? false;
-    this.log = opts.log ?? (() => {
-    });
-    this.apiOptions = { baseUrl: opts.baseUrl, fetchFn: opts.fetchFn };
-  }
-  async fetchBalances(owner) {
-    if (!this.rpcOnly) {
-      try {
-        const fromJup = await (0, import_jupiter2.fetchJupiterWalletBalances)(
-          owner,
-          this.apiOptions
-        );
-        if (Object.keys(fromJup).length > 0) return fromJup;
-      } catch (err) {
-        this.log(
-          `Jupiter balances failed for ${owner}, falling back to RPC: ${err instanceof Error ? err.message : String(err)}`
-        );
-      }
-    }
-    return (0, import_jupiter2.fetchWalletBalancesFromRpc)(this.connection, owner);
-  }
-};
-
 // src/services/consensusOracle/positions/externalPositions.ts
 var ExternalPositionRegistry = class {
   constructor(providers = [], log = () => {
@@ -19836,10 +19936,6 @@ function createLiveConsensusOracleDeps(connection, opts = {}) {
   });
   const deps = {
     priceSource: new LivePriceSource(),
-    balanceSource: new JupiterBalanceSource(connection, {
-      rpcOnly: opts.rpcOnly ?? false,
-      log
-    }),
     yieldTracker: {
       async getAccountNamesForVault(vault) {
         const accounts2 = await getAccounts();
@@ -20079,7 +20175,6 @@ async function runLiveConsensusOracle(env, oracleSigner, opts = {}) {
     client,
     createLiveConsensusOracleDeps(client.provider.connection, {
       log: opts.log,
-      rpcOnly: opts.rpcOnly,
       includeExternalPositions: opts.includeExternalPositions
     })
   );
@@ -20172,7 +20267,11 @@ var ExternalLiquidityIntegrityService = class {
     const minAmountUi = opts.minAmountUi ?? DEFAULT_MIN_AMOUNT_UI;
     const targetLocalBps = opts.targetLocalBps ?? DEFAULT_TARGET_LOCAL_BPS;
     const rebalanceBandBps = opts.rebalanceBandBps ?? DEFAULT_REBALANCE_BAND_BPS;
-    if (dryRun) log("DRY RUN \u2014 rebalances will be simulated, not sent");
+    if (dryRun) {
+      log(
+        this.client.skipSimulation ? "DRY RUN \u2014 rebalances will be built; simulations skipped; nothing sent" : "DRY RUN \u2014 rebalances will be simulated, not sent"
+      );
+    }
     log(`Minimum rebalance: ${minAmountUi} token(s) (~$${minAmountUi})`);
     log(`Target local share: ${targetLocalBps / 100}% of each holding`);
     log(
@@ -20286,7 +20385,10 @@ var ExternalLiquidityIntegrityService = class {
           continue;
         }
         log(
-          `Vault ${vault} slot ${slot.index}: ${dryRun ? "simulating " : ""}${plan.direction} of ${formatUi(plan.amount, decimals)} ${mintAddress} (local ${formatUi(localAmount, decimals)} \u2192 target ${formatUi(
+          `Vault ${vault} slot ${slot.index}: ${dryRun ? this.client.skipSimulation ? "building " : "simulating " : ""}${plan.direction} of ${formatUi(
+            plan.amount,
+            decimals
+          )} ${mintAddress} (local ${formatUi(localAmount, decimals)} \u2192 target ${formatUi(
             plan.targetLocal,
             decimals
           )})`
@@ -20379,6 +20481,12 @@ var ExternalLiquidityIntegrityService = class {
       ...cpiRefs.lookupTables?.length ? { lookupTables: cpiRefs.lookupTables } : {}
     };
     if (dryRun) {
+      if (this.client.skipSimulation) {
+        log(
+          `Vault ${vault} slot ${slot.index}: built; simulation skipped; no transaction sent`
+        );
+        return {};
+      }
       const sim = await this.client.simulateTransaction(hwManager, plan);
       for (const line of sim.logs ?? []) {
         log(`  | ${line}`);
@@ -20400,7 +20508,7 @@ var import_kit16 = require("@solana/kit");
 var import_spl_token20 = require("@solana/spl-token");
 var import_web330 = require("@solana/web3.js");
 var import_common54 = __toESM(require_dist());
-var import_jupiter3 = __toESM(require_dist3());
+var import_jupiter2 = __toESM(require_dist3());
 var IDLE_RESERVE_FLOOR_BPS = 400;
 var IDLE_RESERVE_TARGET_BPS = 500;
 var DEFAULT_SLIPPAGE_BPS = 30;
@@ -20492,7 +20600,7 @@ var IdleLiquidityService = class {
       log(`Vault ${vault}: ${reason} \u2014 skipping`);
       return { ...base, status: "insufficient-pst", reason };
     }
-    const jupiter = new import_jupiter3.JupiterSwapClient(
+    const jupiter = new import_jupiter2.JupiterSwapClient(
       (0, import_kit16.createSolanaRpc)(this.client.provider.connection.rpcEndpoint)
     );
     let quote;
@@ -20755,26 +20863,30 @@ var IdleLiquidityService = class {
     }).compileToV0Message(lookupTableAccounts);
     const transaction = new import_web330.VersionedTransaction(message2);
     transaction.sign([hwManager]);
-    const simulation = await connection.simulateTransaction(transaction, {
-      sigVerify: true,
-      commitment: "confirmed"
-    });
-    if (simulation.value.err) {
-      for (const line of simulation.value.logs ?? []) log(`  | ${line}`);
-      throw new Error(
-        `simulation failed: ${JSON.stringify(simulation.value.err)}`
+    if (!this.client.skipSimulation) {
+      const simulation = await connection.simulateTransaction(transaction, {
+        sigVerify: true,
+        commitment: "confirmed"
+      });
+      if (simulation.value.err) {
+        for (const line of simulation.value.logs ?? []) log(`  | ${line}`);
+        throw new Error(
+          `simulation failed: ${JSON.stringify(simulation.value.err)}`
+        );
+      }
+      log(
+        `Vault ${vault}: simulation OK (${simulation.value.unitsConsumed ?? "?"} CU)`
       );
+    } else {
+      log(`Vault ${vault}: simulation skipped`);
     }
-    log(
-      `Vault ${vault}: simulation OK (${simulation.value.unitsConsumed ?? "?"} CU)`
-    );
     if (dryRun) {
       log(`Vault ${vault}: dry run \u2014 transaction NOT submitted`);
       return {};
     }
     const signature = await connection.sendRawTransaction(
       transaction.serialize(),
-      { skipPreflight: false, maxRetries: 5 }
+      { skipPreflight: this.client.skipSimulation, maxRetries: 5 }
     );
     const confirmation = await connection.confirmTransaction(
       { signature, blockhash, lastValidBlockHeight },
@@ -20998,7 +21110,7 @@ var TimelockSettlementService = class {
         }
         try {
           log(
-            `Vault ${vault}: ${dryRun ? "simulating" : "settling"} expired ${action.kind}`
+            `Vault ${vault}: ${dryRun ? this.client.skipSimulation ? "building" : "simulating" : "settling"} expired ${action.kind}`
           );
           const signature = await action.execute();
           summary.settled += 1;
@@ -21010,7 +21122,7 @@ var TimelockSettlementService = class {
             dryRun
           });
           log(
-            `Vault ${vault}: ${action.kind} ${dryRun ? "simulation passed" : `settled: ${signature}`}`
+            `Vault ${vault}: ${action.kind} ${dryRun ? this.client.skipSimulation ? "built; simulation skipped; no transaction sent" : "simulation passed" : `settled: ${signature}`}`
           );
         } catch (error) {
           summary.failed += 1;
@@ -21024,6 +21136,7 @@ var TimelockSettlementService = class {
   }
   async execute(fulfiller, plan, dryRun, log) {
     if (!dryRun) return this.client.sendTransaction(fulfiller, plan);
+    if (this.client.skipSimulation) return void 0;
     const simulation = await this.client.simulateTransaction(fulfiller, plan);
     for (const line of simulation.logs ?? []) log(`  | ${line}`);
     if (simulation.err) {
@@ -21087,7 +21200,6 @@ var import_common56 = __toESM(require_dist());
   IDLE_RESERVE_TARGET_BPS,
   IdleLiquidityService,
   InitializeVaultRolesBuilder,
-  JupiterBalanceSource,
   JupiterPriceSource,
   JupiterSwapBuilder,
   KaminoPositionProvider,
@@ -21096,6 +21208,7 @@ var import_common56 = __toESM(require_dist());
   LOCAL_PROTOCOL_ADMIN,
   LargeBalanceChangeError,
   LivePriceSource,
+  MAX_APY_ANCHOR_WINDOW_SECS,
   MAX_BALANCE_CHANGE_BPS,
   MAX_CONSENSUS_SIGNERS,
   MAX_INCENTIVE_RECIPIENTS,

package/package.json

@@ -1,6 +1,6 @@
 {
   "name": "@perena/vault-sdk",
-  "version": "1.0.41",
+  "version": "1.0.43",
   "description": "Vault program helpers for Bankineco integrations.",
   "main": "dist/index.js",
   "types": "dist/index.d.ts",
@@ -42,6 +42,7 @@
     "init-vault-atas": "tsx scripts/initVaultAtas.ts",
     "inspect": "tsx scripts/inspect.ts",
     "vault-data": "tsx scripts/fetchVaultData.ts",
+    "preview-oracle-update": "tsx scripts/previewOracleUpdate.ts",
     "simulate-withdraw": "tsx scripts/simulate-withdraw.ts",
     "simulate-message": "tsx scripts/simulate-message.ts",
     "run-external-liquidity-service": "tsx scripts/runExternalLiquidityService.ts",