@velocity-exchange/sdk 0.0.5 → 0.2.0

package/lib/browser/index.d.ts

@@ -25,7 +25,7 @@ export { WebSocketAccountSubscriberV2 } from './accounts/webSocketAccountSubscri
 export { WebSocketProgramAccountSubscriber } from './accounts/webSocketProgramAccountSubscriber';
 export { WebSocketProgramUserAccountSubscriber } from './accounts/websocketProgramUserAccountSubscriber';
 export { WebSocketProgramAccountsSubscriberV2 } from './accounts/webSocketProgramAccountsSubscriberV2';
-export { WebSocketVelocityClientAccountSubscriberV2, WebSocketDriftClientAccountSubscriberV2, } from './accounts/webSocketVelocityClientAccountSubscriberV2';
+export { WebSocketVelocityClientAccountSubscriberV2 } from './accounts/webSocketVelocityClientAccountSubscriberV2';
 export * from './accounts/bulkAccountLoader';
 export * from './accounts/bulkUserSubscription';
 export * from './accounts/bulkUserStatsSubscription';
@@ -105,13 +105,11 @@ export * from './tx/fastSingleTxSender';
 export * from './tx/retryTxSender';
 export * from './tx/whileValidTxSender';
 export * from './tx/priorityFeeCalculator';
-export * from './tx/forwardOnlyTxSender';
 export * from './tx/types';
 export * from './tx/txHandler';
 export * from './tx/txParamProcessor';
 export * from './util/computeUnits';
 export * from './util/digest';
-export * from './util/tps';
 export * from './util/promiseTimeout';
 export * from './math/spotBalance';
 export * from './velocityClientConfig';

package/lib/browser/index.js

@@ -17,7 +17,7 @@ var __importDefault = (this && this.__importDefault) || function (mod) {
     return (mod && mod.__esModule) ? mod : { "default": mod };
 };
 Object.defineProperty(exports, "__esModule", { value: true });
-exports.pyth = exports.PublicKey = exports.BN = exports.PythLazerSubscriber = exports.CustomizedCadenceBulkAccountLoader = exports.WebSocketDriftClientAccountSubscriberV2 = exports.WebSocketVelocityClientAccountSubscriberV2 = exports.WebSocketProgramAccountsSubscriberV2 = exports.WebSocketProgramUserAccountSubscriber = exports.WebSocketProgramAccountSubscriber = exports.WebSocketAccountSubscriberV2 = void 0;
+exports.pyth = exports.PublicKey = exports.BN = exports.PythLazerSubscriber = exports.CustomizedCadenceBulkAccountLoader = exports.WebSocketVelocityClientAccountSubscriberV2 = exports.WebSocketProgramAccountsSubscriberV2 = exports.WebSocketProgramUserAccountSubscriber = exports.WebSocketProgramAccountSubscriber = exports.WebSocketAccountSubscriberV2 = void 0;
 /**
  * @module @velocity-exchange/sdk
  * Main package barrel — re-exports all public SDK types, classes, and utilities.
@@ -54,7 +54,6 @@ var webSocketProgramAccountsSubscriberV2_1 = require("./accounts/webSocketProgra
 Object.defineProperty(exports, "WebSocketProgramAccountsSubscriberV2", { enumerable: true, get: function () { return webSocketProgramAccountsSubscriberV2_1.WebSocketProgramAccountsSubscriberV2; } });
 var webSocketVelocityClientAccountSubscriberV2_1 = require("./accounts/webSocketVelocityClientAccountSubscriberV2");
 Object.defineProperty(exports, "WebSocketVelocityClientAccountSubscriberV2", { enumerable: true, get: function () { return webSocketVelocityClientAccountSubscriberV2_1.WebSocketVelocityClientAccountSubscriberV2; } });
-Object.defineProperty(exports, "WebSocketDriftClientAccountSubscriberV2", { enumerable: true, get: function () { return webSocketVelocityClientAccountSubscriberV2_1.WebSocketDriftClientAccountSubscriberV2; } });
 __exportStar(require("./accounts/bulkAccountLoader"), exports);
 __exportStar(require("./accounts/bulkUserSubscription"), exports);
 __exportStar(require("./accounts/bulkUserStatsSubscription"), exports);
@@ -137,13 +136,11 @@ __exportStar(require("./tx/fastSingleTxSender"), exports);
 __exportStar(require("./tx/retryTxSender"), exports);
 __exportStar(require("./tx/whileValidTxSender"), exports);
 __exportStar(require("./tx/priorityFeeCalculator"), exports);
-__exportStar(require("./tx/forwardOnlyTxSender"), exports);
 __exportStar(require("./tx/types"), exports);
 __exportStar(require("./tx/txHandler"), exports);
 __exportStar(require("./tx/txParamProcessor"), exports);
 __exportStar(require("./util/computeUnits"), exports);
 __exportStar(require("./util/digest"), exports);
-__exportStar(require("./util/tps"), exports);
 __exportStar(require("./util/promiseTimeout"), exports);
 __exportStar(require("./math/spotBalance"), exports);
 __exportStar(require("./velocityClientConfig"), exports);

package/lib/browser/jupiter/jupiterClient.d.ts

@@ -276,7 +276,7 @@ export declare class JupiterClient {
         transactionMessage: TransactionMessage;
         lookupTables: AddressLookupTableAccount[];
     }>;
-    getLookupTable(accountKey: PublicKey): Promise<AddressLookupTableAccount>;
+    getLookupTable(accountKey: PublicKey): Promise<AddressLookupTableAccount | undefined>;
     /**
      * Get the jupiter instructions from transaction by filtering out instructions to compute budget and associated token programs
      * @param transactionMessage the transaction message

package/lib/browser/jupiter/jupiterClient.js

@@ -47,6 +47,16 @@ class JupiterClient {
      */
     async getQuote({ inputMint, outputMint, amount, maxAccounts = 50, // 50 is an estimated amount with buffer
     slippageBps = 50, swapMode = 'ExactIn', onlyDirectRoutes = false, excludeDexes, autoSlippage = false, maxAutoSlippageBps, usdEstimate, }) {
+        if (autoSlippage && maxAutoSlippageBps === undefined) {
+            throw new Error('JupiterClient.getQuote: maxAutoSlippageBps is required when autoSlippage is enabled');
+        }
+        if (autoSlippage && usdEstimate === undefined) {
+            throw new Error('JupiterClient.getQuote: usdEstimate is required when autoSlippage is enabled');
+        }
+        const maxAutoSlippageBpsParam = autoSlippage && maxAutoSlippageBps !== undefined
+            ? maxAutoSlippageBps.toString()
+            : '0';
+        const autoSlippageCollisionUsdValueParam = autoSlippage && usdEstimate !== undefined ? usdEstimate.toString() : '0';
         const params = new URLSearchParams({
             inputMint: inputMint.toString(),
             outputMint: outputMint.toString(),
@@ -56,10 +66,8 @@ class JupiterClient {
             onlyDirectRoutes: onlyDirectRoutes.toString(),
             maxAccounts: maxAccounts.toString(),
             autoSlippage: autoSlippage.toString(),
-            maxAutoSlippageBps: autoSlippage ? maxAutoSlippageBps.toString() : '0',
-            autoSlippageCollisionUsdValue: autoSlippage
-                ? usdEstimate.toString()
-                : '0',
+            maxAutoSlippageBps: maxAutoSlippageBpsParam,
+            autoSlippageCollisionUsdValue: autoSlippageCollisionUsdValueParam,
             ...(excludeDexes && { excludeDexes: excludeDexes.join(',') }),
         });
         if (swapMode === 'ExactOut') {
@@ -116,7 +124,7 @@ class JupiterClient {
         const message = transaction.message;
         const lookupTables = (await Promise.all(message.addressTableLookups.map(async (lookup) => {
             return await this.getLookupTable(lookup.accountKey);
-        }))).filter((lookup) => lookup);
+        }))).filter((lookup) => lookup !== undefined);
         const transactionMessage = web3_js_1.TransactionMessage.decompile(message, {
             addressLookupTableAccounts: lookupTables,
         });
@@ -126,10 +134,12 @@ class JupiterClient {
         };
     }
     async getLookupTable(accountKey) {
-        if (this.lookupTableCahce.has(accountKey.toString())) {
-            return this.lookupTableCahce.get(accountKey.toString());
+        var _a;
+        const cached = this.lookupTableCahce.get(accountKey.toString());
+        if (cached !== undefined) {
+            return cached;
         }
-        return (await this.connection.getAddressLookupTable(accountKey)).value;
+        return ((_a = (await this.connection.getAddressLookupTable(accountKey)).value) !== null && _a !== void 0 ? _a : undefined);
     }
     /**
      * Get the jupiter instructions from transaction by filtering out instructions to compute budget and associated token programs

package/lib/browser/marginCalculation.js

@@ -28,6 +28,7 @@ class MarginContext {
         this.strict = false;
         this.ignoreInvalidDepositOracles = false;
         this.isolatedMarginBuffers = new Map();
+        this.crossMarginBuffer = numericConstants_1.ZERO;
     }
     static standard(marginType) {
         return new MarginContext(marginType);

package/lib/browser/math/amm.d.ts

@@ -1,18 +1,18 @@
 /// <reference types="bn.js" />
 import { BN } from '../isomorphic/anchor';
-import { AMM, PositionDirection, SwapDirection, PerpMarketAccount } from '../types';
+import { AMM, MarketStats, PositionDirection, SwapDirection, PerpMarketAccount } from '../types';
 import { MMOraclePriceData, OraclePriceData } from '../oracles/types';
 export declare function calculatePegFromTargetPrice(targetPrice: BN, baseAssetReserve: BN, quoteAssetReserve: BN): BN;
 export declare function calculateOptimalPegAndBudget(amm: AMM, mmOraclePriceData: MMOraclePriceData): [BN, BN, BN, boolean];
 export declare function calculateNewAmm(amm: AMM, mmOraclePriceData: MMOraclePriceData): [BN, BN, BN, BN];
-export declare function calculateUpdatedAMM(amm: AMM, mmOraclePriceData: MMOraclePriceData): AMM;
-export declare function calculateUpdatedAMMSpreadReserves(amm: AMM, direction: PositionDirection, mmOraclePriceData: MMOraclePriceData, latestSlot?: BN): {
+export declare function calculateUpdatedAMM(amm: AMM, mmOraclePriceData?: MMOraclePriceData): AMM;
+export declare function calculateUpdatedAMMSpreadReserves(amm: AMM, marketStats: MarketStats, direction: PositionDirection, mmOraclePriceData?: MMOraclePriceData, latestSlot?: BN): {
     baseAssetReserve: BN;
     quoteAssetReserve: BN;
     sqrtK: BN;
     newPeg: BN;
 };
-export declare function calculateBidAskPrice(amm: AMM, mmOraclePriceData: MMOraclePriceData, withUpdate?: boolean, latestSlot?: BN): [BN, BN];
+export declare function calculateBidAskPrice(amm: AMM, marketStats: MarketStats, mmOraclePriceData?: MMOraclePriceData, withUpdate?: boolean, latestSlot?: BN): [BN, BN];
 /**
  * Calculates a price given an arbitrary base and quote amount (they must have the same precision)
  *
@@ -39,9 +39,22 @@ export declare function calculateInventoryLiquidityRatioForReferencePriceOffset(
 export declare function calculateInventoryScale(baseAssetAmountWithAmm: BN, baseAssetReserve: BN, minBaseAssetReserve: BN, maxBaseAssetReserve: BN, directionalSpread: number, maxSpread: number): number;
 export declare function calculateReferencePriceOffset(reservePrice: BN, last24hAvgFundingRate: BN, liquidityFraction: BN, oracleTwapFast: BN, markTwapFast: BN, oracleTwapSlow: BN, markTwapSlow: BN, maxOffsetPct: number): BN;
 export declare function calculateEffectiveLeverage(baseSpread: number, quoteAssetReserve: BN, terminalQuoteAssetReserve: BN, pegMultiplier: BN, netBaseAssetAmount: BN, reservePrice: BN, totalFeeMinusDistributions: BN): number;
-export declare function calculateMaxSpread(marginRatioInitial: number): number;
 export declare function calculateVolSpreadBN(lastOracleConfPct: BN, reservePrice: BN, markStd: BN, oracleStd: BN, longIntensity: BN, shortIntensity: BN, volume24H: BN): [BN, BN];
-export declare function calculateSpreadBN(baseSpread: number, lastOracleReservePriceSpreadPct: BN, lastOracleConfPct: BN, maxSpread: number, quoteAssetReserve: BN, terminalQuoteAssetReserve: BN, pegMultiplier: BN, baseAssetAmountWithAmm: BN, reservePrice: BN, totalFeeMinusDistributions: BN, netRevenueSinceLastFunding: BN, baseAssetReserve: BN, minBaseAssetReserve: BN, maxBaseAssetReserve: BN, markStd: BN, oracleStd: BN, longIntensity: BN, shortIntensity: BN, volume24H: BN, ammInventorySpreadAdjustment: number, returnTerms?: boolean): number[] | {
+/**
+ * Funding bias β(f) (BID_ASK_SPREAD_PRECISION): bounded multiplier for the
+ * paying-side spread while the vAMM is paying funding. Mirrors the program's
+ * `calculate_spread_funding_bias_scale`.
+ *
+ *   ρ(f) = clamp(|f| / f_ref, 0, 1),  f_ref = FUNDING_RATE_OFFSET_PERCENTAGE
+ *   β(f) = 1 + s * ρ(f),              s = fundingBiasSensitivity / 100
+ *
+ * f = 24h avg funding rate normalized to a daily fraction of the oracle twap
+ * captured at the last funding update. The vAMM pays when f * q < 0
+ * (q = baseAssetAmountWithAmm). Returns 1x when the vAMM receives funding or
+ * s = 0.
+ */
+export declare function calculateSpreadFundingBiasScale(baseAssetAmountWithAmm: BN, last24HAvgFundingRate: BN, lastFundingOracleTwap: BN, fundingBiasSensitivity: number): number;
+export interface SpreadTerms {
     longVolSpread: number;
     shortVolSpread: number;
     longSpreadwPS: number;
@@ -58,16 +71,21 @@ export declare function calculateSpreadBN(baseSpread: number, lastOracleReserveP
     halfRevenueRetreatAmount: number;
     longSpreadwRevRetreat: number;
     shortSpreadwRevRetreat: number;
+    fundingBiasScale: number;
+    longSpreadwFundingBias: number;
+    shortSpreadwFundingBias: number;
     longSpreadwOffsetShrink: number;
     shortSpreadwOffsetShrink: number;
     totalSpread: number;
     longSpread: number;
     shortSpread: number;
-};
-export declare function calculateSpread(amm: AMM, oraclePriceData: OraclePriceData, now?: BN, reservePrice?: BN): [number, number];
-export declare function calculateSpreadReserves(amm: AMM, mmOraclePriceData: MMOraclePriceData, now?: BN, latestSlot?: BN): {
-    baseAssetReserve: any;
-    quoteAssetReserve: any;
+}
+export declare function calculateSpreadBN(baseSpread: number, lastOracleReservePriceSpreadPct: BN, lastOracleConfPct: BN, maxSpread: number, quoteAssetReserve: BN, terminalQuoteAssetReserve: BN, pegMultiplier: BN, baseAssetAmountWithAmm: BN, reservePrice: BN, totalFeeMinusDistributions: BN, netRevenueSinceLastFunding: BN, baseAssetReserve: BN, minBaseAssetReserve: BN, maxBaseAssetReserve: BN, markStd: BN, oracleStd: BN, longIntensity: BN, shortIntensity: BN, volume24H: BN, ammInventorySpreadAdjustment: number, last24HAvgFundingRate?: BN, lastFundingOracleTwap?: BN, fundingBiasSensitivity?: number, returnTerms?: false): [number, number];
+export declare function calculateSpreadBN(baseSpread: number, lastOracleReservePriceSpreadPct: BN, lastOracleConfPct: BN, maxSpread: number, quoteAssetReserve: BN, terminalQuoteAssetReserve: BN, pegMultiplier: BN, baseAssetAmountWithAmm: BN, reservePrice: BN, totalFeeMinusDistributions: BN, netRevenueSinceLastFunding: BN, baseAssetReserve: BN, minBaseAssetReserve: BN, maxBaseAssetReserve: BN, markStd: BN, oracleStd: BN, longIntensity: BN, shortIntensity: BN, volume24H: BN, ammInventorySpreadAdjustment: number, last24HAvgFundingRate: BN, lastFundingOracleTwap: BN, fundingBiasSensitivity: number, returnTerms: true): SpreadTerms;
+export declare function calculateSpread(amm: AMM, marketStats: MarketStats, oraclePriceData?: OraclePriceData, now?: BN, reservePrice?: BN): [number, number];
+export declare function calculateSpreadReserves(amm: AMM, marketStats: MarketStats, mmOraclePriceData?: MMOraclePriceData, now?: BN, latestSlot?: BN): {
+    baseAssetReserve: BN;
+    quoteAssetReserve: BN;
 }[];
 /**
  * Helper function calculating constant product curve output. Agnostic to whether input asset is quote or base
@@ -93,6 +111,6 @@ export declare function getSwapDirection(inputAssetType: AssetType, positionDire
  * @returns cost : Precision PRICE_PRECISION
  */
 export declare function calculateTerminalPrice(market: PerpMarketAccount): BN;
-export declare function calculateMaxBaseAssetAmountToTrade(amm: AMM, limit_price: BN, direction: PositionDirection, mmOraclePriceData?: MMOraclePriceData, now?: BN): [BN, PositionDirection];
+export declare function calculateMaxBaseAssetAmountToTrade(amm: AMM, marketStats: MarketStats, limit_price: BN, direction: PositionDirection, mmOraclePriceData: MMOraclePriceData, now?: BN): [BN, PositionDirection];
 export declare function calculateQuoteAssetAmountSwapped(quoteAssetReserves: BN, pegMultiplier: BN, swapDirection: SwapDirection): BN;
-export declare function calculateMaxBaseAssetAmountFillable(amm: AMM, orderDirection: PositionDirection): BN;
+export declare function calculateMaxBaseAssetAmountFillable(amm: AMM, orderStepSize: BN, orderDirection: PositionDirection): BN;

package/lib/browser/math/amm.js

@@ -1,6 +1,6 @@
 "use strict";
 Object.defineProperty(exports, "__esModule", { value: true });
-exports.calculateMaxBaseAssetAmountFillable = exports.calculateQuoteAssetAmountSwapped = exports.calculateMaxBaseAssetAmountToTrade = exports.calculateTerminalPrice = exports.getSwapDirection = exports.calculateSwapOutput = exports.calculateSpreadReserves = exports.calculateSpread = exports.calculateSpreadBN = exports.calculateVolSpreadBN = exports.calculateMaxSpread = exports.calculateEffectiveLeverage = exports.calculateReferencePriceOffset = exports.calculateInventoryScale = exports.calculateInventoryLiquidityRatioForReferencePriceOffset = exports.calculateInventoryLiquidityRatio = exports.calculateMarketOpenBidAsk = exports.calculateAmmReservesAfterSwap = exports.calculatePrice = exports.calculateBidAskPrice = exports.calculateUpdatedAMMSpreadReserves = exports.calculateUpdatedAMM = exports.calculateNewAmm = exports.calculateOptimalPegAndBudget = exports.calculatePegFromTargetPrice = void 0;
+exports.calculateMaxBaseAssetAmountFillable = exports.calculateQuoteAssetAmountSwapped = exports.calculateMaxBaseAssetAmountToTrade = exports.calculateTerminalPrice = exports.getSwapDirection = exports.calculateSwapOutput = exports.calculateSpreadReserves = exports.calculateSpread = exports.calculateSpreadBN = exports.calculateSpreadFundingBiasScale = exports.calculateVolSpreadBN = exports.calculateEffectiveLeverage = exports.calculateReferencePriceOffset = exports.calculateInventoryScale = exports.calculateInventoryLiquidityRatioForReferencePriceOffset = exports.calculateInventoryLiquidityRatio = exports.calculateMarketOpenBidAsk = exports.calculateAmmReservesAfterSwap = exports.calculatePrice = exports.calculateBidAskPrice = exports.calculateUpdatedAMMSpreadReserves = exports.calculateUpdatedAMM = exports.calculateNewAmm = exports.calculateOptimalPegAndBudget = exports.calculatePegFromTargetPrice = void 0;
 const anchor_1 = require("../isomorphic/anchor");
 const numericConstants_1 = require("../constants/numericConstants");
 const types_1 = require("../types");
@@ -22,8 +22,9 @@ function calculateOptimalPegAndBudget(amm, mmOraclePriceData) {
     const targetPrice = mmOraclePriceData.price;
     const newPeg = calculatePegFromTargetPrice(targetPrice, amm.baseAssetReserve, amm.quoteAssetReserve);
     const prePegCost = (0, repeg_1.calculateRepegCost)(amm, newPeg);
-    const totalFeeLB = amm.totalExchangeFee.div(new anchor_1.BN(2));
-    const budget = anchor_1.BN.max(numericConstants_1.ZERO, amm.totalFeeMinusDistributions.sub(totalFeeLB));
+    // no protocol floor post-isolation: tfmd contains only the AMM's own
+    // equity and is fully spendable on the repeg
+    const budget = anchor_1.BN.max(numericConstants_1.ZERO, amm.totalFeeMinusDistributions);
     let checkLowerBound = true;
     if (budget.lt(prePegCost)) {
         const halfMaxPriceSpread = new anchor_1.BN(amm.maxSpread)
@@ -47,7 +48,9 @@ function calculateOptimalPegAndBudget(amm, mmOraclePriceData) {
             checkLowerBound = false;
             return [newTargetPrice, newOptimalPeg, newBudget, false];
         }
-        else if (amm.totalFeeMinusDistributions.lt(amm.totalExchangeFee.div(new anchor_1.BN(2)))) {
+        else if (budget.eq(numericConstants_1.ZERO)) {
+            // mirrors the program: budget = max(0, tfmd), so a zero budget
+            // means the AMM has no equity to spend (no floor post-isolation)
             checkLowerBound = false;
         }
     }
@@ -104,9 +107,9 @@ function calculateUpdatedAMM(amm, mmOraclePriceData) {
     return newAmm;
 }
 exports.calculateUpdatedAMM = calculateUpdatedAMM;
-function calculateUpdatedAMMSpreadReserves(amm, direction, mmOraclePriceData, latestSlot) {
+function calculateUpdatedAMMSpreadReserves(amm, marketStats, direction, mmOraclePriceData, latestSlot) {
     const newAmm = calculateUpdatedAMM(amm, mmOraclePriceData);
-    const [shortReserves, longReserves] = calculateSpreadReserves(newAmm, mmOraclePriceData, undefined, latestSlot);
+    const [shortReserves, longReserves] = calculateSpreadReserves(newAmm, marketStats, mmOraclePriceData, undefined, latestSlot);
     const dirReserves = (0, types_1.isVariant)(direction, 'long')
         ? longReserves
         : shortReserves;
@@ -119,7 +122,7 @@ function calculateUpdatedAMMSpreadReserves(amm, direction, mmOraclePriceData, la
     return result;
 }
 exports.calculateUpdatedAMMSpreadReserves = calculateUpdatedAMMSpreadReserves;
-function calculateBidAskPrice(amm, mmOraclePriceData, withUpdate = true, latestSlot) {
+function calculateBidAskPrice(amm, marketStats, mmOraclePriceData, withUpdate = true, latestSlot) {
     let newAmm;
     if (withUpdate) {
         newAmm = calculateUpdatedAMM(amm, mmOraclePriceData);
@@ -127,7 +130,7 @@ function calculateBidAskPrice(amm, mmOraclePriceData, withUpdate = true, latestS
     else {
         newAmm = amm;
     }
-    const [bidReserves, askReserves] = calculateSpreadReserves(newAmm, mmOraclePriceData, undefined, latestSlot);
+    const [bidReserves, askReserves] = calculateSpreadReserves(newAmm, marketStats, mmOraclePriceData, undefined, latestSlot);
     const askPrice = calculatePrice(askReserves.baseAssetReserve, askReserves.quoteAssetReserve, newAmm.pegMultiplier);
     const bidPrice = calculatePrice(bidReserves.baseAssetReserve, bidReserves.quoteAssetReserve, newAmm.pegMultiplier);
     return [bidPrice, askPrice];
@@ -281,13 +284,6 @@ function calculateEffectiveLeverage(baseSpread, quoteAssetReserve, terminalQuote
     return effectiveLeverage;
 }
 exports.calculateEffectiveLeverage = calculateEffectiveLeverage;
-function calculateMaxSpread(marginRatioInitial) {
-    const maxTargetSpread = new anchor_1.BN(marginRatioInitial)
-        .mul(numericConstants_1.BID_ASK_SPREAD_PRECISION.div(numericConstants_1.MARGIN_PRECISION))
-        .toNumber();
-    return maxTargetSpread;
-}
-exports.calculateMaxSpread = calculateMaxSpread;
 function calculateVolSpreadBN(lastOracleConfPct, reservePrice, markStd, oracleStd, longIntensity, shortIntensity, volume24H) {
     const marketAvgStdPct = markStd
         .add(oracleStd)
@@ -309,7 +305,43 @@ function calculateVolSpreadBN(lastOracleConfPct, reservePrice, markStd, oracleSt
     return [longVolSpread, shortVolSpread];
 }
 exports.calculateVolSpreadBN = calculateVolSpreadBN;
-function calculateSpreadBN(baseSpread, lastOracleReservePriceSpreadPct, lastOracleConfPct, maxSpread, quoteAssetReserve, terminalQuoteAssetReserve, pegMultiplier, baseAssetAmountWithAmm, reservePrice, totalFeeMinusDistributions, netRevenueSinceLastFunding, baseAssetReserve, minBaseAssetReserve, maxBaseAssetReserve, markStd, oracleStd, longIntensity, shortIntensity, volume24H, ammInventorySpreadAdjustment, returnTerms = false) {
+/**
+ * Funding bias β(f) (BID_ASK_SPREAD_PRECISION): bounded multiplier for the
+ * paying-side spread while the vAMM is paying funding. Mirrors the program's
+ * `calculate_spread_funding_bias_scale`.
+ *
+ *   ρ(f) = clamp(|f| / f_ref, 0, 1),  f_ref = FUNDING_RATE_OFFSET_PERCENTAGE
+ *   β(f) = 1 + s * ρ(f),              s = fundingBiasSensitivity / 100
+ *
+ * f = 24h avg funding rate normalized to a daily fraction of the oracle twap
+ * captured at the last funding update. The vAMM pays when f * q < 0
+ * (q = baseAssetAmountWithAmm). Returns 1x when the vAMM receives funding or
+ * s = 0.
+ */
+function calculateSpreadFundingBiasScale(baseAssetAmountWithAmm, last24HAvgFundingRate, lastFundingOracleTwap, fundingBiasSensitivity) {
+    const one = numericConstants_1.BID_ASK_SPREAD_PRECISION.toNumber();
+    if (fundingBiasSensitivity === 0 || lastFundingOracleTwap.lte(numericConstants_1.ZERO)) {
+        return one;
+    }
+    // f: daily funding rate as a fraction of price, FUNDING_RATE_PRECISION
+    const fNorm = last24HAvgFundingRate
+        .mul(numericConstants_1.PRICE_PRECISION)
+        .div(lastFundingOracleTwap)
+        .muln(24);
+    // f * q >= 0: vAMM receives (or rate/inventory is zero), β = 1
+    if (fNorm.isZero() || baseAssetAmountWithAmm.isZero()) {
+        return one;
+    }
+    if (fNorm.isNeg() === baseAssetAmountWithAmm.isNeg()) {
+        return one;
+    }
+    // ρ = clamp(|f| / f_ref, 0, 1), PERCENTAGE_PRECISION
+    const ramp = anchor_1.BN.min(fNorm.abs().mul(numericConstants_1.PERCENTAGE_PRECISION).div(numericConstants_1.FUNDING_RATE_OFFSET_PERCENTAGE), numericConstants_1.PERCENTAGE_PRECISION).toNumber();
+    // β = 1 + s * ρ
+    return one + Math.floor((fundingBiasSensitivity * ramp) / 100);
+}
+exports.calculateSpreadFundingBiasScale = calculateSpreadFundingBiasScale;
+function calculateSpreadBN(baseSpread, lastOracleReservePriceSpreadPct, lastOracleConfPct, maxSpread, quoteAssetReserve, terminalQuoteAssetReserve, pegMultiplier, baseAssetAmountWithAmm, reservePrice, totalFeeMinusDistributions, netRevenueSinceLastFunding, baseAssetReserve, minBaseAssetReserve, maxBaseAssetReserve, markStd, oracleStd, longIntensity, shortIntensity, volume24H, ammInventorySpreadAdjustment, last24HAvgFundingRate = numericConstants_1.ZERO, lastFundingOracleTwap = numericConstants_1.ZERO, fundingBiasSensitivity = 0, returnTerms = false) {
     (0, assert_1.assert)(Number.isInteger(baseSpread));
     (0, assert_1.assert)(Number.isInteger(maxSpread));
     const spreadTerms = {
@@ -329,6 +361,9 @@ function calculateSpreadBN(baseSpread, lastOracleReservePriceSpreadPct, lastOrac
         halfRevenueRetreatAmount: 0,
         longSpreadwRevRetreat: 0,
         shortSpreadwRevRetreat: 0,
+        fundingBiasScale: 0,
+        longSpreadwFundingBias: 0,
+        shortSpreadwFundingBias: 0,
         longSpreadwOffsetShrink: 0,
         shortSpreadwOffsetShrink: 0,
         totalSpread: 0,
@@ -412,6 +447,23 @@ function calculateSpreadBN(baseSpread, lastOracleReservePriceSpreadPct, lastOrac
     }
     spreadTerms.longSpreadwRevRetreat = longSpread;
     spreadTerms.shortSpreadwRevRetreat = shortSpread;
+    // funding bias: w_pay = min(w_max, (w_0 * σ(q) * λ(q) + r(q)) * β(f)).
+    // β multiplies the fully built paying side only, selected by sign(q)
+    // (the same side σ widens); the max-spread cap below still bounds it.
+    // β = 1 when the vAMM receives.
+    const fundingBiasScale = calculateSpreadFundingBiasScale(baseAssetAmountWithAmm, last24HAvgFundingRate, lastFundingOracleTwap, fundingBiasSensitivity);
+    const spreadPrecision = numericConstants_1.BID_ASK_SPREAD_PRECISION.toNumber();
+    if (fundingBiasScale > spreadPrecision) {
+        if (baseAssetAmountWithAmm.gt(numericConstants_1.ZERO)) {
+            longSpread = Math.floor((longSpread * fundingBiasScale) / spreadPrecision);
+        }
+        else if (baseAssetAmountWithAmm.lt(numericConstants_1.ZERO)) {
+            shortSpread = Math.floor((shortSpread * fundingBiasScale) / spreadPrecision);
+        }
+    }
+    spreadTerms.fundingBiasScale = fundingBiasScale;
+    spreadTerms.longSpreadwFundingBias = longSpread;
+    spreadTerms.shortSpreadwFundingBias = shortSpread;
     if (ammInventorySpreadAdjustment < 0) {
         const adjustment = Math.abs(ammInventorySpreadAdjustment);
         const shrunkLong = Math.max(1, longSpread - Math.floor((longSpread * adjustment) / 100));
@@ -446,10 +498,13 @@ function calculateSpreadBN(baseSpread, lastOracleReservePriceSpreadPct, lastOrac
     return [longSpread, shortSpread];
 }
 exports.calculateSpreadBN = calculateSpreadBN;
-function calculateSpread(amm, oraclePriceData, now, reservePrice) {
+function calculateSpread(amm, marketStats, oraclePriceData, now, reservePrice) {
     if (amm.baseSpread == 0 || amm.curveUpdateIntensity == 0) {
         return [amm.baseSpread / 2, amm.baseSpread / 2];
     }
+    if (!oraclePriceData) {
+        throw new Error('calculateSpread: oraclePriceData is required when baseSpread and curveUpdateIntensity are nonzero');
+    }
     if (!reservePrice) {
         reservePrice = calculatePrice(amm.baseAssetReserve, amm.quoteAssetReserve, amm.pegMultiplier);
     }
@@ -459,9 +514,9 @@ function calculateSpread(amm, oraclePriceData, now, reservePrice) {
         .mul(numericConstants_1.BID_ASK_SPREAD_PRECISION)
         .div(reservePrice);
     now = now || new anchor_1.BN(new Date().getTime() / 1000); //todo
-    const liveOracleStd = (0, oracles_1.calculateLiveOracleStd)(amm, oraclePriceData, now);
-    const confIntervalPct = (0, oracles_1.getNewOracleConfPct)(amm, oraclePriceData, reservePrice, now);
-    const spreads = calculateSpreadBN(amm.baseSpread, targetMarkSpreadPct, confIntervalPct, amm.maxSpread, amm.quoteAssetReserve, amm.terminalQuoteAssetReserve, amm.pegMultiplier, amm.baseAssetAmountWithAmm, reservePrice, amm.totalFeeMinusDistributions, amm.netRevenueSinceLastFunding, amm.baseAssetReserve, amm.minBaseAssetReserve, amm.maxBaseAssetReserve, amm.markStd, liveOracleStd, amm.longIntensityVolume, amm.shortIntensityVolume, amm.volume24H, amm.ammInventorySpreadAdjustment);
+    const liveOracleStd = (0, oracles_1.calculateLiveOracleStd)(marketStats, oraclePriceData, now);
+    const confIntervalPct = (0, oracles_1.getNewOracleConfPct)(marketStats, oraclePriceData, reservePrice, now);
+    const spreads = calculateSpreadBN(amm.baseSpread, targetMarkSpreadPct, confIntervalPct, amm.maxSpread, amm.quoteAssetReserve, amm.terminalQuoteAssetReserve, amm.pegMultiplier, amm.baseAssetAmountWithAmm, reservePrice, amm.totalFeeMinusDistributions, amm.netRevenueSinceLastFunding, amm.baseAssetReserve, amm.minBaseAssetReserve, amm.maxBaseAssetReserve, marketStats.markStd, liveOracleStd, marketStats.longIntensityVolume, marketStats.shortIntensityVolume, marketStats.volume24H, amm.ammInventorySpreadAdjustment, marketStats.last24HAvgFundingRate, marketStats.lastFundingOracleTwap, amm.fundingBiasSensitivity);
     let longSpread = spreads[0];
     let shortSpread = spreads[1];
     if (amm.ammSpreadAdjustment > 0) {
@@ -475,7 +530,7 @@ function calculateSpread(amm, oraclePriceData, now, reservePrice) {
     return [longSpread, shortSpread];
 }
 exports.calculateSpread = calculateSpread;
-function calculateSpreadReserves(amm, mmOraclePriceData, now, latestSlot) {
+function calculateSpreadReserves(amm, marketStats, mmOraclePriceData, now, latestSlot) {
     function calculateSpreadReserve(spread, direction, amm) {
         if (spread === 0) {
             return {
@@ -529,21 +584,22 @@ function calculateSpreadReserves(amm, mmOraclePriceData, now, latestSlot) {
                 liquidityFractionAfterDeadband = liquidityFractionAfterDeadband.sub(deadbandPct.mul((0, utils_1.sigNum)(liquidityFractionAfterDeadband)));
             }
         }
-        referencePriceOffset = calculateReferencePriceOffset(reservePrice, amm.last24HAvgFundingRate, liquidityFractionAfterDeadband, amm.historicalOracleData.lastOraclePriceTwap5Min, amm.lastMarkPriceTwap5Min, amm.historicalOracleData.lastOraclePriceTwap, amm.lastMarkPriceTwap, maxOffset).toNumber();
+        referencePriceOffset = calculateReferencePriceOffset(reservePrice, marketStats.last24HAvgFundingRate, liquidityFractionAfterDeadband, marketStats.historicalOracleData.lastOraclePriceTwap5Min, marketStats.lastMarkPriceTwap5Min, marketStats.historicalOracleData.lastOraclePriceTwap, marketStats.lastMarkPriceTwap, maxOffset).toNumber();
     }
-    let [longSpread, shortSpread] = calculateSpread(amm, mmOraclePriceData, now, reservePrice);
-    const doReferencePricOffsetSmooth = Math.sign(referencePriceOffset) !== Math.sign(amm.referencePriceOffset) &&
+    let [longSpread, shortSpread] = calculateSpread(amm, marketStats, mmOraclePriceData, now, reservePrice);
+    const lastReferencePriceOffset = marketStats.lastReferencePriceOffset;
+    const doReferencePricOffsetSmooth = Math.sign(referencePriceOffset) !== Math.sign(lastReferencePriceOffset) &&
         amm.curveUpdateIntensity > 100;
     if (doReferencePricOffsetSmooth) {
         const slotsPassed = latestSlot != null
             ? anchor_1.BN.max(latestSlot.sub(amm.lastUpdateSlot), numericConstants_1.ZERO).toNumber()
             : 0;
-        const fullOffsetDelta = referencePriceOffset - amm.referencePriceOffset;
+        const fullOffsetDelta = referencePriceOffset - lastReferencePriceOffset;
         const raw = Math.trunc(Math.min(Math.abs(fullOffsetDelta), slotsPassed * 1000) / 10);
-        const maxAllowed = Math.abs(amm.referencePriceOffset) || Math.abs(referencePriceOffset);
+        const maxAllowed = Math.abs(lastReferencePriceOffset) || Math.abs(referencePriceOffset);
         const magnitude = Math.min(Math.max(raw, 10), maxAllowed);
         const referencePriceDelta = Math.sign(fullOffsetDelta) * magnitude;
-        referencePriceOffset = amm.referencePriceOffset + referencePriceDelta;
+        referencePriceOffset = lastReferencePriceOffset + referencePriceDelta;
         if (referencePriceDelta < 0) {
             longSpread += Math.abs(referencePriceDelta);
             shortSpread += Math.abs(referencePriceOffset);
@@ -614,7 +670,7 @@ function calculateTerminalPrice(market) {
     return terminalPrice;
 }
 exports.calculateTerminalPrice = calculateTerminalPrice;
-function calculateMaxBaseAssetAmountToTrade(amm, limit_price, direction, mmOraclePriceData, now) {
+function calculateMaxBaseAssetAmountToTrade(amm, marketStats, limit_price, direction, mmOraclePriceData, now) {
     const invariant = amm.sqrtK.mul(amm.sqrtK);
     const newBaseAssetReserveSquared = invariant
         .mul(numericConstants_1.PRICE_PRECISION)
@@ -622,7 +678,7 @@ function calculateMaxBaseAssetAmountToTrade(amm, limit_price, direction, mmOracl
         .div(limit_price)
         .div(numericConstants_1.PEG_PRECISION);
     const newBaseAssetReserve = (0, utils_1.squareRootBN)(newBaseAssetReserveSquared);
-    const [shortSpreadReserves, longSpreadReserves] = calculateSpreadReserves(amm, mmOraclePriceData, now);
+    const [shortSpreadReserves, longSpreadReserves] = calculateSpreadReserves(amm, marketStats, mmOraclePriceData, now);
     const baseAssetReserveBefore = (0, types_1.isVariant)(direction, 'long')
         ? longSpreadReserves.baseAssetReserve
         : shortSpreadReserves.baseAssetReserve;
@@ -657,7 +713,7 @@ function calculateQuoteAssetAmountSwapped(quoteAssetReserves, pegMultiplier, swa
     return quoteAssetAmount;
 }
 exports.calculateQuoteAssetAmountSwapped = calculateQuoteAssetAmountSwapped;
-function calculateMaxBaseAssetAmountFillable(amm, orderDirection) {
+function calculateMaxBaseAssetAmountFillable(amm, orderStepSize, orderDirection) {
     const maxFillSize = amm.baseAssetReserve.div(new anchor_1.BN(amm.maxFillReserveFraction));
     let maxBaseAssetAmountOnSide;
     if ((0, types_1.isVariant)(orderDirection, 'long')) {
@@ -666,6 +722,6 @@ function calculateMaxBaseAssetAmountFillable(amm, orderDirection) {
     else {
         maxBaseAssetAmountOnSide = anchor_1.BN.max(numericConstants_1.ZERO, amm.maxBaseAssetReserve.sub(amm.baseAssetReserve));
     }
-    return (0, orders_1.standardizeBaseAssetAmount)(anchor_1.BN.min(maxFillSize, maxBaseAssetAmountOnSide), amm.orderStepSize);
+    return (0, orders_1.standardizeBaseAssetAmount)(anchor_1.BN.min(maxFillSize, maxBaseAssetAmountOnSide), orderStepSize);
 }
 exports.calculateMaxBaseAssetAmountFillable = calculateMaxBaseAssetAmountFillable;

package/lib/browser/math/auction.js

@@ -171,32 +171,36 @@ exports.deriveOracleAuctionParams = deriveOracleAuctionParams;
  */
 function getTriggerAuctionStartPrice(params) {
     const { perpMarket, direction, oraclePrice, limitPrice } = params;
-    const twapMismatch = perpMarket.amm.historicalOracleData.lastOraclePriceTwapTs
-        .sub(perpMarket.amm.lastMarkPriceTwapTs)
+    const twapMismatch = perpMarket.marketStats.historicalOracleData.lastOraclePriceTwapTs
+        .sub(perpMarket.marketStats.lastMarkPriceTwapTs)
         .abs()
         .gte(new anchor_1.BN(60)) ||
-        perpMarket.amm.volume24H.lte(new anchor_1.BN(100000).mul(numericConstants_1.QUOTE_PRECISION));
+        perpMarket.marketStats.volume24H.lte(new anchor_1.BN(100000).mul(numericConstants_1.QUOTE_PRECISION));
     let baselineStartOffset;
     if (twapMismatch) {
         const contractTierNumber = (0, tiers_1.getPerpMarketTierNumber)(perpMarket);
         const priceDivisor = contractTierNumber <= 1 ? 500 : 100;
         baselineStartOffset = (0, types_1.isVariant)(direction, 'long')
-            ? perpMarket.amm.lastBidPriceTwap.divn(priceDivisor)
-            : perpMarket.amm.lastAskPriceTwap.divn(priceDivisor).neg();
+            ? perpMarket.marketStats.lastBidPriceTwap.divn(priceDivisor)
+            : perpMarket.marketStats.lastAskPriceTwap.divn(priceDivisor).neg();
     }
     else {
         const markTwapSlow = (0, types_1.isVariant)(direction, 'long')
-            ? perpMarket.amm.lastBidPriceTwap
-            : perpMarket.amm.lastAskPriceTwap;
-        const markTwapFast = perpMarket.amm.lastMarkPriceTwap5Min;
-        const oracleTwapSlow = perpMarket.amm.historicalOracleData.lastOraclePriceTwap;
-        const oracleTwapFast = perpMarket.amm.historicalOracleData.lastOraclePriceTwap5Min;
+            ? perpMarket.marketStats.lastBidPriceTwap
+            : perpMarket.marketStats.lastAskPriceTwap;
+        const markTwapFast = perpMarket.marketStats.lastMarkPriceTwap5Min;
+        const oracleTwapSlow = perpMarket.marketStats.historicalOracleData.lastOraclePriceTwap;
+        const oracleTwapFast = perpMarket.marketStats.historicalOracleData.lastOraclePriceTwap5Min;
         const offsetSlow = markTwapSlow.sub(oracleTwapSlow);
         const offsetFast = markTwapFast.sub(oracleTwapFast);
-        const fracOfLongSpreadInPrice = new anchor_1.BN(perpMarket.amm.longSpread)
+        // long_spread/short_spread were removed from AMM in the decoupling refactor.
+        // Fall back to half base_spread as the per-side spread approximation; the
+        // AMM no longer caches an exact per-side spread without oracle context.
+        const halfBaseSpread = new anchor_1.BN(Math.floor(perpMarket.amm.baseSpread / 2));
+        const fracOfLongSpreadInPrice = halfBaseSpread
             .mul(markTwapSlow)
             .div(numericConstants_1.PRICE_PRECISION.muln(10)); // divide by 10x for safety
-        const fracOfShortSpreadInPrice = new anchor_1.BN(perpMarket.amm.shortSpread)
+        const fracOfShortSpreadInPrice = halfBaseSpread
             .mul(markTwapSlow)
             .div(numericConstants_1.PRICE_PRECISION.muln(10)); // divide by 10x for safety
         baselineStartOffset = (0, types_1.isVariant)(direction, 'long')

package/lib/browser/math/bankruptcy.js

@@ -5,7 +5,7 @@ const numericConstants_1 = require("../constants/numericConstants");
 const position_1 = require("./position");
 const types_1 = require("../types");
 function isUserBankrupt(user) {
-    const userAccount = user.getUserAccount();
+    const userAccount = user.getUserAccountOrThrow();
     let hasLiability = false;
     for (const position of userAccount.spotPositions) {
         if (position.scaledBalance.gt(numericConstants_1.ZERO)) {

package/lib/browser/math/builder.d.ts

@@ -1,4 +1,21 @@
-import { RevenueShareOrder } from '../types';
+import { OrderParams, RevenueShareEscrowAccount, RevenueShareOrder, UserStatsAccount } from '../types';
+/**
+ * True when the user's RevenueShareEscrow was initialized with a referrer.
+ * Fills for such users must include the escrow account or the program rejects
+ * them with UnableToLoadRevenueShareAccount.
+ */
+export declare function isBuilderReferral(userStats: Pick<UserStatsAccount, 'referrerStatus'>): boolean;
+/**
+ * True when the escrow was initialized with a referrer. Referral rewards
+ * accrue into such escrows on fills, so fills of the escrow owner's orders
+ * must include the escrow account (see `isBuilderReferral`).
+ */
+export declare function escrowHasReferrer(escrow: Pick<RevenueShareEscrowAccount, 'referrer'>): boolean;
+/**
+ * True when the order params carry a builder code (`builderIdx` +
+ * `builderFeeTenthBps`).
+ */
+export declare function hasBuilderParams(orderParams: Pick<OrderParams, 'builderIdx' | 'builderFeeTenthBps'>): boolean;
 export declare function isBuilderOrderOpen(order: RevenueShareOrder): boolean;
 export declare function isBuilderOrderCompleted(order: RevenueShareOrder): boolean;
 export declare function isBuilderOrderReferral(order: RevenueShareOrder): boolean;

package/lib/browser/math/builder.js

@@ -1,6 +1,37 @@
 "use strict";
 Object.defineProperty(exports, "__esModule", { value: true });
-exports.isBuilderOrderAvailable = exports.isBuilderOrderReferral = exports.isBuilderOrderCompleted = exports.isBuilderOrderOpen = void 0;
+exports.isBuilderOrderAvailable = exports.isBuilderOrderReferral = exports.isBuilderOrderCompleted = exports.isBuilderOrderOpen = exports.hasBuilderParams = exports.escrowHasReferrer = exports.isBuilderReferral = void 0;
+const web3_js_1 = require("@solana/web3.js");
+const types_1 = require("../types");
+/**
+ * True when the user's RevenueShareEscrow was initialized with a referrer.
+ * Fills for such users must include the escrow account or the program rejects
+ * them with UnableToLoadRevenueShareAccount.
+ */
+function isBuilderReferral(userStats) {
+    return (userStats.referrerStatus & types_1.ReferrerStatus.BuilderReferral) !== 0;
+}
+exports.isBuilderReferral = isBuilderReferral;
+/**
+ * True when the escrow was initialized with a referrer. Referral rewards
+ * accrue into such escrows on fills, so fills of the escrow owner's orders
+ * must include the escrow account (see `isBuilderReferral`).
+ */
+function escrowHasReferrer(escrow) {
+    return !escrow.referrer.equals(web3_js_1.PublicKey.default);
+}
+exports.escrowHasReferrer = escrowHasReferrer;
+/**
+ * True when the order params carry a builder code (`builderIdx` +
+ * `builderFeeTenthBps`).
+ */
+function hasBuilderParams(orderParams) {
+    return (orderParams.builderIdx !== null &&
+        orderParams.builderIdx !== undefined &&
+        orderParams.builderFeeTenthBps !== null &&
+        orderParams.builderFeeTenthBps !== undefined);
+}
+exports.hasBuilderParams = hasBuilderParams;
 const FLAG_IS_OPEN = 0x01;
 function isBuilderOrderOpen(order) {
     return (order.bitFlags & FLAG_IS_OPEN) !== 0;