@velocity-exchange/sdk 0.6.0 → 0.7.0

package/lib/browser/adminClient.d.ts

@@ -1533,6 +1533,23 @@ export declare class AdminClient extends VelocityClient {
      * @returns The unsigned `updatePerpMarketFeePoolBufferTarget` instruction.
      */
     getUpdatePerpMarketFeePoolBufferTargetIx(perpMarketIndex: number, feePoolBufferTarget: BN): Promise<TransactionInstruction>;
+    /**
+     * Sets the fraction of open-interest notional the streaming fee sweep must leave behind in
+     * `feeLedger.pendingIfFee` as a standing bankruptcy tranche (notional valued at the market's
+     * oracle TWAP). The permissionless sweep cannot drain the tranche below this floor, so a
+     * sweep front-running a `resolvePerpBankruptcy` cannot strip the first-loss coverage up to
+     * the floor. New markets initialize to 10 bps; 0 disables. Requires warm admin (`check_warm`).
+     * @param perpMarketIndex - Perp market to update.
+     * @param bankruptcyIfFloorPct - Floor as PERCENTAGE_PRECISION (1e6 = 100%; 1000 = 10 bps); max 1e6.
+     * @returns Transaction signature.
+     */
+    updatePerpMarketBankruptcyIfFloorPct(perpMarketIndex: number, bankruptcyIfFloorPct: number): Promise<TransactionSignature>;
+    /**
+     * Builds the `updatePerpMarketBankruptcyIfFloorPct` instruction without sending it. See
+     * `updatePerpMarketBankruptcyIfFloorPct`.
+     * @returns The unsigned `updatePerpMarketBankruptcyIfFloorPct` instruction.
+     */
+    getUpdatePerpMarketBankruptcyIfFloorPctIx(perpMarketIndex: number, bankruptcyIfFloorPct: number): Promise<TransactionInstruction>;
     /**
      * Scales a spot market's taker fee and maker rebate up or down by a percentage of the base
      * fee tier. Requires warm admin (`check_warm`). Throws `DefaultError` on-chain if

package/lib/browser/adminClient.js

@@ -3015,6 +3015,38 @@ class AdminClient extends velocityClient_1.VelocityClient {
             },
         });
     }
+    /**
+     * Sets the fraction of open-interest notional the streaming fee sweep must leave behind in
+     * `feeLedger.pendingIfFee` as a standing bankruptcy tranche (notional valued at the market's
+     * oracle TWAP). The permissionless sweep cannot drain the tranche below this floor, so a
+     * sweep front-running a `resolvePerpBankruptcy` cannot strip the first-loss coverage up to
+     * the floor. New markets initialize to 10 bps; 0 disables. Requires warm admin (`check_warm`).
+     * @param perpMarketIndex - Perp market to update.
+     * @param bankruptcyIfFloorPct - Floor as PERCENTAGE_PRECISION (1e6 = 100%; 1000 = 10 bps); max 1e6.
+     * @returns Transaction signature.
+     */
+    async updatePerpMarketBankruptcyIfFloorPct(perpMarketIndex, bankruptcyIfFloorPct) {
+        const updatePerpMarketBankruptcyIfFloorPctIx = await this.getUpdatePerpMarketBankruptcyIfFloorPctIx(perpMarketIndex, bankruptcyIfFloorPct);
+        const tx = await this.buildTransaction(updatePerpMarketBankruptcyIfFloorPctIx);
+        const { txSig } = await this.sendTransaction(tx, [], this.opts);
+        return txSig;
+    }
+    /**
+     * Builds the `updatePerpMarketBankruptcyIfFloorPct` instruction without sending it. See
+     * `updatePerpMarketBankruptcyIfFloorPct`.
+     * @returns The unsigned `updatePerpMarketBankruptcyIfFloorPct` instruction.
+     */
+    async getUpdatePerpMarketBankruptcyIfFloorPctIx(perpMarketIndex, bankruptcyIfFloorPct) {
+        return await this.program.instruction.updatePerpMarketBankruptcyIfFloorPct(bankruptcyIfFloorPct, {
+            accounts: {
+                admin: this.isSubscribed
+                    ? this.getStateAccount().coldAdmin
+                    : this.wallet.publicKey,
+                state: await this.getStatePublicKey(),
+                perpMarket: await (0, pda_1.getPerpMarketPublicKey)(this.program.programId, perpMarketIndex),
+            },
+        });
+    }
     /**
      * Scales a spot market's taker fee and maker rebate up or down by a percentage of the base
      * fee tier. Requires warm admin (`check_warm`). Throws `DefaultError` on-chain if

package/lib/browser/blockhashSubscriber/BlockhashSubscriber.d.ts

@@ -1,12 +1,14 @@
 import { BlockhashWithExpiryBlockHeight, Context } from '@solana/web3.js';
 import { BlockhashSubscriberConfig } from './types';
 /**
- * BlockhashSubscriber — polls `getLatestBlockhashAndContext`/`getBlockHeight`
- * on a fixed interval and caches a short history of recent blockhashes, so
- * callers can grab a recent blockhash for transaction building without an
- * RPC round-trip per transaction. Nothing is populated until `subscribe()`
- * (or a manual `updateBlockhash()`) has completed at least once — all getters
- * return `undefined`/empty before then.
+ * BlockhashSubscriber — polls `getLatestBlockhashAndContext` on a fixed
+ * interval and caches a short history of recent blockhashes, so callers can
+ * grab a recent blockhash for transaction building without an RPC round-trip
+ * per transaction. The current block height is derived from the same response
+ * (`lastValidBlockHeight - 150`), so no paired `getBlockHeight` call is made.
+ * Nothing is populated until `subscribe()` (or a manual `updateBlockhash()`)
+ * has completed at least once — all getters return `undefined`/empty before
+ * then.
  */
 export declare class BlockhashSubscriber {
     private connection;
@@ -28,9 +30,9 @@ export declare class BlockhashSubscriber {
      * @returns The block height as of the most recent successful poll, or
      * `undefined` if `subscribe()`/`updateBlockhash()` has not yet completed
      * successfully at least once (including if every poll so far has errored).
-     * This value is a `getBlockHeight` snapshot taken alongside the latest
-     * blockhash fetch — it is not guaranteed to be perfectly in sync with the
-     * blockhash slot, only "recent as of the last poll".
+     * This value is derived from the latest blockhash fetch
+     * (`lastValidBlockHeight - 150`) — it is not guaranteed to be perfectly in
+     * sync with the blockhash slot, only "recent as of the last poll".
      */
     getLatestBlockHeight(): number | undefined;
     /** @returns The RPC `Context` (including `slot`) captured with the most recent successful blockhash poll, or `undefined` before the first successful poll. */
@@ -45,12 +47,14 @@ export declare class BlockhashSubscriber {
     /** Drops cached blockhashes whose `lastValidBlockHeight` is at or below `latestBlockHeight` (i.e. already expired for transaction signing). Called automatically after every `updateBlockhash`. No-ops if `latestBlockHeight` hasn't been set yet. */
     pruneBlockhashes(): void;
     /**
-     * Fetches the latest blockhash and block height in parallel and appends
-     * the blockhash to the cache (skipped if it's identical to the
-     * most-recently-cached one), then prunes expired entries. Errors (e.g. RPC
-     * failure) are caught and logged, not thrown — on error, `latestBlockHeight`
-     * is left at its previous value, but `pruneBlockhashes()` still runs in a
-     * `finally` block and may evict entries that expired in the meantime.
+     * Fetches the latest blockhash and appends it to the cache (skipped if it's
+     * identical to the most-recently-cached one), then prunes expired entries.
+     * The current block height is derived from the same response
+     * (`lastValidBlockHeight - 150`) rather than a paired `getBlockHeight` call.
+     * Errors (e.g. RPC failure) are caught and logged, not thrown — on error,
+     * `latestBlockHeight` is left at its previous value, but `pruneBlockhashes()`
+     * still runs in a `finally` block and may evict entries that expired in the
+     * meantime.
      */
     updateBlockhash(): Promise<void>;
     /** Performs an immediate `updateBlockhash()` and then starts polling on `updateIntervalMs`. Idempotent — a second call while already subscribed is a no-op. */

package/lib/browser/blockhashSubscriber/BlockhashSubscriber.js

@@ -3,12 +3,21 @@ Object.defineProperty(exports, "__esModule", { value: true });
 exports.BlockhashSubscriber = void 0;
 const web3_js_1 = require("@solana/web3.js");
 /**
- * BlockhashSubscriber — polls `getLatestBlockhashAndContext`/`getBlockHeight`
- * on a fixed interval and caches a short history of recent blockhashes, so
- * callers can grab a recent blockhash for transaction building without an
- * RPC round-trip per transaction. Nothing is populated until `subscribe()`
- * (or a manual `updateBlockhash()`) has completed at least once — all getters
- * return `undefined`/empty before then.
+ * A blockhash is valid for signing until 150 blocks after the block it was
+ * fetched from, so `getLatestBlockhash`'s `lastValidBlockHeight` is exactly
+ * `(block height of that blockhash) + 150`. Subtracting this offset recovers
+ * the current block height without a second RPC call.
+ */
+const BLOCKHASH_VALIDITY_BLOCKS = 150;
+/**
+ * BlockhashSubscriber — polls `getLatestBlockhashAndContext` on a fixed
+ * interval and caches a short history of recent blockhashes, so callers can
+ * grab a recent blockhash for transaction building without an RPC round-trip
+ * per transaction. The current block height is derived from the same response
+ * (`lastValidBlockHeight - 150`), so no paired `getBlockHeight` call is made.
+ * Nothing is populated until `subscribe()` (or a manual `updateBlockhash()`)
+ * has completed at least once — all getters return `undefined`/empty before
+ * then.
  */
 class BlockhashSubscriber {
     /**
@@ -34,9 +43,9 @@ class BlockhashSubscriber {
      * @returns The block height as of the most recent successful poll, or
      * `undefined` if `subscribe()`/`updateBlockhash()` has not yet completed
      * successfully at least once (including if every poll so far has errored).
-     * This value is a `getBlockHeight` snapshot taken alongside the latest
-     * blockhash fetch — it is not guaranteed to be perfectly in sync with the
-     * blockhash slot, only "recent as of the last poll".
+     * This value is derived from the latest blockhash fetch
+     * (`lastValidBlockHeight - 150`) — it is not guaranteed to be perfectly in
+     * sync with the blockhash slot, only "recent as of the last poll".
      */
     getLatestBlockHeight() {
         return this.latestBlockHeight;
@@ -69,22 +78,22 @@ class BlockhashSubscriber {
         }
     }
     /**
-     * Fetches the latest blockhash and block height in parallel and appends
-     * the blockhash to the cache (skipped if it's identical to the
-     * most-recently-cached one), then prunes expired entries. Errors (e.g. RPC
-     * failure) are caught and logged, not thrown — on error, `latestBlockHeight`
-     * is left at its previous value, but `pruneBlockhashes()` still runs in a
-     * `finally` block and may evict entries that expired in the meantime.
+     * Fetches the latest blockhash and appends it to the cache (skipped if it's
+     * identical to the most-recently-cached one), then prunes expired entries.
+     * The current block height is derived from the same response
+     * (`lastValidBlockHeight - 150`) rather than a paired `getBlockHeight` call.
+     * Errors (e.g. RPC failure) are caught and logged, not thrown — on error,
+     * `latestBlockHeight` is left at its previous value, but `pruneBlockhashes()`
+     * still runs in a `finally` block and may evict entries that expired in the
+     * meantime.
      */
     async updateBlockhash() {
         try {
-            const [resp, lastConfirmedBlockHeight] = await Promise.all([
-                this.connection.getLatestBlockhashAndContext({
-                    commitment: this.commitment,
-                }),
-                this.connection.getBlockHeight({ commitment: this.commitment }),
-            ]);
-            this.latestBlockHeight = lastConfirmedBlockHeight;
+            const resp = await this.connection.getLatestBlockhashAndContext({
+                commitment: this.commitment,
+            });
+            this.latestBlockHeight =
+                resp.value.lastValidBlockHeight - BLOCKHASH_VALIDITY_BLOCKS;
             this.latestBlockHeightContext = resp.context;
             // avoid caching duplicate blockhashes
             if (this.blockhashes.length > 0) {

package/lib/browser/constants/numericConstants.d.ts

@@ -102,6 +102,8 @@ export declare const FUNDING_RATE_CLAMP_DENOMINATOR: BN;
 export declare const PRICE_TIMES_AMM_TO_QUOTE_PRECISION_RATIO: BN;
 /** 300 seconds. */
 export declare const FIVE_MINUTE: BN;
+/** Max age of the last fill before the trigger price's last-fill leg is treated as absent (oracle price substitutes). */
+export declare const TRIGGER_PRICE_LAST_FILL_MAX_AGE: BN;
 /** 3600 seconds. */
 export declare const ONE_HOUR: BN;
 /** 31,536,000 seconds (365 days). */

package/lib/browser/constants/numericConstants.js

@@ -1,7 +1,7 @@
 "use strict";
 Object.defineProperty(exports, "__esModule", { value: true });
 exports.MARGIN_PRECISION = exports.AMM_TIMES_PEG_TO_QUOTE_PRECISION_RATIO = exports.PRICE_TO_QUOTE_PRECISION = exports.PRICE_DIV_PEG = exports.AMM_TO_QUOTE_PRECISION_RATIO = exports.BASE_PRECISION_EXP = exports.BASE_PRECISION = exports.AMM_RESERVE_PRECISION = exports.PEG_PRECISION = exports.FUNDING_RATE_BUFFER_PRECISION = exports.FUNDING_RATE_PRECISION = exports.PRICE_PRECISION = exports.QUOTE_PRECISION = exports.LIQUIDATION_FEE_PRECISION = exports.SPOT_MARKET_IMF_PRECISION = exports.SPOT_MARKET_IMF_PRECISION_EXP = exports.SPOT_MARKET_BALANCE_PRECISION = exports.SPOT_MARKET_BALANCE_PRECISION_EXP = exports.SPOT_MARKET_WEIGHT_PRECISION = exports.SPOT_MARKET_UTILIZATION_PRECISION = exports.SPOT_MARKET_UTILIZATION_PRECISION_EXP = exports.SPOT_MARKET_CUMULATIVE_INTEREST_PRECISION = exports.SPOT_MARKET_CUMULATIVE_INTEREST_PRECISION_EXP = exports.SPOT_MARKET_RATE_PRECISION = exports.SPOT_MARKET_RATE_PRECISION_EXP = exports.AMM_RESERVE_PRECISION_EXP = exports.PEG_PRECISION_EXP = exports.FUNDING_RATE_PRECISION_EXP = exports.PRICE_PRECISION_EXP = exports.FUNDING_RATE_BUFFER_PRECISION_EXP = exports.QUOTE_PRECISION_EXP = exports.CONCENTRATION_PRECISION = exports.PERCENTAGE_PRECISION = exports.PERCENTAGE_PRECISION_EXP = exports.MAX_LEVERAGE_ORDER_SIZE = exports.MAX_LEVERAGE = exports.TEN_MILLION = exports.BN_MAX = exports.TEN_THOUSAND = exports.TEN = exports.NINE = exports.EIGHT = exports.SEVEN = exports.SIX = exports.FIVE = exports.FOUR = exports.THREE = exports.TWO = exports.ONE = exports.ZERO = void 0;
-exports.MIN_I64 = exports.MAX_I64 = exports.GET_MULTIPLE_ACCOUNTS_CHUNK_SIZE = exports.MAX_POSITIVE_UPNL_FOR_INITIAL_MARGIN = exports.DUST_POSITION_SIZE = exports.SLOT_TIME_ESTIMATE_MS = exports.IDLE_TIME_SLOTS = exports.ACCOUNT_AGE_DELETION_CUTOFF_SECONDS = exports.DEFAULT_REVENUE_SINCE_LAST_FUNDING_SPREAD_RETREAT = exports.OPEN_ORDER_MARGIN_REQUIREMENT = exports.LAMPORTS_EXP = exports.LAMPORTS_PRECISION = exports.QUOTE_SPOT_MARKET_INDEX = exports.ONE_YEAR = exports.ONE_HOUR = exports.FIVE_MINUTE = exports.PRICE_TIMES_AMM_TO_QUOTE_PRECISION_RATIO = exports.FUNDING_RATE_CLAMP_DENOMINATOR = exports.FUNDING_RATE_OFFSET_PERCENTAGE = exports.FUNDING_RATE_OFFSET_DENOMINATOR = exports.LIQUIDATION_PCT_PRECISION = exports.BID_ASK_SPREAD_PRECISION = exports.BPS_PRECISION = void 0;
+exports.MIN_I64 = exports.MAX_I64 = exports.GET_MULTIPLE_ACCOUNTS_CHUNK_SIZE = exports.MAX_POSITIVE_UPNL_FOR_INITIAL_MARGIN = exports.DUST_POSITION_SIZE = exports.SLOT_TIME_ESTIMATE_MS = exports.IDLE_TIME_SLOTS = exports.ACCOUNT_AGE_DELETION_CUTOFF_SECONDS = exports.DEFAULT_REVENUE_SINCE_LAST_FUNDING_SPREAD_RETREAT = exports.OPEN_ORDER_MARGIN_REQUIREMENT = exports.LAMPORTS_EXP = exports.LAMPORTS_PRECISION = exports.QUOTE_SPOT_MARKET_INDEX = exports.ONE_YEAR = exports.ONE_HOUR = exports.TRIGGER_PRICE_LAST_FILL_MAX_AGE = exports.FIVE_MINUTE = exports.PRICE_TIMES_AMM_TO_QUOTE_PRECISION_RATIO = exports.FUNDING_RATE_CLAMP_DENOMINATOR = exports.FUNDING_RATE_OFFSET_PERCENTAGE = exports.FUNDING_RATE_OFFSET_DENOMINATOR = exports.LIQUIDATION_PCT_PRECISION = exports.BID_ASK_SPREAD_PRECISION = exports.BPS_PRECISION = void 0;
 const web3_js_1 = require("@solana/web3.js");
 const anchor_1 = require("../isomorphic/anchor");
 /** Precision constants used throughout the SDK. Each mirrors an on-chain fixed-point scale — a raw `BN` amount at that precision represents `amount / 10^exponent` in human units (e.g. `PRICE_PRECISION` = 1e6, so a raw price of `1_500_000` is `$1.50`). Values must stay numerically identical to the Rust program's `math::constants` — a mismatch here silently mis-scales every derived SDK computation. */
@@ -107,6 +107,8 @@ exports.FUNDING_RATE_CLAMP_DENOMINATOR = new anchor_1.BN(2000);
 exports.PRICE_TIMES_AMM_TO_QUOTE_PRECISION_RATIO = exports.PRICE_PRECISION.mul(exports.AMM_TO_QUOTE_PRECISION_RATIO);
 /** 300 seconds. */
 exports.FIVE_MINUTE = new anchor_1.BN(60 * 5);
+/** Max age of the last fill before the trigger price's last-fill leg is treated as absent (oracle price substitutes). */
+exports.TRIGGER_PRICE_LAST_FILL_MAX_AGE = exports.FIVE_MINUTE;
 /** 3600 seconds. */
 exports.ONE_HOUR = new anchor_1.BN(60 * 60);
 /** 31,536,000 seconds (365 days). */

package/lib/browser/idl/velocity.d.ts

@@ -8,7 +8,7 @@ export type Velocity = {
     "address": "vELoC1audYbSYVRXn1vPaV8Axoa9oU6BYmNGZZBDZ1P";
     "metadata": {
         "name": "velocity";
-        "version": "2.163.0";
+        "version": "2.163.1";
         "spec": "0.1.0";
         "description": "Created with Anchor";
     };
@@ -9678,6 +9678,38 @@ export type Velocity = {
                 }
             ];
         },
+        {
+            "name": "updatePerpMarketBankruptcyIfFloorPct";
+            "discriminator": [
+                192,
+                2,
+                229,
+                220,
+                243,
+                115,
+                121,
+                84
+            ];
+            "accounts": [
+                {
+                    "name": "admin";
+                    "signer": true;
+                },
+                {
+                    "name": "state";
+                },
+                {
+                    "name": "perpMarket";
+                    "writable": true;
+                }
+            ];
+            "args": [
+                {
+                    "name": "bankruptcyIfFloorPct";
+                    "type": "u32";
+                }
+            ];
+        },
         {
             "name": "updatePerpMarketBaseSpread";
             "discriminator": [
@@ -21146,20 +21178,21 @@ export type Velocity = {
                         "type": "i8";
                     },
                     {
-                        "name": "padding";
+                        "name": "bankruptcyIfFloorPct";
                         "docs": [
-                            "Trailing padding so `market_stats` lands at the offset Rust naturally",
-                            "computes via `repr(C)` alignment and the `(SIZE - 8) % 16 == 0`",
-                            "invariant holds. (32 bytes moved into `fee_ledger` as",
-                            "`amm_protocol_fees_received` and then `pending_amm_provision` joined",
-                            "it, keeping `market_stats` fixed.)"
+                            "Floor on the unswept IF-fee carveout, as a percentage of open-interest",
+                            "notional (PERCENTAGE_PRECISION; 0 disables). The fee sweep's IF drain",
+                            "leaves `pending_if_fee` at (at least) this floor, so a standing",
+                            "first-loss tranche is always available to `resolve_perp_bankruptcy` —",
+                            "a permissionless sweep (or the inline sweep on any pnl settle) cannot",
+                            "drain the tranche below it ahead of a bankruptcy resolution. Notional",
+                            "is valued at the market's own oracle TWAP so a manipulated spot print",
+                            "can't crush the floor. Occupies the former 4-byte trailing padding",
+                            "before `market_stats` (same offset/alignment on all targets), so",
+                            "existing accounts read 0 = disabled until the admin sets it;",
+                            "new markets initialize to `DEFAULT_BANKRUPTCY_IF_FLOOR_PCT`."
                         ];
-                        "type": {
-                            "array": [
-                                "u8",
-                                4
-                            ];
-                        };
+                        "type": "u32";
                     },
                     {
                         "name": "marketStats";

package/lib/browser/idl/velocity.json

@@ -2,7 +2,7 @@
     "address": "vELoC1audYbSYVRXn1vPaV8Axoa9oU6BYmNGZZBDZ1P",
     "metadata": {
         "name": "velocity",
-        "version": "2.163.0",
+        "version": "2.163.1",
         "spec": "0.1.0",
         "description": "Created with Anchor"
     },
@@ -9672,6 +9672,38 @@
                 }
             ]
         },
+        {
+            "name": "update_perp_market_bankruptcy_if_floor_pct",
+            "discriminator": [
+                192,
+                2,
+                229,
+                220,
+                243,
+                115,
+                121,
+                84
+            ],
+            "accounts": [
+                {
+                    "name": "admin",
+                    "signer": true
+                },
+                {
+                    "name": "state"
+                },
+                {
+                    "name": "perp_market",
+                    "writable": true
+                }
+            ],
+            "args": [
+                {
+                    "name": "bankruptcy_if_floor_pct",
+                    "type": "u32"
+                }
+            ]
+        },
         {
             "name": "update_perp_market_base_spread",
             "discriminator": [
@@ -21140,20 +21172,21 @@
                         "type": "i8"
                     },
                     {
-                        "name": "padding",
+                        "name": "bankruptcy_if_floor_pct",
                         "docs": [
-                            "Trailing padding so `market_stats` lands at the offset Rust naturally",
-                            "computes via `repr(C)` alignment and the `(SIZE - 8) % 16 == 0`",
-                            "invariant holds. (32 bytes moved into `fee_ledger` as",
-                            "`amm_protocol_fees_received` and then `pending_amm_provision` joined",
-                            "it, keeping `market_stats` fixed.)"
+                            "Floor on the unswept IF-fee carveout, as a percentage of open-interest",
+                            "notional (PERCENTAGE_PRECISION; 0 disables). The fee sweep's IF drain",
+                            "leaves `pending_if_fee` at (at least) this floor, so a standing",
+                            "first-loss tranche is always available to `resolve_perp_bankruptcy` —",
+                            "a permissionless sweep (or the inline sweep on any pnl settle) cannot",
+                            "drain the tranche below it ahead of a bankruptcy resolution. Notional",
+                            "is valued at the market's own oracle TWAP so a manipulated spot print",
+                            "can't crush the floor. Occupies the former 4-byte trailing padding",
+                            "before `market_stats` (same offset/alignment on all targets), so",
+                            "existing accounts read 0 = disabled until the admin sets it;",
+                            "new markets initialize to `DEFAULT_BANKRUPTCY_IF_FLOOR_PCT`."
                         ],
-                        "type": {
-                            "array": [
-                                "u8",
-                                4
-                            ]
-                        }
+                        "type": "u32"
                     },
                     {
                         "name": "market_stats",

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

@@ -29,7 +29,7 @@ export declare function calculatePegFromTargetPrice(targetPrice: BN, baseAssetRe
  *   available to spend, QUOTE_PRECISION (1e6); `checkLowerBound` tells the caller whether it
  *   must still verify the repeg doesn't push `totalFeeMinusDistributions` negative.
  */
-export declare function calculateOptimalPegAndBudget(amm: AMM, mmOraclePriceData: MMOraclePriceData): [BN, BN, BN, boolean];
+export declare function calculateOptimalPegAndBudget(amm: AMM, mmOraclePriceData: Pick<MMOraclePriceData, 'price'>): [BN, BN, BN, boolean];
 /**
  * Determines the full curve update (repeg cost, K scale factor, new peg) for `amm` against
  * the current oracle price, mirroring the "use full budget peg" fallback path of `adjust_amm`
@@ -46,7 +46,7 @@ export declare function calculateOptimalPegAndBudget(amm: AMM, mmOraclePriceData
  *   `calculateUpdatedAMM` whether it must still verify affordability against
  *   `totalFeeMinusDistributions`.
  */
-export declare function calculateNewAmm(amm: AMM, mmOraclePriceData: MMOraclePriceData): [BN, BN, BN, BN, boolean];
+export declare function calculateNewAmm(amm: AMM, mmOraclePriceData: Pick<MMOraclePriceData, 'price'>): [BN, BN, BN, BN, boolean];
 /**
  * Returns a copy of `amm` with its curve (peg, reserves, sqrtK) repegged/updated to the
  * current oracle price, or `amm` unchanged if no update applies. Mirrors the program's
@@ -63,7 +63,7 @@ export declare function calculateNewAmm(amm: AMM, mmOraclePriceData: MMOraclePri
  * @param mmOraclePriceData Current MM oracle price data; omit to skip the update entirely.
  * @returns Updated `AMM` (new object), or the original `amm` reference if no update applies or the affordability gate rejects it.
  */
-export declare function calculateUpdatedAMM(amm: AMM, mmOraclePriceData?: MMOraclePriceData): AMM;
+export declare function calculateUpdatedAMM(amm: AMM, mmOraclePriceData?: Pick<MMOraclePriceData, 'price'>): AMM;
 /**
  * Repegs `amm` to the current oracle price (`calculateUpdatedAMM`) and returns the
  * one-sided spread reserves (bid reserves for `short`, ask reserves for `long`) plus the
@@ -76,7 +76,7 @@ export declare function calculateUpdatedAMM(amm: AMM, mmOraclePriceData?: MMOrac
  * @param latestSlot Current slot, forwarded for reference-price-offset smoothing.
  * @returns `baseAssetReserve`/`quoteAssetReserve` for the requested side (AMM_RESERVE_PRECISION, 1e9), and the post-update `sqrtK`/`newPeg` (AMM_RESERVE_PRECISION 1e9 / PEG_PRECISION 1e6).
  */
-export declare function calculateUpdatedAMMSpreadReserves(amm: AMM, marketStats: MarketStats, direction: PositionDirection, mmOraclePriceData?: MMOraclePriceData, latestSlot?: BN): {
+export declare function calculateUpdatedAMMSpreadReserves(amm: AMM, marketStats: MarketStats, direction: PositionDirection, mmOraclePriceData?: Pick<MMOraclePriceData, 'price' | 'confidence'>, latestSlot?: BN): {
     baseAssetReserve: BN;
     quoteAssetReserve: BN;
     sqrtK: BN;
@@ -92,7 +92,7 @@ export declare function calculateUpdatedAMMSpreadReserves(amm: AMM, marketStats:
  * @param latestSlot Current slot, forwarded for reference-price-offset smoothing.
  * @returns `[bidPrice, askPrice]`, both PRICE_PRECISION (1e6).
  */
-export declare function calculateBidAskPrice(amm: AMM, marketStats: MarketStats, mmOraclePriceData?: MMOraclePriceData, withUpdate?: boolean, latestSlot?: BN): [BN, BN];
+export declare function calculateBidAskPrice(amm: AMM, marketStats: MarketStats, mmOraclePriceData?: Pick<MMOraclePriceData, 'price' | 'confidence'>, withUpdate?: boolean, latestSlot?: BN): [BN, BN];
 /**
  * Computes the constant-product price implied by a pair of AMM reserves and a peg multiplier:
  * `quoteAssetReserves * pegMultiplier / baseAssetReserves`, converted to `PRICE_PRECISION`.
@@ -338,7 +338,7 @@ export declare function calculateSpreadBN(baseSpread: number, lastOracleReserveP
  * @throws if `oraclePriceData` is omitted while `baseSpread` and `curveUpdateIntensity` are both nonzero.
  * @returns `[longSpread, shortSpread]`, both BID_ASK_SPREAD_PRECISION (1e6) fraction-of-price units.
  */
-export declare function calculateSpread(amm: AMM, marketStats: MarketStats, oraclePriceData?: OraclePriceData, now?: BN, reservePrice?: BN): [number, number];
+export declare function calculateSpread(amm: AMM, marketStats: MarketStats, oraclePriceData?: Pick<OraclePriceData, 'price' | 'confidence'>, now?: BN, reservePrice?: BN): [number, number];
 /**
  * Computes the AMM's one-sided bid and ask reserves — the reserves a long (ask side) or short
  * (bid side) trade would actually execute against — by combining `calculateSpread`'s
@@ -357,7 +357,7 @@ export declare function calculateSpread(amm: AMM, marketStats: MarketStats, orac
  * @param latestSlot Current slot; required for reference-price-offset smoothing to take effect (treated as 0 slots elapsed if omitted).
  * @returns `[bidReserves, askReserves]`, each `{ baseAssetReserve, quoteAssetReserve }` in AMM_RESERVE_PRECISION (1e9).
  */
-export declare function calculateSpreadReserves(amm: AMM, marketStats: MarketStats, mmOraclePriceData?: MMOraclePriceData, now?: BN, latestSlot?: BN): {
+export declare function calculateSpreadReserves(amm: AMM, marketStats: MarketStats, mmOraclePriceData?: Pick<MMOraclePriceData, 'price' | 'confidence'>, now?: BN, latestSlot?: BN): {
     baseAssetReserve: BN;
     quoteAssetReserve: BN;
 }[];
@@ -407,7 +407,7 @@ export declare function calculateTerminalPrice(market: PerpMarketAccount): BN;
  * @param now Current unix timestamp (seconds), forwarded to `calculateSpreadReserves`.
  * @returns `[baseAssetAmount, direction]`: `baseAssetAmount` is AMM_RESERVE_PRECISION (1e9), zero if the trade size would round to nothing.
  */
-export declare function calculateMaxBaseAssetAmountToTrade(amm: AMM, marketStats: MarketStats, 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: Pick<MMOraclePriceData, 'price' | 'confidence'>, now?: BN): [BN, PositionDirection];
 /**
  * Converts a quote-asset AMM reserve amount into the actual quote asset amount swapped
  * (applying the peg multiplier), rounding by 1 in the direction that favors the AMM when

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

@@ -26,7 +26,7 @@ import { MMOraclePriceData, OraclePriceData } from '../oracles/types';
  *     straight-line interpolation; `lowerboundEst` further scales the spread down by the
  *     fraction of the current funding period that has elapsed since the last update.
  */
-export declare function calculateAllEstimatedFundingRate(market: PerpMarketAccount, mmOraclePriceData?: MMOraclePriceData, oraclePriceData?: OraclePriceData, markPrice?: BN, now?: BN): [BN, BN, BN, BN, BN];
+export declare function calculateAllEstimatedFundingRate(market: PerpMarketAccount, mmOraclePriceData?: Pick<MMOraclePriceData, 'price' | 'confidence'>, oraclePriceData?: Pick<OraclePriceData, 'price'>, markPrice?: BN, now?: BN): [BN, BN, BN, BN, BN];
 /**
  * Calculates estimated funding rates in human-readable form (plain JS `number` percentages,
  * not BN), including a plain-English summary sentence. Values pass through floating-point
@@ -68,7 +68,7 @@ export declare function calculateLongShortFundingRate(market: PerpMarketAccount,
  * @param now Current unix timestamp (seconds); defaults to wall-clock time.
  * @returns `[markTwapLive, oracleTwapLive, longFundingRateEst, shortFundingRateEst]` — TWAPs in PRICE_PRECISION (1e6), rate estimates in the same scale as `calculateAllEstimatedFundingRate`.
  */
-export declare function calculateLongShortFundingRateAndLiveTwaps(market: PerpMarketAccount, mmOraclePriceData?: MMOraclePriceData, oraclePriceData?: OraclePriceData, markPrice?: BN, now?: BN): [BN, BN, BN, BN];
+export declare function calculateLongShortFundingRateAndLiveTwaps(market: PerpMarketAccount, mmOraclePriceData?: MMOraclePriceData, oraclePriceData?: Pick<OraclePriceData, 'price'>, markPrice?: BN, now?: BN): [BN, BN, BN, BN];
 /**
  * Estimated quote pool available to top up the smaller side's funding payment shortfall:
  * one-third of the AMM's own retained equity (`totalFeeMinusDistributions`), floored at

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

@@ -141,10 +141,11 @@ export declare function calculateNetUserPnlImbalance(perpMarket: PerpMarketAccou
 /**
  * Calculates the price used to evaluate trigger (stop/take-profit) orders for a perp market,
  * mirroring the Rust `get_trigger_price`. When `useMedianPrice` is true, the trigger price is the
- * median of three candidates — the last fill price (or oracle price if there's been no fill), the
- * oracle price adjusted by the implied funding basis, and the oracle price adjusted by the 5min
- * mark/oracle TWAP basis — then clamped to within a contract-tier-dependent band around the raw
- * oracle price (tier A/B: 20bps, tier C: 100bps, others: 250bps) via `clampTriggerPrice`. This
+ * median of three candidates — the last fill price (or oracle price if there's been no fill or the
+ * last fill is older than `TRIGGER_PRICE_LAST_FILL_MAX_AGE`), the oracle price adjusted by the
+ * implied funding basis, and the oracle price adjusted by the 5min mark/oracle TWAP basis — then
+ * clamped to within a contract-tier-dependent band around the raw oracle price (tier A/B: 20bps,
+ * tier C: 100bps, others: 250bps) via `clampTriggerPrice`. This
  * resists a single manipulated print (last fill or a momentary oracle/mark divergence) from
  * triggering orders it shouldn't. When `useMedianPrice` is false, the raw oracle price is used
  * directly with no smoothing.

package/lib/browser/math/market.js

@@ -244,10 +244,11 @@ exports.calculateNetUserPnlImbalance = calculateNetUserPnlImbalance;
 /**
  * Calculates the price used to evaluate trigger (stop/take-profit) orders for a perp market,
  * mirroring the Rust `get_trigger_price`. When `useMedianPrice` is true, the trigger price is the
- * median of three candidates — the last fill price (or oracle price if there's been no fill), the
- * oracle price adjusted by the implied funding basis, and the oracle price adjusted by the 5min
- * mark/oracle TWAP basis — then clamped to within a contract-tier-dependent band around the raw
- * oracle price (tier A/B: 20bps, tier C: 100bps, others: 250bps) via `clampTriggerPrice`. This
+ * median of three candidates — the last fill price (or oracle price if there's been no fill or the
+ * last fill is older than `TRIGGER_PRICE_LAST_FILL_MAX_AGE`), the oracle price adjusted by the
+ * implied funding basis, and the oracle price adjusted by the 5min mark/oracle TWAP basis — then
+ * clamped to within a contract-tier-dependent band around the raw oracle price (tier A/B: 20bps,
+ * tier C: 100bps, others: 250bps) via `clampTriggerPrice`. This
  * resists a single manipulated print (last fill or a momentary oracle/mark divergence) from
  * triggering orders it shouldn't. When `useMedianPrice` is false, the raw oracle price is used
  * directly with no smoothing.
@@ -265,17 +266,23 @@ function getTriggerPrice(market, oraclePrice, now, useMedianPrice) {
     if (!useMedianPrice) {
         return oraclePrice.abs();
     }
+    // Leg A: last trade price, only while fresh. `lastTradeTs` is stamped by
+    // the same fill path that writes `lastFillPrice`.
     const lastFillPrice = market.lastFillPrice;
-    // Calculate 5-minute basis
+    const lastFillIsFresh = now
+        .sub(market.marketStats.lastTradeTs)
+        .lte(numericConstants_1.TRIGGER_PRICE_LAST_FILL_MAX_AGE);
+    // Leg C: oracle + (mark_twap_5min - oracle_twap_5min)
     const markPrice5minTwap = market.marketStats.lastMarkPriceTwap5Min;
     const lastOraclePriceTwap5min = market.marketStats.historicalOracleData.lastOraclePriceTwap5Min;
     const basis5min = markPrice5minTwap.sub(lastOraclePriceTwap5min);
     const oraclePlusBasis5min = oraclePrice.add(basis5min);
-    // Calculate funding basis
+    // Leg B: oracle + decayed funding basis
     const lastFundingBasis = getLastFundingBasis(market, oraclePrice, now);
     const oraclePlusFundingBasis = oraclePrice.add(lastFundingBasis);
+    // No fill yet or last fill is stale: oracle price stands in for Leg A
     const prices = [
-        lastFillPrice.gt(numericConstants_1.ZERO) ? lastFillPrice : oraclePrice,
+        lastFillPrice.gt(numericConstants_1.ZERO) && lastFillIsFresh ? lastFillPrice : oraclePrice,
         oraclePlusFundingBasis,
         oraclePlusBasis5min,
     ].sort((a, b) => a.cmp(b));
@@ -294,11 +301,11 @@ function getLastFundingBasis(market, oraclePrice, now) {
             .div(market.marketStats.lastFundingOracleTwap)
             .muln(24);
         const lastFundingRatePreAdj = lastFundingRate.sub(numericConstants_1.FUNDING_RATE_OFFSET_PERCENTAGE);
-        const timeLeftUntilFundingUpdate = anchor_1.BN.min(anchor_1.BN.max(now.sub(market.lastFundingRateTs), numericConstants_1.ZERO), market.marketStats.fundingPeriod);
+        const timeSinceFundingUpdate = anchor_1.BN.min(anchor_1.BN.max(now.sub(market.lastFundingRateTs), numericConstants_1.ZERO), market.marketStats.fundingPeriod);
         const lastFundingBasis = oraclePrice
             .mul(lastFundingRatePreAdj)
             .div(numericConstants_1.PERCENTAGE_PRECISION)
-            .mul(market.marketStats.fundingPeriod.sub(timeLeftUntilFundingUpdate))
+            .mul(market.marketStats.fundingPeriod.sub(timeSinceFundingUpdate))
             .div(market.marketStats.fundingPeriod)
             .div(new anchor_1.BN(1000)); // FUNDING_RATE_BUFFER
         return lastFundingBasis;
@@ -312,17 +319,17 @@ function getLastFundingBasis(market, oraclePrice, now) {
  * Implements the same logic as the Rust clamp_trigger_price function
  */
 function clampTriggerPrice(market, oraclePrice, medianPrice) {
-    let maxBpsDiff;
+    let clampDivisor;
     const tier = market.contractTier;
     if ((0, types_1.isVariant)(tier, 'a') || (0, types_1.isVariant)(tier, 'b')) {
-        maxBpsDiff = new anchor_1.BN(500); // 20 BPS
+        clampDivisor = new anchor_1.BN(500); // oracle / 500 = 20 bps
     }
     else if ((0, types_1.isVariant)(tier, 'c')) {
-        maxBpsDiff = new anchor_1.BN(100); // 100 BPS
+        clampDivisor = new anchor_1.BN(100); // oracle / 100 = 100 bps
     }
     else {
-        maxBpsDiff = new anchor_1.BN(40); // 250 BPS
+        clampDivisor = new anchor_1.BN(40); // oracle / 40 = 250 bps
     }
-    const maxOracleDiff = oraclePrice.div(maxBpsDiff);
+    const maxOracleDiff = oraclePrice.div(clampDivisor);
     return anchor_1.BN.min(anchor_1.BN.max(medianPrice, oraclePrice.sub(maxOracleDiff)), oraclePrice.add(maxOracleDiff));
 }

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

@@ -88,7 +88,7 @@ export declare function isMarkOracleTooDivergent(priceSpreadPct: BN, oracleGuard
  * @param period TWAP window length in seconds — pass `FIVE_MINUTE` for the 5-minute TWAP, otherwise the funding period is assumed.
  * @returns Live-projected oracle TWAP, PRICE_PRECISION (1e6).
  */
-export declare function calculateLiveOracleTwap(histOracleData: HistoricalOracleData, oraclePriceData: OraclePriceData, now: BN, period: BN): BN;
+export declare function calculateLiveOracleTwap(histOracleData: HistoricalOracleData, oraclePriceData: Pick<OraclePriceData, 'price'>, now: BN, period: BN): BN;
 /**
  * Live-projected oracle price standard deviation, combining the live oracle price's
  * deviation from the freshly-projected 1hr and 5min TWAPs with the decayed stored
@@ -98,7 +98,7 @@ export declare function calculateLiveOracleTwap(histOracleData: HistoricalOracle
  * @param now Current unix timestamp (seconds).
  * @returns Live oracle price standard deviation, PRICE_PRECISION (1e6).
  */
-export declare function calculateLiveOracleStd(marketStats: MarketStats, oraclePriceData: OraclePriceData, now: BN): BN;
+export declare function calculateLiveOracleStd(marketStats: MarketStats, oraclePriceData: Pick<OraclePriceData, 'price'>, now: BN): BN;
 /**
  * Live-projected oracle confidence interval as a fraction of `reservePrice`, floored by a
  * decaying lower bound derived from the market's last stored confidence (so confidence
@@ -111,7 +111,7 @@ export declare function calculateLiveOracleStd(marketStats: MarketStats, oracleP
  * @param now Current unix timestamp (seconds).
  * @returns Oracle confidence as a fraction of price, BID_ASK_SPREAD_PRECISION (1e6).
  */
-export declare function getNewOracleConfPct(marketStats: MarketStats, oraclePriceData: OraclePriceData, reservePrice: BN, now: BN): BN;
+export declare function getNewOracleConfPct(marketStats: MarketStats, oraclePriceData: Pick<OraclePriceData, 'confidence'>, reservePrice: BN, now: BN): BN;
 /**
  * Returns the scale factor to convert a price quoted under `firstOracleSource` into the
  * equivalent price under `secondOracleSource`, for the Pyth Lazer "scaled" variants