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Add fix for _updateExternalPositionUnit
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4 files changed

+35
-22
lines changed

4 files changed

+35
-22
lines changed

‎contracts/protocol/modules/v2/PerpV2LeverageModuleV2.sol

Lines changed: 13 additions & 9 deletions
Original file line numberDiff line numberDiff line change
@@ -47,6 +47,7 @@ import { PreciseUnitMath } from "../../../lib/PreciseUnitMath.sol";
4747
import { AddressArrayUtils } from "../../../lib/AddressArrayUtils.sol";
4848
import { UnitConversionUtils } from "../../../lib/UnitConversionUtils.sol";
4949

50+
5051
/**
5152
* @title PerpV2LeverageModuleV2
5253
* @author Set Protocol
@@ -1053,25 +1054,28 @@ contract PerpV2LeverageModuleV2 is ModuleBaseV2, ReentrancyGuard, Ownable, SetTo
10531054
}
10541055

10551056
/**
1056-
* @dev Sets the external position unit based on PerpV2 account value.
1057+
* @dev Sets the external position unit based on PerpV2 Vault collateral balance. If there more than 1
1058+
* position unit of USDC of account value (allowing for PRECISE UNIT rounding errors) adds the component
1059+
* and/or the external position to the SetToken. Else, untracks the component and/or removes external
1060+
* position from the SetToken. Refer to PositionV2#editExternalPosition for detailed flow.
1061+
*
1062+
* NOTE: Setting external position unit to the collateral balance is acceptable because, as noted above, the
1063+
* external position unit is only updated on an as-needed basis during issuance, redemption, deposit and
1064+
* withdraw. It does not reflect the current value of the Set's perpetual position. The true current value can
1065+
* be calculated from getPositionNotionalInfo.
10571066
*
10581067
* @param _setToken Instance of SetToken
10591068
*/
10601069
function _updateExternalPositionUnit(ISetToken _setToken) internal {
1061-
int256 accountValueUnit = perpClearingHouse.getAccountValue(address(_setToken))
1070+
int256 collateralValueUnit = perpVault.getBalance(address(_setToken))
1071+
.toPreciseUnitsFromDecimals(collateralDecimals)
10621072
.preciseDiv(_setToken.totalSupply().toInt256())
10631073
.fromPreciseUnitToDecimals(collateralDecimals);
10641074

1065-
// Set the external position unit based on PerpV2 Account value; If there is more than 1 position unit of USDC of account
1066-
// value (to tolerate PRECISE_UNIT math rounding errors), add the component and/or the external position to the SetToken.
1067-
// Else, untrack the component and/or remove external position from the SetToken. Refer to PositionV2#editExternalPosition for detailed flow.
1068-
// Setting external posiiton unit to 1 or 0 is acceptable because, As noted above, the external position unit is only updated on an as-needed
1069-
// basis during issuance, redemption, deposit and withdraw. It does not reflect the current value of the Set's perpetual position.
1070-
// The current value can be calculated from getPositionNotionalInfo.
10711075
_setToken.editExternalPosition(
10721076
address(collateralToken),
10731077
address(this),
1074-
accountValueUnit > 1 ? 1 : 0,
1078+
collateralValueUnit,
10751079
""
10761080
);
10771081
}

‎test/protocol/modules/v2/perpV2BasisTradingModule.spec.ts

Lines changed: 6 additions & 3 deletions
Original file line numberDiff line numberDiff line change
@@ -779,7 +779,8 @@ describe("PerpV2BasisTradingModule", () => {
779779
const externalPositionUnit = await subjectSetToken.getExternalPositionRealUnit(usdc.address, perpBasisTradingModule.address);
780780
const expectedExternalPositionUnit = await calculateExternalPositionUnit(
781781
subjectSetToken,
782-
perpSetup
782+
perpSetup,
783+
perpBasisTradingModule
783784
);
784785
expect(externalPositionUnit).eq(expectedExternalPositionUnit);
785786
});
@@ -870,7 +871,8 @@ describe("PerpV2BasisTradingModule", () => {
870871
const externalPositionUnit = await subjectSetToken.getExternalPositionRealUnit(usdc.address, perpBasisTradingModule.address);
871872
const expectedExternalPositionUnit = await calculateExternalPositionUnit(
872873
subjectSetToken,
873-
perpSetup
874+
perpSetup,
875+
perpBasisTradingModule
874876
);
875877
expect(externalPositionUnit).eq(expectedExternalPositionUnit);
876878
});
@@ -1020,7 +1022,8 @@ describe("PerpV2BasisTradingModule", () => {
10201022
const externalPositionUnit = await setToken.getExternalPositionRealUnit(usdc.address, perpBasisTradingModule.address);
10211023
const expectedExternalPositionUnit = await calculateExternalPositionUnit(
10221024
setToken,
1023-
perpSetup
1025+
perpSetup,
1026+
perpBasisTradingModule
10241027
);
10251028
expect(externalPositionUnit).eq(expectedExternalPositionUnit);
10261029
});

‎test/protocol/modules/v2/perpV2LeverageModuleV2.spec.ts

Lines changed: 12 additions & 6 deletions
Original file line numberDiff line numberDiff line change
@@ -1205,7 +1205,8 @@ describe("PerpV2LeverageModuleV2", () => {
12051205
const externalPositionUnit = await subjectSetToken.getExternalPositionRealUnit(usdc.address, perpLeverageModule.address);
12061206
const expectedExternalPositionUnit = await calculateExternalPositionUnit(
12071207
subjectSetToken,
1208-
perpSetup
1208+
perpSetup,
1209+
perpLeverageModule,
12091210
);
12101211
expect(externalPositionUnit).eq(expectedExternalPositionUnit);
12111212
});
@@ -1261,7 +1262,8 @@ describe("PerpV2LeverageModuleV2", () => {
12611262
const externalPositionUnit = await subjectSetToken.getExternalPositionRealUnit(usdc.address, perpLeverageModule.address);
12621263
const expectedExternalPositionUnit = await calculateExternalPositionUnit(
12631264
subjectSetToken,
1264-
perpSetup
1265+
perpSetup,
1266+
perpLeverageModule
12651267
);
12661268

12671269
// Deposit notional amount = specified position unit * totalSupply = 1 * 2 = $2
@@ -1344,7 +1346,8 @@ describe("PerpV2LeverageModuleV2", () => {
13441346
const externalPositionUnit = await subjectSetToken.getExternalPositionRealUnit(usdc.address, perpLeverageModule.address);
13451347
const expectedExternalPositionUnit = await calculateExternalPositionUnit(
13461348
subjectSetToken,
1347-
perpSetup
1349+
perpSetup,
1350+
perpLeverageModule
13481351
);
13491352

13501353
// Deposit amount = $1 * 2 (two deposits)
@@ -1438,7 +1441,8 @@ describe("PerpV2LeverageModuleV2", () => {
14381441
const externalPositionUnit = await subjectSetToken.getExternalPositionRealUnit(usdc.address, perpLeverageModule.address);
14391442
const expectedExternalPositionUnit = await calculateExternalPositionUnit(
14401443
subjectSetToken,
1441-
perpSetup
1444+
perpSetup,
1445+
perpLeverageModule
14421446
);
14431447

14441448
// Deposit amount = $1 * 2 (two deposits)
@@ -1579,7 +1583,8 @@ describe("PerpV2LeverageModuleV2", () => {
15791583
const externalPositionUnit = await subjectSetToken.getExternalPositionRealUnit(usdc.address, perpLeverageModule.address);
15801584
const expectedExternalPositionUnit = await calculateExternalPositionUnit(
15811585
subjectSetToken,
1582-
perpSetup
1586+
perpSetup,
1587+
perpLeverageModule
15831588
);
15841589
expect(externalPositionUnit).eq(expectedExternalPositionUnit);
15851590
});
@@ -1657,7 +1662,8 @@ describe("PerpV2LeverageModuleV2", () => {
16571662
const externalPositionUnit = await subjectSetToken.getExternalPositionRealUnit(usdc.address, perpLeverageModule.address);
16581663
const expectedExternalPositionUnit = await calculateExternalPositionUnit(
16591664
subjectSetToken,
1660-
perpSetup
1665+
perpSetup,
1666+
perpLeverageModule
16611667
);
16621668
expect(externalPositionUnit).eq(expectedExternalPositionUnit);
16631669
});

‎utils/common/perpV2Utils.ts

Lines changed: 4 additions & 4 deletions
Original file line numberDiff line numberDiff line change
@@ -8,7 +8,7 @@ import {
88
preciseMul
99
} from "../index";
1010

11-
import { ONE, TWO, ZERO, ONE_DAY_IN_SECONDS } from "../constants";
11+
import { TWO, ZERO, ONE_DAY_IN_SECONDS } from "../constants";
1212
import { PerpV2BasisTradingModule, PerpV2LeverageModuleV2, SetToken } from "../contracts";
1313
import { PerpV2Fixture } from "../fixtures";
1414

@@ -180,10 +180,10 @@ export async function calculateUSDCTransferOutPreciseUnits(
180180
export async function calculateExternalPositionUnit(
181181
setToken: SetToken,
182182
fixture: PerpV2Fixture,
183+
module: PerpV2LeverageModuleV2 | PerpV2BasisTradingModule
183184
): Promise<BigNumber> {
184-
const totalPositionValue = await fixture.clearingHouse.getAccountValue(setToken.address);
185-
// return toUSDCDecimals(preciseDiv(totalPositionValue, await setToken.totalSupply()));
186-
return totalPositionValue.gt(ZERO) ? ONE : ZERO;
185+
const accountInfo = await module.getAccountInfo(setToken.address);
186+
return toUSDCDecimals(preciseDiv(accountInfo.collateralBalance, await setToken.totalSupply()));
187187
}
188188

189189
// On every interaction with perpV2, it settles funding for a trader into owed realized pnl

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