hyperdrive 0.20.1; fix checkpoint exposure bug

Cargo.toml

@@ -11,7 +11,7 @@ members = [
 
 [workspace.package]
 name = "hyperdrive-rs"
-version = "0.20.0"
+version = "0.20.1"
 authors = [
     "Alex Towle <alex@delv.tech>",
     "Dylan Paiton <dylan@delv.tech>",
@@ -29,9 +29,9 @@ repository = "https://github.com/delvtech/hyperdrive-rs"
 description = "API for simulating Hyperdrive smart contract transactions."
 
 [workspace.dependencies]
-fixedpointmath = { version = "0.20.0", path="crates/fixedpointmath" }
-hyperdrive-wrappers = { version = "0.20.0", path="crates/hyperdrive-wrappers" }
-hyperdrive-math = { version = "0.20.0", path="crates/hyperdrive-math" }
+fixedpointmath = { version = "0.20.1", path="crates/fixedpointmath" }
+hyperdrive-wrappers = { version = "0.20.1", path="crates/hyperdrive-wrappers" }
+hyperdrive-math = { version = "0.20.1", path="crates/hyperdrive-math" }
 
 [workspace.lints.clippy]
 comparison_chain = "allow"

bindings/hyperdrivepy/python/hyperdrivepy/hyperdrive_state.py

@@ -557,7 +557,6 @@ def calculate_max_short(
     pool_info: types.PoolInfoType,
     budget: str,
     open_vault_share_price: str,
-    checkpoint_exposure: str,
     maybe_conservative_price: str | None,
     maybe_max_iterations: int | None,
 ) -> str:
@@ -575,8 +574,6 @@ def calculate_max_short(
         The account budget in base for making a short.
     open_vault_share_price: str (FixedPoint)
         The share price of underlying vault.
-    checkpoint_exposure: str (FixedPoint)
-        The net exposure for the given checkpoint.
     maybe_conservative_price: str (FixedPoint), optional
         A lower bound on the realized price that the short will pay.
     maybe_max_iterations: int, optional
@@ -590,7 +587,6 @@ def calculate_max_short(
     return _get_interface(pool_config, pool_info).calculate_max_short(
         budget,
         open_vault_share_price,
-        checkpoint_exposure,
         maybe_conservative_price,
         maybe_max_iterations,
     )

bindings/hyperdrivepy/src/hyperdrive_state_methods/short/max.rs

@@ -10,7 +10,6 @@ impl HyperdriveState {
         &self,
         budget: &str,
         open_vault_share_price: &str,
-        checkpoint_exposure: &str,
         maybe_conservative_price: Option<&str>,
         maybe_max_iterations: Option<usize>,
     ) -> PyResult<String> {
@@ -27,12 +26,6 @@ impl HyperdriveState {
                     open_vault_share_price, err
                 ))
             })?);
-        let checkpoint_exposure_i = I256::from_dec_str(checkpoint_exposure).map_err(|err| {
-            PyErr::new::<PyValueError, _>(format!(
-                "Failed to convert checkpoint_exposure string {} to I256: {}",
-                checkpoint_exposure, err
-            ))
-        })?;
         let maybe_conservative_price_fp = if let Some(conservative_price) = maybe_conservative_price
         {
             Some(FixedPoint::from(
@@ -51,7 +44,6 @@ impl HyperdriveState {
             .calculate_max_short(
                 budget_fp,
                 open_vault_share_price_fp,
-                checkpoint_exposure_i,
                 maybe_conservative_price_fp,
                 maybe_max_iterations,
             )

bindings/hyperdrivepy/tests/wrapper_test.py

@@ -329,15 +329,13 @@ def test_max_short():
     # test using the state directly
     budget = str(int(10 * 10**18))  # 10k base
     open_vault_share_price = str(int(1 * 10**18))  # 1 base
-    checkpoint_exposure = str(0)
     conservative_price = None
     max_iterations = 20
     max_short = hyperdrivepy.calculate_max_short(
         POOL_CONFIG,
         POOL_INFO,
         budget,
         open_vault_share_price,
-        checkpoint_exposure,
         conservative_price,
         max_iterations,
     )
@@ -347,7 +345,6 @@ def test_max_short():
 def test_max_short_fail_conversion():
     """Test calculate_max_short."""
     open_vault_share_price = str(int(1 * 10**18))  # 1 base
-    checkpoint_exposure = str(0)
     conservative_price = None
     max_iterations = 20
     # bad string inputs
@@ -358,7 +355,6 @@ def test_max_short_fail_conversion():
             POOL_INFO,
             budget,
             open_vault_share_price,
-            checkpoint_exposure,
             conservative_price,
             max_iterations,
         )
@@ -369,7 +365,6 @@ def test_max_short_fail_conversion():
             POOL_INFO,
             budget,
             open_vault_share_price,
-            checkpoint_exposure,
             conservative_price,
             max_iterations,
         )
@@ -381,7 +376,6 @@ def test_max_short_fail_conversion():
             POOL_INFO,
             budget,
             open_vault_share_price,
-            checkpoint_exposure,
             conservative_price,
             max_iterations,
         )

crates/hyperdrive-math/src/long/max.rs

@@ -392,6 +392,8 @@ impl State {
         }
         let share_reserves = (self.share_reserves() + share_amount) - governance_fee_shares;
         let exposure = self.long_exposure() + bond_amount;
+        // Netting allows us to remove any negative checkpoint exposure from the
+        // long exposure.
         let checkpoint_exposure = FixedPoint::try_from(-checkpoint_exposure.min(int256!(0)))?;
         if share_reserves + checkpoint_exposure / self.vault_share_price()
             >= exposure / self.vault_share_price() + self.minimum_share_reserves()
@@ -619,6 +621,12 @@ mod tests {
             // Bob opens a max long.
             let max_spot_price = bob.get_state().await?.calculate_max_spot_price()?;
             let max_long = bob.calculate_max_long(None).await?;
+            let state = alice.get_state().await?;
+            // Ensure max long is valid.
+            if state.calculate_open_long(max_long).is_err() {
+                continue;
+            }
+            // Get the andicipated spot price & open the log.
             let spot_price_after_long = bob
                 .get_state()
                 .await?