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Negative Interest: Round Trip #600

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Merged
jalextowle merged 3 commits into from
Sep 29, 2023
Merged

Negative Interest: Round Trip #600

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8165929
Added a `minSharePrice`
jalextowle Sep 28, 2023
0306a2b
Fixed some tests
jalextowle Sep 28, 2023
6730117
Fixed the Rust codebase
jalextowle Sep 29, 2023
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7 changes: 7 additions & 0 deletions contracts/src/HyperdriveLong.sol
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Expand Up @@ -23,6 +23,9 @@ abstract contract HyperdriveLong is HyperdriveLP {
/// @notice Opens a long position.
/// @param _baseAmount The amount of base to use when trading.
/// @param _minOutput The minium number of bonds to receive.
/// @param _minSharePrice The minium share price at which to open the long.
Comment thread
jalextowle marked this conversation as resolved.
/// This allows traders to protect themselves from opening a long in
/// a checkpoint where negative interest has accrued.
/// @param _destination The address which will receive the bonds
/// @param _asUnderlying A flag indicating whether the sender will pay in
/// base or using another currency. Implementations choose which
Expand All @@ -32,6 +35,7 @@ abstract contract HyperdriveLong is HyperdriveLP {
function openLong(
uint256 _baseAmount,
uint256 _minOutput,
uint256 _minSharePrice,
address _destination,
bool _asUnderlying
)
Expand All @@ -52,6 +56,9 @@ abstract contract HyperdriveLong is HyperdriveLP {
_baseAmount,
_asUnderlying
);
if (sharePrice < _minSharePrice) {
revert IHyperdrive.MinimumSharePrice();
}

// Perform a checkpoint.
uint256 latestCheckpoint = _latestCheckpoint();
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7 changes: 7 additions & 0 deletions contracts/src/HyperdriveShort.sol
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Expand Up @@ -23,6 +23,9 @@ abstract contract HyperdriveShort is HyperdriveLP {
/// @notice Opens a short position.
/// @param _bondAmount The amount of bonds to short.
/// @param _maxDeposit The most the user expects to deposit for this trade
/// @param _minSharePrice The minium share price at which to open the long.
Comment thread
jalextowle marked this conversation as resolved.
/// This allows traders to protect themselves from opening a long in
/// a checkpoint where negative interest has accrued.
/// @param _destination The address which gets credited with share tokens
/// @param _asUnderlying A flag indicating whether the sender will pay in
/// base or using another currency. Implementations choose which
Expand All @@ -32,6 +35,7 @@ abstract contract HyperdriveShort is HyperdriveLP {
function openShort(
uint256 _bondAmount,
uint256 _maxDeposit,
uint256 _minSharePrice,
address _destination,
bool _asUnderlying
)
Expand All @@ -52,6 +56,9 @@ abstract contract HyperdriveShort is HyperdriveLP {
// Since the short will receive interest from the beginning of the
// checkpoint, they will receive this backdated interest back at closing.
uint256 sharePrice = _pricePerShare();
if (sharePrice < _minSharePrice) {
revert IHyperdrive.MinimumSharePrice();
}
uint256 latestCheckpoint = _latestCheckpoint();
uint256 openSharePrice = _applyCheckpoint(latestCheckpoint, sharePrice);

Expand Down
3 changes: 3 additions & 0 deletions contracts/src/interfaces/IHyperdrive.sol
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Expand Up @@ -202,6 +202,8 @@ interface IHyperdrive is IHyperdriveRead, IHyperdriveWrite, IMultiToken {
/// ### Hyperdrive ###
/// ##################
error ApprovalFailed();
// TODO: We should rename this so that it's clear that it pertains to
// solvency.
error BaseBufferExceedsShareReserves();
error BelowMinimumContribution();
error BelowMinimumShareReserves();
Expand All @@ -227,6 +229,7 @@ interface IHyperdrive is IHyperdriveRead, IHyperdriveWrite, IMultiToken {
error UnexpectedAssetId();
error UnexpectedSender();
error UnsupportedToken();
error MinimumSharePrice();
error MinimumTransactionAmount();
error ZeroLpTotalSupply();

Expand Down
2 changes: 2 additions & 0 deletions contracts/src/interfaces/IHyperdriveWrite.sol
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Expand Up @@ -42,6 +42,7 @@ interface IHyperdriveWrite is IMultiTokenWrite {
function openLong(
uint256 _baseAmount,
uint256 _minOutput,
uint256 _minSharePrice,
address _destination,
bool _asUnderlying
) external payable returns (uint256 maturityTime, uint256 bondProceeds);
Expand All @@ -57,6 +58,7 @@ interface IHyperdriveWrite is IMultiTokenWrite {
function openShort(
uint256 _bondAmount,
uint256 _maxDeposit,
uint256 _minSharePrice,
address _destination,
bool _asUnderlying
) external payable returns (uint256 maturityTime, uint256 traderDeposit);
Expand Down
16 changes: 14 additions & 2 deletions crates/test-utils/src/agent.rs
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Expand Up @@ -134,7 +134,13 @@ impl Agent<ChainClient, ChaCha8Rng> {
};
let tx = self
.hyperdrive
.open_long(base_paid.into(), min_output.into(), self.address, true)
.open_long(
base_paid.into(),
min_output.into(),
fixed!(0).into(), // TODO: This is fine for testing, but not prod.
self.address,
true,
)
.from(self.address);
let logs = tx
.send()
Expand Down Expand Up @@ -241,7 +247,13 @@ impl Agent<ChainClient, ChaCha8Rng> {
};
let tx = self
.hyperdrive
.open_short(bond_amount.into(), max_deposit.into(), self.address, true)
.open_short(
bond_amount.into(),
max_deposit.into(),
fixed!(0).into(), // TODO: This is fine for testing, but not prod.
self.address,
true,
)
.from(self.address);
let logs = tx
.send()
Expand Down
5 changes: 4 additions & 1 deletion script/DevnetSmokeTest.s.sol
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Expand Up @@ -42,6 +42,7 @@ contract DevnetSmokeTest is Script {
(, uint256 basePaid) = HYPERDRIVE.openShort(
bondAmount,
type(uint256).max,
0,
msg.sender,
true
);
Expand All @@ -52,7 +53,7 @@ contract DevnetSmokeTest is Script {
uint256 basePaid = 300_000e18;
BASE.mint(msg.sender, basePaid);
BASE.approve(address(HYPERDRIVE), basePaid);
HYPERDRIVE.openLong(basePaid, 0, msg.sender, true);
HYPERDRIVE.openLong(basePaid, 0, 0, msg.sender, true);
}

console.log("Ending pool info:");
Expand All @@ -70,6 +71,7 @@ contract DevnetSmokeTest is Script {
(uint256 maturityTime, uint256 bondAmount) = HYPERDRIVE.openLong(
10_000e18,
0,
0,
msg.sender,
true
);
Expand Down Expand Up @@ -134,6 +136,7 @@ contract DevnetSmokeTest is Script {
(uint256 maturityTime, uint256 bondAmount) = HYPERDRIVE.openShort(
10_000e18,
type(uint256).max,
0,
msg.sender,
true
);
Expand Down
4 changes: 4 additions & 0 deletions test/integrations/ERC4626Validation.t.sol
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Expand Up @@ -510,6 +510,7 @@ abstract contract ERC4626ValidationTest is HyperdriveTest {
(maturityTime, bondAmount) = hyperdrive.openLong(
baseAmount,
0,
0,
trader,
asUnderlying
);
Expand All @@ -518,6 +519,7 @@ abstract contract ERC4626ValidationTest is HyperdriveTest {
(maturityTime, bondAmount) = hyperdrive.openLong(
baseAmount,
0,
0,
trader,
asUnderlying
);
Expand All @@ -539,6 +541,7 @@ abstract contract ERC4626ValidationTest is HyperdriveTest {
(maturityTime, baseAmount) = hyperdrive.openShort(
bondAmount,
type(uint256).max,
0,
trader,
asUnderlying
);
Expand All @@ -547,6 +550,7 @@ abstract contract ERC4626ValidationTest is HyperdriveTest {
(maturityTime, baseAmount) = hyperdrive.openShort(
bondAmount,
type(uint256).max,
0,
trader,
asUnderlying
);
Expand Down
3 changes: 3 additions & 0 deletions test/integrations/hyperdrive/NegativeInterestLongFeeTest.t.sol
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Expand Up @@ -139,6 +139,7 @@ contract NegativeInterestLongFeeTest is HyperdriveTest {
DepositOverrides({
asUnderlying: true,
depositAmount: basePaid,
minSharePrice: 0,
minSlippage: 0, // TODO: This should never go below the base amount. Investigate this.
maxSlippage: type(uint256).max
})
Expand Down Expand Up @@ -331,6 +332,7 @@ contract NegativeInterestLongFeeTest is HyperdriveTest {
DepositOverrides({
asUnderlying: true,
depositAmount: basePaid,
minSharePrice: 0,
minSlippage: 0, // TODO: This should never go below the base amount. Investigate this.
maxSlippage: type(uint256).max
})
Expand Down Expand Up @@ -522,6 +524,7 @@ contract NegativeInterestLongFeeTest is HyperdriveTest {
DepositOverrides({
asUnderlying: true,
depositAmount: basePaid,
minSharePrice: 0,
minSlippage: 0, // TODO: This should never go below the base amount. Investigate this.
maxSlippage: type(uint256).max
})
Expand Down
2 changes: 2 additions & 0 deletions test/integrations/hyperdrive/NegativeInterestShortFeeTest.t.sol
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Expand Up @@ -322,6 +322,7 @@ contract NegativeInterestShortFeeTest is HyperdriveTest {
asUnderlying: true,
// NOTE: Roughly double deposit amount needed to cover 100% flat fee
depositAmount: shortAmount * 2,
minSharePrice: 0,
minSlippage: 0,
maxSlippage: type(uint256).max
})
Expand Down Expand Up @@ -521,6 +522,7 @@ contract NegativeInterestShortFeeTest is HyperdriveTest {
asUnderlying: true,
// NOTE: Roughly double deposit amount needed to cover 100% flat fee
depositAmount: shortAmount * 2,
minSharePrice: 0,
minSlippage: 0,
maxSlippage: type(uint256).max
})
Expand Down
9 changes: 7 additions & 2 deletions test/integrations/hyperdrive/ReentrancyTest.t.sol
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Expand Up @@ -133,15 +133,15 @@ contract ReentrancyTest is HyperdriveTest {
);
data[4] = abi.encodeCall(
hyperdrive.openLong,
(BASE_PAID, 0, _trader, true)
(BASE_PAID, 0, 0, _trader, true)
);
data[5] = abi.encodeCall(
hyperdrive.closeLong,
(block.timestamp, BOND_AMOUNT, 0, _trader, true)
);
data[6] = abi.encodeCall(
hyperdrive.openShort,
(BOND_AMOUNT, type(uint256).max, _trader, true)
(BOND_AMOUNT, type(uint256).max, 0, _trader, true)
);
data[7] = abi.encodeCall(
hyperdrive.closeShort,
Expand Down Expand Up @@ -187,6 +187,7 @@ contract ReentrancyTest is HyperdriveTest {
DepositOverrides({
asUnderlying: true,
depositAmount: CONTRIBUTION + 1,
minSharePrice: 0,
minSlippage: 0,
maxSlippage: type(uint256).max
})
Expand Down Expand Up @@ -214,6 +215,7 @@ contract ReentrancyTest is HyperdriveTest {
DepositOverrides({
asUnderlying: true,
depositAmount: CONTRIBUTION + 1,
minSharePrice: 0,
minSlippage: 0,
maxSlippage: type(uint256).max
})
Expand Down Expand Up @@ -279,6 +281,7 @@ contract ReentrancyTest is HyperdriveTest {
DepositOverrides({
asUnderlying: true,
depositAmount: BASE_PAID + 1,
minSharePrice: 0,
minSlippage: 0,
maxSlippage: type(uint256).max
})
Expand Down Expand Up @@ -318,6 +321,7 @@ contract ReentrancyTest is HyperdriveTest {
asUnderlying: true,
// NOTE: Roughly double deposit amount needed to cover 100% flat fee
depositAmount: BOND_AMOUNT * 2,
minSharePrice: 0,
minSlippage: 0,
maxSlippage: type(uint256).max
})
Expand All @@ -335,6 +339,7 @@ contract ReentrancyTest is HyperdriveTest {
asUnderlying: true,
// NOTE: Roughly double deposit amount needed to cover 100% flat fee
depositAmount: BOND_AMOUNT * 2,
minSharePrice: 0,
minSlippage: 0,
maxSlippage: type(uint256).max
})
Expand Down
35 changes: 27 additions & 8 deletions test/integrations/hyperdrive/RoundTripTest.t.sol
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Expand Up @@ -181,14 +181,33 @@ contract RoundTripTest is HyperdriveTest {
function test_long_multiblock_round_trip_end_of_checkpoint_edge_cases()
external
{
uint256 apr = 115792089237316195423570985008687907853269984665640564039457583990320674062335;
uint256 timeStretchApr = 886936259672610464646559504023817532562726574141720139630650341263;
uint256 basePaid = 65723876150308947051900890891865009457038319412461;
_test_long_multiblock_round_trip_end_of_checkpoint(
apr,
timeStretchApr,
basePaid
);
uint256 snapshotId = vm.snapshot();
{
uint256 apr = 115792089237316195423570985008687907853269984665640564039457583990320674062335;
uint256 timeStretchApr = 886936259672610464646559504023817532562726574141720139630650341263;
uint256 basePaid = 65723876150308947051900890891865009457038319412461;
_test_long_multiblock_round_trip_end_of_checkpoint(
apr,
timeStretchApr,
basePaid
);
}
vm.revertTo(snapshotId);

// TODO: This test fails because the calculateMaxLong seems to be misbehaving.
// See issue #595
// snapshotId = vm.snapshot();
// {
// uint256 apr = 63203229717248733662763783222570;
// uint256 timeStretchApr = 3408059979187494427077136;
// uint256 basePaid = 57669888194155013968076316270639259357724635816572534634741412969387347636732;
// _test_long_multiblock_round_trip_end_of_checkpoint(
// apr,
// timeStretchApr,
// basePaid
// );
// }
// vm.revertTo(snapshotId);

// TODO: This test fails because the calculateMaxLong seems to be misbehaving.
// See issue #595
Expand Down
4 changes: 4 additions & 0 deletions test/units/hyperdrive/CloseShortTest.t.sol
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Expand Up @@ -472,6 +472,7 @@ contract CloseShortTest is HyperdriveTest {
asUnderlying: false,
// NOTE: Roughly double deposit amount needed to cover 100% flat fee
depositAmount: 10e18 * 2,
minSharePrice: 0,
minSlippage: 0,
maxSlippage: type(uint128).max
})
Expand Down Expand Up @@ -501,6 +502,7 @@ contract CloseShortTest is HyperdriveTest {
asUnderlying: false,
// NOTE: Roughly double deposit amount needed to cover 100% flat fee
depositAmount: 10e18 * 2,
minSharePrice: 0,
minSlippage: 0,
maxSlippage: type(uint128).max
})
Expand Down Expand Up @@ -539,6 +541,7 @@ contract CloseShortTest is HyperdriveTest {
asUnderlying: false,
// NOTE: Roughly double deposit amount needed to cover 100% flat fee
depositAmount: 10e18 * 2,
minSharePrice: 0,
minSlippage: 0,
maxSlippage: type(uint128).max
})
Expand Down Expand Up @@ -567,6 +570,7 @@ contract CloseShortTest is HyperdriveTest {
asUnderlying: false,
// NOTE: Roughly double deposit amount needed to cover 100% flat fee
depositAmount: 10e18 * 2,
minSharePrice: 0,
minSlippage: 0,
maxSlippage: type(uint128).max
})
Expand Down
2 changes: 1 addition & 1 deletion test/units/hyperdrive/ExtremeInputs.t.sol
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Expand Up @@ -214,7 +214,7 @@ contract ExtremeInputs is HyperdriveTest {
baseToken.mint(shortAmount);
baseToken.approve(address(hyperdrive), shortAmount);
vm.expectRevert(IHyperdrive.BaseBufferExceedsShareReserves.selector);
hyperdrive.openShort(shortAmount, type(uint256).max, bob, true);
hyperdrive.openShort(shortAmount, type(uint256).max, 0, bob, true);
}

// This test stresses the edge cases of the `_updateLiquidity` function
Expand Down
4 changes: 4 additions & 0 deletions test/units/hyperdrive/FeeTest.t.sol
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Expand Up @@ -77,6 +77,7 @@ contract FeeTest is HyperdriveTest {
DepositOverrides({
asUnderlying: true,
depositAmount: basePaid,
minSharePrice: 0,
minSlippage: 0,
maxSlippage: type(uint256).max
})
Expand Down Expand Up @@ -117,6 +118,7 @@ contract FeeTest is HyperdriveTest {
DepositOverrides({
asUnderlying: true,
depositAmount: basePaid,
minSharePrice: 0,
minSlippage: 0,
maxSlippage: type(uint256).max
})
Expand Down Expand Up @@ -180,6 +182,7 @@ contract FeeTest is HyperdriveTest {
DepositOverrides({
asUnderlying: true,
depositAmount: basePaid,
minSharePrice: 0,
minSlippage: 0,
maxSlippage: type(uint256).max
})
Expand Down Expand Up @@ -241,6 +244,7 @@ contract FeeTest is HyperdriveTest {
DepositOverrides({
asUnderlying: true,
depositAmount: basePaid,
minSharePrice: 0,
minSlippage: 0,
maxSlippage: type(uint256).max
})
Expand Down
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