diff --git a/bin/hedger b/bin/hedger
deleted file mode 100755
index a555fc0..0000000
--- a/bin/hedger
+++ /dev/null
@@ -1,121 +0,0 @@
-#!/usr/bin/env pyston3
-
-import argparse
-import logging
-import os
-import os.path
-import rx.operators
-import sys
-import threading
-
-from decimal import Decimal
-from rx.core.abc.disposable import Disposable
-from solana.publickey import PublicKey
-
-sys.path.insert(0, os.path.abspath(
-    os.path.join(os.path.dirname(__file__), "..")))
-import mango  # nopep8
-import mango.layouts  # nopep8
-import mango.marketmaking  # nopep8
-
-parser = argparse.ArgumentParser(
-    description="Hedges perp purchases by trading the underlying in the opposite direction.")
-mango.ContextBuilder.add_command_line_parameters(parser)
-mango.Wallet.add_command_line_parameters(parser)
-parser.add_argument("--watch-market", type=str, required=True, help="perp market symbol to hedge (e.g. ETH-PERP)")
-parser.add_argument("--hedge-market", type=str, required=True, help="spot market symbol to hedge (e.g. ETH/USDC)")
-parser.add_argument("--max-price-slippage-factor", type=Decimal, default=Decimal("0.05"),
-                    help="the maximum value the IOC hedging order price can slip by when hedging (default is 0.05 for 5%%)")
-parser.add_argument("--notify-errors", type=mango.parse_subscription_target, action="append", default=[],
-                    help="The notification target for error events")
-parser.add_argument("--account-address", type=PublicKey,
-                    help="address of the specific account to use, if more than one available")
-parser.add_argument("--dry-run", action="store_true", default=False,
-                    help="runs as read-only and does not perform any transactions")
-args: argparse.Namespace = mango.parse_args(parser)
-
-logging.getLogger().setLevel(args.log_level)
-for notify in args.notify_errors:
-    handler = mango.NotificationHandler(notify)
-    handler.setLevel(logging.ERROR)
-    logging.getLogger().addHandler(handler)
-
-
-context = mango.ContextBuilder.from_command_line_parameters(args)
-wallet = mango.Wallet.from_command_line_parameters_or_raise(args)
-group = mango.Group.load(context, context.group_address)
-account = mango.Account.load_for_owner_by_address(context, wallet.address, group, args.account_address)
-
-disposer = mango.DisposePropagator()
-manager = mango.IndividualWebSocketSubscriptionManager(context)
-disposer.add_disposable(manager)
-health_check = mango.HealthCheck()
-disposer.add_disposable(health_check)
-
-watched_market_symbol = args.watch_market.upper()
-watched_market_stub = context.market_lookup.find_by_symbol(watched_market_symbol)
-if watched_market_stub is None:
-    raise Exception(f"Could not find market {watched_market_symbol}")
-
-ensured_watched_market = mango.ensure_market_loaded(context, watched_market_stub)
-if not isinstance(ensured_watched_market, mango.PerpMarket):
-    raise Exception(f"Market {watched_market_symbol} is not a perp market.")
-watched_market: mango.PerpMarket = ensured_watched_market
-
-hedging_market_symbol = args.hedge_market.upper()
-hedging_market_stub = context.market_lookup.find_by_symbol(hedging_market_symbol)
-if hedging_market_stub is None:
-    raise Exception(f"Could not find market {hedging_market_symbol}")
-
-hedging_market = mango.ensure_market_loaded(context, hedging_market_stub)
-if not isinstance(hedging_market, mango.SpotMarket):
-    raise Exception(f"Market {hedging_market_symbol} is not a spot market.")
-
-hedging_market_operations: mango.MarketOperations = mango.create_market_operations(
-    context, wallet, account, hedging_market, args.dry_run)
-
-perp_event_queue: mango.PerpEventQueue = mango.PerpEventQueue.load(
-    context, watched_market.underlying_perp_market.event_queue, watched_market.lot_size_converter)
-
-event_subscription = mango.WebSocketAccountSubscription(
-    context, watched_market.underlying_perp_market.event_queue, lambda account_info: mango.PerpEventQueue.parse(account_info, watched_market.lot_size_converter))
-manager.add(event_subscription)
-health_check.add("hedger_watched_events_pong_subscription", event_subscription.pong)
-
-splitter: mango.UnseenPerpEventChangesTracker = mango.UnseenPerpEventChangesTracker(perp_event_queue)
-hedger: mango.PerpHedger = mango.PerpHedger(
-    account.address, hedging_market_operations, args.max_price_slippage_factor)
-
-hedger_subscription: Disposable = event_subscription.publisher.pipe(
-    # Passes on distinct unseen events
-    rx.operators.flat_map(splitter.unseen),
-
-    # Only fills after this filter
-    rx.operators.filter(lambda unseen_event: isinstance(unseen_event, mango.PerpFillEvent)),
-
-    # Only fills from our account after this filter
-    rx.operators.filter(lambda fill: (fill.maker == account.address) or (fill.taker == account.address)),
-
-    # Only fills where we didn't trade with outself
-    rx.operators.filter(lambda fill: fill.maker != fill.taker),
-
-    # We've got a fill we want to hedge, so do it.
-    rx.operators.map(lambda fill: hedger.hedge(context, fill))
-).subscribe(mango.PrintingObserverSubscriber(False))
-
-disposer.add_disposable(hedger_subscription)
-manager.open()
-
-logging.info(f"Current assets in account {account.address} (owner: {account.owner}):")
-mango.TokenValue.report([asset for asset in account.net_assets if asset is not None], logging.info)
-
-# Wait - don't exit. Exiting will be handled by signals/interrupts.
-waiter = threading.Event()
-try:
-    waiter.wait()
-except:
-    pass
-
-logging.info("Shutting down...")
-disposer.dispose()
-logging.info("Shutdown complete.")
diff --git a/bin/marketmaker b/bin/marketmaker
index 649aeb0..abc73b2 100755
--- a/bin/marketmaker
+++ b/bin/marketmaker
@@ -10,12 +10,12 @@ import sys
 import threading
 
 from decimal import Decimal
-from rx.core.abc.disposable import Disposable
 from solana.publickey import PublicKey
 
 sys.path.insert(0, os.path.abspath(
     os.path.join(os.path.dirname(__file__), "..")))
 import mango  # nopep8
+import mango.hedging  # nopep8
 import mango.marketmaking  # nopep8
 from mango.marketmaking.orderchain import chain  # nopep8
 from mango.marketmaking.orderchain import chainbuilder  # nopep8
@@ -97,10 +97,12 @@ if market.quote != group.shared_quote_token.token:
 cleanup(context, wallet, account, market, args.dry_run)
 
 
+hedger: mango.hedging.Hedger = mango.hedging.NullHedger()
 if args.hedge_market is not None:
     if not isinstance(market, mango.PerpMarket):
         raise Exception(f"Cannot hedge - market {market.symbol} is not a perp market.")
-    watched_market: mango.PerpMarket = market
+
+    underlying_market: mango.PerpMarket = market
 
     hedging_market_symbol = args.hedge_market.upper()
     hedging_market_stub = context.market_lookup.find_by_symbol(hedging_market_symbol)
@@ -116,51 +118,8 @@ if args.hedge_market is not None:
     hedging_market_operations: mango.MarketOperations = mango.create_market_operations(
         context, wallet, account, hedging_market, args.dry_run)
 
-    perp_event_queue: mango.PerpEventQueue = mango.PerpEventQueue.load(
-        context, watched_market.underlying_perp_market.event_queue, watched_market.lot_size_converter)
-
-    event_queue_source: mango.EventSource[mango.PerpEventQueue]
-    if args.update_mode == mango.marketmaking.ModelUpdateMode.WEBSOCKET:
-        event_subscription = mango.WebSocketAccountSubscription(
-            context, watched_market.underlying_perp_market.event_queue,
-            lambda account_info: mango.PerpEventQueue.parse(account_info, watched_market.lot_size_converter))
-        manager.add(event_subscription)
-        health_check.add("hedger_watched_events_pong_subscription", event_subscription.pong)
-        event_queue_source = event_subscription.publisher
-    else:
-        event_queue_observable: rx.Observable = rx.interval(args.event_queue_poll_interval).pipe(
-            rx.operators.observe_on(context.create_thread_pool_scheduler()),
-            rx.operators.catch(mango.observable_pipeline_error_reporter),
-            rx.operators.retry(),
-            rx.operators.start_with(-1),
-            rx.operators.map(lambda _: mango.PerpEventQueue.load(
-                context, watched_market.underlying_perp_market.event_queue, watched_market.lot_size_converter))
-        )
-        event_queue_source = mango.EventSource[mango.PerpEventQueue]()
-        event_queue_observable.subscribe(event_queue_source)
-        health_check.add("hedger_watched_events_pong_subscription", event_queue_source)
-
-    splitter: mango.UnseenPerpEventChangesTracker = mango.UnseenPerpEventChangesTracker(perp_event_queue)
-    hedger: mango.PerpHedger = mango.PerpHedger(
-        account.address, hedging_market_operations, args.max_price_slippage_factor)
-
-    hedger_subscription: Disposable = event_queue_observable.pipe(
-        # Passes on distinct unseen events
-        rx.operators.flat_map(splitter.unseen),
-
-        # Only fills after this filter
-        rx.operators.filter(lambda unseen_event: isinstance(unseen_event, mango.PerpFillEvent)),
-
-        # Only fills from our account after this filter
-        rx.operators.filter(lambda fill: (fill.maker == account.address) or (fill.taker == account.address)),
-
-        # Only fills where we didn't trade with outself
-        rx.operators.filter(lambda fill: fill.maker != fill.taker),
-
-        # We've got a fill we want to hedge, so do it.
-        rx.operators.map(lambda fill: hedger.hedge(context, fill))
-    ).subscribe(mango.PrintingObserverSubscriber(False))
-    disposer.add_disposable(hedger_subscription)
+    hedger = mango.hedging.PerpToSpotHedger(group, underlying_market, hedging_market,
+                                            hedging_market_operations, args.max_price_slippage_factor)
 
 
 order_reconciler = mango.marketmaking.ToleranceOrderReconciler(
@@ -191,13 +150,20 @@ mango.TokenValue.report([asset for asset in account.net_assets if asset is not N
 
 manager.open()
 
+
+def pulse_action(_) -> None:
+    model_state: mango.ModelState = model_state_builder.build(context)
+    market_maker.pulse(context, model_state)
+    hedger.pulse(context, model_state)
+
+
 pulse_disposable = rx.interval(args.pulse_interval).pipe(
     rx.operators.observe_on(context.create_thread_pool_scheduler()),
     rx.operators.start_with(-1),
     rx.operators.catch(mango.observable_pipeline_error_reporter),
     rx.operators.retry()
 ).subscribe(
-    on_next=lambda _: market_maker.pulse(context, model_state_builder.build(context)))
+    on_next=pulse_action)
 disposer.add_disposable(pulse_disposable)
 
 # Wait - don't exit. Exiting will be handled by signals/interrupts.
diff --git a/bin/redeem-mango b/bin/redeem-mango
index 144e38a..8e44dff 100755
--- a/bin/redeem-mango
+++ b/bin/redeem-mango
@@ -6,6 +6,7 @@ import os.path
 import sys
 import typing
 
+from decimal import Decimal
 from solana.publickey import PublicKey
 
 sys.path.insert(0, os.path.abspath(
@@ -15,11 +16,16 @@ import mango  # nopep8
 
 def report_accrued(basket_token: mango.AccountBasketBaseToken):
     symbol: str = basket_token.token_info.token.symbol
-    accrued: mango.TokenValue = basket_token.perp_account.mngo_accrued
+    if basket_token.perp_account is None:
+        accrued: mango.TokenValue = mango.TokenValue(basket_token.token_info.token, Decimal(0))
+    else:
+        accrued = basket_token.perp_account.mngo_accrued
     print(f"Accrued in perp market [{symbol:>5}]: {accrued}")
 
 
 def load_perp_market(context: mango.Context, group: mango.Group, group_basket_market: mango.GroupBasketMarket):
+    if group_basket_market.perp_market_info is None:
+        raise Exception(f"No perp market available for group basket market: {group_basket_market}")
     perp_market_details = mango.PerpMarketDetails.load(context, group_basket_market.perp_market_info.address, group)
     perp_market = mango.PerpMarket(context.mango_program_address, group_basket_market.perp_market_info.address,
                                    group_basket_market.base_token_info.token,
diff --git a/mango/__init__.py b/mango/__init__.py
index d57bf17..e1f629c 100644
--- a/mango/__init__.py
+++ b/mango/__init__.py
@@ -37,6 +37,7 @@ from .marketinstructionbuilder import MarketInstructionBuilder, NullMarketInstru
 from .marketlookup import MarketLookup, NullMarketLookup, CompoundMarketLookup
 from .marketoperations import MarketOperations, DryRunMarketOperations
 from .metadata import Metadata
+from .modelstate import ModelState
 from .notification import NotificationTarget, TelegramNotificationTarget, DiscordNotificationTarget, MailjetNotificationTarget, CsvFileNotificationTarget, FilteringNotificationTarget, NotificationHandler, parse_subscription_target
 from .observables import DisposePropagator, DisposeWrapper, NullObserverSubscriber, PrintingObserverSubscriber, TimestampedPrintingObserverSubscriber, CollectingObserverSubscriber, LatestItemObserverSubscriber, CaptureFirstItem, FunctionObserver, create_backpressure_skipping_observer, debug_print_item, log_subscription_error, observable_pipeline_error_reporter, EventSource
 from .openorders import OpenOrders
diff --git a/mango/account.py b/mango/account.py
index dcc2964..decb65e 100644
--- a/mango/account.py
+++ b/mango/account.py
@@ -137,6 +137,10 @@ class Account(AddressableAccount):
                 placed_order = PlacedOrder(id, client_id, side)
                 placed_orders_all_markets[int(order_market)] += [placed_order]
 
+        quote_token_info: typing.Optional[TokenInfo] = group.tokens[-1]
+        if quote_token_info is None:
+            raise Exception(f"Could not determine quote token in group {group.address}")
+
         for index, token_info in enumerate(group.tokens[:-1]):
             if token_info:
                 intrinsic_deposit = token_info.root_bank.deposit_index * layout.deposits[index]
@@ -144,8 +148,16 @@ class Account(AddressableAccount):
                 intrinsic_borrow = token_info.root_bank.borrow_index * layout.borrows[index]
                 borrow = TokenValue(token_info.token, token_info.token.shift_to_decimals(intrinsic_borrow))
                 perp_open_orders = PerpOpenOrders(placed_orders_all_markets[index])
+                group_basket_market = group.markets[index]
+                if group_basket_market is None:
+                    raise Exception(f"Could not find group basket market at index {index}.")
                 perp_account = PerpAccount.from_layout(
-                    layout.perp_accounts[index], perp_open_orders, mngo_token_info.token)
+                    layout.perp_accounts[index],
+                    token_info.token,
+                    quote_token_info.token,
+                    perp_open_orders,
+                    group_basket_market.perp_lot_size_converter,
+                    mngo_token_info.token)
                 spot_open_orders = layout.spot_open_orders[index]
                 basket_item: AccountBasketBaseToken = AccountBasketBaseToken(
                     token_info, deposit, borrow, spot_open_orders, perp_account)
@@ -154,10 +166,6 @@ class Account(AddressableAccount):
             else:
                 active_in_basket += [False]
 
-        quote_token_info: typing.Optional[TokenInfo] = group.tokens[-1]
-        if quote_token_info is None:
-            raise Exception(f"Could not determine quote token in group {group.address}")
-
         intrinsic_quote_deposit = quote_token_info.root_bank.deposit_index * layout.deposits[-1]
         quote_deposit = TokenValue(quote_token_info.token,
                                    quote_token_info.token.shift_to_decimals(intrinsic_quote_deposit))
diff --git a/mango/group.py b/mango/group.py
index 139e3d5..0f9f93f 100644
--- a/mango/group.py
+++ b/mango/group.py
@@ -22,6 +22,7 @@ from .accountinfo import AccountInfo
 from .addressableaccount import AddressableAccount
 from .context import Context
 from .layouts import layouts
+from .lotsizeconverter import LotSizeConverter, RaisingLotSizeConverter
 from .marketlookup import MarketLookup
 from .metadata import Metadata
 from .perpmarketinfo import PerpMarketInfo
@@ -39,11 +40,12 @@ from .version import Version
 # `GroupBasketMarket` gathers basket items together instead of separate arrays.
 #
 class GroupBasketMarket:
-    def __init__(self, base_token_info: TokenInfo, quote_token_info: TokenInfo, spot_market_info: SpotMarketInfo, perp_market_info: PerpMarketInfo, oracle: PublicKey):
+    def __init__(self, base_token_info: TokenInfo, quote_token_info: TokenInfo, spot_market_info: SpotMarketInfo, perp_market_info: typing.Optional[PerpMarketInfo], perp_lot_size_converter: LotSizeConverter, oracle: PublicKey):
         self.base_token_info: TokenInfo = base_token_info
         self.quote_token_info: TokenInfo = quote_token_info
         self.spot_market_info: SpotMarketInfo = spot_market_info
-        self.perp_market_info: PerpMarketInfo = perp_market_info
+        self.perp_market_info: typing.Optional[PerpMarketInfo] = perp_market_info
+        self.perp_lot_size_converter: LotSizeConverter = perp_lot_size_converter
         self.oracle: PublicKey = oracle
 
     def __str__(self) -> str:
@@ -141,11 +143,24 @@ class Group(AddressableAccount):
         in_basket: typing.List[bool] = []
         for index, base_token_info in enumerate(tokens[:-1]):
             if base_token_info is not None:
-                spot_market_info: SpotMarketInfo = SpotMarketInfo.from_layout(layout.spot_markets[index])
-                perp_market_info: PerpMarketInfo = PerpMarketInfo.from_layout(layout.perp_markets[index])
+                spot_market_info: typing.Optional[SpotMarketInfo] = SpotMarketInfo.from_layout_or_none(
+                    layout.spot_markets[index])
+                if spot_market_info is None:
+                    raise Exception(f"Could not find spot market at index {index} of group layout.")
+                # spot_lot_size_converter: LotSizeConverter = RaisingLotSizeConverter()
+                # if spot_market_info is not None:
+                #     spot_lot_size_converter = LotSizeConverter(
+                #         base_token_info.token, spot_market_info.base_lot_size, quote_token_info.token, spot_market_info.)
+                perp_market_info: typing.Optional[PerpMarketInfo] = PerpMarketInfo.from_layout_or_none(
+                    layout.perp_markets[index])
+                perp_lot_size_converter: LotSizeConverter = RaisingLotSizeConverter()
+                if perp_market_info is not None:
+                    perp_lot_size_converter = LotSizeConverter(
+                        base_token_info.token, perp_market_info.base_lot_size, quote_token_info.token, perp_market_info.quote_lot_size)
+
                 oracle: PublicKey = layout.oracles[index]
                 item: GroupBasketMarket = GroupBasketMarket(
-                    base_token_info, quote_token_info, spot_market_info, perp_market_info, oracle)
+                    base_token_info, quote_token_info, spot_market_info, perp_market_info, perp_lot_size_converter, oracle)
                 basket += [item]
                 in_basket += [True]
             else:
diff --git a/mango/hedging/__init__.py b/mango/hedging/__init__.py
new file mode 100644
index 0000000..d9c1d4c
--- /dev/null
+++ b/mango/hedging/__init__.py
@@ -0,0 +1,3 @@
+from .hedger import Hedger
+from .nullhedger import NullHedger
+from .perptospothedger import PerpToSpotHedger
diff --git a/mango/hedging/hedger.py b/mango/hedging/hedger.py
new file mode 100644
index 0000000..04c3e9d
--- /dev/null
+++ b/mango/hedging/hedger.py
@@ -0,0 +1,42 @@
+# # ⚠ Warning
+#
+# THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT
+# LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN
+# NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY,
+# WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE
+# SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.
+#
+# [🥭 Mango Markets](https://mango.markets/) support is available at:
+#   [Docs](https://docs.mango.markets/)
+#   [Discord](https://discord.gg/67jySBhxrg)
+#   [Twitter](https://twitter.com/mangomarkets)
+#   [Github](https://github.com/blockworks-foundation)
+#   [Email](mailto:hello@blockworks.foundation)
+
+import abc
+import logging
+import mango
+
+from datetime import datetime
+
+from ..observables import EventSource
+
+
+# # 🥭 Hedger class
+#
+# A base hedger class to allow hedging across markets.
+#
+class Hedger(metaclass=abc.ABCMeta):
+    def __init__(self):
+        self.logger: logging.Logger = logging.getLogger(self.__class__.__name__)
+        self.pulse_complete: EventSource[datetime] = EventSource[datetime]()
+        self.pulse_error: EventSource[Exception] = EventSource[Exception]()
+
+    def pulse(self, context: mango.Context, model_state: mango.ModelState):
+        raise NotImplementedError("Hedger.pulse() is not implemented on the base type.")
+
+    def __str__(self) -> str:
+        return "« 𝙷𝚎𝚍𝚐𝚎𝚛 »"
+
+    def __repr__(self) -> str:
+        return f"{self}"
diff --git a/mango/hedging/nullhedger.py b/mango/hedging/nullhedger.py
new file mode 100644
index 0000000..f81773a
--- /dev/null
+++ b/mango/hedging/nullhedger.py
@@ -0,0 +1,36 @@
+# # ⚠ Warning
+#
+# THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT
+# LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN
+# NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY,
+# WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE
+# SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.
+#
+# [🥭 Mango Markets](https://mango.markets/) support is available at:
+#   [Docs](https://docs.mango.markets/)
+#   [Discord](https://discord.gg/67jySBhxrg)
+#   [Twitter](https://twitter.com/mangomarkets)
+#   [Github](https://github.com/blockworks-foundation)
+#   [Email](mailto:hello@blockworks.foundation)
+
+import mango
+
+from .hedger import Hedger
+
+
+# # 🥭 Hedger class
+#
+# A base hedger class to allow hedging across markets.
+#
+class NullHedger(Hedger):
+    def __init__(self):
+        super().__init__()
+
+    def pulse(self, context: mango.Context, model_state: mango.ModelState):
+        pass
+
+    def __str__(self) -> str:
+        return "« 𝙽𝚞𝚕𝚕𝙷𝚎𝚍𝚐𝚎𝚛 »"
+
+    def __repr__(self) -> str:
+        return f"{self}"
diff --git a/mango/hedging/perptospothedger.py b/mango/hedging/perptospothedger.py
new file mode 100644
index 0000000..24d5d82
--- /dev/null
+++ b/mango/hedging/perptospothedger.py
@@ -0,0 +1,95 @@
+# # ⚠ Warning
+#
+# THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT
+# LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN
+# NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY,
+# WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE
+# SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.
+#
+# [🥭 Mango Markets](https://mango.markets/) support is available at:
+#   [Docs](https://docs.mango.markets/)
+#   [Discord](https://discord.gg/67jySBhxrg)
+#   [Twitter](https://twitter.com/mangomarkets)
+#   [Github](https://github.com/blockworks-foundation)
+#   [Email](mailto:hello@blockworks.foundation)
+
+
+import mango
+import traceback
+import typing
+
+from datetime import datetime
+from decimal import Decimal
+
+from .hedger import Hedger
+
+
+# # 🥭 PerpToSpotHedger class
+#
+# A hedger that hedges perp positions using a spot market.
+#
+class PerpToSpotHedger(Hedger):
+    def __init__(self, group: mango.Group, underlying_market: mango.PerpMarket,
+                 hedging_market: mango.SpotMarket, market_operations: mango.MarketOperations,
+                 max_price_slippage_factor: Decimal):
+        super().__init__()
+        self.underlying_market: mango.PerpMarket = underlying_market
+        self.hedging_market: mango.SpotMarket = hedging_market
+        self.market_operations: mango.MarketOperations = market_operations
+        self.buy_price_adjustment_factor: Decimal = Decimal("1") + max_price_slippage_factor
+        self.sell_price_adjustment_factor: Decimal = Decimal("1") - max_price_slippage_factor
+        self.market_index: int = group.find_perp_market_index(underlying_market.address)
+
+    def pulse(self, context: mango.Context, model_state: mango.ModelState):
+        try:
+            perp_account: typing.Optional[mango.PerpAccount] = model_state.account.perp_accounts[self.market_index]
+            if perp_account is None:
+                raise Exception(
+                    f"Could not find perp account at index {self.market_index} in account {model_state.account.address}.")
+
+            basket_token: typing.Optional[mango.AccountBasketToken] = model_state.account.basket_tokens[self.market_index]
+            if basket_token is None:
+                raise Exception(
+                    f"Could not find basket token at index {self.market_index} in account {model_state.account.address}.")
+
+            token_balance: mango.TokenValue = basket_token.net_value
+            perp_position: mango.TokenValue = perp_account.base_token_value
+
+            # We're interested in maintaining the right size of hedge lots, so round everything to the hedge
+            # market's lot size (even though perps have different lot sizes).
+            perp_position_rounded: Decimal = self.hedging_market.lot_size_converter.round_base(perp_position.value)
+            token_balance_rounded: Decimal = self.hedging_market.lot_size_converter.round_base(token_balance.value)
+
+            # When we add the rounded perp position and token balances, we should get zero if we're delta-neutral.
+            delta: Decimal = perp_position_rounded + token_balance_rounded
+            self.logger.debug(
+                f"Delta from {self.underlying_market.symbol} to {self.hedging_market.symbol} is {delta:,.8f} {basket_token.token_info.token.symbol}")
+
+            if delta != 0:
+                side: mango.Side = mango.Side.BUY if delta < 0 else mango.Side.SELL
+                up_or_down: str = "up to" if side == mango.Side.BUY else "down to"
+                price_adjustment_factor: Decimal = self.sell_price_adjustment_factor if side == mango.Side.SELL else self.buy_price_adjustment_factor
+
+                adjusted_price: Decimal = model_state.price.mid_price * price_adjustment_factor
+                quantity: Decimal = abs(delta)
+                order: mango.Order = mango.Order.from_basic_info(side, adjusted_price, quantity, mango.OrderType.IOC)
+                self.logger.info(
+                    f"Hedging perp position {perp_position} and token balance {token_balance} with {side} of {quantity:,.8f} at {up_or_down} {adjusted_price:,.8f} on {self.hedging_market.symbol}\n\t{order}")
+                try:
+                    self.market_operations.place_order(order)
+                except Exception:
+                    self.logger.error(
+                        f"[{context.name}] Failed to hedge on {self.hedging_market.symbol} using order {order} - {traceback.format_exc()}")
+                    raise
+
+            self.pulse_complete.on_next(datetime.now())
+        except (mango.RateLimitException, mango.NodeIsBehindException, mango.BlockhashNotFoundException, mango.FailedToFetchBlockhashException) as common_exception:
+            # Don't bother with a long traceback for these common problems.
+            self.logger.error(f"[{context.name}] Hedger problem on pulse: {common_exception}")
+            self.pulse_error.on_next(common_exception)
+        except Exception as exception:
+            self.logger.error(f"[{context.name}] Hedger error on pulse:\n{traceback.format_exc()}")
+            self.pulse_error.on_next(exception)
+
+    def __str__(self) -> str:
+        return f"« 𝙿𝚎𝚛𝚙𝚃𝚘𝚂𝚙𝚘𝚝𝙷𝚎𝚍𝚐𝚎𝚛 for underlying '{self.underlying_market.symbol}', hedging on '{self.hedging_market.symbol}' »"
diff --git a/mango/marketmaking/__init__.py b/mango/marketmaking/__init__.py
index cb79e7a..98c5a46 100644
--- a/mango/marketmaking/__init__.py
+++ b/mango/marketmaking/__init__.py
@@ -1,5 +1,4 @@
 from .marketmaker import MarketMaker
-from .modelstate import ModelState
 from .modelstatebuilder import ModelStateBuilder, WebsocketModelStateBuilder, PollingModelStateBuilder, SerumPollingModelStateBuilder, SpotPollingModelStateBuilder, PerpPollingModelStateBuilder
 from .modelstatebuilderfactory import ModelUpdateMode, model_state_builder_factory
 from .orderreconciler import OrderReconciler, NullOrderReconciler
diff --git a/mango/marketmaking/marketmaker.py b/mango/marketmaking/marketmaker.py
index 86d308e..0e46454 100644
--- a/mango/marketmaking/marketmaker.py
+++ b/mango/marketmaking/marketmaker.py
@@ -22,7 +22,6 @@ import typing
 from datetime import datetime
 from decimal import Decimal
 
-from .modelstate import ModelState
 from ..observables import EventSource
 from .orderreconciler import OrderReconciler
 from .orderchain.chain import Chain
@@ -51,7 +50,7 @@ class MarketMaker:
         self.buy_client_ids: typing.List[int] = []
         self.sell_client_ids: typing.List[int] = []
 
-    def pulse(self, context: mango.Context, model_state: ModelState):
+    def pulse(self, context: mango.Context, model_state: mango.ModelState):
         try:
             payer = mango.CombinableInstructions.from_wallet(self.wallet)
 
diff --git a/mango/marketmaking/modelstatebuilder.py b/mango/marketmaking/modelstatebuilder.py
index 447747b..1fcf73f 100644
--- a/mango/marketmaking/modelstatebuilder.py
+++ b/mango/marketmaking/modelstatebuilder.py
@@ -22,7 +22,7 @@ import typing
 from decimal import Decimal
 from solana.publickey import PublicKey
 
-from .modelstate import ModelState
+from ..modelstate import ModelState
 from ..tokenvalue import TokenValue
 
 
diff --git a/mango/marketmaking/modelstatebuilderfactory.py b/mango/marketmaking/modelstatebuilderfactory.py
index 0f57ff6..c43b31e 100644
--- a/mango/marketmaking/modelstatebuilderfactory.py
+++ b/mango/marketmaking/modelstatebuilderfactory.py
@@ -20,7 +20,7 @@ import typing
 from solana.publickey import PublicKey
 
 from ..constants import SYSTEM_PROGRAM_ADDRESS
-from .modelstate import ModelState
+from ..modelstate import ModelState
 from .modelstatebuilder import ModelStateBuilder, WebsocketModelStateBuilder, SerumPollingModelStateBuilder, SpotPollingModelStateBuilder, PerpPollingModelStateBuilder
 
 
diff --git a/mango/marketmaking/orderchain/afteraccumulateddepthelement.py b/mango/marketmaking/orderchain/afteraccumulateddepthelement.py
index 2b54b15..db0a3d2 100644
--- a/mango/marketmaking/orderchain/afteraccumulateddepthelement.py
+++ b/mango/marketmaking/orderchain/afteraccumulateddepthelement.py
@@ -22,7 +22,7 @@ from decimal import Decimal
 from solana.publickey import PublicKey
 
 from .element import Element
-from ..modelstate import ModelState
+from ...modelstate import ModelState
 
 
 # # 🥭 AfterAccumulatedDepthElement class
diff --git a/mango/marketmaking/orderchain/biasquoteonpositionelement.py b/mango/marketmaking/orderchain/biasquoteonpositionelement.py
index e234af5..ca0e18b 100644
--- a/mango/marketmaking/orderchain/biasquoteonpositionelement.py
+++ b/mango/marketmaking/orderchain/biasquoteonpositionelement.py
@@ -20,7 +20,7 @@ import typing
 from decimal import Decimal
 
 from .element import Element
-from ..modelstate import ModelState
+from ...modelstate import ModelState
 
 
 # # 🥭 BiasQuoteOnPositionElement class
diff --git a/mango/marketmaking/orderchain/chain.py b/mango/marketmaking/orderchain/chain.py
index 9763feb..4e31748 100644
--- a/mango/marketmaking/orderchain/chain.py
+++ b/mango/marketmaking/orderchain/chain.py
@@ -18,8 +18,8 @@ import logging
 import mango
 import typing
 
-from ..modelstate import ModelState
 from .element import Element
+from ...modelstate import ModelState
 
 
 # # 🥭 Chain class
diff --git a/mango/marketmaking/orderchain/confidenceintervalelement.py b/mango/marketmaking/orderchain/confidenceintervalelement.py
index 779a64c..158514a 100644
--- a/mango/marketmaking/orderchain/confidenceintervalelement.py
+++ b/mango/marketmaking/orderchain/confidenceintervalelement.py
@@ -20,7 +20,7 @@ import typing
 from decimal import Decimal
 
 from .element import Element
-from ..modelstate import ModelState
+from ...modelstate import ModelState
 
 
 # # 🥭 ConfidenceIntervalElement class
diff --git a/mango/marketmaking/orderchain/element.py b/mango/marketmaking/orderchain/element.py
index 97cb7ae..21c4b6e 100644
--- a/mango/marketmaking/orderchain/element.py
+++ b/mango/marketmaking/orderchain/element.py
@@ -20,7 +20,7 @@ import logging
 import mango
 import typing
 
-from ..modelstate import ModelState
+from ...modelstate import ModelState
 
 
 # # 🥭 Element class
diff --git a/mango/marketmaking/orderchain/fixedpositionsizeelement.py b/mango/marketmaking/orderchain/fixedpositionsizeelement.py
index 5f92830..8048294 100644
--- a/mango/marketmaking/orderchain/fixedpositionsizeelement.py
+++ b/mango/marketmaking/orderchain/fixedpositionsizeelement.py
@@ -20,7 +20,7 @@ import typing
 from decimal import Decimal
 
 from .element import Element
-from ..modelstate import ModelState
+from ...modelstate import ModelState
 
 
 # # 🥭 FixedPositionSizeElement class
diff --git a/mango/marketmaking/orderchain/fixedspreadelement.py b/mango/marketmaking/orderchain/fixedspreadelement.py
index ead66ed..7ad01db 100644
--- a/mango/marketmaking/orderchain/fixedspreadelement.py
+++ b/mango/marketmaking/orderchain/fixedspreadelement.py
@@ -20,7 +20,7 @@ import typing
 from decimal import Decimal
 
 from .element import Element
-from ..modelstate import ModelState
+from ...modelstate import ModelState
 
 
 # # 🥭 FixedSpreadElement class
diff --git a/mango/marketmaking/orderchain/minimumchargeelement.py b/mango/marketmaking/orderchain/minimumchargeelement.py
index 2abe6e3..5391b41 100644
--- a/mango/marketmaking/orderchain/minimumchargeelement.py
+++ b/mango/marketmaking/orderchain/minimumchargeelement.py
@@ -20,7 +20,7 @@ import typing
 from decimal import Decimal
 
 from .element import Element
-from ..modelstate import ModelState
+from ...modelstate import ModelState
 
 
 # # 🥭 MinimumChargeElement class
diff --git a/mango/marketmaking/orderchain/preventpostonlycrossingbookelement.py b/mango/marketmaking/orderchain/preventpostonlycrossingbookelement.py
index 56d05d3..083aaa5 100644
--- a/mango/marketmaking/orderchain/preventpostonlycrossingbookelement.py
+++ b/mango/marketmaking/orderchain/preventpostonlycrossingbookelement.py
@@ -20,7 +20,7 @@ import typing
 from decimal import Decimal
 
 from .element import Element
-from ..modelstate import ModelState
+from ...modelstate import ModelState
 
 
 # # 🥭 PreventPostOnlyCrossingBookElement class
diff --git a/mango/marketmaking/orderchain/ratioselement.py b/mango/marketmaking/orderchain/ratioselement.py
index f981ec0..d936cc9 100644
--- a/mango/marketmaking/orderchain/ratioselement.py
+++ b/mango/marketmaking/orderchain/ratioselement.py
@@ -20,7 +20,7 @@ import typing
 from decimal import Decimal
 
 from .element import Element
-from ..modelstate import ModelState
+from ...modelstate import ModelState
 
 
 DEFAULT_SPREAD_RATIO = Decimal("0.01")
diff --git a/mango/marketmaking/orderchain/roundtolotsizeelement.py b/mango/marketmaking/orderchain/roundtolotsizeelement.py
index 981c773..55c7a74 100644
--- a/mango/marketmaking/orderchain/roundtolotsizeelement.py
+++ b/mango/marketmaking/orderchain/roundtolotsizeelement.py
@@ -20,7 +20,7 @@ import typing
 from decimal import Decimal
 
 from .element import Element
-from ..modelstate import ModelState
+from ...modelstate import ModelState
 
 
 # # 🥭 RoundToLotSizeElement class
diff --git a/mango/marketmaking/orderreconciler.py b/mango/marketmaking/orderreconciler.py
index cfde244..86de1e6 100644
--- a/mango/marketmaking/orderreconciler.py
+++ b/mango/marketmaking/orderreconciler.py
@@ -19,7 +19,7 @@ import logging
 import mango
 import typing
 
-from .modelstate import ModelState
+from ..modelstate import ModelState
 from .reconciledorders import ReconciledOrders
 
 
diff --git a/mango/marketmaking/toleranceorderreconciler.py b/mango/marketmaking/toleranceorderreconciler.py
index 7156366..e454d86 100644
--- a/mango/marketmaking/toleranceorderreconciler.py
+++ b/mango/marketmaking/toleranceorderreconciler.py
@@ -19,7 +19,7 @@ import typing
 
 from decimal import Decimal
 
-from .modelstate import ModelState
+from ..modelstate import ModelState
 from .orderreconciler import OrderReconciler
 from .reconciledorders import ReconciledOrders
 
diff --git a/mango/marketmaking/modelstate.py b/mango/modelstate.py
similarity index 66%
rename from mango/marketmaking/modelstate.py
rename to mango/modelstate.py
index 4873e00..3011f06 100644
--- a/mango/marketmaking/modelstate.py
+++ b/mango/modelstate.py
@@ -15,13 +15,20 @@
 
 
 import logging
-import mango
 import typing
 
 from decimal import Decimal
-
 from solana.publickey import PublicKey
 
+from .account import Account
+from .group import Group
+from .inventory import Inventory
+from .market import Market
+from .oracle import Price
+from .orders import Order
+from .placedorder import PlacedOrdersContainer
+from .watcher import Watcher
+
 
 # # 🥭 ModelState class
 #
@@ -30,62 +37,61 @@ from solana.publickey import PublicKey
 class ModelState:
     def __init__(self,
                  order_owner: PublicKey,
-                 market: mango.Market,
-                 group_watcher: mango.Watcher[mango.Group],
-                 account_watcher: mango.Watcher[mango.Account],
-                 price_watcher: mango.Watcher[mango.Price],
-                 placed_orders_container_watcher: mango.Watcher[mango.PlacedOrdersContainer],
-                 inventory_watcher: mango.Watcher[mango.Inventory],
-                 bids: mango.Watcher[typing.Sequence[mango.Order]],
-                 asks: mango.Watcher[typing.Sequence[mango.Order]]
+                 market: Market,
+                 group_watcher: Watcher[Group],
+                 account_watcher: Watcher[Account],
+                 price_watcher: Watcher[Price],
+                 placed_orders_container_watcher: Watcher[PlacedOrdersContainer],
+                 inventory_watcher: Watcher[Inventory],
+                 bids: Watcher[typing.Sequence[Order]],
+                 asks: Watcher[typing.Sequence[Order]]
                  ):
         self.logger: logging.Logger = logging.getLogger(self.__class__.__name__)
         self.order_owner: PublicKey = order_owner
-        self.market: mango.Market = market
-        self.group_watcher: mango.Watcher[mango.Group] = group_watcher
-        self.account_watcher: mango.Watcher[mango.Account] = account_watcher
-        self.price_watcher: mango.Watcher[mango.Price] = price_watcher
-        self.placed_orders_container_watcher: mango.Watcher[
-            mango.PlacedOrdersContainer] = placed_orders_container_watcher
-        self.inventory_watcher: mango.Watcher[
-            mango.Inventory] = inventory_watcher
-        self.bids_watcher: mango.Watcher[typing.Sequence[mango.Order]] = bids
-        self.asks_watcher: mango.Watcher[typing.Sequence[mango.Order]] = asks
+        self.market: Market = market
+        self.group_watcher: Watcher[Group] = group_watcher
+        self.account_watcher: Watcher[Account] = account_watcher
+        self.price_watcher: Watcher[Price] = price_watcher
+        self.placed_orders_container_watcher: Watcher[
+            PlacedOrdersContainer] = placed_orders_container_watcher
+        self.inventory_watcher: Watcher[Inventory] = inventory_watcher
+        self.bids_watcher: Watcher[typing.Sequence[Order]] = bids
+        self.asks_watcher: Watcher[typing.Sequence[Order]] = asks
 
         self.not_quoting: bool = False
         self.state: typing.Dict[str, typing.Any] = {}
 
     @property
-    def group(self) -> mango.Group:
+    def group(self) -> Group:
         return self.group_watcher.latest
 
     @property
-    def account(self) -> mango.Account:
+    def account(self) -> Account:
         return self.account_watcher.latest
 
     @property
-    def price(self) -> mango.Price:
+    def price(self) -> Price:
         return self.price_watcher.latest
 
     @property
-    def placed_orders_container(self) -> mango.PlacedOrdersContainer:
+    def placed_orders_container(self) -> PlacedOrdersContainer:
         return self.placed_orders_container_watcher.latest
 
     @property
-    def inventory(self) -> mango.Inventory:
+    def inventory(self) -> Inventory:
         return self.inventory_watcher.latest
 
     @property
-    def bids(self) -> typing.Sequence[mango.Order]:
+    def bids(self) -> typing.Sequence[Order]:
         return self.bids_watcher.latest
 
     @property
-    def asks(self) -> typing.Sequence[mango.Order]:
+    def asks(self) -> typing.Sequence[Order]:
         return self.asks_watcher.latest
 
     # The top bid is the highest price someone is willing to pay to BUY
     @property
-    def top_bid(self) -> typing.Optional[mango.Order]:
+    def top_bid(self) -> typing.Optional[Order]:
         if self.bids_watcher.latest and len(self.bids_watcher.latest) > 0:
             # Top-of-book is always at index 0 for us.
             return self.bids_watcher.latest[0]
@@ -94,7 +100,7 @@ class ModelState:
 
     # The top ask is the lowest price someone is willing to pay to SELL
     @property
-    def top_ask(self) -> typing.Optional[mango.Order]:
+    def top_ask(self) -> typing.Optional[Order]:
         if self.asks_watcher.latest and len(self.asks_watcher.latest) > 0:
             # Top-of-book is always at index 0 for us.
             return self.asks_watcher.latest[0]
@@ -110,7 +116,7 @@ class ModelState:
         else:
             return top_ask.price - top_bid.price
 
-    def current_orders(self) -> typing.Sequence[mango.Order]:
+    def current_orders(self) -> typing.Sequence[Order]:
         all_orders = [*self.bids_watcher.latest, *self.asks_watcher.latest]
         return list([o for o in all_orders if o.owner == self.order_owner])
 
diff --git a/mango/perpaccount.py b/mango/perpaccount.py
index c30f3ae..82ec9fc 100644
--- a/mango/perpaccount.py
+++ b/mango/perpaccount.py
@@ -17,6 +17,8 @@ import typing
 
 from decimal import Decimal
 
+from .cache import PerpMarketCache
+from .lotsizeconverter import LotSizeConverter
 from .perpopenorders import PerpOpenOrders
 from .token import Token
 from .tokenvalue import TokenValue
@@ -30,7 +32,8 @@ class PerpAccount:
     def __init__(self, base_position: Decimal, quote_position: Decimal, long_settled_funding: Decimal,
                  short_settled_funding: Decimal, bids_quantity: Decimal, asks_quantity: Decimal,
                  taker_base: Decimal, taker_quote: Decimal, mngo_accrued: TokenValue,
-                 open_orders: PerpOpenOrders):
+                 open_orders: PerpOpenOrders, lot_size_converter: LotSizeConverter,
+                 base_token_value: TokenValue):
         self.base_position: Decimal = base_position
         self.quote_position: Decimal = quote_position
         self.long_settled_funding: Decimal = long_settled_funding
@@ -41,9 +44,11 @@ class PerpAccount:
         self.taker_quote: Decimal = taker_quote
         self.mngo_accrued: TokenValue = mngo_accrued
         self.open_orders: PerpOpenOrders = open_orders
+        self.lot_size_converter: LotSizeConverter = lot_size_converter
+        self.base_token_value: TokenValue = base_token_value
 
     @staticmethod
-    def from_layout(layout: typing.Any, open_orders: PerpOpenOrders, mngo_token: Token) -> "PerpAccount":
+    def from_layout(layout: typing.Any, base_token: Token, quote_token: Token, open_orders: PerpOpenOrders, lot_size_converter: LotSizeConverter, mngo_token: Token) -> "PerpAccount":
         base_position: Decimal = layout.base_position
         quote_position: Decimal = layout.quote_position
         long_settled_funding: Decimal = layout.long_settled_funding
@@ -55,15 +60,63 @@ class PerpAccount:
         mngo_accrued_raw: Decimal = layout.mngo_accrued
         mngo_accrued: TokenValue = TokenValue(mngo_token, mngo_token.shift_to_decimals(mngo_accrued_raw))
 
+        base_position_raw = (base_position + taker_base) * lot_size_converter.base_lot_size
+        base_token_value: TokenValue = TokenValue(base_token, base_token.shift_to_decimals(base_position_raw))
+
         return PerpAccount(base_position, quote_position, long_settled_funding, short_settled_funding,
-                           bids_quantity, asks_quantity, taker_base, taker_quote, mngo_accrued, open_orders)
+                           bids_quantity, asks_quantity, taker_base, taker_quote, mngo_accrued, open_orders,
+                           lot_size_converter, base_token_value)
+
+    @property
+    def empty(self) -> bool:
+        if self.base_position == Decimal(0) and self.quote_position == Decimal(0) and self.long_settled_funding == Decimal(0) and self.short_settled_funding == Decimal(0) and self.mngo_accrued.value == Decimal(0) and self.open_orders.empty:
+            return True
+        return False
+
+    def unsettled_funding(self, perp_market_cache: PerpMarketCache) -> Decimal:
+        if self.base_position < 0:
+            return self.base_position * (perp_market_cache.short_funding - self.short_settled_funding)
+        else:
+            return self.base_position * (perp_market_cache.long_funding - self.long_settled_funding)
+
+    def asset_value(self, perp_market_cache: PerpMarketCache, price: Decimal) -> Decimal:
+        value: Decimal = Decimal(0)
+        if self.base_position > 0:
+            value = self.base_position * self.lot_size_converter.base_lot_size * price
+
+        quote_position: Decimal = self.quote_position
+        if self.base_position > 0:
+            quote_position -= (perp_market_cache.long_funding - self.long_settled_funding) * self.base_position
+        elif self.base_position < 0:
+            quote_position -= (perp_market_cache.short_funding - self.short_settled_funding) * self.base_position
+
+        if quote_position > 0:
+            value += quote_position
+
+        return self.lot_size_converter.quote.shift_to_decimals(value)
+
+    def liability_value(self, perp_market_cache: PerpMarketCache, price: Decimal) -> Decimal:
+        value: Decimal = Decimal(0)
+        if self.base_position < 0:
+            value = self.base_position * self.lot_size_converter.base_lot_size * price
+
+        quote_position: Decimal = self.quote_position
+        if self.base_position > 0:
+            quote_position -= (perp_market_cache.long_funding - self.long_settled_funding) * self.base_position
+        elif self.base_position < 0:
+            quote_position -= (perp_market_cache.short_funding - self.short_settled_funding) * self.base_position
+
+        if quote_position < 0:
+            value += quote_position
+
+        return self.lot_size_converter.quote.shift_to_decimals(-value)
 
     def __str__(self) -> str:
-        if self.base_position == Decimal(0) and self.quote_position == Decimal(0) and self.long_settled_funding == Decimal(0) and self.short_settled_funding == Decimal(0) and self.mngo_accrued.value == Decimal(0) and self.open_orders.empty:
+        if self.empty:
             return "« 𝙿𝚎𝚛𝚙𝙰𝚌𝚌𝚘𝚞𝚗𝚝 (empty) »"
         open_orders = f"{self.open_orders}".replace("\n", "\n        ")
         return f"""« 𝙿𝚎𝚛𝚙𝙰𝚌𝚌𝚘𝚞𝚗𝚝
-    Base Position: {self.base_position}
+    Base Position: {self.base_token_value}
     Quote Position: {self.quote_position}
     Long Settled Funding: {self.long_settled_funding}
     Short Settled Funding: {self.short_settled_funding}
diff --git a/tests/fakes.py b/tests/fakes.py
index f8cf451..66b3d19 100644
--- a/tests/fakes.py
+++ b/tests/fakes.py
@@ -159,7 +159,7 @@ def fake_model_state(order_owner: typing.Optional[PublicKey] = None,
                      placed_orders_container: typing.Optional[mango.PlacedOrdersContainer] = None,
                      inventory: typing.Optional[mango.Inventory] = None,
                      bids: typing.Optional[typing.Sequence[mango.Order]] = None,
-                     asks: typing.Optional[typing.Sequence[mango.Order]] = None) -> mango.marketmaking.ModelState:
+                     asks: typing.Optional[typing.Sequence[mango.Order]] = None) -> mango.ModelState:
     order_owner = order_owner or fake_seeded_public_key("order owner")
     market = market or fake_loaded_market()
     group = group or fake_group()
@@ -178,6 +178,6 @@ def fake_model_state(order_owner: typing.Optional[PublicKey] = None,
     bids_watcher: mango.ManualUpdateWatcher[typing.Sequence[mango.Order]] = mango.ManualUpdateWatcher(bids)
     asks_watcher: mango.ManualUpdateWatcher[typing.Sequence[mango.Order]] = mango.ManualUpdateWatcher(asks)
 
-    return mango.marketmaking.ModelState(order_owner, market, group_watcher,
-                                         account_watcher, price_watcher, placed_orders_container_watcher,
-                                         inventory_watcher, bids_watcher, asks_watcher)
+    return mango.ModelState(order_owner, market, group_watcher,
+                            account_watcher, price_watcher, placed_orders_container_watcher,
+                            inventory_watcher, bids_watcher, asks_watcher)