Health: Allow actions while init health does not decrease (#592)
Instead of requiring a strict increase when init health < 0. This allows users to still place reducing limit orders on the spot and perp orderbooks as long as these orders keep the health unchanged.
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bbf0186398
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@ -19,8 +19,8 @@ pub enum MangoError {
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InvalidFlashLoanTargetCpiProgram,
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InvalidFlashLoanTargetCpiProgram,
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#[msg("health must be positive")]
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#[msg("health must be positive")]
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HealthMustBePositive,
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HealthMustBePositive,
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#[msg("health must be positive or increase")]
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#[msg("health must be positive or not decrease")]
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HealthMustBePositiveOrIncrease,
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HealthMustBePositiveOrIncrease, // outdated name is kept for backwards compatibility
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#[msg("health must be negative")]
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#[msg("health must be negative")]
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HealthMustBeNegative,
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HealthMustBeNegative,
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#[msg("the account is bankrupt")]
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#[msg("the account is bankrupt")]
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@ -1036,8 +1036,25 @@ impl<
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) -> Result<()> {
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) -> Result<()> {
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let post_init_health = health_cache.health(HealthType::Init);
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let post_init_health = health_cache.health(HealthType::Init);
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msg!("post_init_health: {}", post_init_health);
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msg!("post_init_health: {}", post_init_health);
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// Accounts that have negative init health may only take actions that don't further
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// decrease their health.
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// To avoid issues with rounding, we allow accounts to decrease their health by up to
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// $1e-6. This is safe because the grace amount is way less than the cost of a transaction.
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// And worst case, users can only use this to gradually drive their own account into
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// liquidation.
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// There is an exception for accounts with health between $0 and -$0.001 (-1000 native),
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// because we don't want to allow empty accounts or accounts with extremely tiny deposits
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// to immediately drive themselves into bankruptcy. (accounts with large deposits can also
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// be in this health range, but it's really unlikely)
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let health_does_not_decrease = if post_init_health < -1000 {
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post_init_health.ceil() >= pre_init_health.ceil()
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} else {
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post_init_health >= pre_init_health
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};
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require!(
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require!(
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post_init_health >= 0 || post_init_health > pre_init_health,
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post_init_health >= 0 || health_does_not_decrease,
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MangoError::HealthMustBePositiveOrIncrease
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MangoError::HealthMustBePositiveOrIncrease
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);
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);
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Ok(())
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Ok(())
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@ -1035,6 +1035,184 @@ async fn test_perp_realize_partially() -> Result<(), TransportError> {
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Ok(())
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Ok(())
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}
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}
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#[tokio::test]
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async fn test_perp_reducing_when_liquidatable() -> Result<(), TransportError> {
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let context = TestContext::new().await;
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let solana = &context.solana.clone();
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let admin = TestKeypair::new();
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let owner = context.users[0].key;
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let payer = context.users[1].key;
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let mints = &context.mints[0..2];
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//
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// SETUP: Create a group and an account
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//
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let GroupWithTokens { group, tokens, .. } = GroupWithTokensConfig {
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admin,
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payer,
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mints: mints.to_vec(),
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..GroupWithTokensConfig::default()
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}
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.create(solana)
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.await;
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let deposit_amount = 100000;
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let account_0 = create_funded_account(
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&solana,
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group,
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owner,
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0,
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&context.users[1],
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&mints[0..1],
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deposit_amount,
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0,
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)
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.await;
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let account_1 = create_funded_account(
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&solana,
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group,
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owner,
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1,
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&context.users[1],
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&mints[0..1],
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deposit_amount,
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0,
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)
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.await;
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//
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// TEST: Create a perp market
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//
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let mango_v4::accounts::PerpCreateMarket { perp_market, .. } = send_tx(
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solana,
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PerpCreateMarketInstruction {
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group,
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admin,
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payer,
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perp_market_index: 0,
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quote_lot_size: 10,
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base_lot_size: 100,
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maint_base_asset_weight: 0.975,
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init_base_asset_weight: 0.95,
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maint_base_liab_weight: 1.025,
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init_base_liab_weight: 1.05,
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base_liquidation_fee: 0.012,
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maker_fee: 0.0000,
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taker_fee: 0.0000,
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settle_pnl_limit_factor: -1.0,
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settle_pnl_limit_window_size_ts: 24 * 60 * 60,
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..PerpCreateMarketInstruction::with_new_book_and_queue(&solana, &tokens[1]).await
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},
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)
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.await
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.unwrap();
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let perp_market_data = solana.get_account::<PerpMarket>(perp_market).await;
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let price_lots = perp_market_data.native_price_to_lot(I80F48::from(1000));
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set_perp_stub_oracle_price(solana, group, perp_market, &tokens[1], admin, 1000.0).await;
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//
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// SETUP: Place a bid, corresponding ask, and consume event
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//
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send_tx(
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solana,
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PerpPlaceOrderInstruction {
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account: account_0,
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perp_market,
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owner,
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side: Side::Bid,
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price_lots,
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max_base_lots: 2,
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client_order_id: 5,
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..PerpPlaceOrderInstruction::default()
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},
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)
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.await
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.unwrap();
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send_tx(
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solana,
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PerpPlaceOrderInstruction {
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account: account_1,
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perp_market,
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owner,
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side: Side::Ask,
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price_lots,
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max_base_lots: 2,
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client_order_id: 6,
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..PerpPlaceOrderInstruction::default()
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},
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)
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.await
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.unwrap();
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send_tx(
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solana,
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PerpConsumeEventsInstruction {
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perp_market,
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mango_accounts: vec![account_0, account_1],
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},
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)
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.await
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.unwrap();
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let mango_account_0 = solana.get_account::<MangoAccount>(account_0).await;
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let perp_0 = mango_account_0.perps[0];
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assert_eq!(perp_0.base_position_lots(), 2);
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let mango_account_1 = solana.get_account::<MangoAccount>(account_1).await;
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let perp_1 = mango_account_1.perps[0];
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assert_eq!(perp_1.base_position_lots(), -2);
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//
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// SETUP: Change the price to make the SHORT account liquidatable
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//
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set_perp_stub_oracle_price(solana, group, perp_market, &tokens[1], admin, 4000.0).await;
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assert!(account_init_health(solana, account_1).await < 0.0);
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//
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// TEST: Can place an order that reduces the position anyway
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//
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send_tx(
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solana,
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PerpPlaceOrderInstruction {
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account: account_1,
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perp_market,
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owner,
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side: Side::Bid,
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price_lots: perp_market_data.native_price_to_lot(I80F48::from_num(4000)),
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max_base_lots: 1,
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client_order_id: 5,
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..PerpPlaceOrderInstruction::default()
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},
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)
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.await
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.unwrap();
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//
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// TEST: Can NOT place an order that goes too far
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//
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let err = send_tx(
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solana,
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PerpPlaceOrderInstruction {
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account: account_1,
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perp_market,
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owner,
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side: Side::Bid,
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price_lots: perp_market_data.native_price_to_lot(I80F48::from_num(4000)),
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max_base_lots: 5,
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client_order_id: 5,
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..PerpPlaceOrderInstruction::default()
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},
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)
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.await;
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assert!(err.is_err());
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Ok(())
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}
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async fn assert_no_perp_orders(solana: &SolanaCookie, account_0: Pubkey) {
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async fn assert_no_perp_orders(solana: &SolanaCookie, account_0: Pubkey) {
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let mango_account_0 = solana.get_account::<MangoAccount>(account_0).await;
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let mango_account_0 = solana.get_account::<MangoAccount>(account_0).await;
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@ -1002,6 +1002,65 @@ async fn test_serum_reduce_only_deposits2() -> Result<(), TransportError> {
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Ok(())
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Ok(())
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}
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}
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#[tokio::test]
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async fn test_serum_place_reducing_when_liquidatable() -> Result<(), TransportError> {
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let mut test_builder = TestContextBuilder::new();
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test_builder.test().set_compute_max_units(150_000); // Serum3PlaceOrder needs lots
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let context = test_builder.start_default().await;
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let solana = &context.solana.clone();
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//
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// SETUP: Create a group, accounts, market etc
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//
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let deposit_amount = 1000;
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let CommonSetup {
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group_with_tokens,
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base_token,
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mut order_placer,
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..
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} = common_setup(&context, deposit_amount).await;
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// Give account some base token borrows (-500)
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send_tx(
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solana,
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TokenWithdrawInstruction {
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amount: 1500,
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allow_borrow: true,
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account: order_placer.account,
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owner: order_placer.owner,
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token_account: context.users[0].token_accounts[1],
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bank_index: 0,
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},
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)
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.await
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.unwrap();
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// Change the base price to make the account liquidatable
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set_bank_stub_oracle_price(
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solana,
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group_with_tokens.group,
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&base_token,
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group_with_tokens.admin,
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10.0,
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)
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.await;
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assert!(account_init_health(solana, order_placer.account).await < 0.0);
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// can place an order that would close some of the borrows
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order_placer.try_bid(10.0, 200, false).await.unwrap();
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// if too much base is bought, health would decrease: forbidden
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let err = order_placer.try_bid(10.0, 800, false).await;
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assert_mango_error(
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&err,
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MangoError::HealthMustBePositiveOrIncrease.into(),
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"".into(),
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);
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Ok(())
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}
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struct CommonSetup {
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struct CommonSetup {
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group_with_tokens: GroupWithTokens,
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group_with_tokens: GroupWithTokens,
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serum_market_cookie: SpotMarketCookie,
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serum_market_cookie: SpotMarketCookie,
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