@equilab/marginly-sdk

Marginly SDK

SDK for the Marginly protocol

Installation

$ yarn add @equilab/marginly-sdk

Usage with ethers.js

Chain and pool

This example will use Arbitrum mainnet and WETH/USDC marginly pool contract. BigNumber is imported from ethers.js

import { BigNumber, BigNumberish, ethers } from 'ethers';

const CHAIN_ID = 42161;
const POOL_ADDRESS = '0x87e711BcB9Ed1f2f6dec8fcC74cD2e0613D43b86';

Contract initialization

import type { MarginlyPool } from '@equilab/marginly-sdk/abis/types/MarginlyPool';
import ABI from '@equilab/marginly-sdk/abis/marginly-pool.json';

const contract = useContract<MarginlyPool>(POOL_ADDRESS, ABI.abi, true);

Requesting neccessary parameters

This example is using updatedAt counter with some interval.

import { MarginlyCoeffs } from '@equilab/marginly-sdk';

const [basePriceX96, setBasePriceX96] = useState<BigNumber>();
const [coeffs, setCoeffs] = useState<MarginlyCoeffs>();
const [baseTokenAddress, setBaseTokenAddress] = useState<string>();
const [quoteTokenAddress, setQuoteTokenAddress] = useState<string>();

useEffect(() => {
  if (!contract) return;

  contract
    .baseToken()
    .then((res) => setBaseTokenAddress(res))
    .catch((e) => e instanceof Error && console.error(e));

  contract
    .quoteToken()
    .then((res) => setQuoteTokenAddress(res))
    .catch((e) => e instanceof Error && console.error(e));

  contract
    .getLiquidationPrice()
    .then((res) => {
      setBasePriceX96(BigNumber.from(res.inner));
    })
    .catch((e) => e instanceof Error && console.error(e));

  Promise.all([
    contract.baseCollateralCoeff(),
    contract.quoteCollateralCoeff(),
    contract.baseDelevCoeff(),
    contract.quoteDelevCoeff(),
    contract.baseDebtCoeff(),
    contract.quoteDebtCoeff(),
  ])
    .then(
      ([baseCollateralCoeff, quoteCollateralCoeff, baseDelevCoeff, quoteDelevCoeff, baseDebtCoeff, quoteDebtCoeff]) => {
        setCoeffs({
          baseCollateralCoeff,
          quoteCollateralCoeff,
          baseDelevCoeff,
          quoteDelevCoeff,
          baseDebtCoeff,
          quoteDebtCoeff,
        });
      }
    )
    .catch((e) => e instanceof Error && console.error(e));
}, [contract, updatedAt]);

There are 2 methods to get latest base price: getBasePrice and getLiquidationPrice. Both are twap prices with different intervals. getLiquidationPrice updates more frequently.

Use base and quote token addresses to request their parameters from chain.

Requesting account position

import { useWeb3React } from '@web3-react/core';

const { account, provider } = useWeb3React();
const [position, setPosition] = useState<{
  _type: number;
  heapPosition: number;
  discountedBaseAmount: BigNumber;
  discountedQuoteAmount: BigNumber;
}>();

useEffect(() => {
  if (!account || !contract) return;

  contract
    .positions(account)
    .then((res) => {
      setPosition(res);
    })
    .catch((e) => e instanceof Error && console.error(e));
}, [contract, updatedAt, account]);

Creating position object

After recieving position and coeffs we can use MarginlyPosition class

import { MarginlyPosition } from '@equilab/marginly-sdk';

const derivedPosition = useMemo(() => {
  if (!position || !coeffs) return;

  return new MarginlyPosition(coeffs, position._type, position.discountedBaseAmount, position.discountedQuoteAmount);
}, [position, coeffs]);

Open position

Create transaction to open position. You need deposit amount and position amount to open position.

Long position example

Depositing 0.1 ETH (will be auto converted to WETH)
With leverage 5
means position amount equals 0.4

Short position example

Depositing 100 USDC
With leverage 5
means position amount equals [(5 - 1) * 100] / basePrice

When opening position limitPrice is provided so you can limit your slippage. Example below has slippage limit 5%. Limit price is in fixed point x96 format.

Depending on position direction getDepositBaseAndLongArgs or getDepositQuoteAndShortArgs method is used to prepare arguments.

import {
  convertPriceHumanToX96,
  convertPriceStringToX96,
  convertPriceX96ToHuman,
  getCalldata,
  getDepositBaseAndLongArgs,
  getDepositQuoteAndShortArgs,
} from '@equilab/marginly-sdk';

const openPositionTx = useMemo(() => {
  const limitPrice = basePrice
    ? direction === 'short'
      ? basePrice.toNumber() * 0.95
      : basePrice.toNumber() * 1.05
    : undefined;
  if (!limitPrice) return undefined;

  const depositAmount = ethers.utils.parseUnits(inputAmount || '0', depositToken.decimals);

  const positionAmount = ethers.utils.parseUnits(
    leveragedAmount.toFixed(direction === 'long' ? baseToken.decimals : quoteToken.decimals),
    baseToken.decimals
  );

  const limitPriceX96 = convertPriceStringToX96(
    limitPrice.toString(),
    BigNumber.from(baseToken.decimals),
    BigNumber.from(quoteToken.decimals)
  );

  const openMethod = direction === 'long' ? getDepositBaseAndLongArgs : getDepositQuoteAndShortArgs;

  const args = openMethod(depositAmount, positionAmount, limitPriceX96, ZERO, isNativeToken);

  const { calldata } = getCalldata(args);

  const tx = {
    from: account,
    to: POOL_ADDRESS,
    data: calldata,
    ...(isNativeToken ? { value: depositAmount } : {}),
  };

  return tx;
}, [account, inputAmount, basePrice, positionAmount, leveragedAmount, isNativeToken, isValidAmount]);

Close position

const closePositionTx = useMemo(() => {
  const limitPrice = basePrice
    ? derivedPosition.type === PositionType.Long
      ? basePrice.toNumber() * 0.95
      : basePrice.toNumber() * 1.05
    : undefined;

  if (!limitPrice) return undefined;

  const limitPriceX96 = convertPriceStringToX96(
    limitPrice.toString(),
    BigNumber.from(baseToken.decimals),
    BigNumber.from(quoteToken.decimals)
  );

  const args = getClosePositionArgs(limitPriceX96, ZERO, isNativeToken);

  const { calldata } = getCalldata(args);

  const tx = {
    from: account,
    to: POOL_ADDRESS,
    data: calldata,
  };

  return tx;
}, [derivedPosition, basePrice, baseToken, quoteToken, account, direction]);

Withdraw all deposit

After closing long/short position you should withdraw deposit

const withdrawAllTx = useMemo(() => {
  if (!derivedPosition || derivedPosition.type !== PositionType.Lend) return;

  const isWithdrawingBase = derivedPosition.baseAmount.gt(0);

  const args = isWithdrawingBase
    ? getWithdrawBaseAllArgs(baseToken?.isNative)
    : getWithdrawQuoteAllArgs(quoteToken?.isNative);
  const { calldata } = getCalldata(args);
  const tx = {
    from: account,
    to: POOL_ADDRESS,
    data: calldata,
  };
  return tx;
}, [derivedPosition, baseToken, quoteToken, account]);

Usage with wagmi (v1)

Chain and pool

This example will use Arbitrum mainnet and WETH/USDC marginly pool contract. BigNumber is imported from ethers.js

import {
  getActionArgs,
  getWithdrawAllArgs,
  MarginlyCoeffsBigInt,
  MarginlyPositionBigInt,
  PositionType,
} from '@equilab/marginly-sdk';
import ABI from '@equilab/marginly-sdk/abis/marginly-pool.json';
import { useAccount, useContractRead, useContractWrite, usePrepareContractWrite, useToken } from 'wagmi';

const CHAIN_ID = 42161;
const POOL_ADDRESS_WETH_USDC = '0x87e711BcB9Ed1f2f6dec8fcC74cD2e0613D43b86';

const contractInfo = {
  abi: ABI.abi,
  address: POOL_ADDRESS_WETH_USDC,
} as const;

Requesting neccessary parameters

const baseTokenAddress = useContractRead({
  ...contractInfo,
  functionName: 'baseToken',
});
const quoteTokenAddress = useContractRead({
  ...contractInfo,
  functionName: 'quoteToken',
});

const getLiquidationPrice = useContractRead({
  ...contractInfo,
  functionName: 'getLiquidationPrice',
});

const basePriceX96 = getLiquidationPrice.data?.inner || 0n;

const baseCollateralCoeff = useContractRead({
  ...contractInfo,
  functionName: 'baseCollateralCoeff',
});

const quoteCollateralCoeff = useContractRead({
  ...contractInfo,
  functionName: 'quoteCollateralCoeff',
});

const baseDelevCoeff = useContractRead({
  ...contractInfo,
  functionName: 'baseDelevCoeff',
});

const quoteDelevCoeff = useContractRead({
  ...contractInfo,
  functionName: 'quoteDelevCoeff',
});

const baseDebtCoeff = useContractRead({
  ...contractInfo,
  functionName: 'baseDebtCoeff',
});

const quoteDebtCoeff = useContractRead({
  ...contractInfo,
  functionName: 'quoteDebtCoeff',
});

const { data: baseToken } = useToken({ address: baseTokenAddress.data });
const { data: quoteToken } = useToken({ address: quoteTokenAddress.data });

There are 2 methods to get latest base price: getBasePrice and getLiquidationPrice. Both are twap prices with different intervals. getLiquidationPrice updates more frequently.

Use base and quote token addresses to request their parameters from chain.

Requesting account position

const coeffs: MarginlyCoeffsBigInt = useMemo(
  () => ({
    baseCollateralCoeff: baseCollateralCoeff.data || 0n,
    baseDebtCoeff: baseDebtCoeff.data || 0n,
    quoteCollateralCoeff: quoteCollateralCoeff.data || 0n,
    quoteDebtCoeff: quoteDebtCoeff.data || 0n,
    baseDelevCoeff: baseDelevCoeff.data || 0n,
    quoteDelevCoeff: quoteDelevCoeff.data || 0n,
  }),
  [
    baseCollateralCoeff.data,
    baseDebtCoeff.data,
    baseDelevCoeff.data,
    quoteCollateralCoeff.data,
    quoteDebtCoeff.data,
    quoteDelevCoeff.data,
  ]
);

const positions = useContractRead({
  ...contractInfo,
  functionName: 'positions',
  args: [account.address],
});

const position: {
  _type: number;
  heapPosition: number;
  discountedBaseAmount: bigint;
  discountedQuoteAmount: bigint;
} = useMemo(
  () =>
    positions.data && {
      _type: positions.data[0],
      heapPosition: positions.data[1],
      discountedBaseAmount: positions.data[2],
      discountedQuoteAmount: positions.data[3],
    },
  [positions.data]
);

Creating position object

After recieving position and coeffs we can use MarginlyPosition class

const derivedPosition = useMemo(() => {
  if (!position || !coeffs || position._type === PositionType.Uninitialized) return;

  return new MarginlyPositionBigInt(
    coeffs,
    position._type,
    position.discountedBaseAmount,
    position.discountedQuoteAmount
  );
}, [position, coeffs]);

Open position

Create transaction to open position. You need deposit amount and position amount to open position.

Long position example

Depositing 0.1 ETH (will be auto converted to WETH)
With leverage 5
means position amount equals 0.4

Short position example

Depositing 100 USDC
With leverage 5
means position amount equals [(5 - 1) * 100] / basePrice

Depending on position direction getDepositBaseAndLongArgs or getDepositQuoteAndShortArgs method is used to prepare arguments.

Use getActionArgs helper to open long/short position.

const useOpen = ({
  accountAddress,
  baseToken,
  quoteToken,
  inputAmount,
  leverage,
  isNativeToken,
  basePriceX96,
  direction,
}: {
  accountAddress: `0x${string}` | undefined;
  baseToken: FetchTokenResult | undefined;
  quoteToken: FetchTokenResult | undefined;
  inputAmount: string;
  leverage: number;
  isNativeToken: boolean;
  basePriceX96: bigint;
  direction: "long" | "short";
}) => {
  const openPositionParamsWagmi = useMemo(() => {
    if (!baseToken || !quoteToken) return;
    return getActionArgs({
      type: "depositAndOpenPosition",
      baseDecimals: baseToken?.decimals,
      basePriceX96,
      depositAmount: inputAmount,
      direction,
      slippageTolerancePercentage: 1,
      leverage,
      isDepositingNativeToken: isNativeToken,
      quoteDecimals: quoteToken?.decimals,
      swapCalldata: 0n,
    });
  }, [
    basePriceX96,
    baseToken,
    direction,
    inputAmount,
    isNativeToken,
    leverage,
    quoteToken,
  ]);

  const { config: openPositionConfigWagmi } = usePrepareContractWrite(
    openPositionParamsWagmi
      ? {
          ...contractInfo,
          args: openPositionParamsWagmi.args,
          value: openPositionParamsWagmi.value,
          functionName: openPositionParamsWagmi.methodName,
          account: accountAddress,
          gas: undefined,
        }
      : undefined,
  );

  const openPositionTx = useContractWrite(openPositionConfigWagmi);

  const handleOpen = () => {
    openPositionTx.writeAsync?.();
  };
  return handleOpen;
};
...
// long and short examples
 const handleOpenLong = useOpen({
    accountAddress: account.address,
    basePriceX96,
    baseToken,
    direction: "long",
    inputAmount: inputLongAmount,
    isNativeToken,
    leverage,
    quoteToken,
  });

  const handleOpenShort = useOpen({
    accountAddress: account.address,
    basePriceX96,
    baseToken,
    direction: "short",
    inputAmount: inputShortAmount,
    isNativeToken: false,
    leverage,
    quoteToken,
  });

Close position

const useClose = ({
  accountAddress,
  baseToken,
  quoteToken,
  isNativeToken,
  basePriceX96,
  type,
}: {
  accountAddress: `0x${string}` | undefined;
  baseToken: FetchTokenResult | undefined;
  quoteToken: FetchTokenResult | undefined;
  isNativeToken: boolean;
  basePriceX96: bigint;
  type: PositionType | undefined;
}) => {
  const closePositionParams = useMemo(() => {
    if (!baseToken || !quoteToken) return;
    return getActionArgs({
      baseDecimals: baseToken?.decimals,
      basePriceX96,
      direction: type === PositionType.Long ? 'long' : 'short',
      isDepositingNativeToken: isNativeToken,
      quoteDecimals: quoteToken.decimals,
      slippageTolerancePercentage: 5,
      swapCalldata: 0n,
      type: 'close',
    });
  }, [basePriceX96, baseToken, isNativeToken, quoteToken, type]);

  const { config: closePositionConfig } = usePrepareContractWrite(
    closePositionParams
      ? {
          ...contractInfo,
          args: closePositionParams.args,
          value: closePositionParams.value,
          functionName: closePositionParams.methodName,
          account: accountAddress,
          gas: undefined,
        }
      : undefined
  );

  const closePositionTx = useContractWrite(closePositionConfig);
  const handleClose = () => {
    closePositionTx.writeAsync?.();
  };
  return handleClose;
};

When long or short position is closed user has lend position with his deposit.

Withdraw all deposit

To withdraw deposit from lend position use getWithdrawAllArgs helper to prepare contract call arguments

const useWithdraw = ({
  accountAddress,
  derivedPosition,
  isNativeToken,
}: {
  accountAddress: `0x${string}` | undefined;
  derivedPosition: MarginlyPositionBigInt | undefined;
  isNativeToken: boolean;
}) => {
  const withdrawAllParams = useMemo(() => {
    return getWithdrawAllArgs(derivedPosition, isNativeToken, !isNativeToken);
  }, [derivedPosition, isNativeToken]);

  const { config: withdrawPositionConfig } = usePrepareContractWrite(
    withdrawAllParams
      ? {
          ...contractInfo,
          args: withdrawAllParams.args,
          value: withdrawAllParams.value,
          functionName: withdrawAllParams.methodName,
          account: accountAddress,
          gas: undefined,
        }
      : undefined
  );

  const withdrawPositionTx = useContractWrite(withdrawPositionConfig);

  const handleWithdraw = () => {
    withdrawPositionTx.writeAsync?.();
  };

  return handleWithdraw;
};