From 5d70cd7aef120d1b88c8046a61082ce1a25172dc Mon Sep 17 00:00:00 2001
From: Jack Burrus <jhburrus3@gmail.com>
Date: Mon, 23 Sep 2024 17:07:38 -0600
Subject: [PATCH] Add default Yield Multiplier to PoolRow and OpenShortForm
 (#1511)

* Adds yield multiplier to pool row

* replace variably apy with multiplier

* check for loading

* Skeleton loading

* adds commend for multiplier calc

* switch to parseFixed

* Move calc into separate function
---
 .../calculateMarketYieldMultiplier.ts         | 28 +++++++++++++++++++
 .../src/ui/base/components/PrimaryStat.tsx    | 17 ++++++++---
 .../shorts/OpenShortForm/OpenShortForm.tsx    |  6 ++--
 .../src/ui/markets/PoolRow/PoolRow.tsx        | 19 +++++++++----
 4 files changed, 58 insertions(+), 12 deletions(-)
 create mode 100644 apps/hyperdrive-trading/src/hyperdrive/calculateMarketYieldMultiplier.ts

diff --git a/apps/hyperdrive-trading/src/hyperdrive/calculateMarketYieldMultiplier.ts b/apps/hyperdrive-trading/src/hyperdrive/calculateMarketYieldMultiplier.ts
new file mode 100644
index 000000000..c08654942
--- /dev/null
+++ b/apps/hyperdrive-trading/src/hyperdrive/calculateMarketYieldMultiplier.ts
@@ -0,0 +1,28 @@
+import { parseFixed } from "@delvtech/fixed-point-wasm";
+/**
+ * Calculates the yield multiplier for a Hyperdrive market based on the long price.
+ *
+ * The yield multiplier represents how much the underlying yield is amplified for short positions.
+ * It is inversely proportional to the long price, increasing as the long price approaches 1.
+ *
+ * Yield Multiplier calculation:
+ * Yield Multiplier = 1 / (1 - longPrice)
+ *
+ * Examples:
+ * - If longPrice = 0.9:
+ *   Yield Multiplier = 1 / (1 - 0.9) = 1 / 0.1 = 10x
+ *   The short position amplifies the underlying yield by 10 times.
+ *
+ * - If longPrice = 0.96:
+ *   Yield Multiplier = 1 / (1 - 0.96) = 1 / 0.04 = 25x
+ *   The short position amplifies the underlying yield by 25 times.
+ *
+ * @param longPrice The current price of a long position, represented as a bigint.
+ * @returns The calculated yield multiplier as a string, formatted to 2 decimal places.
+ */
+
+export function calculateMarketYieldMultiplier(longPrice: bigint): string {
+  return parseFixed(1)
+    .div(parseFixed(1).sub(longPrice))
+    .format({ decimals: 2, rounding: "trunc" });
+}
diff --git a/apps/hyperdrive-trading/src/ui/base/components/PrimaryStat.tsx b/apps/hyperdrive-trading/src/ui/base/components/PrimaryStat.tsx
index d097fa1a9..62c59dc4e 100644
--- a/apps/hyperdrive-trading/src/ui/base/components/PrimaryStat.tsx
+++ b/apps/hyperdrive-trading/src/ui/base/components/PrimaryStat.tsx
@@ -1,6 +1,7 @@
 import { InformationCircleIcon } from "@heroicons/react/24/outline";
 import classNames from "classnames";
 import { ReactNode } from "react";
+import Skeleton from "react-loading-skeleton";
 
 export function PrimaryStat({
   label,
@@ -11,6 +12,7 @@ export function PrimaryStat({
   tooltipPosition = "top",
   valueClassName,
   unitClassName,
+  valueLoading = false,
 }: {
   label: string;
   value: ReactNode;
@@ -20,6 +22,7 @@ export function PrimaryStat({
   tooltipPosition?: "top" | "bottom" | "left" | "right";
   valueClassName?: string;
   unitClassName?: string;
+  valueLoading?: boolean;
 }): JSX.Element {
   return (
     <div className="flex flex-col gap-1">
@@ -43,10 +46,16 @@ export function PrimaryStat({
         )}
       </div>
       <div className={valueClassName}>
-        <div className="text-h3 font-bold">{value}</div>
-        {valueUnit ? (
-          <div className={`ml-1 ${unitClassName}`}>{valueUnit}</div>
-        ) : null}
+        {valueLoading ? (
+          <Skeleton width={100} className="h-8" />
+        ) : (
+          <>
+            <div className="text-h3 font-bold">{value}</div>
+            {valueUnit ? (
+              <div className={`ml-1 ${unitClassName}`}>{valueUnit}</div>
+            ) : null}
+          </>
+        )}
       </div>
       {subValue && (
         <div className="text-sm text-neutral-content">{subValue}</div>
diff --git a/apps/hyperdrive-trading/src/ui/hyperdrive/shorts/OpenShortForm/OpenShortForm.tsx b/apps/hyperdrive-trading/src/ui/hyperdrive/shorts/OpenShortForm/OpenShortForm.tsx
index 53c0840db..451c1835d 100644
--- a/apps/hyperdrive-trading/src/ui/hyperdrive/shorts/OpenShortForm/OpenShortForm.tsx
+++ b/apps/hyperdrive-trading/src/ui/hyperdrive/shorts/OpenShortForm/OpenShortForm.tsx
@@ -11,6 +11,7 @@ import { MouseEvent, ReactElement, useState } from "react";
 import { MAX_UINT256 } from "src/base/constants";
 import { formatRate } from "src/base/formatRate";
 import { isTestnetChain } from "src/chains/isTestnetChain";
+import { calculateMarketYieldMultiplier } from "src/hyperdrive/calculateMarketYieldMultiplier";
 import { getIsValidTradeSize } from "src/hyperdrive/getIsValidTradeSize";
 import { getHasEnoughAllowance } from "src/token/getHasEnoughAllowance";
 import { getHasEnoughBalance } from "src/token/getHasEnoughBalance";
@@ -82,7 +83,7 @@ export function OpenShortForm({
     tokenAddress: baseToken.address,
     decimals: baseToken.decimals,
   });
-  const { longPrice } = useCurrentLongPrice({
+  const { longPrice, longPriceStatus } = useCurrentLongPrice({
     chainId: hyperdrive.chainId,
     hyperdriveAddress: hyperdrive.address,
   });
@@ -274,7 +275,7 @@ export function OpenShortForm({
       ? fixed(amountOfBondsToShortAsBigInt, activeToken.decimals)
           .div(traderDeposit, activeToken.decimals)
           .format({ decimals: 2, rounding: "trunc" })
-      : "0";
+      : calculateMarketYieldMultiplier(longPrice ?? 0n);
 
   const maturesOnLabel = formatDate(
     Date.now() + Number(hyperdrive.poolConfig.positionDuration * 1000n),
@@ -423,6 +424,7 @@ export function OpenShortForm({
             valueUnit="x"
             unitClassName="text-h3"
             subValue={`Matures on ${maturesOnLabel}`}
+            valueLoading={longPriceStatus === "loading"}
           />
           <div className="daisy-divider daisy-divider-horizontal" />
           <PrimaryStat
diff --git a/apps/hyperdrive-trading/src/ui/markets/PoolRow/PoolRow.tsx b/apps/hyperdrive-trading/src/ui/markets/PoolRow/PoolRow.tsx
index 7b6f03ad6..32ad2231e 100644
--- a/apps/hyperdrive-trading/src/ui/markets/PoolRow/PoolRow.tsx
+++ b/apps/hyperdrive-trading/src/ui/markets/PoolRow/PoolRow.tsx
@@ -1,23 +1,24 @@
 import { ClockIcon } from "@heroicons/react/16/solid";
 import {
-  HyperdriveConfig,
   appConfig,
   findBaseToken,
   findToken,
+  HyperdriveConfig,
 } from "@hyperdrive/appconfig";
 import { Link, useNavigate } from "@tanstack/react-router";
 import classNames from "classnames";
 import { ReactElement, ReactNode } from "react";
 import Skeleton from "react-loading-skeleton";
 import { formatRate } from "src/base/formatRate";
+import { calculateMarketYieldMultiplier } from "src/hyperdrive/calculateMarketYieldMultiplier";
 import { LpApyResult } from "src/hyperdrive/getLpApy";
 import { Well } from "src/ui/base/components/Well/Well";
 import { formatCompact } from "src/ui/base/formatting/formatCompact";
+import { useCurrentLongPrice } from "src/ui/hyperdrive/longs/hooks/useCurrentLongPrice";
 import { AssetStack } from "src/ui/markets/AssetStack";
 import { formatTermLength2 } from "src/ui/markets/formatTermLength";
 import { MARKET_DETAILS_ROUTE } from "src/ui/markets/routes";
 import { RewardsTooltip } from "src/ui/rewards/RewardsTooltip";
-
 export interface PoolRowProps {
   hyperdrive: HyperdriveConfig;
   tvl: bigint;
@@ -51,6 +52,11 @@ export function PoolRow({
     tokenAddress: hyperdrive.poolConfig.vaultSharesToken,
   });
 
+  const { longPrice, longPriceStatus } = useCurrentLongPrice({
+    chainId: hyperdrive.chainId,
+    hyperdriveAddress: hyperdrive.address,
+  });
+
   return (
     <Well
       as="div"
@@ -168,17 +174,18 @@ export function PoolRow({
               </Link>
             }
           />
+
           <PoolStat
-            label={"Variable APY"}
+            label={"Yield Multiplier"}
             isNew={lpApy.isNew}
             value={
-              vaultRate ? (
+              longPriceStatus === "success" && longPrice ? (
                 <RewardsTooltip
                   hyperdriveAddress={hyperdrive.address}
                   chainId={hyperdrive.chainId}
                   positionType="short"
                 >
-                  <PercentLabel value={formatRate(vaultRate, 18, false)} />
+                  {`${calculateMarketYieldMultiplier(longPrice)}x`}
                 </RewardsTooltip>
               ) : (
                 "-"
@@ -267,7 +274,7 @@ function PoolStat({
   }
 
   return (
-    <div className="flex w-24 flex-col items-start gap-1.5">
+    <div className="flex w-28 flex-col items-start gap-1.5">
       <p
         data-tip={labelTooltip}
         className={