GmxV2PositionManager

Inherits: Initializable, IHedgeManager, IOrderCallbackReceiver, IGasFeeCallbackReceiver

Author: Logarithm Labs

GmxV2PositionManager is a dedicated smart contract that interacts with the GMX protocol to maintain and adjust short positions in alignment with the strategy’s delta-neutral requirements. This manager operates as an auxiliary component to the main strategy, ensuring that the hedge remains effective by dynamically adjusting the size of the short position based on market movements.

GmxV2PositionManager is an upgradeable smart contract, deployed through the beacon proxy pattern.

State Variables

MIN_IDLE_COLLATERAL_USD

uint256 constant MIN_IDLE_COLLATERAL_USD = 1e31;

GmxV2PositionManagerStorageLocation

bytes32 private constant GmxV2PositionManagerStorageLocation =
    0xf08705b56fbd504746312a6db5deff16fc51a9c005f5e6a881519498d59a9600;

Functions

_getGmxV2PositionManagerStorage

function _getGmxV2PositionManagerStorage() private pure returns (GmxV2PositionManagerStorage storage $);

onlyStrategy

modifier onlyStrategy();

whenNotPending

modifier whenNotPending();

initialize

function initialize(address strategy_, address config_, address gmxGasStation_, address marketKey_)
    external
    initializer;

adjustPosition

Called to adjust the hedge position based on specified parameters.

function adjustPosition(AdjustPositionPayload calldata params) external onlyStrategy whenNotPending;

Parameters

Name
Type
Description

params

AdjustPositionPayload

keep

Called to maintain or adjust the hedge position as required by strategy logic.

Realizes the claimable funding or increases collateral if there are idle assets

function keep() external onlyStrategy whenNotPending;

claimFunding

Claims all the claimable funding fees. This is callable by anyone. Collateral funding amount is transferred to this position manager, otherwise transferred to strategy

function claimFunding() public;

claimCollateral

Claims all the claimable collateral amount. Note: This amount is stored by account, token, timeKey and therefore the only way to figure it out is to use GMX events.

function claimCollateral(address token, uint256 timeKey) external;

Parameters

Name
Type
Description

token

address

The token address derived from the gmx event: ClaimableCollateralUpdated

timeKey

uint256

The timeKey value derived from the gmx event: ClaimableCollateralUpdated

afterOrderExecution

function afterOrderExecution(bytes32 key, Order.Props calldata order, EventUtils.EventLogData calldata)
    external
    override;

afterOrderCancellation

function afterOrderCancellation(bytes32 key, Order.Props calldata order, EventUtils.EventLogData calldata)
    external
    override;

afterOrderFrozen

function afterOrderFrozen(bytes32, Order.Props memory, EventUtils.EventLogData memory) external pure override;

refundExecutionFee

function refundExecutionFee(bytes32, EventUtils.EventLogData memory) external payable;

positionNetBalance

Gets the net collateral balance of the position, including pending adjustments.

function positionNetBalance() public view returns (uint256);

Returns

Name
Type
Description

<none>

uint256

The total collateral asset amount in the position.

currentLeverage

Retrieves the current leverage of the position.

function currentLeverage() public view returns (uint256);

Returns

Name
Type
Description

<none>

uint256

The leverage ratio as a uint256.

positionSizeInTokens

Returns the current size of the position in terms of index tokens.

function positionSizeInTokens() public view returns (uint256);

Returns

Name
Type
Description

<none>

uint256

The size of the position in index tokens.

getExecutionFee

Calculates the execution fee that is needed from gmx when increasing and decreasing.

function getExecutionFee() public view returns (uint256 feeIncrease, uint256 feeDecrease);

Returns

Name
Type
Description

feeIncrease

uint256

The execution fee for increase

feeDecrease

uint256

The execution fee for decrease

getClaimableFundingAmounts

The current claimable funding amounts that are not accrued

function getClaimableFundingAmounts()
    external
    view
    returns (uint256 claimableLongTokenAmount, uint256 claimableShortTokenAmount);

getAccruedClaimableFundingAmounts

The accrued claimable token amounts.

function getAccruedClaimableFundingAmounts()
    external
    view
    returns (uint256 claimableLongTokenAmount, uint256 claimableShortTokenAmount);

cumulativeFundingAndBorrowingFeesUsd

The total cumulated funding fee and borrowing fee in usd including next fees.

function cumulativeFundingAndBorrowingFeesUsd()
    external
    view
    returns (uint256 fundingFeeUsd, uint256 borrowingFeeUsd);

needKeep

Checks whether the keep function needs to be called to maintain the position.

Checks if the claimable funding amount is over than max share or if idle collateral is bigger than minimum requirement so that the position can be settled to add it to position’s collateral.

function needKeep() external view returns (bool);

Returns

Name
Type
Description

<none>

bool

A boolean indicating if keep should be executed.

_createOrder

Creates increase/decrease GMX order

function _createOrder(InternalCreateOrderParams memory params) private returns (bytes32);

_processIncreasePosition

Used in GMX callback functions.

function _processIncreasePosition(uint256 initialCollateralDeltaAmount, uint256 sizeInTokens) private;

_processDecreasePosition

Used in GMX callback functions.

function _processDecreasePosition(uint256 sizeInTokens) private;

_recordPositionSize

Stores new size and return delta size in tokens

function _recordPositionSize(uint256 sizeInTokens) private returns (uint256);

_processPendingPositionFee

Processes the pending position fees.

function _processPendingPositionFee(bool isIncrease, bool isExecuted) private;

_getGmxParams

Derives a set of gmx params that are need to call gmx smart contracts.

function _getGmxParams(IGmxConfig _config) private view returns (GmxV2Lib.GmxParams memory);

_onlyStrategy

function _onlyStrategy() private view;

_whenNotPending

function _whenNotPending() private view;

_isPending

True when a GMX order has been submitted, but not executed.

function _isPending() private view returns (bool);

_validateOrderHandler

Validates if the caller is OrderHandler of gmx

function _validateOrderHandler(bytes32 orderKey, bool isIncrease) private view;

_setPendingOrderKey

function _setPendingOrderKey(bytes32 orderKey, bool isIncrease) private;

config

The address of gmx config smart contract.

function config() public view returns (IGmxConfig);

collateralToken

Returns the address of the collateral token used in the position.

function collateralToken() public view returns (address);

Returns

Name
Type
Description

<none>

address

The address of the collateral token.

strategy

The address of strategy.

function strategy() public view returns (address);

gmxGasStation

The address of the gmx gas station smart contract.

function gmxGasStation() public view returns (address);

marketToken

The address of gmx market token where position is opened at.

function marketToken() public view returns (address);

indexToken

Returns the address of the index token used in the position.

function indexToken() public view returns (address);

Returns

Name
Type
Description

<none>

address

The address of the index token.

longToken

The address of long token of the opened market.

function longToken() public view returns (address);

shortToken

The address of short token of the opened market.

function shortToken() public view returns (address);

isLong

The direction of position.

function isLong() public view returns (bool);

maxClaimableFundingShare

The max share of claimable funding before it get claimed through keeping.

function maxClaimableFundingShare() public view returns (uint256);

pendingIncreaseOrderKey

The gmx increase order key that is in pending.

function pendingIncreaseOrderKey() public view returns (bytes32);

pendingDecreaseOrderKey

The gmx decrease order key that is in pending.

function pendingDecreaseOrderKey() public view returns (bytes32);

increaseCollateralMinMax

Returns the minimum and maximum collateral limits for increasing the position.

function increaseCollateralMinMax() external pure returns (uint256 min, uint256 max);

Returns

Name
Type
Description

min

uint256

The minimum allowable collateral increase amount.

max

uint256

The maximum allowable collateral increase amount.

increaseSizeMinMax

Returns the minimum and maximum limits for increasing the position size.

function increaseSizeMinMax() external pure returns (uint256 min, uint256 max);

Returns

Name
Type
Description

min

uint256

The minimum allowable increase in position size.

max

uint256

The maximum allowable increase in position size.

decreaseCollateralMinMax

Returns the minimum and maximum collateral limits for decreasing the position.

function decreaseCollateralMinMax() external pure returns (uint256 min, uint256 max);

Returns

Name
Type
Description

min

uint256

The minimum allowable collateral decrease amount.

max

uint256

The maximum allowable collateral decrease amount.

decreaseSizeMinMax

Returns the minimum and maximum limits for decreasing the position size.

function decreaseSizeMinMax() external pure returns (uint256 min, uint256 max);

Returns

Name
Type
Description

min

uint256

The minimum allowable decrease in position size.

max

uint256

The maximum allowable decrease in position size.

limitDecreaseCollateral

Retrieves the minimum decrease in collateral required for cost-efficient execution.

Helps in optimizing gas usage and cost efficiency.

function limitDecreaseCollateral() external view returns (uint256);

Returns

Name
Type
Description

<none>

uint256

The minimum decrease collateral amount that qualifies for cost-effective execution.

cumulativePositionFeeUsd

The total cumulated position fee in usd.

function cumulativePositionFeeUsd() external view returns (uint256);

cumulativeClaimedFundingUsd

The total claimed funding fee in usd.

function cumulativeClaimedFundingUsd() external view returns (uint256);

Events

FundingClaimed

Emitted when the claimable funding fee gets claimed.

event FundingClaimed(address indexed token, uint256 indexed amount);

CollateralClaimed

Emitted when the claimable collateral gets claimed.

event CollateralClaimed(address indexed token, uint256 indexed amount);

PositionAdjustmentRequested

Emitted when a position adjustment is requested by strategy.

event PositionAdjustmentRequested(uint256 sizeDeltaInTokens, uint256 collateralDeltaAmount, bool isIncrease);

Structs

InternalCreateOrderParams

Used to create GMX order internally.

struct InternalCreateOrderParams {
    bool isLong;
    bool isIncrease;
    address exchangeRouter;
    address orderVault;
    address collateralToken;
    uint256 collateralDeltaAmount;
    uint256 sizeDeltaUsd;
    uint256 callbackGasLimit;
    bytes32 referralCode;
}

GmxV2PositionManagerStorage

struct GmxV2PositionManagerStorage {
    address oracle;
    address gmxGasStation;
    address config;
    address strategy;
    address marketToken;
    address indexToken;
    address longToken;
    address shortToken;
    address collateralToken;
    bool isLong;
    Status status;
    bytes32 pendingIncreaseOrderKey;
    bytes32 pendingDecreaseOrderKey;
    uint256 pendingCollateralAmount;
    uint256 sizeInTokensBefore;
    uint256 decreasingCollateralDeltaAmount;
    uint256 pendingPositionFeeUsdForIncrease;
    uint256 pendingPositionFeeUsdForDecrease;
    uint256 cumulativePositionFeeUsd;
    uint256 positionFundingFeeAmountPerSize;
    uint256 cumulativeClaimedFundingUsd;
    uint256 cumulativeFundingFeeUsd;
    uint256 positionBorrowingFactor;
    uint256 cumulativeBorrowingFeeUsd;
}

Enums

Status

Describes the state of position manager.

enum Status {
    IDLE,
    INCREASE,
    DECREASE_ONE_STEP,
    DECREASE_TWO_STEP,
    SETTLE
}
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