OffchainPositionManager

Inherits: Initializable, OwnableUpgradeable, IHedgeManager

Author: Logarithm Labs

OffChainPositionManager is a smart contract component designed to interact with off-chain perpetual protocols to manage hedge positions. By coordinating with off-chain systems, such as through an oracle or relayer network, the contract adjusts perpetual positions to maintain a target exposure aligned with the strategy’s requirements. This component is ideal for delta-neutral strategies seeking yield from funding payments on off-chain perpetual markets.

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

State Variables

OffChainPositionManagerStorageLocation

bytes32 private constant OffChainPositionManagerStorageLocation =
    0xc79dcf1ab1ed210e1b815a3e944622845af0e197fa2b370829d3b756c740ef00;

Functions

_getOffChainPositionManagerStorage

function _getOffChainPositionManagerStorage() private pure returns (OffChainPositionManagerStorage storage $);

onlyAgent

Authorize caller if it is a configured agent.

modifier onlyAgent();

initialize

function initialize(address config_, address strategy_, address agent_, address oracle_, bool isLong_)
    external
    initializer;

_setAgent

function _setAgent(address newAgent) internal;

setAgent

function setAgent(address newAgent) external onlyOwner;

adjustPosition

Called to adjust the hedge position based on specified parameters.

function adjustPosition(AdjustPositionPayload memory params) external;

Parameters

Name
Type
Description

params

AdjustPositionPayload

reportState

Reports the state of the hedge position.

function reportState(uint256 sizeInTokens, uint256 netBalance, uint256 markPrice) external onlyAgent;

reportStateAndExecuteRequest

Reports the state of the hedge position while calling the strategy’s callback functions if there is a position adjustment request from the strategy.

function reportStateAndExecuteRequest(
    uint256 sizeInTokens,
    uint256 netBalance,
    uint256 markPrice,
    AdjustPositionPayload memory params
) external onlyAgent;

getLastRequest

Returns the last request that was requested from strategy.

function getLastRequest() external view returns (RequestInfo memory);

clearIdleCollateral

Transfers idle assets to the vault to process withdraw requests.

function clearIdleCollateral() public;

forcedTransferToAgent

function forcedTransferToAgent(uint256 amount) external onlyAgent;

_transferToAgent

function _transferToAgent(uint256 amount) internal;

forcedTransferFromAgent

function forcedTransferFromAgent(uint256 amount) external onlyAgent;

_transferFromAgent

function _transferFromAgent(uint256 amount) internal;

positionNetBalance

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

function positionNetBalance() public view virtual override returns (uint256);

Returns

Name
Type
Description

<none>

uint256

The total collateral asset amount in the position.

currentPositionState

Returns the current state of position.

function currentPositionState() public view returns (PositionState memory);

currentLeverage

Retrieves the current leverage of the position.

function currentLeverage() public view returns (uint256 leverage);

Returns

Name
Type
Description

leverage

uint256

The leverage ratio as a uint256.

config

The address of OffChainConfig smart contract.

function config() public view returns (IOffChainConfig);

agent

The address of agent.

function agent() public view returns (address);

oracle

The address of oracle smart contract.

function oracle() public view returns (address);

lastRequestRound

The last request round.

function lastRequestRound() public view returns (uint256);

currentRound

The current round which is increased by reporting state.

function currentRound() public view returns (uint256);

positionState

The position state at a specific round.

function positionState(uint256 round) public view returns (PositionState memory);

pendingCollateralIncrease

The pending collateral amount that is transferred to agent to increase collateral, but not reported by agent.

function pendingCollateralIncrease() public view returns (uint256);

requests

The request info at a specific round.

function requests(uint256 round) public view returns (RequestInfo memory);

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.

needKeep

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

function needKeep() public pure virtual returns (bool);

Returns

Name
Type
Description

<none>

bool

A boolean indicating if keep should be executed.

keep

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

Executes actions needed to align the position with target hedge requirements.

function keep() public pure;

increaseCollateralMinMax

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

function increaseCollateralMinMax() public view 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() public view 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() public view 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() public view 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() public view returns (uint256);

Returns

Name
Type
Description

<none>

uint256

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

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.

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.

idleCollateralAmount

The balance of collateral asset of this position manager.

function idleCollateralAmount() public view returns (uint256);

Events

AgentUpdated

Emitted when agent gets updated.

event AgentUpdated(address indexed account, address indexed newAgent);

CreateRequest

Emitted when a new request from strategy is created.

event CreateRequest(uint256 indexed round, uint256 sizeDeltaInTokens, uint256 collateralDeltaAmount, bool isIncrease);

ReportRequest

Emitted when a report is executed after requesting.

event ReportRequest(
    uint256 indexed requestRound,
    uint256 indexed reportRound,
    uint256 sizeDeltaInTokens,
    uint256 collateralDeltaAmount,
    bool isIncrease
);

RequestIncreasePosition

Emitted when a increase request is created.

event RequestIncreasePosition(uint256 collateralDeltaAmount, uint256 sizeDeltaInTokens, uint256 round);

RequestDecreasePosition

Emitted when a decrease request is created.

event RequestDecreasePosition(uint256 collateralDeltaAmount, uint256 sizeDeltaInTokens, uint256 round);

AgentTransfer

Emitted when asset is transferred to agent to increase collateral.

event AgentTransfer(address indexed caller, uint256 amount, bool toAgent);

ReportState

Emitted when position’s state is reported.

event ReportState(uint256 positionSizeInTokens, uint256 positionNetBalance, uint256 markPrice, uint256 timestamp);

Structs

PositionState

Used to store the state of offchain position.

struct PositionState {
    uint256 sizeInTokens;
    uint256 netBalance;
    uint256 markPrice;
    uint256 timestamp;
}

RequestInfo

Used for the request and response infos.

struct RequestInfo {
    AdjustPositionPayload request;
    AdjustPositionPayload response;
    uint256 requestTimestamp;
    uint256 responseRound;
    uint256 responseTimestamp;
    bool isReported;
}

OffChainPositionManagerStorage

struct OffChainPositionManagerStorage {
    address config;
    address strategy;
    address agent;
    address oracle;
    address indexToken;
    address collateralToken;
    bool isLong;
    uint256 currentRound;
    uint256 lastRequestRound;
    uint256 pendingCollateralIncrease;
    mapping(uint256 round => PositionState) positionStates;
    mapping(uint256 round => RequestInfo) requests;
    uint256[] requestRounds;
}
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