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Add Cash-Secured Puts (Contracts + Full Off-Chain Stack + Frontend)#270

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ewitulsk merged 8 commits into
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claude/cash-secured-puts-plan-c47fu6
Jun 28, 2026
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Add Cash-Secured Puts (Contracts + Full Off-Chain Stack + Frontend)#270
ewitulsk merged 8 commits into
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claude/cash-secured-puts-plan-c47fu6

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@ewitulsk

@ewitulsk ewitulsk commented Jun 27, 2026 •
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Implements cash-secured puts end-to-end as the structural mirror of the existing covered-call system: collateral is settlement cash, exercise delivers underlying for cash, and redeem returns underlying for the assigned range / cash for the unassigned range. The FIFO cursor, Position, and Quote are reused unchanged; puts are additive — every call path keeps working.

No Jira ticket was created for this branch — please link one (epic SO-8 Protocol) per .claude/PRs.md before merge. Vaults are intentionally out of scope (no put vault), so vault-only components (vault-sim, backtester, price-charting APY, the /vault page) are untouched; the vault keeper/tx builders are already product-agnostic.

Contracts (Move)

  • put_bucket.move — PutBucket<U,S,Put>: create/execute_write (writer+trader)/write_collateralized/exercise (deliver underlying → cash)/redeem/burn/cleanup/invalidate. Reuses Position, Quote, Account, Treasury, bucket::FlowKind, skim_fee.
  • rfq_put.move — cash-collateral ascending-premium auction (mirror of rfq).
  • session_put_bucket.move — siws session twins.
  • bucket.move exposes pow10; new Put* events + put_collateral_mismatch error.
  • Pricing/rounding (documented in put_bucket.move): collateral in rounds up (apply_strike_ceil), every cash payout rounds down (apply_strike_floor) ⇒ provably solvent; bounded dust swept at cleanup. Underlying leg is exact.
  • 165 Move tests pass (136 baseline + 29 new, incl. a fractional-strike solvency + dust-sweep test).

Off-chain (Rust)

  • pricing — put_price_per_unit, put_delta, put_assignment_prob, put_greeks, put_break_even (parity + bump-and-reprice tests).
  • protocol-types — 13 Put* event mirrors + ChainEvent variants.
  • sui-tx — execute_write_put (both legs Coin<Settlement>), rfq_put builders, coin_pkg::create_put_buckets_and_pools.
  • api-service-client — BucketPricing.is_put + put_collateral(), open_put_rfqs().
  • indexer (+ indexer-graphql) — option_kind discriminator on buckets/positions/rfqs/rfq_bids (migration 000008_put_options), 13 Put* event decoders + materializers, GraphQL optionKind field/filter.
  • api-service — unified /buckets gains option_type (series) + option_coin_type (bucket); /buckets/:id gains option_coin_type/option_kind; /rfqs?kind=put.
  • quoting-service — reservation_for branches on option_kind: a put trader-flow signer reserves ceil(amount×strike) settlement collateral instead of underlying. Wire format & quote signing unchanged.
  • mm-bot — price_rfq dispatches to put Black-Scholes by is_put; new onchain_put_rfq bidder (premium escrow, identical accounting); [onchain_put_rfq] config.
  • option-scheduler — ProductType{Call,Put} threaded config→roller→codegen (put_<i>/PUT_<i> coin modules), create_put_buckets, migration 0004_product_type widening the active-slot uniqueness.
  • tools — --product call|put on exchange/writer/trader/mm-quote (+ rfq-monitor option_kind).
  • keeper — unchanged by design (vault-coupled cranks only; puts have no vault; standalone put RFQs settle permissionlessly via the rfq_put::settle builder).

Frontend

  • Call·Put toggle in the Composer; put PTB builders (composer_put.ts cash-collateral write/buy, dashboard_put.ts exercise-delivers-underlying / redeem), session_put_bucket wrappers, useOwnedPutOptions, put-aware ITM/intrinsic/payoff + modal copy. Series.option_type/Bucket.option_coin_type modeled optional (fall back to call) so the call UI is unaffected.

Verification

  • Move: sui move test → 165/165 pass.
  • Rust: cargo check --workspace --all-targets → 0 errors (entire workspace incl. all test modules). Unit tests run green where disk allowed: pricing, protocol-types (45), api-service-client, mm-bot (49), option-scheduler (60), indexer-graphql (2), quoting-service (36). indexer/api-service test-binary linking hit a sandbox disk limit (ENOSPC) — their cargo check --all-targets passes, so the code (incl. tests) compiles; running those suites is a CI follow-up.
  • Frontend: tsc -b --noEmit + vite build → clean.

Sandbox note: the MystenLabs/sui cargo git dep was fetched via the transparent HTTPS proxy (the scoped git relay 403s non-ewitulsk repos) using a scoped GIT_CONFIG_GLOBAL, without touching the global git config.

🤖 Generated with Claude Code

@claude
Add cash-secured puts (put_bucket, put RFQ, session twins)
8f21f3c 
Cash-secured puts as the structural mirror of the covered-call bucket:
same FIFO cursor / Position / Quote, with the asset legs flipped
(collateral is settlement cash; exercise delivers underlying for cash).

Contracts:
- put_bucket.move: PutBucket<U,S,Put> with create/execute_write (writer &
  trader flows)/write_collateralized/exercise/redeem/burn_expired/cleanup/
  invalidate. Reuses Position, Quote, Account, Treasury, FlowKind, skim_fee.
- rfq_put.move: ascending escrowed-premium auction whose collateral leg is
  cash; mirrors rfq.move including the coupled-venue path.
- session_put_bucket.move: siws session twins of the put flows.
- bucket.move: expose pow10 as public(package) for shared scaling math.
- events.move / errors.move: distinct put events + put_collateral_mismatch.

Pricing / rounding (documented in put_bucket.move): the cash leg rounds so
the bucket is provably solvent — collateral IN rounds UP (apply_strike_ceil),
every cash payout rounds DOWN (apply_strike_floor). Aggregate outflow can
never exceed collateral; the bounded rounding remainder ("dust") is swept to
the admin at cleanup.

Tests (29 new, full suite 165 passing): put_bucket happy paths, FIFO
assignment, exercise/redeem/expiry guards, a fractional-strike solvency +
dust-sweep test; put RFQ create/bid/settle/refund/expired; session
writer/trader/exercise/redeem.

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
Claude-Session: https://claude.ai/code/session_01VX6MEUC9jqRQmXN4xfCg6Q
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sui-options Ready Ready Preview, Comment Jun 28, 2026 2:47pm

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claude added 2 commits June 28, 2026 14:10
@claude
Off-chain puts (1/N): pricing + protocol-types foundations
2ffc071 
- pricing: put_price_per_unit, put_delta, put_assignment_prob, put_greeks,
  put_break_even (Black-Scholes mirror), with put-call-parity + bump-and-
  reprice tests.
- protocol-types: 13 Put* event mirrors + ChainEvent variants, matching the
  on-chain events.move field order (collateral / dust_swept extras).

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
Claude-Session: https://claude.ai/code/session_01VX6MEUC9jqRQmXN4xfCg6Q
@claude
Off-chain puts (2/N): sui-tx put builders + api-service-client
b7e004b 
- sui-tx: execute_write_put (writer/trader flows, both legs Coin<Settlement>),
  rfq_put (bid/settle/settle_expired/create with explicit notional + cash
  collateral), coin_pkg::create_put_buckets_and_pools (shared impl, calls
  put_bucket::create_put_bucket). Registered new modules in tx/mod.rs.
- api-service-client: BucketPricing.is_put + put_collateral(ceil), option_kind/
  option_coin_type wire fields, open_put_rfqs().

Verified: cargo build -p sui-tx and cargo test -p api-service-client green.

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
Claude-Session: https://claude.ai/code/session_01VX6MEUC9jqRQmXN4xfCg6Q
@claude
Off-chain puts (3/N): frontend put UI
bd15693 
Call/Put toggle in Composer; put PTB builders (composer_put.ts write/buy with
cash collateral, dashboard_put.ts exercise-delivers-underlying / redeem),
session_put_bucket wrappers, useOwnedPutOptions, put-aware ITM/intrinsic/copy
in Dashboard + Action/Confirm modals. Series.option_type / Bucket.option_coin_type
modeled optional (fall back to call) so the call UI is unaffected.

Verified: npx tsc -b --noEmit and vite build both clean.

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
Claude-Session: https://claude.ai/code/session_01VX6MEUC9jqRQmXN4xfCg6Q
@claude
Off-chain puts (4/N, WIP checkpoint): indexer/api/mm-bot/scheduler/qu…
1897bd2 
…oting/tools

In-progress multi-component put work landed by parallel implementation passes:
- indexer + indexer-graphql: option_kind discriminator, 13 Put* event decoders,
  materializers, migration 000008_put_options, GraphQL field.
- api-service: option_type/option_coin_type on /buckets, /rfqs?kind=put.
- mm-bot: put pricing dispatch + onchain_put_rfq bidder.
- option-scheduler: ProductType thread + put codegen + create_put_buckets,
  migration 0004_product_type.
- quoting-service: put collateral reservation branch.
- tools: --product flag on exchange/writer/trader/mm-quote/rfq-monitor.

Checkpoint commit — full-workspace integration build + fixes follow.

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
Claude-Session: https://claude.ai/code/session_01VX6MEUC9jqRQmXN4xfCg6Q
@claude
Off-chain puts (5/N, WIP): quoting put reservation + indexer-graphql …
49d5761 
…option_kind

Checkpoint — quoting+keeper agent's quoting reservation branch; indexer-graphql
option_kind in progress. Integration build + fixes follow.

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
Claude-Session: https://claude.ai/code/session_01VX6MEUC9jqRQmXN4xfCg6Q
@claude
Off-chain puts (6/N, WIP): tools + in-flight indexer/api/scheduler
758c3ee 
Checkpoint of parallel implementation progress. Integration build follows.

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
Claude-Session: https://claude.ai/code/session_01VX6MEUC9jqRQmXN4xfCg6Q
@claude
Off-chain puts: fix quoting-service test fixtures for option_kind
93c7719 
Bucket test literals in rfq/mod.rs and rfq/bulk_view.rs needed the new
option_kind (and a dropped deepbook_pool_id) field.

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
Claude-Session: https://claude.ai/code/session_01VX6MEUC9jqRQmXN4xfCg6Q
@ewitulsk ewitulsk changed the title Add Cash-Secured Puts (Bucket, RFQ, Session Twins) Add Cash-Secured Puts (Contracts + Full Off-Chain Stack + Frontend) Jun 28, 2026
@ewitulsk ewitulsk merged commit bd9a305 into staging Jun 28, 2026
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2 participants

@ewitulsk @claude