Perp: After-Hours Leverage

Sai Perp supports an after-hours risk control for scheduled markets. It reduces effective exposure for live positions carried through a market close, where ordinary trading, continuous liquidation, and fresh exit pricing are not available in the same way as during open market hours.

This page reflects the behavior merged in sai-perps main through the after-hours leverage rollout and follow-up fixes.

Product Rule

Markets enabled in AFTER_HOURS_MARKETS use the global cap stored in AFTER_HOURS_LEVERAGE for live trades that were carried through the latest scheduled close.

effective_leverage = min(Trade.leverage, AFTER_HOURS_LEVERAGE)

The cap applies to filled TradeType::Trade positions only. Pending limit or stop orders are not clamped because they are not live exposure until triggered.

Ordinary user opens and voluntary closes remain blocked while a market is closed. The after-hours trigger path is a maintenance action: it can liquidate or normalize risk, but it does not reopen the market for discretionary exits.

State

The relevant storage is:

State	Type	Purpose
AFTER_HOURS_LEVERAGE	Item<Decimal>	Global effective leverage cap for configured after-hours markets
AFTER_HOURS_MARKETS	Map<MarketIndex, bool>	Markets where the after-hours cap applies
MarketInfo.block_last_closed	Option<u64>	Block where the market last entered Closed
MarketInfo.block_last_opened	Option<u64>	Block where the market last re-entered Open
MarketInfo.last_close_price	Option<Decimal>	Best-effort close snapshot kept as market metadata

last_close_price is not the settlement price for after-hours risk checks. After-hours liquidation and normalization use the oracle price returned by the normal price query.

Eligibility

get_effective_leverage returns stored Trade.leverage unless all of these are true:

• The trade is open and has trade_type == TradeType::Trade.
• The market is enabled in AFTER_HOURS_MARKETS.
• block_last_closed and block_last_opened are initialized.
• The trade was not opened or risk-modified in the latest reopen block or later.
• Trade.leverage is above AFTER_HOURS_LEVERAGE.

The reopen-block boundary is inclusive: a trade with TradeInfo.created_block >= MarketInfo.block_last_opened keeps its stored leverage.

Trigger Behavior

The contract can route TriggerTrade to after-hours risk handling. The after-hours path:

1. Loads the returned oracle price from the normal price query.
2. Checks liquidation first at the stored-leverage liquidation price.
3. If liquidation is required, follows the liquidation close path.
4. If liquidation is not required, reduces stored leverage to the effective cap.
5. Calls process_closing_fees on the removed position-size delta with order type after_hours_risk_trigger.
6. Updates open interest and emits sai/perp/trigger_trade/after_hours.

No catalyst reward is paid on normalization. The caller is helping synchronize risk, not executing a trader’s TP/SL order.

If the normalization fee consumes the remaining collateral, the contract closes the trade after the fee and risk updates.

Oracle Freshness

After-hours liquidation and normalization intentionally use the returned oracle price even when the market has been closed long enough for the normal freshness window to expire. The narrow exception exists so high-leverage carried exposure can still be reduced while scheduled markets are closed.

Ordinary opens, voluntary closes, and normal TP/SL trigger paths still use the normal market-state and freshness guards. They do not fall back to last_close_price.

Query Semantics

Contract queries preserve stored state and expose derived risk state:

• get_trade returns stored Trade, including stored Trade.leverage.
• get_trade_data returns needs_after_hours_trigger: true when the trade is eligible for after-hours normalization.
• get_trade_pnl evaluates carried trades using effective leverage.
• GetAfterHoursLeverage, IsAfterHoursMarket, and ListAfterHoursMarkets expose the active cap and enabled markets.

Clients should not infer after-hours state from stored leverage alone. Use the derived query fields when deciding whether a keeper or UI refresh should submit TriggerTrade.

Lazy Cleanup Before Mutations

When a user later mutates a carried trade whose stored leverage is above the after-hours effective cap, the contract first materializes the after-hours normalization. The requested mutation then operates on the normalized trade.

This guard runs before leverage updates, TP/SL updates, and position-size increases. Position-size decreases still prioritize liquidation checks before the resize proceeds.