prop-amm: retune walkthrough trade to 5 NVDAx to match the book's wallet convention

finance/prop-amm/anchor/CHANGELOG.md

@@ -1,5 +1,12 @@
 # Changelog
 
+## 2026-07-11 (later)
+
+Retuned the walkthrough trade to 5 NVDAx (825.825 USDC at the ask,
+824.175 back at the bid, 1.65 round-trip spread) so the numbers match the
+book's convention that every character starts with 1,000 USDC. Same math,
+same gates; only the amounts changed.
+
 ## 2026-07-11
 
 Initial version: an oracle-quoted proprietary AMM. One operator funds the

finance/prop-amm/anchor/README.md

@@ -89,17 +89,17 @@ the deployment is the firm.
 tokens into the vaults. No shares are minted to anyone, because there is
 nobody else to account for.
 
-### Step 3: Alice buys 10 NVDAx at the ask
+### Step 3: Alice buys 5 NVDAx at the ask
 
 At $165 with a 10 bps spread the ask is $165.165. Alice's `swap`
-(`Direction::BuyBase`) spends exactly 1,651.65 USDC for 10 NVDAx —
+(`Direction::BuyBase`) spends exactly 825.825 USDC for 5 NVDAx —
 whether she bought 1 or 500, the unit price would be the same.
 
-### Step 4: Bob sells 10 NVDAx at the bid
+### Step 4: Bob sells 5 NVDAx at the bid
 
 The bid is $164.835, so Bob's `swap` (`Direction::SellBase`) receives
-exactly 1,648.35 USDC. A round trip through both sides costs exactly the
-3.30 USDC spread — the spread is the fee, and it lands in the inventory,
+exactly 824.175 USDC. A round trip through both sides costs exactly the
+1.65 USDC spread — the spread is the fee, and it lands in the inventory,
 not in a fee ledger.
 
 ### Step 5: The oracle reprices; the quote follows

finance/prop-amm/anchor/programs/prop-amm/tests/test_prop_amm.rs

@@ -443,106 +443,106 @@ impl Market {
 // Happy paths: exact quote math in both directions
 // ===========================================================================
 
-/// Alice buys 10 NVDAx. At $165 with a 10 bps spread the ask is $165.165, so
-/// 10 NVDAx costs exactly 1,651.65 USDC.
+/// Alice buys 5 NVDAx. At $165 with a 10 bps spread the ask is $165.165, so
+/// 5 NVDAx costs exactly 825.825 USDC.
 #[test]
 fn test_swap_buys_base_at_the_ask() {
     let mut market = Market::default_market();
-    let quote_in = 1_651_650_000; // 1,651.65 USDC
+    let quote_in = 825_825_000; // 825.825 USDC
     let (alice, alice_base, alice_quote) = market.funded_trader(0, quote_in);
 
     market
-        .swap(&alice, Direction::BuyBase, quote_in, 10 * ONE_TOKEN)
+        .swap(&alice, Direction::BuyBase, quote_in, 5 * ONE_TOKEN)
         .unwrap();
 
-    assert_eq!(market.balance(&alice_base), 10 * ONE_TOKEN);
+    assert_eq!(market.balance(&alice_base), 5 * ONE_TOKEN);
     assert_eq!(market.balance(&alice_quote), 0);
     // Conservation: the vaults moved by exactly the two legs of the fill.
-    assert_eq!(market.balance(&market.base_vault), 990 * ONE_TOKEN);
+    assert_eq!(market.balance(&market.base_vault), 995 * ONE_TOKEN);
     assert_eq!(
         market.balance(&market.quote_vault),
         200_000 * ONE_TOKEN + quote_in
     );
 }
 
-/// Bob sells 10 NVDAx. At $165 with a 10 bps spread the bid is $164.835, so
-/// he receives exactly 1,648.35 USDC.
+/// Bob sells 5 NVDAx. At $165 with a 10 bps spread the bid is $164.835, so
+/// he receives exactly 824.175 USDC.
 #[test]
 fn test_swap_sells_base_at_the_bid() {
     let mut market = Market::default_market();
-    let (bob, bob_base, bob_quote) = market.funded_trader(10 * ONE_TOKEN, 0);
+    let (bob, bob_base, bob_quote) = market.funded_trader(5 * ONE_TOKEN, 0);
 
     market
-        .swap(&bob, Direction::SellBase, 10 * ONE_TOKEN, 1_648_350_000)
+        .swap(&bob, Direction::SellBase, 5 * ONE_TOKEN, 824_175_000)
         .unwrap();
 
     assert_eq!(market.balance(&bob_base), 0);
-    assert_eq!(market.balance(&bob_quote), 1_648_350_000); // 1,648.35 USDC
-    assert_eq!(market.balance(&market.base_vault), 1_010 * ONE_TOKEN);
+    assert_eq!(market.balance(&bob_quote), 824_175_000); // 824.175 USDC
+    assert_eq!(market.balance(&market.base_vault), 1_005 * ONE_TOKEN);
     assert_eq!(
         market.balance(&market.quote_vault),
-        200_000 * ONE_TOKEN - 1_648_350_000
+        200_000 * ONE_TOKEN - 824_175_000
     );
 }
 
-/// A buy immediately followed by a sell of the same 10 NVDAx costs exactly the
-/// round-trip spread: 3.30 USDC on a $1,650 position, all of which stays in
+/// A buy immediately followed by a sell of the same 5 NVDAx costs exactly the
+/// round-trip spread: 1.65 USDC on an $825 position, all of which stays in
 /// the market's inventory. The spread IS the fee; there is no other one.
 #[test]
 fn test_round_trip_costs_exactly_the_spread() {
     let mut market = Market::default_market();
-    let quote_in = 1_651_650_000;
+    let quote_in = 825_825_000;
     let (carol, carol_base, carol_quote) = market.funded_trader(0, quote_in);
 
     market
         .swap(&carol, Direction::BuyBase, quote_in, 0)
         .unwrap();
     market
-        .swap(&carol, Direction::SellBase, 10 * ONE_TOKEN, 0)
+        .swap(&carol, Direction::SellBase, 5 * ONE_TOKEN, 0)
         .unwrap();
 
     assert_eq!(market.balance(&carol_base), 0);
-    // 1,651.65 in, 1,648.35 back: the market kept 3.30 USDC.
-    assert_eq!(market.balance(&carol_quote), quote_in - 3_300_000);
+    // 825.825 in, 824.175 back: the market kept 1.65 USDC.
+    assert_eq!(market.balance(&carol_quote), quote_in - 1_650_000);
     assert_eq!(market.balance(&market.base_vault), 1_000 * ONE_TOKEN);
     assert_eq!(
         market.balance(&market.quote_vault),
-        200_000 * ONE_TOKEN + 3_300_000
+        200_000 * ONE_TOKEN + 1_650_000
     );
 }
 
 /// When the oracle reprices, the quote follows instantly — no trade has to
-/// drag the price there through a curve. At $170 the ask is $170.17, so 10
-/// NVDAx costs exactly 1,701.70 USDC.
+/// drag the price there through a curve. At $170 the ask is $170.17, so 5
+/// NVDAx costs exactly 850.85 USDC.
 #[test]
 fn test_quote_follows_the_oracle() {
     let mut market = Market::default_market();
     market.set_price(dollars(170));
 
-    let quote_in = 1_701_700_000; // 1,701.70 USDC
+    let quote_in = 850_850_000; // 850.85 USDC
     let (alice, alice_base, _) = market.funded_trader(0, quote_in);
     market
-        .swap(&alice, Direction::BuyBase, quote_in, 10 * ONE_TOKEN)
+        .swap(&alice, Direction::BuyBase, quote_in, 5 * ONE_TOKEN)
         .unwrap();
 
-    assert_eq!(market.balance(&alice_base), 10 * ONE_TOKEN);
+    assert_eq!(market.balance(&alice_base), 5 * ONE_TOKEN);
 }
 
 /// The operator re-quotes to a 50 bps spread; the next fill prices at
-/// $165.825, so 10 NVDAx costs exactly 1,658.25 USDC.
+/// $165.825, so 5 NVDAx costs exactly 829.125 USDC.
 #[test]
 fn test_set_quote_changes_the_spread() {
     let mut market = Market::default_market();
     market.set_quote(50, false).unwrap();
     assert_eq!(market.market_state().spread_bps, 50);
 
-    let quote_in = 1_658_250_000; // 1,658.25 USDC
+    let quote_in = 829_125_000; // 829.125 USDC
     let (alice, alice_base, _) = market.funded_trader(0, quote_in);
     market
-        .swap(&alice, Direction::BuyBase, quote_in, 10 * ONE_TOKEN)
+        .swap(&alice, Direction::BuyBase, quote_in, 5 * ONE_TOKEN)
         .unwrap();
 
-    assert_eq!(market.balance(&alice_base), 10 * ONE_TOKEN);
+    assert_eq!(market.balance(&alice_base), 5 * ONE_TOKEN);
 }
 
 // ===========================================================================
@@ -566,9 +566,9 @@ fn test_operator_can_withdraw_everything_and_swaps_then_fail() {
     assert_eq!(market.balance(&operator_base), 10_000 * ONE_TOKEN);
     assert_eq!(market.balance(&operator_quote), 10_000_000 * ONE_TOKEN);
 
-    let (alice, _, _) = market.funded_trader(0, 1_651_650_000);
+    let (alice, _, _) = market.funded_trader(0, 825_825_000);
     assert!(market
-        .swap(&alice, Direction::BuyBase, 1_651_650_000, 0)
+        .swap(&alice, Direction::BuyBase, 825_825_000, 0)
         .is_err());
 }
 
@@ -613,11 +613,11 @@ fn test_set_quote_rejects_non_operator() {
 #[test]
 fn test_swap_rejects_slippage() {
     let mut market = Market::default_market();
-    let quote_in = 1_651_650_000;
+    let quote_in = 825_825_000;
     let (alice, _, _) = market.funded_trader(0, quote_in);
-    // The fill would be exactly 10 NVDAx; demand one minor unit more.
+    // The fill would be exactly 5 NVDAx; demand one minor unit more.
     assert!(market
-        .swap(&alice, Direction::BuyBase, quote_in, 10 * ONE_TOKEN + 1)
+        .swap(&alice, Direction::BuyBase, quote_in, 5 * ONE_TOKEN + 1)
         .is_err());
 }
 
@@ -627,12 +627,12 @@ fn test_swap_rejects_slippage() {
 #[test]
 fn test_swap_rejects_stale_price() {
     let mut market = Market::default_market();
-    let (alice, _, _) = market.funded_trader(0, 1_651_650_000);
+    let (alice, _, _) = market.funded_trader(0, 825_825_000);
     // The feed was last updated near slot 0; 200 slots later it is stale
     // (the bound is 150 slots).
     market.warp(200);
     assert!(market
-        .swap(&alice, Direction::BuyBase, 1_651_650_000, 0)
+        .swap(&alice, Direction::BuyBase, 825_825_000, 0)
         .is_err());
 }
 
@@ -642,9 +642,9 @@ fn test_swap_rejects_stale_price() {
 fn test_swap_rejects_wide_confidence() {
     let mut market = Market::default_market();
     market.set_price_with_confidence(dollars(165), 200_000_000);
-    let (alice, _, _) = market.funded_trader(0, 1_651_650_000);
+    let (alice, _, _) = market.funded_trader(0, 825_825_000);
     assert!(market
-        .swap(&alice, Direction::BuyBase, 1_651_650_000, 0)
+        .swap(&alice, Direction::BuyBase, 825_825_000, 0)
         .is_err());
 }
 
@@ -653,15 +653,15 @@ fn test_swap_rejects_wide_confidence() {
 fn test_swap_rejects_when_paused() {
     let mut market = Market::default_market();
     market.set_quote(SPREAD_BPS, true).unwrap();
-    let (alice, _, _) = market.funded_trader(0, 1_651_650_000);
+    let (alice, _, _) = market.funded_trader(0, 825_825_000);
     assert!(market
-        .swap(&alice, Direction::BuyBase, 1_651_650_000, 0)
+        .swap(&alice, Direction::BuyBase, 825_825_000, 0)
         .is_err());
 
     // Unpausing restores the exact same quote.
     market.set_quote(SPREAD_BPS, false).unwrap();
     market
-        .swap(&alice, Direction::BuyBase, 1_651_650_000, 10 * ONE_TOKEN)
+        .swap(&alice, Direction::BuyBase, 825_825_000, 5 * ONE_TOKEN)
         .unwrap();
 }
 

finance/prop-amm/kani-proofs/src/lib.rs

@@ -245,33 +245,33 @@ mod tests {
     }
 
     #[test]
-    fn buy_ten_nvdax() {
-        // 1,651.65 USDC buys exactly 10 NVDAx at the ask.
+    fn buy_five_nvdax() {
+        // 825.825 USDC buys exactly 5 NVDAx at the ask.
         let ask = ask_price(PRICE, 10).unwrap();
         assert_eq!(
-            base_out_for_quote_in(1_651_650_000, ask, SCALE, DEC, DEC).unwrap(),
-            10_000_000
+            base_out_for_quote_in(825_825_000, ask, SCALE, DEC, DEC).unwrap(),
+            5_000_000
         );
     }
 
     #[test]
-    fn sell_ten_nvdax() {
-        // 10 NVDAx sells for exactly 1,648.35 USDC at the bid.
+    fn sell_five_nvdax() {
+        // 5 NVDAx sells for exactly 824.175 USDC at the bid.
         let bid = bid_price(PRICE, 10).unwrap();
         assert_eq!(
-            quote_out_for_base_in(10_000_000, bid, SCALE, DEC, DEC).unwrap(),
-            1_648_350_000
+            quote_out_for_base_in(5_000_000, bid, SCALE, DEC, DEC).unwrap(),
+            824_175_000
         );
     }
 
     #[test]
     fn round_trip_costs_the_spread() {
-        // In 1,651.65, back 1,648.35: the market keeps exactly 3.30 USDC.
+        // In 825.825, back 824.175: the market keeps exactly 1.65 USDC.
         let ask = ask_price(PRICE, 10).unwrap();
         let bid = bid_price(PRICE, 10).unwrap();
-        let base = base_out_for_quote_in(1_651_650_000, ask, SCALE, DEC, DEC).unwrap();
+        let base = base_out_for_quote_in(825_825_000, ask, SCALE, DEC, DEC).unwrap();
         let back = quote_out_for_base_in(base, bid, SCALE, DEC, DEC).unwrap();
-        assert_eq!(1_651_650_000 - back, 3_300_000);
+        assert_eq!(825_825_000 - back, 1_650_000);
     }
 
     #[test]

finance/prop-amm/quasar/CHANGELOG.md

@@ -1,5 +1,12 @@
 # Changelog
 
+## 2026-07-11 (later)
+
+Retuned the walkthrough trade to 5 NVDAx (825.825 USDC at the ask,
+824.175 back at the bid, 1.65 round-trip spread) so the numbers match the
+book's convention that every character starts with 1,000 USDC. Same math,
+same gates; only the amounts changed.
+
 ## 2026-07-11
 
 Initial version: Quasar port of the prop-amm example, matching the Anchor

finance/prop-amm/quasar/README.md

@@ -28,7 +28,7 @@ Quasar version.
 Tests run in-process with [`quasar-svm`](https://github.com/blueshift-gg/quasar-svm).
 They build the program, set up both mints, an oracle feed at $165, and an
 operator with funded inventory, then verify the quote math to the minor unit
-in both directions, the exact 3.30 USDC round-trip spread, oracle repricing
+in both directions, the exact 1.65 USDC round-trip spread, oracle repricing
 and re-quoting, the operator's full exit, and that every gate shuts: slippage,
 staleness, confidence, pause, zero amounts, inventory bounds, and operator
 access control.