{
  "id": "trail.dn.pendle_hyperliquid",
  "schemaVersion": "0.1.0",
  "name": "Delta-neutral: Pendle PT spot + HyperLiquid perp short",
  "summary": "Open a delta-neutral position: buy a Pendle PT (spot leg) and short equivalent notional on HyperLiquid (perp leg). Idle USDC kept as HL margin buffer. Capital split via automation; spot leg composes trail.spot.swap_and_buy_pt; short leg uses HL API + on-chain order leaf.",
  "family": "dnhl-susde-loop",
  "chains": ["ethereum", "base", "arbitrum"],
  "params": [
    { "name": "totalCapital",     "type": "uint256", "required": true,  "description": "Total USDC to deploy across both legs + margin buffer (base units)." },
    { "name": "fromAsset",        "type": "address", "required": true,  "description": "Funding asset (typically USDC)." },
    { "name": "underlyingAsset",  "type": "address", "required": true,  "description": "Asset the PT is denominated in (e.g. USDe)." },
    { "name": "ptAsset",          "type": "address", "required": true,  "description": "Pendle PT token address." },
    { "name": "pendleMarket",     "type": "address", "required": true,  "description": "Pendle market for the PT." },
    { "name": "hlAsset",          "type": "string",  "required": true,  "description": "HyperLiquid asset id to short (e.g. 'USDe', 'ETH'). Must match HL's notation." },
    { "name": "hlLeverage",       "type": "uint16",  "required": true,  "description": "HyperLiquid leverage to use for the short (e.g. 3 = 3x). Drives the margin requirement." },
    { "name": "limitPrice",       "type": "uint256", "required": true,  "description": "Limit-order price for the HL short (base-units quote/asset, HL convention)." },
    { "name": "marginBufferBps",  "type": "uint16",  "required": false, "default": 500, "description": "Additional margin buffer above HL's minimum, in bps. Default 500 = 5%." }
  ],
  "execution": {
    "mode": "sequential",
    "steps": [
      {
        "kind": "automation",
        "id": "split",
        "description": "Compute the capital split: spotLegAmount (for Pendle), shortLegMargin (for HL), idleMargin (buffer).",
        "scriptId": "split_capital_dn",
        "inputs": {
          "totalCapital": "$totalCapital",
          "targetLeverage": "$hlLeverage",
          "marginBufferBps": "$marginBufferBps"
        },
        "outputs": ["spotLegAmount", "shortLegMargin", "idleMargin", "notional"]
      },
      {
        "kind": "subtrail",
        "id": "spotLeg",
        "description": "Spot leg: swap fromAsset → underlying → Pendle PT.",
        "trailId": "trail.spot.swap_and_buy_pt",
        "args": {
          "fromAsset":       "$fromAsset",
          "underlyingAsset": "$underlyingAsset",
          "ptAsset":         "$ptAsset",
          "pendleMarket":    "$pendleMarket",
          "amountIn":        "$split.spotLegAmount"
        }
      },
      {
        "kind": "api",
        "id": "setLeverage",
        "description": "Set leverage on HyperLiquid for the short — venue API call, not an on-chain leaf.",
        "venue": "hyperliquid",
        "method": "set_leverage",
        "params": {
          "asset": "$hlAsset",
          "leverage": "$hlLeverage"
        }
      },
      {
        "kind": "leaf",
        "id": "hlShort",
        "description": "Place the short limit order on HyperLiquid (on-chain leaf — HL bridge/L1 has Merkle-gated order placement leaves).",
        "protocol": "hyperliquid",
        "action": "place_limit_order",
        "args": {
          "asset":     "$hlAsset",
          "side":      "short",
          "notional":  "$split.notional",
          "limitPrice":"$limitPrice"
        }
      }
    ]
  },
  "preconditions": [
    "Vault has a HyperLiquid bridge/funding setup and the place_limit_order leaf enabled.",
    "Strategist has configured HyperLiquid API credentials for this vault (set_leverage step).",
    "Pendle market for $ptAsset is open (not at maturity).",
    "DEX adapter has a route from fromAsset → underlyingAsset."
  ],
  "risks": [
    "If the HL limit order doesn't fill, the position is one-sided (long spot, no short hedge) → MAJOR delta exposure. Strategist should monitor + cancel/replace.",
    "PT held to maturity has fixed yield but no liquid exit; if HL short carries higher cost than PT yield, position bleeds.",
    "Funding rate spikes on HL can flip the cost calculus; reassess if funding goes deeply negative.",
    "Pendle PT depeg from underlying (rare but real) creates basis risk that the HL short doesn't hedge."
  ],
  "llm_doc": "Open a delta-neutral position with spot PT exposure and a HyperLiquid perp short hedge. The capital split is computed by an off-chain automation (split_capital_dn) — the strategist provides total capital + target HL leverage, the script outputs spot/margin/buffer breakdown. Spot leg composes the reusable trail.spot.swap_and_buy_pt. Short leg uses HL's set_leverage API (off-chain) followed by an on-chain limit-order leaf. Use when the user wants 'delta-neutral', 'DN', or 'spot-hedge' on Pendle + HyperLiquid."
}