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Open a Position

Overview​

In this short guide, we'll use a ReadWriteHyperdrive instance to open a long position, locking in a fixed rate (Read more about long positions in the Hyperdrive docs). The steps will be similar for short and LP positions.

This guide assumes you've already installed an implementation of the Hyperdrive TypeScript SDK and created a ReadWriteHyperdrive instance. Checkout the Getting Started guide to learn how.

1. Get the current vault share price​

We'll start by getting the current share price of the pool using the getPoolInfo method which will be used as the minimum share price for the open long transaction:

import { hyperdrive } from "./hyperdrive.ts";

const { vaultSharePrice } = await hyperdrive.getPoolInfo();

2. Calculate slippage tolerance​

Use the previewOpenLong method to get the expected proceeds and adjust to match your slippage tolerance:

// Import path depends on the Hyperdrive SDK implementation you have installed.
import { adjustAmountByPercentage } from "@delvtech/hyperdrive-viem";

// 1. Preview the transaction
const { bondProceeds } = await hyperdrive.previewOpenLong({
  amountIn: 10000000000000000000000n,
  asBase: true, // <- Or false to deposit share tokens
  decimals: 18,
});

// 2. Adjust by your slippage tolerance
const minBondsOut = adjustAmountByPercentage({
  amount: bondProceeds,
  percentage: parseUnits("1", 18), // <- Adjust for your tolerance
  decimals: 18,
  direction: "down",
});

3. Open the position​

Use the openLong method to send the transaction with the minimum expected share price and your slippage tolerance.

const pendingTransactionHash = await readWriteHyperdrive.openLong({
  amount: 10000000000000000000000n,
  asBase: true,
  destination: "0x123abc...",
  minSharePrice: vaultSharePrice,
  minBondsOut,
});