Position valuation

The position tracker values an open position linearly: unrealized PnL is quantity times the difference between the current price and the average entry. That is correct for spot and perpetual positions, where value moves one for one with price.

Where linear valuation breaks

Some positions do not move linearly with price. An AMM liquidity position loses value to impermanent loss and gains it from accrued fees, and its exposure changes across its price range. An option's value bends with volatility and time. Pricing any of these as quantity times a price difference gives the wrong number, which then flows into every risk check that reads unrealized PnL.

The hook

AggregatedPositionTracker takes an optional IPositionValuator. When none is set, valuation stays linear and spot and perpetual positions are unchanged. A position whose value is nonlinear sets its own valuator, which receives the symbol, quantity, average entry, and current price, and returns the unrealized PnL.

The symbol is part of the call so a stateful valuator can key its own per-position data. An AMM valuator, for example, looks up the pool range, the liquidity, and the accrued fees for that symbol and computes the value from the pool's own math rather than from a single average entry price.

A set valuator is consulted whenever the tracker is asked for unrealized PnL, including when the linear position is zero. An LP or option position is not a tracked quantity, so its value comes entirely from the valuator's own state. Only the linear default treats a zero position as zero PnL.

What stays in the engine

The engine owns the hook and the linear default. It does not own the nonlinear math. An LP or option valuator lives with the component that tracks the extra state it needs, which for a DEX position is the connector that manages the pool. Cross-venue aggregation is unchanged: positions still net across venues, and only the final valuation step routes through the valuator.