Show equivalent contract leverage on options order panel.

Display notional-over-premium leverage at current index and at the user target price for quick sizing comparison.

Co-authored-by: Cursor <cursoragent@cursor.com>

lib/common/static/options_panel.js

@@ -184,33 +184,67 @@
     return Math.round((intrinsic - entry) * amt * 10000) / 10000;
   }
 
-  function updateEstimatedProfit() {
-    const el = document.getElementById("opt-est-profit");
+  function calcContractLeverage(indexPx, ethAmount, totalPremium) {
+    if (indexPx == null || ethAmount == null || totalPremium == null) return null;
+    const idx = Number(indexPx);
+    const amt = Number(ethAmount);
+    const prem = Number(totalPremium);
+    if (!Number.isFinite(idx) || !Number.isFinite(amt) || !Number.isFinite(prem) || amt <= 0 || prem <= 0) {
+      return null;
+    }
+    return Math.round((idx * amt) / prem * 10) / 10;
+  }
+
+  function fmtLeverage(v) {
+    if (v === null || v === undefined || Number.isNaN(Number(v))) return "—";
+    return "约 " + Number(v).toFixed(1) + "×";
+  }
+
+  function updateOrderEstimates() {
+    const levEl = document.getElementById("opt-order-leverage");
+    const profitEl = document.getElementById("opt-est-profit");
+    const targetLevEl = document.getElementById("opt-est-leverage");
     const targetEl = document.getElementById("opt-target-idx");
-    if (!el || !targetEl) return;
     const q = state.orderQuote;
     if (!q || !q.ok) {
-      el.textContent = "—";
-      el.className = "v";
-      return;
-    }
-    const targetRaw = targetEl.value;
-    if (targetRaw === "" || targetRaw == null) {
-      el.textContent = "—";
-      el.className = "v";
+      if (levEl) levEl.textContent = "—";
+      if (profitEl) {
+        profitEl.textContent = "—";
+        profitEl.className = "v";
+      }
+      if (targetLevEl) targetLevEl.textContent = "—";
       return;
     }
     const sz = q.sizing || {};
     const ethAmount = sz.eth_amount;
-    const profit = estimateExpiryProfit(q.opt_type, q.strike, Number(targetRaw), q.ask, ethAmount);
-    if (profit == null || Number.isNaN(profit)) {
-      el.textContent = "—";
-      el.className = "v";
-      return;
+    const premium = sz.total_premium;
+    const lev = calcContractLeverage(q.index_px, ethAmount, premium);
+    if (levEl) levEl.textContent = fmtLeverage(lev);
+
+    if (profitEl && targetEl) {
+      const targetRaw = targetEl.value;
+      if (targetRaw === "" || targetRaw == null) {
+        profitEl.textContent = "—";
+        profitEl.className = "v";
+        if (targetLevEl) targetLevEl.textContent = "—";
+      } else {
+        const profit = estimateExpiryProfit(q.opt_type, q.strike, Number(targetRaw), q.ask, ethAmount);
+        if (profit == null || Number.isNaN(profit)) {
+          profitEl.textContent = "—";
+          profitEl.className = "v";
+        } else {
+          const sign = profit > 0 ? "+" : "";
+          profitEl.textContent = sign + profit.toFixed(4) + " USDC";
+          profitEl.className = "v " + pnlCls(profit);
+        }
+        const targetLev = calcContractLeverage(Number(targetRaw), ethAmount, premium);
+        if (targetLevEl) targetLevEl.textContent = fmtLeverage(targetLev);
+      }
     }
-    const sign = profit > 0 ? "+" : "";
-    el.textContent = sign + profit.toFixed(4) + " USDC";
-    el.className = "v " + pnlCls(profit);
+  }
+
+  function updateEstimatedProfit() {
+    updateOrderEstimates();
   }
 
   function fmtDist(v) {

lib/options/options_pricing_lib.py

@@ -257,3 +257,17 @@ def estimate_expiry_profit_at_index(
     else:
         return None
     return round((intrinsic - float(entry_px)) * float(eth_amount), 4)
+
+
+def equivalent_contract_leverage(
+    *,
+    index_px: float | None,
+    eth_amount: float | None,
+    total_premium: float | None,
+) -> float | None:
+    """名义价值 / 权利金，近似相当于永续合约杠杆倍数（测算用）。"""
+    if index_px is None or eth_amount is None or total_premium is None:
+        return None
+    if eth_amount <= 0 or total_premium <= 0:
+        return None
+    return round(float(index_px) * float(eth_amount) / float(total_premium), 1)

lib/options/templates/options_panel.html

@@ -46,6 +46,7 @@
                         <div><span class="k">张数</span><span id="opt-order-sheets" class="v">—</span></div>
                         <div><span class="k">ETH/BTC 数量</span><span id="opt-order-eth" class="v">—</span></div>
                         <div><span class="k">预估权利金</span><span id="opt-order-premium" class="v">—</span></div>
+                        <div><span class="k">合约杠杆</span><span id="opt-order-leverage" class="v" title="名义价值÷权利金，测算用">—</span></div>
                         <div><span class="k">到期平衡</span><span id="opt-order-expiry-be" class="v">—</span></div>
                         <div><span class="k">距平衡</span><span id="opt-order-dist-be" class="v">—</span></div>
                     </div>
@@ -54,6 +55,8 @@
                         <input type="number" id="opt-target-idx" class="opt-target-idx" step="0.1" min="0" placeholder="到期时指数价">
                         <span class="k">预计盈利</span>
                         <span id="opt-est-profit" class="v">—</span>
+                        <span class="k">目标杠杆</span>
+                        <span id="opt-est-leverage" class="v" title="目标位名义价值÷权利金">—</span>
                         <span class="muted opt-est-note">到期测算，仅供参考</span>
                     </div>
                     <div class="form-row options-order-mode-row">
@@ -133,4 +136,4 @@
         </div>
     </div>
 </div>
-<script src="/static/options_panel.js?v=8"></script>
+<script src="/static/options_panel.js?v=9"></script>

tests/test_options_pricing.py

@@ -67,6 +67,14 @@ def test_option_moneyness():
     assert option_moneyness_label("otm") == "虚值"
 
 
+def test_equivalent_contract_leverage():
+    from lib.options.options_pricing_lib import equivalent_contract_leverage
+
+    # index 1768, 0.2 ETH, premium 2.44 -> ~144.9x
+    lev = equivalent_contract_leverage(index_px=1768, eth_amount=0.2, total_premium=2.44)
+    assert lev == 144.9
+
+
 def test_estimate_expiry_profit_at_index():
     from lib.options.options_pricing_lib import estimate_expiry_profit_at_index