Add ratio-to-move-points mode for hub perpetual-options calculator.

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

lib/hub/hub_perp_options_calc_lib.py

@@ -1,4 +1,4 @@
-"""中控永期对冲计算器:永续 1 币 + 按目标盈利反推期权仓位(纯函数)."""
+"""中控永期对冲计算器:永续 1 币 + 按目标盈利反推期权仓位/波动点数(纯函数)."""
 from __future__ import annotations
 
 from typing import Any, Optional, Tuple
@@ -18,6 +18,63 @@ def _f(v: Any) -> Optional[float]:
         return None
 
 
+def _parse_base_common(
+    *,
+    base: str,
+    spot: Any,
+    capital_usdt: Any,
+    target_profit_u: Any,
+    perp_leverage: Any,
+    option_leverage: Any,
+    ct_mult: Any,
+) -> Tuple[Optional[dict[str, float]], Optional[str]]:
+    b = (base or "ETH").strip().upper()
+    if b not in ("ETH", "BTC"):
+        return None, "币种仅支持 BTC / ETH"
+    s = _f(spot)
+    capital = _f(capital_usdt)
+    target = _f(target_profit_u)
+    p_lev = _f(perp_leverage)
+    o_lev = _f(option_leverage)
+    ct = _f(ct_mult)
+    if s is None or capital is None or target is None or p_lev is None or o_lev is None:
+        return None, "参数格式错误"
+    if ct is None or ct <= 0:
+        ct = DEFAULT_CT_MULT
+    if s <= 0 or capital <= 0 or p_lev <= 0 or o_lev <= 0:
+        return None, "现价、资金、杠杆须大于 0"
+    if target < 0:
+        return None, "目标盈利不能为负"
+    prem_per_coin = s / o_lev
+    if prem_per_coin <= 0:
+        return None, "单币权利金无效"
+    margin = (s * PERP_COINS) / p_lev
+    return {
+        "base_ok": 1.0,
+        "spot": s,
+        "capital": capital,
+        "target": target,
+        "p_lev": p_lev,
+        "o_lev": o_lev,
+        "ct": ct,
+        "prem_per_coin": prem_per_coin,
+        "margin": margin,
+        "fee_rate": taker_fee_rate(),
+    }, None
+
+
+def _move_for_perp_correct(*, spot: float, target: float, premium: float, fee_rate: float) -> float:
+    """净利 = move − premium − fee(move) = target → 解 move.
+
+    fee = (2*spot + move) * fee_rate
+    move*(1-fee_rate) = target + premium + 2*spot*fee_rate
+    """
+    denom = 1.0 - float(fee_rate)
+    if denom <= 0:
+        return 0.0
+    return (float(target) + float(premium) + 2.0 * float(spot) * float(fee_rate)) / denom
+
+
 def calc_perp_options_hedge(
     *,
     base: str = "ETH",
@@ -30,60 +87,51 @@ def calc_perp_options_hedge(
     option_leverage: float,
     ct_mult: float = DEFAULT_CT_MULT,
 ) -> Tuple[Optional[dict[str, Any]], Optional[str]]:
-    """测算期权开仓币数/张数,并给出永续对 / 期权对两套情景.
+    """由波动反推期权开仓币数/张数(calc_mode=size)."""
+    common, err = _parse_base_common(
+        base=base,
+        spot=spot,
+        capital_usdt=capital_usdt,
+        target_profit_u=target_profit_u,
+        perp_leverage=perp_leverage,
+        option_leverage=option_leverage,
+        ct_mult=ct_mult,
+    )
+    if err or not common:
+        return None, err
 
-    单币权利金 = 现价 / 期权杠杆
-    权利金预算 = 永续毛收益 − 目标盈利 − 永续开平手续费
-    期权币数 = 权利金预算 / 单币权利金
-    """
+    s = common["spot"]
+    capital = common["capital"]
+    target = common["target"]
+    p_lev = common["p_lev"]
+    o_lev = common["o_lev"]
+    ct = common["ct"]
+    prem_per_coin = common["prem_per_coin"]
+    margin = common["margin"]
+    fee_rate = common["fee_rate"]
     b = (base or "ETH").strip().upper()
-    if b not in ("ETH", "BTC"):
-        return None, "币种仅支持 BTC / ETH"
 
-    s = _f(spot)
-    capital = _f(capital_usdt)
-    target = _f(target_profit_u)
     move = _f(move_value)
-    p_lev = _f(perp_leverage)
-    o_lev = _f(option_leverage)
-    ct = _f(ct_mult)
     mode = (move_mode or "points").strip().lower()
     if mode not in ("points", "pct", "percent", "rate"):
         return None, "波动模式须为 points 或 pct"
     if mode in ("percent", "rate"):
         mode = "pct"
-
-    if s is None or capital is None or target is None or move is None or p_lev is None or o_lev is None:
+    if move is None:
         return None, "参数格式错误"
-    if ct is None or ct <= 0:
-        ct = DEFAULT_CT_MULT
-    if s <= 0 or capital <= 0 or move <= 0 or p_lev <= 0 or o_lev <= 0:
+    if move <= 0:
         return None, "现价、资金、波动、杠杆须大于 0"
-    if target < 0:
-        return None, "目标盈利不能为负"
 
-    # 波动对应的绝对点数(价格变动)
     if mode == "pct":
         move_points = s * (move / 100.0)
     else:
         move_points = move
-
     if move_points <= 0:
         return None, "波动对应价格变动须大于 0"
 
-    exit_px = s + move_points  # 永续方向对:按上涨测算 1 币多头
+    exit_px = s + move_points
     perp_gross = move_points * PERP_COINS
-    fee = estimate_roundtrip_fee_usdt(
-        s,
-        exit_px,
-        qty=PERP_COINS,
-        contract_size=1.0,
-    )
-    fee_rate = taker_fee_rate()
-
-    prem_per_coin = s / o_lev
-    if prem_per_coin <= 0:
-        return None, "单币权利金无效"
+    fee = estimate_roundtrip_fee_usdt(s, exit_px, qty=PERP_COINS, contract_size=1.0)
 
     premium_budget = perp_gross - target - fee
     if premium_budget <= 0:
@@ -91,21 +139,16 @@ def calc_perp_options_hedge(
 
     opt_coins = premium_budget / prem_per_coin
     opt_sheets = opt_coins / ct
-    premium_total = opt_coins * prem_per_coin  # == premium_budget
+    premium_total = opt_coins * prem_per_coin
 
-    margin = (s * PERP_COINS) / p_lev
-    capital_ok = capital >= margin
-
-    # A: 永续方向对,期权权利金全亏
     case_a_net = perp_gross - premium_total - fee
-
-    # B: 期权方向对,永续 1 币反向亏掉同等波动
     opt_intrinsic = opt_coins * move_points
     opt_net = opt_intrinsic - premium_total
     perp_loss = -perp_gross
     portfolio_net = opt_net + perp_loss
 
     return {
+        "calc_mode": "size",
         "base": b,
         "spot": round(s, 8),
         "capital_usdt": round(capital, 8),
@@ -127,7 +170,7 @@ def calc_perp_options_hedge(
         "opt_sheets": round(opt_sheets, 8),
         "premium_total_u": round(premium_total, 8),
         "perp_margin_u": round(margin, 8),
-        "capital_ok": bool(capital_ok),
+        "capital_ok": bool(capital >= margin),
         "case_a": {
             "label": "永续方向对",
             "perp_pnl_u": round(perp_gross, 8),
@@ -144,3 +187,155 @@ def calc_perp_options_hedge(
             "portfolio_net_u": round(portfolio_net, 8),
         },
     }, None
+
+
+def calc_perp_options_points(
+    *,
+    base: str = "ETH",
+    spot: float,
+    capital_usdt: float,
+    target_profit_u: float,
+    perp_leverage: float,
+    option_leverage: float,
+    ratio_perp: float = 1.0,
+    ratio_opt: float = 2.0,
+    ct_mult: float = DEFAULT_CT_MULT,
+) -> Tuple[Optional[dict[str, Any]], Optional[str]]:
+    """按永续:期权比例 + 目标盈利,反推两套情景所需波动点数.
+
+    永续币数固定为 ratio 归一后的 1 币侧(perp_coins = PERP_COINS).
+    期权币数 = PERP_COINS * (ratio_opt / ratio_perp),例 1:2 → 2 币.
+
+    A 永续方向对: move − premium − fee(move) = 目标盈利
+    B 期权方向对:
+      - 期权净利达目标: opt_coins*move − premium = 目标
+      - 组合净利达目标: move*(opt_coins − perp_coins) − premium = 目标
+    """
+    common, err = _parse_base_common(
+        base=base,
+        spot=spot,
+        capital_usdt=capital_usdt,
+        target_profit_u=target_profit_u,
+        perp_leverage=perp_leverage,
+        option_leverage=option_leverage,
+        ct_mult=ct_mult,
+    )
+    if err or not common:
+        return None, err
+
+    rp = _f(ratio_perp)
+    ro = _f(ratio_opt)
+    if rp is None or ro is None or rp <= 0 or ro <= 0:
+        return None, "永续:期权比例须大于 0"
+
+    s = common["spot"]
+    capital = common["capital"]
+    target = common["target"]
+    p_lev = common["p_lev"]
+    o_lev = common["o_lev"]
+    ct = common["ct"]
+    prem_per_coin = common["prem_per_coin"]
+    margin = common["margin"]
+    fee_rate = common["fee_rate"]
+    b = (base or "ETH").strip().upper()
+
+    opt_coins = PERP_COINS * (ro / rp)
+    premium_total = opt_coins * prem_per_coin
+    opt_sheets = opt_coins / ct
+
+    move_a = _move_for_perp_correct(spot=s, target=target, premium=premium_total, fee_rate=fee_rate)
+    if move_a <= 0:
+        return None, "无法解出永续方向对所需点数"
+
+    fee_a = estimate_roundtrip_fee_usdt(s, s + move_a, qty=PERP_COINS, contract_size=1.0)
+    net_a = move_a * PERP_COINS - premium_total - fee_a
+
+    # 期权净利 = 目标
+    move_b_opt = (target + premium_total) / opt_coins
+    opt_net_at_b_opt = opt_coins * move_b_opt - premium_total
+    portfolio_at_b_opt = opt_net_at_b_opt - move_b_opt * PERP_COINS
+
+    # 组合净利 = 目标
+    edge = opt_coins - PERP_COINS
+    if edge <= 0:
+        move_b_port = None
+        port_err = "期权币数须大于永续币数,组合才能在方向对时赚到目标盈利"
+    else:
+        move_b_port = (target + premium_total) / edge
+        port_err = None
+    if move_b_port is not None:
+        opt_net_at_b_port = opt_coins * move_b_port - premium_total
+        portfolio_at_b_port = opt_net_at_b_port - move_b_port * PERP_COINS
+    else:
+        opt_net_at_b_port = None
+        portfolio_at_b_port = None
+
+    return {
+        "calc_mode": "points",
+        "base": b,
+        "spot": round(s, 8),
+        "capital_usdt": round(capital, 8),
+        "target_profit_u": round(target, 8),
+        "ratio_perp": round(rp, 8),
+        "ratio_opt": round(ro, 8),
+        "ratio_label": f"{_fmt_ratio(rp)}:{_fmt_ratio(ro)}",
+        "perp_coins": PERP_COINS,
+        "opt_coins": round(opt_coins, 8),
+        "opt_sheets": round(opt_sheets, 8),
+        "perp_leverage": round(p_lev, 8),
+        "option_leverage": round(o_lev, 8),
+        "ct_mult": ct,
+        "prem_per_coin": round(prem_per_coin, 8),
+        "premium_total_u": round(premium_total, 8),
+        "fee_rate": fee_rate,
+        "perp_margin_u": round(margin, 8),
+        "capital_ok": bool(capital >= margin),
+        "case_a": {
+            "label": "永续方向对",
+            "move_points": round(move_a, 8),
+            "move_pct": round(move_a / s * 100.0, 8),
+            "perp_pnl_u": round(move_a * PERP_COINS, 8),
+            "premium_u": round(premium_total, 8),
+            "fee_u": round(fee_a, 8),
+            "net_u": round(net_a, 8),
+        },
+        "case_b": {
+            "label": "期权方向对",
+            "move_points_opt_net": round(move_b_opt, 8),
+            "move_pct_opt_net": round(move_b_opt / s * 100.0, 8),
+            "opt_net_u": round(opt_net_at_b_opt, 8),
+            "portfolio_net_at_opt_target_u": round(portfolio_at_b_opt, 8),
+            "move_points_portfolio": None if move_b_port is None else round(move_b_port, 8),
+            "move_pct_portfolio": None
+            if move_b_port is None
+            else round(move_b_port / s * 100.0, 8),
+            "opt_net_at_portfolio_target_u": None
+            if opt_net_at_b_port is None
+            else round(opt_net_at_b_port, 8),
+            "portfolio_net_u": None if portfolio_at_b_port is None else round(portfolio_at_b_port, 8),
+            "portfolio_error": port_err,
+            "premium_u": round(premium_total, 8),
+        },
+    }, None
+
+
+def _fmt_ratio(v: float) -> str:
+    if abs(v - round(v)) < 1e-9:
+        return str(int(round(v)))
+    s = f"{v:.4f}".rstrip("0").rstrip(".")
+    return s
+
+
+def calc_perp_options(
+    *,
+    calc_mode: str = "size",
+    **kwargs: Any,
+) -> Tuple[Optional[dict[str, Any]], Optional[str]]:
+    """统一入口:size=由波动推仓位;points=由比例推点数."""
+    mode = (calc_mode or "size").strip().lower()
+    if mode in ("points", "ratio", "move"):
+        return calc_perp_options_points(**kwargs)
+    # size mode: ignore ratio kwargs if present
+    kwargs.pop("ratio_perp", None)
+    kwargs.pop("ratio_opt", None)
+    return calc_perp_options_hedge(**kwargs)

manual_trading_hub/hub.py

@@ -1270,15 +1270,18 @@ class RollCalculatorBody(BaseModel):
 
 
 class PerpOptionsCalculatorBody(BaseModel):
+    calc_mode: str = "size"
     base: str = "ETH"
     spot: float = Field(gt=0)
     capital_usdt: float = Field(gt=0)
     target_profit_u: float = Field(ge=0)
     move_mode: str = "points"
-    move_value: float = Field(gt=0)
+    move_value: float | None = None
     perp_leverage: float = Field(gt=0)
     option_leverage: float = Field(gt=0)
     ct_mult: float = Field(default=0.01, gt=0)
+    ratio_perp: float = Field(default=1.0, gt=0)
+    ratio_opt: float = Field(default=2.0, gt=0)
 
 
 class CompareOptionLegBody(BaseModel):
@@ -1364,19 +1367,37 @@ def api_calculator_roll(body: RollCalculatorBody):
 
 @app.post("/api/calculator/perp-options")
 def api_calculator_perp_options(body: PerpOptionsCalculatorBody):
-    from lib.hub.hub_perp_options_calc_lib import calc_perp_options_hedge
+    from lib.hub.hub_perp_options_calc_lib import calc_perp_options
 
-    data, err = calc_perp_options_hedge(
-        base=body.base,
-        spot=body.spot,
-        capital_usdt=body.capital_usdt,
-        target_profit_u=body.target_profit_u,
-        move_mode=body.move_mode,
-        move_value=body.move_value,
-        perp_leverage=body.perp_leverage,
-        option_leverage=body.option_leverage,
-        ct_mult=body.ct_mult,
-    )
+    mode = (body.calc_mode or "size").strip().lower()
+    if mode in ("points", "ratio", "move"):
+        data, err = calc_perp_options(
+            calc_mode="points",
+            base=body.base,
+            spot=body.spot,
+            capital_usdt=body.capital_usdt,
+            target_profit_u=body.target_profit_u,
+            perp_leverage=body.perp_leverage,
+            option_leverage=body.option_leverage,
+            ct_mult=body.ct_mult,
+            ratio_perp=body.ratio_perp,
+            ratio_opt=body.ratio_opt,
+        )
+    else:
+        if body.move_value is None or body.move_value <= 0:
+            return JSONResponse({"ok": False, "msg": "请填写波动数值"}, status_code=400)
+        data, err = calc_perp_options(
+            calc_mode="size",
+            base=body.base,
+            spot=body.spot,
+            capital_usdt=body.capital_usdt,
+            target_profit_u=body.target_profit_u,
+            move_mode=body.move_mode,
+            move_value=body.move_value,
+            perp_leverage=body.perp_leverage,
+            option_leverage=body.option_leverage,
+            ct_mult=body.ct_mult,
+        )
     if err:
         return JSONResponse({"ok": False, "msg": err}, status_code=400)
     return {"ok": True, "data": data}

manual_trading_hub/static/calculator.js

@@ -575,6 +575,10 @@
   function renderPerpOptionsResult(data) {
     const box = $("calc-po-result");
     if (!box) return;
+    if ((data.calc_mode || "size") === "points") {
+      renderPerpOptionsPointsResult(data);
+      return;
+    }
     const a = data.case_a || {};
     const b = data.case_b || {};
     const capitalHint = data.capital_ok
@@ -662,9 +666,124 @@
       "</div></section></div>";
   }
 
+  function renderPerpOptionsPointsResult(data) {
+    const box = $("calc-po-result");
+    if (!box) return;
+    const a = data.case_a || {};
+    const b = data.case_b || {};
+    const capitalHint = data.capital_ok
+      ? "资金充足(参考)"
+      : "保证金高于交易资金(仅提示)";
+    let caseB =
+      '<section class="calc-po-case">' +
+      "<h4>情景 B · 期权方向对</h4>" +
+      '<div class="calc-summary">' +
+      "<div><span>所需点数(期权净利=目标)</span><strong>" +
+      fmt(b.move_points_opt_net, 4) +
+      " · " +
+      fmt(b.move_pct_opt_net, 4) +
+      "%</strong></div>" +
+      "<div><span>期权净利</span><strong class=\"" +
+      pnlClass(b.opt_net_u) +
+      '">' +
+      fmtU(b.opt_net_u) +
+      "</strong></div>" +
+      "<div><span>此时组合净利</span><strong class=\"" +
+      pnlClass(b.portfolio_net_at_opt_target_u) +
+      '">' +
+      fmtU(b.portfolio_net_at_opt_target_u) +
+      "</strong></div>";
+    if (b.move_points_portfolio != null) {
+      caseB +=
+        "<div><span>所需点数(组合净利=目标)</span><strong>" +
+        fmt(b.move_points_portfolio, 4) +
+        " · " +
+        fmt(b.move_pct_portfolio, 4) +
+        "%</strong></div>" +
+        "<div><span>组合净利</span><strong class=\"" +
+        pnlClass(b.portfolio_net_u) +
+        '">' +
+        fmtU(b.portfolio_net_u) +
+        "</strong></div>" +
+        "<div><span>此时期权净利</span><strong class=\"" +
+        pnlClass(b.opt_net_at_portfolio_target_u) +
+        '">' +
+        fmtU(b.opt_net_at_portfolio_target_u) +
+        "</strong></div>";
+    } else if (b.portfolio_error) {
+      caseB +=
+        '<div class="calc-field-span2"><span>组合达目标</span><strong class="calc-market-err">' +
+        esc(b.portfolio_error) +
+        "</strong></div>";
+    }
+    caseB += "</div></section>";
+
+    box.classList.remove("hidden");
+    box.innerHTML =
+      '<div class="calc-summary">' +
+      "<div><span>标的</span><strong>" +
+      esc(data.base || "—") +
+      " · 比例 " +
+      esc(data.ratio_label || "—") +
+      "</strong></div>" +
+      "<div><span>仓位</span><strong>永续 " +
+      fmtTrim(data.perp_coins, 4) +
+      " 币 / 期权 " +
+      fmtTrim(data.opt_coins, 4) +
+      " 币(" +
+      fmtTrim(data.opt_sheets, 2) +
+      " 张)</strong></div>" +
+      "<div><span>单币权利金</span><strong>" +
+      fmt(data.prem_per_coin, 4) +
+      "U</strong></div>" +
+      "<div><span>权利金总额</span><strong>" +
+      fmt(data.premium_total_u, 4) +
+      "U</strong></div>" +
+      "<div><span>目标盈利</span><strong>" +
+      fmt(data.target_profit_u, 2) +
+      "U</strong></div>" +
+      "<div><span>永续保证金</span><strong>" +
+      fmt(data.perp_margin_u, 2) +
+      "U</strong></div>" +
+      "<div><span>开仓参考</span><strong>" +
+      esc(capitalHint) +
+      "</strong></div>" +
+      "</div>" +
+      '<div class="calc-po-cases">' +
+      '<section class="calc-po-case">' +
+      "<h4>情景 A · 永续方向对</h4>" +
+      '<div class="calc-summary">' +
+      "<div><span>所需波动点数</span><strong>" +
+      fmt(a.move_points, 4) +
+      " · " +
+      fmt(a.move_pct, 4) +
+      "%</strong></div>" +
+      "<div><span>永续盈亏</span><strong class=\"" +
+      pnlClass(a.perp_pnl_u) +
+      '">' +
+      fmtU(a.perp_pnl_u) +
+      "</strong></div>" +
+      "<div><span>权利金(全亏)</span><strong>" +
+      fmt(a.premium_u, 4) +
+      "U</strong></div>" +
+      "<div><span>手续费</span><strong>" +
+      fmt(a.fee_u, 4) +
+      "U</strong></div>" +
+      "<div><span>净利</span><strong class=\"" +
+      pnlClass(a.net_u) +
+      '">' +
+      fmtU(a.net_u) +
+      "</strong></div>" +
+      "</div></section>" +
+      caseB +
+      "</div>";
+  }
+
   async function submitPerpOptions(e) {
     e.preventDefault();
+    const calcMode = ($("calc-po-calc-mode") && $("calc-po-calc-mode").value) || "size";
     const body = {
+      calc_mode: calcMode,
       base: ($("calc-po-base") && $("calc-po-base").value) || "ETH",
       spot: num("calc-po-spot"),
       capital_usdt: num("calc-po-capital"),
@@ -674,6 +793,8 @@
       perp_leverage: num("calc-po-perp-lev"),
       option_leverage: num("calc-po-opt-lev"),
       ct_mult: num("calc-po-ct-mult") || 0.01,
+      ratio_perp: num("calc-po-ratio-perp") || 1,
+      ratio_opt: num("calc-po-ratio-opt") || 2,
     };
     try {
       const r = await fetch("/api/calculator/perp-options", {
@@ -699,6 +820,22 @@
     if (lab) lab.textContent = mode === "pct" ? "波动率 %" : "波动点数";
   }
 
+  function syncPoCalcMode() {
+    const mode = ($("calc-po-calc-mode") && $("calc-po-calc-mode").value) || "size";
+    const points = mode === "points";
+    page.querySelectorAll(".calc-po-size-only").forEach(function (el) {
+      el.classList.toggle("hidden", points);
+    });
+    page.querySelectorAll(".calc-po-points-only").forEach(function (el) {
+      el.classList.toggle("hidden", !points);
+    });
+    const moveInput = $("calc-po-move");
+    if (moveInput) {
+      if (points) moveInput.removeAttribute("required");
+      else moveInput.setAttribute("required", "required");
+    }
+  }
+
   function applyCalcTab(tab) {
     const t = tab === "roll" || tab === "po" ? tab : "trend";
     const layout = page.querySelector(".calc-layout");
@@ -739,6 +876,7 @@
     const poForm = $("calc-po-form");
     const dirSel = $("calc-trend-direction");
     const poMode = $("calc-po-move-mode");
+    const poCalcMode = $("calc-po-calc-mode");
     if (trendForm) trendForm.addEventListener("submit", submitTrend);
     if (rollForm) rollForm.addEventListener("submit", submitRoll);
     if (poForm) poForm.addEventListener("submit", submitPerpOptions);
@@ -750,6 +888,10 @@
       poMode.addEventListener("change", syncPoMoveLabel);
       syncPoMoveLabel();
     }
+    if (poCalcMode) {
+      poCalcMode.addEventListener("change", syncPoCalcMode);
+      syncPoCalcMode();
+    }
     bindRollLegsUI();
     bindMarket("calc-trend");
     bindMarket("calc-roll");

manual_trading_hub/static/index.html

@@ -966,9 +966,16 @@
           <div class="calc-pane-split">
             <div class="calc-input-panel">
               <h2>永期对冲计算器</h2>
-              <p class="calc-hint">永续固定 1 币;单币权利金 = 现价 / 期权杠杆;权利金按全亏;只扣永续开平手续费(各 0.05%).主要反推期权开仓币数/张数.</p>
+              <p class="calc-hint">永续固定 1 币;单币权利金 = 现价 / 期权杠杆;权利金按全亏;只扣永续开平手续费(各 0.05%).「推仓位」由波动反推期权数量;「推点数」按永续:期权比例反推达目标盈利所需波动.</p>
               <form id="calc-po-form" class="calc-form">
                 <div class="calc-form-grid">
+                  <label class="calc-field">
+                    <span>测算模式</span>
+                    <select id="calc-po-calc-mode">
+                      <option value="size" selected>由波动推期权仓位</option>
+                      <option value="points">由比例推波动点数</option>
+                    </select>
+                  </label>
                   <label class="calc-field">
                     <span>币种</span>
                     <select id="calc-po-base">
@@ -988,16 +995,24 @@
                     <span>目标盈利 (U)</span>
                     <input id="calc-po-target" type="number" min="0" step="any" value="15" required />
                   </label>
-                  <label class="calc-field">
+                  <label class="calc-field calc-po-size-only">
                     <span>波动模式</span>
                     <select id="calc-po-move-mode">
                       <option value="points" selected>波动点数</option>
                       <option value="pct">波动率 %</option>
                     </select>
                   </label>
-                  <label class="calc-field">
+                  <label class="calc-field calc-po-size-only">
                     <span id="calc-po-move-label">波动点数</span>
-                    <input id="calc-po-move" type="number" min="0" step="any" value="50" required />
+                    <input id="calc-po-move" type="number" min="0" step="any" value="50" />
+                  </label>
+                  <label class="calc-field calc-po-points-only hidden">
+                    <span>永续比例</span>
+                    <input id="calc-po-ratio-perp" type="number" min="0.01" step="any" value="1" />
+                  </label>
+                  <label class="calc-field calc-po-points-only hidden">
+                    <span>期权比例</span>
+                    <input id="calc-po-ratio-opt" type="number" min="0.01" step="any" value="2" />
                   </label>
                   <label class="calc-field">
                     <span>永续杠杆</span>
@@ -1740,7 +1755,7 @@
   <script src="/assets/chart_draw.js?v=20260720-option-day-1600"></script>
   <script src="/assets/chart.js?v=20260720-option-day-1600"></script>
   <script src="/assets/plan.js?v=20260720-autofill"></script>
-  <script src="/assets/calculator.js?v=20260728-po-calc"></script>
+  <script src="/assets/calculator.js?v=20260728-po-points"></script>
   <script src="/assets/compare.js?v=20260723-compare"></script>
   <script src="/assets/trade_stats_calendar.js?v=3"></script>
   <script src="/assets/archive.js?v=20260724-opt-archive"></script>

tests/test_hub_perp_options_calc_lib.py

@@ -2,7 +2,11 @@
 
 import unittest
 
-from lib.hub.hub_perp_options_calc_lib import calc_perp_options_hedge
+from lib.hub.hub_perp_options_calc_lib import (
+    calc_perp_options,
+    calc_perp_options_hedge,
+    calc_perp_options_points,
+)
 
 
 class HubPerpOptionsCalcTests(unittest.TestCase):
@@ -81,6 +85,52 @@ class HubPerpOptionsCalcTests(unittest.TestCase):
         self.assertIsNone(data)
         self.assertIsNotNone(err)
 
+    def test_points_ratio_1_to_2(self):
+        # spot=1800, optLev=100 → prem/coin=18; ratio 1:2 → opt=2, premium=36
+        # A: move = (15+36+2*1800*0.0005)/(1-0.0005) = (51+1.8)/0.9995
+        data, err = calc_perp_options_points(
+            base="ETH",
+            spot=1800,
+            capital_usdt=3000,
+            target_profit_u=15,
+            perp_leverage=10,
+            option_leverage=100,
+            ratio_perp=1,
+            ratio_opt=2,
+            ct_mult=0.01,
+        )
+        self.assertIsNone(err)
+        assert data is not None
+        self.assertEqual(data["calc_mode"], "points")
+        self.assertEqual(data["opt_coins"], 2.0)
+        self.assertEqual(data["premium_total_u"], 36.0)
+        expect_a = (15 + 36 + 2 * 1800 * 0.0005) / 0.9995
+        self.assertAlmostEqual(data["case_a"]["move_points"], expect_a, places=6)
+        self.assertAlmostEqual(data["case_a"]["net_u"], 15.0, places=5)
+        # 期权净利=目标: (15+36)/2 = 25.5
+        self.assertAlmostEqual(data["case_b"]["move_points_opt_net"], 25.5, places=6)
+        self.assertAlmostEqual(data["case_b"]["opt_net_u"], 15.0, places=6)
+        # 组合净利=目标: (15+36)/(2-1) = 51
+        self.assertAlmostEqual(data["case_b"]["move_points_portfolio"], 51.0, places=6)
+        self.assertAlmostEqual(data["case_b"]["portfolio_net_u"], 15.0, places=6)
+
+    def test_points_ratio_1_to_1_no_portfolio(self):
+        data, err = calc_perp_options(
+            calc_mode="points",
+            base="ETH",
+            spot=1800,
+            capital_usdt=3000,
+            target_profit_u=15,
+            perp_leverage=10,
+            option_leverage=100,
+            ratio_perp=1,
+            ratio_opt=1,
+        )
+        self.assertIsNone(err)
+        assert data is not None
+        self.assertIsNone(data["case_b"]["move_points_portfolio"])
+        self.assertIsNotNone(data["case_b"]["portfolio_error"])
+
 
 if __name__ == "__main__":
     unittest.main()