Allow risk-based 永期 exits via premium multiple as well as base×k.

Settings UI picks 基数 or 权利金×n; sizing preview and control monitor follow.

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

backend/app/api/settings.py

@@ -524,10 +524,14 @@ async def put_strategy_settings(
         )
     ).strip().lower()
     if sizing_mode == "risk_based":
-        data["exit_mode"] = "fixed_usdt"
+        # 永期以损：允许 exit_mode=fixed_usdt（基数×k）或 premium_multiple（权利金×倍）
+        # 期期仍强制 fixed（目标由预算×盈亏比写入）
+        if hedge_mode == "option_option":
+            data["exit_mode"] = "fixed_usdt"
         data.pop("perp_qty_eth", None)
         data.pop("option_qty_eth", None)
-        data.pop("net_profit_target", None)
+        if str(data.get("exit_mode") or db.get_setting("exit_mode", "") or "").strip().lower() != "premium_multiple":
+            data.pop("net_profit_target", None)
         loss_mode = str(
             data.get(
                 "risk_loss_mode",

backend/app/strategy/risk_sizing.py

@@ -703,26 +703,42 @@ def apply_risk_sizing_to_ledger(
     if not r.ok:
         return r
 
-    # 以损定仓强制 fixed_usdt；出场 = exit_unit × k
-    database.set_setting("exit_mode", "fixed_usdt")
+    exit_mode = str(
+        ledger.get_setting_str("exit_mode", "fixed_usdt") or "fixed_usdt"
+    ).strip().lower()
+    s = get_settings()
+    prem_mult = float(
+        ledger.get_setting_float("premium_exit_multiple", s.premium_exit_multiple)
+        or s.premium_exit_multiple
+    )
     database.set_setting("perp_qty_eth", str(r.perp_qty_eth))
     database.set_setting("option_qty_eth", str(r.option_qty_eth))
-    database.set_setting("net_profit_target", str(r.net_profit_target))
     database.set_setting("risk_last_k", str(r.k))
     database.set_setting(
         "risk_last_max_loss",
         f"{r.max_loss:.2f}" if r.max_loss is not None else "",
     )
+    if exit_mode == "premium_multiple":
+        database.set_setting("exit_mode", "premium_multiple")
+        # 预估展示用：估权利金×倍数；开仓后以真实 initial_premium 锁定
+        est = float(r.premium_est or 0) * max(0.0, prem_mult)
+        if est > 0:
+            database.set_setting("net_profit_target", f"{est:.4f}")
+        exit_log = f"prem×{prem_mult:g}≈{est:.2f}"
+    else:
+        database.set_setting("exit_mode", "fixed_usdt")
+        database.set_setting("net_profit_target", str(r.net_profit_target))
+        exit_log = f"{r.net_profit_target or 0:.4f}"
     logger.info(
         "risk_sizing applied k=%.1f basis=%s sizing_ask=%.4f actual_ask=%.4f "
-        "perp=%.4f opt=%.4f exit=%.4f max_loss=%.4f budget=%.4f",
+        "perp=%.4f opt=%.4f exit=%s max_loss=%.4f budget=%.4f",
         r.k or 0,
         r.leverage_basis or "?",
         r.option_ask or 0,
         r.actual_option_ask or 0,
         r.perp_qty_eth or 0,
         r.option_qty_eth or 0,
-        r.net_profit_target or 0,
+        exit_log,
         r.max_loss or 0,
         r.budget or 0,
     )
@@ -766,6 +782,20 @@ def preview_risk_sizing(db: Database | None = None) -> dict[str, Any]:
     r = compute_risk_sizing(index_px=float(idx), option_ask=float(ask), db=database)
     perp_u, opt_u, exit_u = read_risk_units(ledger)
     mg = resolve_martingale(database, ledger=ledger)
+    s = get_settings()
+    exit_mode = str(
+        ledger.get_setting_str("exit_mode", s.exit_mode) or s.exit_mode
+    ).strip().lower()
+    prem_mult = float(
+        ledger.get_setting_float("premium_exit_multiple", s.premium_exit_multiple)
+        or s.premium_exit_multiple
+    )
+    exit_target = r.net_profit_target
+    exit_label = "基数×k"
+    if exit_mode == "premium_multiple":
+        exit_label = f"权利金×{prem_mult:g}"
+        if r.ok and r.premium_est is not None:
+            exit_target = round(float(r.premium_est) * max(0.0, prem_mult), 2)
     out.update(
         {
             "ok": r.ok,
@@ -778,7 +808,10 @@ def preview_risk_sizing(db: Database | None = None) -> dict[str, Any]:
             "max_loss": r.max_loss,
             "perp_qty_eth": r.perp_qty_eth,
             "option_qty_eth": r.option_qty_eth,
-            "net_profit_target": r.net_profit_target,
+            "net_profit_target": exit_target,
+            "exit_mode": exit_mode if exit_mode in ("fixed_usdt", "premium_multiple") else "fixed_usdt",
+            "premium_exit_multiple": prem_mult,
+            "exit_label": exit_label,
             "index_px": r.index_px,
             "option_ask": r.option_ask,
             "actual_option_ask": r.actual_option_ask,