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
+    exit_mode = str(
-    database.set_setting("exit_mode", "fixed_usdt")
+        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,

control/frontend/src/pages/Monitor.tsx

@@ -208,10 +208,13 @@ function riskLines(strat: Record<string, unknown>): RiskLines {
     const minH = Number(
       strat.oo_min_option_hours ?? strat.min_option_hours,
     );
+    const ampFilt = strat.oo_amplitude_filter_enabled === true;
     const amp =
       Number.isFinite(ampN) && Number.isFinite(ampH)
-        ? `≤${fmt(ampN, ampN % 1 === 0 ? 0 : 1)}%·${fmt(ampH, 0)}h`
+        ? ampFilt
-        : "≤—";
+          ? `≤${fmt(ampN, ampN % 1 === 0 ? 0 : 1)}%·${fmt(ampH, 0)}h`
+          : `${fmt(ampH, 0)}h`
+        : "—";
     const callQ =
       strat.risk_sizing_preview &&
       typeof strat.risk_sizing_preview === "object" &&
@@ -246,13 +249,15 @@ function riskLines(strat: Record<string, unknown>): RiskLines {
       isOo: true,
       sizing: riskBased ? "以损定仓(A)" : "手动开仓(B)",
       sizingShort: riskBased ? "A" : "B",
-      lossPct: Number.isFinite(ampN)
+      lossPct: ampFilt && Number.isFinite(ampN)
         ? `≤${fmt(ampN, ampN % 1 === 0 ? 0 : 1)}%`
         : null,
       exit,
       openRatio,
       riskOrOpen: `${amp}/${openRatio}/${minHours}`,
-      riskOrOpenTitle: "振幅上限·回看 / Call:Put 数量 / 最短剩余(h)",
+      riskOrOpenTitle: ampFilt
+        ? "振幅上限·回看 / Call:Put 数量 / 最短剩余(h)"
+        : "振幅回看 / Call:Put 数量 / 最短剩余(h)",
       minHours,
       leverage,
       leverageTitle: "期期单腿最低杠杆",
@@ -261,7 +266,12 @@ function riskLines(strat: Record<string, unknown>): RiskLines {
 
   const exitMode = String(strat.exit_mode || "fixed_usdt");
   let exit: string;
-  if (riskBased) {
+  if (riskBased && exitMode === "premium_multiple") {
+    exit =
+      strat.premium_exit_multiple != null
+        ? `权利金×${fmt(strat.premium_exit_multiple, 2)}`
+        : "权利金×—";
+  } else if (riskBased) {
     exit =
       strat.risk_exit_unit != null && Number.isFinite(Number(strat.risk_exit_unit))
         ? `基数${unitLabel(strat.risk_exit_unit)}`

frontend/src/pages/Plan.tsx

@@ -216,7 +216,11 @@ export default function PlanPage() {
         }${fmt(ooRatio, 1)}）`
       : `净盈≥预算×${fmt(ooRatio, 1)}（达标只平盈利腿）`
     : exitMode === "premium_multiple"
-      ? `权利金×${fmt(plan?.premium_exit_multiple ?? 1, 2)}`
+      ? riskBased
+        ? exitTarget != null
+          ? `${riskLocked ? "锁定 " : ""}净盈≥${fmt(exitTarget)} U（权利金×${fmt(plan?.premium_exit_multiple ?? 1, 2)}）`
+          : `权利金×${fmt(plan?.premium_exit_multiple ?? 1, 2)}（开仓后锁定）`
+        : `权利金×${fmt(plan?.premium_exit_multiple ?? 1, 2)}`
       : riskBased
         ? exitTarget != null
           ? `${riskLocked ? "锁定 " : "固定 "}${fmt(exitTarget)} U（基数${fmt(plan?.risk_exit_unit ?? 15)}）`

frontend/src/pages/Settings.tsx

@@ -376,8 +376,7 @@ export default function SettingsPage() {
     try {
       const body: Record<string, unknown> = {
         fee_rate: fee,
-        exit_mode:
+        exit_mode: oo ? "fixed_usdt" : exitMode,
-          oo || sizingMode === "risk_based" ? "fixed_usdt" : exitMode,
         premium_exit_multiple: premMult,
         rest_seconds: rest,
         live_order_interval_sec: orderInterval,
@@ -1029,10 +1028,23 @@ export default function SettingsPage() {
                               pk != null
                                 ? Number((riskOptUnit * pk).toFixed(4))
                                 : riskPreview.option_qty_eth;
+                            const premEst = Number(riskPreview.premium_est);
                             const exit =
-                              pk != null
+                              exitMode === "premium_multiple"
-                                ? Number((riskExitUnit * pk).toFixed(2))
+                                ? Number.isFinite(premEst)
-                                : riskPreview.net_profit_target;
+                                  ? Number(
+                                      (
+                                        premEst * Number(premMult || 1)
+                                      ).toFixed(2),
+                                    )
+                                  : riskPreview.net_profit_target
+                                : pk != null
+                                  ? Number((riskExitUnit * pk).toFixed(2))
+                                  : riskPreview.net_profit_target;
+                            const exitDisp =
+                              exitMode === "premium_multiple"
+                                ? `权利金×${Number(premMult || 1)}≈${exit ?? "—"}`
+                                : String(exit ?? "—");
                             const budS = Number.isFinite(bud)
                               ? bud.toFixed(2)
                               : "—";
@@ -1076,7 +1088,7 @@ export default function SettingsPage() {
                                 } · Put≈${
                                   riskPreview.put_qty_eth ?? "—"
                                 } · 出场=预算×${ooRewardRatio}${mgS}`
-                              : `k=${pk ?? "—"} · 预算=${budS}U · 估亏=${mxS}U · 永续=${perp ?? "—"} · 期权=${opt ?? "—"} · 出场=${exit ?? "—"}${basisS}${mgS}`;
+                              : `k=${pk ?? "—"} · 预算=${budS}U · 估亏=${mxS}U · 永续=${perp ?? "—"} · 期权=${opt ?? "—"} · 出场=${exitDisp}${basisS}${mgS}`;
                           })()}
                         </div>
                       </div>
@@ -1120,9 +1132,72 @@ export default function SettingsPage() {
                           }}
                         />
                       </div>
+                      <div className="field">
+                        <label htmlFor="riskExitKind">出场资金</label>
+                        <select
+                          id="riskExitKind"
+                          className="mono"
+                          value={
+                            exitMode === "premium_multiple"
+                              ? "premium_multiple"
+                              : "fixed_usdt"
+                          }
+                          onChange={(e) =>
+                            setExitMode(
+                              e.target.value === "premium_multiple"
+                                ? "premium_multiple"
+                                : "fixed_usdt",
+                            )
+                          }
+                        >
+                          <option value="fixed_usdt">基数（×k）</option>
+                          <option value="premium_multiple">权利金倍数</option>
+                        </select>
+                      </div>
+                      {exitMode === "premium_multiple" ? (
+                        <div className="field">
+                          <label htmlFor="riskPremMult">
+                            盈利权利金倍数
+                          </label>
+                          <select
+                            id="riskPremMultQuick"
+                            className="mono"
+                            value={
+                              [1, 1.5, 2, 3].some(
+                                (x) => Math.abs(x - Number(premMult)) < 1e-9,
+                              )
+                                ? String(Number(premMult))
+                                : "custom"
+                            }
+                            onChange={(e) => {
+                              if (e.target.value === "custom") return;
+                              setPremMult(Number(e.target.value));
+                            }}
+                          >
+                            <option value="1">1 倍权利金</option>
+                            <option value="1.5">1.5 倍权利金</option>
+                            <option value="2">2 倍权利金</option>
+                            <option value="3">3 倍权利金</option>
+                            <option value="custom">自定义</option>
+                          </select>
+                          <input
+                            id="riskPremMult"
+                            className="mono"
+                            style={{ marginTop: 6 }}
+                            type="number"
+                            step="0.1"
+                            min="0.1"
+                            value={premMult}
+                            onChange={(e) =>
+                              setPremMult(Number(e.target.value))
+                            }
+                          />
+                        </div>
+                      ) : (
+                        <>
                       <div className="field">
                         <label htmlFor="riskExitU">
-                          出场资金（k=1；改后按比例联动）
+                          出场基数（k=1；改后按比例联动）
                         </label>
                         <input
                           id="riskExitU"
@@ -1178,6 +1253,8 @@ export default function SettingsPage() {
                           }}
                         />
                       </div>
+                      </>
+                      )}
                         </>
                       ) : null}
                     </>
@@ -1399,10 +1476,7 @@ export default function SettingsPage() {
                     <select
                       id="exitMode"
                       className="mono"
-                      disabled={sizingMode === "risk_based"}
+                      value={exitMode}
-                      value={
-                        sizingMode === "risk_based" ? "fixed_usdt" : exitMode
-                      }
                       onChange={(e) =>
                         setExitMode(
                           e.target.value === "premium_multiple"
@@ -1411,15 +1485,19 @@ export default function SettingsPage() {
                         )
                       }
                     >
-                      <option value="fixed_usdt">固定净盈利（USDT）</option>
+                      <option value="fixed_usdt">
+                        {sizingMode === "risk_based"
+                          ? "基数（×k）"
+                          : "固定净盈利（USDT）"}
+                      </option>
                       <option value="premium_multiple">权利金倍数</option>
                     </select>
                   </div>
-                  {sizingMode === "risk_based" || exitMode === "fixed_usdt" ? (
+                  {exitMode === "fixed_usdt" ? (
                     <div className="field">
                       <label htmlFor="netTarget">
                         {sizingMode === "risk_based"
-                          ? "出场资金（k=1 基数）"
+                          ? "出场基数（k=1）"
                           : "净盈利出场目标（USDT）"}
                       </label>
                       <input
@@ -1635,6 +1713,10 @@ export default function SettingsPage() {
                           k，权利金再便宜也不放大仓位；实际杠杆按盘口卖一定仓，便宜时
                           k 会变大。
                         </li>
+                        <li>
+                          出场资金：可选「基数×k」或「权利金倍数」（如盈利 1
+                          倍/2 倍权利金）；开仓后按真实权利金锁定目标。
+                        </li>
                       </>
                     )}
                     <li>