# Position Measurement

{% hint style="info" %}
This page describes how to measure user positions across Fira markets. These formulas are useful for analytics, dashboards, and integrations. **No token incentive program is currently active for Fira V1.** If a reward program is introduced in the future, these measurement methods would serve as the basis for allocation calculations.
{% endhint %}

## Fixed Rate Market

### BFR (Borrow Fixed Rate)

* **What to measure**: Net outstanding principal, expressed in USDC (par: 1 BT ≈ 1 USDC).
* **Qualification rule**: Must match a Fira Lending `Borrow` event AND a FiraMarket `Swap` BT→FW plus `FW.Redeem` to USDC in the borrow flow.
* **User value**: `userBorrowBT = LendingMarket.getUserPosition(marketParamsBT, user).borrowAssets`
* **Total value**: `totalBorrowBT = LendingMarket.market(idBT).totalBorrowAssets` (consider calling `accrueInterest(marketParamsBT)` before reading)
* **Reward share**: `userBorrowBT / totalBorrowBT`
* **Function calls**:
  * Lending: `getUserPosition(marketParamsBT, user)`, `position(idBT, user)`, `market(idBT)`; `idBT = marketParamsBT.id()`
  * Tokens/Market: `FiraMarket.readTokens()` → BT address; Market `isExpired()` for status
* **Events to index**: `EventsLib.Borrow`, `FiraMarket.Swap` (BT→FW), `IFiraWrappedStandardized.Redeem`

### BT (Held BT)

* **What to measure**: Net long BT held outside LP and lending markets; subtract borrowed BT; unit BT.
* **User value**: `userBt = IBondToken(BT).balanceOf(user) - LendingMarket.getUserPosition(marketParamsBT, user).borrowAssets`
* **Total value**: `totalBt = IERC20(BT).totalSupply() - IBondToken(BT).balanceOf(market) - IBondToken(BT).balanceOf(lendingMarket)` (exclude BT in LP and lending)
* **Reward share**: `userBt / totalBt` over the epoch (TWAP)
* **Function calls**:
  * Tokens: `IBondToken(BT).balanceOf(user)`, `IERC20(BT).totalSupply()`, `IBondToken(BT).balanceOf(market)`, `IBondToken(BT).balanceOf(lendingMarket)`
  * Lending: `getUserPosition(marketParamsBT, user).borrowAssets`

### CT (Traders and LPs)

* **What to measure**: Net long CT held outside LP/router addresses; unit CT.
* **User value**: `userCt = IBCToken(CT).balanceOf(user)` (subtract CT known to be held in LP/router escrows)
* **Total value**: `totalCt = IERC20(CT).totalSupply()`
* **Reward share**: `userCt / totalCt`
* **Function calls**:
  * Tokens: `IBCToken(CT).balanceOf(user)`, `IERC20(CT).totalSupply()`; `IBCToken(CT).bcIndexStored()` if including index context; `isExpired()` for status

{% hint style="warning" %}
Exclude expired CT. Post-expiry CT is minted but never burned, inflating `totalSupply()`. Consider filtering by excluding known router/contract addresses.
{% endhint %}

### LP (FiraMarket BT/FW pool)

* **What to measure**: LP tokens in BT/FW FiraMarket pools; unit LP (market LPT).
* **User value**: `lpUser = IERC20(market).balanceOf(user)` limited to `market` addresses
* **Total value**: `lpTotal = IERC20(market).totalSupply()` per market
* **Reward share**: `lpUser / lpTotal` (optionally weight by underlying share using `readState(router)` totals)
* **Function calls**:
  * Market: `FiraMarket.readTokens()`, `readState(router)` → totals; `observe(...)` if you need rate context; `isExpired()`
  * LP token: `IERC20(market).balanceOf(user)`, `IERC20(market).totalSupply()`

## Variable Rate Market

### VRB (Variable Rate Borrow)

* **What to measure**: USDC borrowed; unit USDC.
* **User value**: `userVrb = LendingMarket.getUserPosition(marketParamsUSDC, user).borrowAssets`
* **Total value**: `totalVrb = LendingMarket.market(idUSDC).totalBorrowAssets` (consider calling `accrueInterest(marketParamsUSDC)` before reading)
* **Reward share**: `userVrb / totalVrb`
* **Function calls**:
  * Lending (views): `getUserPosition(marketParamsUSDC, user)`, `position(idUSDC, user)`, `market(idUSDC)`; `idUSDC = marketParamsUSDC.id()`
  * Optional: `accrueInterest(marketParamsUSDC)` to update totals before reading `market(idUSDC)`
  * Oracle: `IOracle.price()` (used for health checks; optional for rewards)

### VRL (Variable Rate Lending via vault)

* **What to measure**: USDC lent into the variable-rate vault; unit USDC.
* **User value**: `userVrl = ISisuVault.convertToAssets(ISisuVault.balanceOf(user))`
* **Total value**: `totalVrl = ISisuVault.totalAssets()` (or Σ users' assets for sub-set accounting)
* **Reward share**: `userVrl / totalVrl`
* **Function calls**: `ISisuVault.balanceOf(user)`, `convertToAssets(shares)`, `totalAssets()`, `totalSupply()`

## Indexing notes

* Lending market functions use `MarketParams` and derive `Id` via `marketParams.id()` off-chain or in-contract; to query data you can use `idToMarketParams(id)`.
* For indexing, include `user` as indexed topic when available (e.g., FW `Deposit/Redeem`, Lending events include `onBehalf`/`borrower`).
* CT interface is `IBCToken` (not `IPYieldToken`). Key view functions: `bcIndexStored()`, `bcIndexCurrent()`, `isExpired()`, `getPostExpiryData()`.


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