Positions

Vault Positions

The LP page displays all active positions the vault holds, giving LPs full transparency into the protocol’s exposure and risk.

Position Dashboard

The positions table shows every active bet the vault is counterparty to:

Field	Description
Game	The event being bet on
Market	Moneyline, spread, or total
Side	Which outcome the bettor took
Stake	Amount wagered
Liability	Maximum payout if bettor wins
Probability	Current implied probability
Position Value	Mark-to-market value

Position Types

The vault holds positions across multiple bet types:

Sportsbook Bets

• Moneylines - Win/lose bets on games
• Spreads - Point spread bets
• Totals - Over/under bets

Parlays

• Multi-leg bets with combined odds
• Higher variance, higher fees
• Shown with all legs listed

Same Game Parlays (SGPs)

• Multiple bets on a single game
• Correlated outcomes

Fixed-Odds Events

• Custom markets and props
• User-created picks

Exposure Aggregation

Positions are grouped by:

1. Game - All bets on the same event
2. Market Type - Moneyline vs spread vs total
3. Side - Home/away or over/under

This allows LPs to see net exposure per market:

Net Exposure = Away Liability - Home Liability

If net exposure is positive, the vault profits if the home team wins. If negative, the vault profits if away wins.

Real-Time Updates

Positions update in real-time:

• Live odds feeds - Probabilities adjust as odds change
• New bets - Appear immediately when placed
• Settlements - Removed when games complete
• Cashouts - Liability decreases when users cash out

Visual Indicators

• 🔴 Red flash - Position value increased (worse for vault)
• 🟢 Green flash - Position value decreased (better for vault)
• 📈 Sparklines - Show recent price movements

Understanding Position Value

Position value uses mark-to-market accounting:

Position Value = Stake × Fair Probability

Where fair probability is the de-juiced odds (removing sportsbook margin).

A positive position value means the vault is expected to pay out. A negative value means expected profit.

Example

Bet: $100 on Lakers -3.5 at -110 odds

• Stake: $100
• Potential payout: $190.91
• Entry probability: 52.4%
• Current probability: 55%

Position value:

$190.91 × 0.55 = $105 (vault expects to pay ~$105)

If probability drops to 48%:

$190.91 × 0.48 = $91.64 (vault expects to pay ~$92)

The $13 difference is unrealized P&L for the vault.

Risk Metrics

The positions page also shows aggregate risk:

Metric	Description
Total Liability	Sum of all maximum payouts
Net Risk	Probability-weighted expected payout
Exposure by Sport	Risk breakdown by sport
Largest Positions	Highest individual exposures

Counter Parlay Positions

Counter parlays appear separately:

• Held Stakes - USDC held for counter bettors (not LP equity)
• Counter Exposure - The vault’s exposure if original parlay loses
• Countered % - How much of each parlay is countered

Higher counter percentages reduce vault risk, as users take on exposure instead of LPs.

Why Transparency Matters

Full position visibility allows LPs to:

1. Assess risk before depositing
2. Understand variance in share price
3. See diversification across markets
4. Track large exposures that could impact returns

This transparency is a core principle of SportToken - LPs always know exactly what backs their shares.