> ## Documentation Index
> Fetch the complete documentation index at: https://docs.sporttoken.app/llms.txt
> Use this file to discover all available pages before exploring further.

# 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).

<Note>
  A positive position value means the vault is expected to pay out. A negative value means expected profit.
</Note>

### 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

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

## 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.