Enforce maker min notional

Proof: strategy now enforces DB-backed pair min_notional and verifies rounded gross edge remains at or above configured edge before emitting commands; dust exact-out quotes persist as strategy skips instead of relay attempts.

Assumptions: 1 USD/EUR-equivalent minimum is an approved strategy policy for active maker pairs; this changes only stricter DB-backed strategy gating and does not loosen edge, max notional, inventory, arming, pair enablement, or response-age behavior.

Still fake: venue-native terminal fill ids and fee-complete realized PnL remain unavailable.

src/apps/operator-dashboard.mjs

@@ -645,6 +645,7 @@ async function invokeControl(control, body) {
       pairId: body.pair_id || body.pair,
       edgeBps: Number(body.edge_bps),
       maxNotional: body.max_notional,
+      minNotional: bodyField(body, 'min_notional', 'minNotional'),
       requestDefaultNotional: bodyField(body, 'request_default_notional', 'requestDefaultNotional'),
       requestMaxNotional: bodyField(body, 'request_max_notional', 'requestMaxNotional'),
       requestMaxSlippageBps: bodyField(body, 'request_max_slippage_bps', 'requestMaxSlippageBps'),
@@ -677,6 +678,7 @@ async function invokeControl(control, body) {
       mode: body.mode,
       edgeBps: body.edge_bps,
       maxNotional: body.max_notional,
+      minNotional: bodyField(body, 'min_notional', 'minNotional'),
       requestDefaultNotional: bodyField(body, 'request_default_notional', 'requestDefaultNotional'),
       requestMaxNotional: bodyField(body, 'request_max_notional', 'requestMaxNotional'),
       requestMaxSlippageBps: bodyField(body, 'request_max_slippage_bps', 'requestMaxSlippageBps'),

src/apps/strategy-engine.mjs

@@ -302,6 +302,7 @@ const controlApi = startControlApi({
           pairId,
           edgeBps,
           maxNotional: body.max_notional,
+          minNotional: body.min_notional,
           makerMaxQuoteAgeEnabled: body.maker_max_quote_age_enabled,
           makerMaxQuoteAgeMs: body.maker_max_quote_age_ms,
           makerLatencyPolicyReason: body.maker_latency_policy_reason,

src/core/operator-dashboard.mjs

@@ -1106,6 +1106,7 @@ const HUMAN_REASON_TEXT = {
   executor_disarmed: 'Executor is disarmed.',
   executor_paused: 'Executor intake is paused.',
   inventory_unavailable: 'Inventory unavailable.',
+  min_notional_not_met: 'Below minimum notional.',
   maker_quote_age_unavailable: 'Maker quote age is unavailable.',
   maker_quote_response_policy_invalid: 'Maker response-age policy is invalid.',
   maker_quote_too_old: 'Maker quote is too old for the configured response-age policy.',

src/core/strategy.mjs

@@ -17,6 +17,8 @@ import {
   quoteAgeMsAt,
 } from './maker-timing.mjs';
 
+const EDGE_EPSILON_PCT = 1e-9;
+
 export function evaluateTradeOpportunity({
   demandEvent,
   priceEvent,
@@ -32,6 +34,7 @@ export function evaluateTradeOpportunity({
   const pairRuntime = resolvePairRuntime({ payload, config, thresholdPct, maxNotional });
   const effectiveThresholdPct = pairRuntime.thresholdPct ?? thresholdPct;
   const effectiveMaxNotional = pairRuntime.maxNotional ?? maxNotional;
+  const effectiveMinNotional = pairRuntime.minNotional ?? 0;
   const legacyEureNotional = isLegacyEureNotional({ pairRuntime, config });
   const decisionId = crypto.randomUUID();
   const decisionAt = new Date(now).toISOString();
@@ -53,9 +56,7 @@ export function evaluateTradeOpportunity({
       ? null
       : String(pairRuntime.strategyConfig.edgeBps),
     max_notional: effectiveMaxNotional == null ? null : String(effectiveMaxNotional),
-    min_notional: pairRuntime.strategyConfig?.minNotional == null
+    min_notional: String(effectiveMinNotional),
-      ? null
-      : String(pairRuntime.strategyConfig.minNotional),
     price_route_id: pairRuntime.priceRoute?.routeId || null,
     direction: pairRuntime.direction,
     request_kind: payload.request_kind,
@@ -135,6 +136,7 @@ export function evaluateTradeOpportunity({
     pairRuntime,
     thresholdPct: effectiveThresholdPct,
     maxNotional: effectiveMaxNotional,
+    minNotional: effectiveMinNotional,
   });
 
   if (!buildResult.ok) {
@@ -269,6 +271,7 @@ function buildQuote({
   pairRuntime = null,
   thresholdPct,
   maxNotional,
+  minNotional = 0,
 }) {
   const direction = pairRuntime?.direction || classifyPairDirection({
     assetIn: demand.asset_in,
@@ -342,6 +345,8 @@ function buildQuote({
       notionalAssetId,
       notionalSymbol: notionalAsset?.symbol || null,
       maxNotional,
+      minNotional,
+      thresholdPct,
       legacyEureNotional,
       proposedAmountOut: proposedOutputUnits,
       impliedRate,
@@ -394,6 +399,8 @@ function buildQuote({
       notionalAssetId,
       notionalSymbol: notionalAsset?.symbol || null,
       maxNotional,
+      minNotional,
+      thresholdPct,
       legacyEureNotional,
       proposedAmountIn: proposedInputUnits,
       proposedAmountOut: demand.amount_out,
@@ -423,6 +430,8 @@ function finalizeQuote({
   notionalAssetId = null,
   notionalSymbol = null,
   maxNotional,
+  minNotional = 0,
+  thresholdPct,
   legacyEureNotional = false,
   proposedAmountIn = null,
   proposedAmountOut = null,
@@ -469,6 +478,14 @@ function finalizeQuote({
     return { ok: false, reason: 'invalid_pricing', details: reasonBase };
   }
 
+  if (Number.isFinite(thresholdPct) && grossEdgePct + EDGE_EPSILON_PCT < thresholdPct) {
+    return { ok: false, reason: 'below_edge_threshold', details: reasonBase };
+  }
+
+  if (Number.isFinite(minNotional) && quoteNotional < minNotional) {
+    return { ok: false, reason: 'min_notional_not_met', details: reasonBase };
+  }
+
   if (quoteNotional > maxNotional) {
     return { ok: false, reason: 'max_notional_exceeded', details: reasonBase };
   }
@@ -626,6 +643,7 @@ function resolvePairRuntime({
     assetOut: pair.assetOut,
     thresholdPct: Number(pair.strategyConfig.edgeBps) / 100,
     maxNotional: Number(pair.strategyConfig.maxNotional),
+    minNotional: Number(pair.strategyConfig.minNotional ?? 0),
     priceMaxAgeMs: Number(pair.strategyConfig.priceMaxAgeMs),
     inventoryMaxAgeMs: Number(pair.strategyConfig.inventoryMaxAgeMs),
   };
@@ -649,6 +667,7 @@ function blockedPairRuntime(pair, config, reason) {
     maxNotional: pair?.strategyConfig
       ? Number(pair.strategyConfig.maxNotional)
       : (config.strategyMaxNotional ?? config.strategyMaxNotionalEure),
+    minNotional: pair?.strategyConfig ? Number(pair.strategyConfig.minNotional ?? 0) : 0,
     priceMaxAgeMs: pair?.strategyConfig ? Number(pair.strategyConfig.priceMaxAgeMs) : config.strategyPriceMaxAgeMs,
     inventoryMaxAgeMs: pair?.strategyConfig ? Number(pair.strategyConfig.inventoryMaxAgeMs) : config.strategyInventoryMaxAgeMs,
   };

src/lib/postgres.mjs

@@ -768,6 +768,7 @@ export async function createPairStrategyConfigVersion(pool, {
       throw new Error('edge_bps must be a positive integer');
     }
     const nextMaxNotional = positiveNumberStringOrDefault(maxNotional, active.max_notional, 'max_notional');
+    const nextMinNotional = nonNegativeNumberStringOrDefault(minNotional, active.min_notional, 'min_notional');
 
     const nextConfig = {
       configId: `${resolvedPairId}:v${nextVersion}`,
@@ -775,7 +776,7 @@ export async function createPairStrategyConfigVersion(pool, {
       version: nextVersion,
       edgeBps: nextEdgeBps,
       maxNotional: nextMaxNotional,
-      minNotional: minNotional == null ? String(active.min_notional) : String(minNotional),
+      minNotional: nextMinNotional,
       slippageBps: slippageBps == null ? Number(active.slippage_bps) : Number(slippageBps),
       minDeadlineMs: minDeadlineMs == null ? Number(active.min_deadline_ms) : Number(minDeadlineMs),
       priceMaxAgeMs: priceMaxAgeMs == null ? Number(active.price_max_age_ms) : Number(priceMaxAgeMs),
@@ -808,6 +809,7 @@ export async function createPairStrategyConfigVersion(pool, {
       createdBy: changedBy,
       reason,
     };
+    validateStrategyNotionalBounds(nextConfig);
     validateMakerQuoteAgePolicy(nextConfig);
 
     await client.query(
@@ -1138,6 +1140,12 @@ function buildTradingConfigSnapshot({
     if (strategyConfig && !(Number(strategyConfig.maxNotional) > 0)) {
       blockReasons.push('max_notional_invalid');
     }
+    if (strategyConfig && !(Number(strategyConfig.minNotional) >= 0)) {
+      blockReasons.push('min_notional_invalid');
+    }
+    if (strategyConfig && Number(strategyConfig.minNotional) > Number(strategyConfig.maxNotional)) {
+      blockReasons.push('min_notional_exceeds_max_notional');
+    }
 
     const observeEnabled = pairCanObserve(pair);
     const makerEnabled = pairCanMake(pair);
@@ -1441,6 +1449,7 @@ function buildInitialPairStrategyConfig(pairId, {
         ? baseConfig.makerLatencyPolicyReason
         : nullableString(makerLatencyPolicyReason),
   };
+  validateStrategyNotionalBounds(next);
   validateMakerQuoteAgePolicy(next);
   return next;
 }
@@ -1507,6 +1516,12 @@ function nullableString(value) {
   return normalized || null;
 }
 
+function validateStrategyNotionalBounds(config) {
+  if (Number(config.minNotional) > Number(config.maxNotional)) {
+    throw new Error('min_notional must be less than or equal to max_notional');
+  }
+}
+
 function validateMakerQuoteAgePolicy(config) {
   if (config.makerMaxQuoteAgeEnabled !== true) return;
   if (!Number.isInteger(config.makerMaxQuoteAgeMs) || config.makerMaxQuoteAgeMs <= 0) {

src/operator-dashboard/static/pages/StrategyPage.jsx

@@ -789,9 +789,11 @@ function PairConfigSection({ assetCatalog, pairConfig, onControl }) {
     asset_out: '',
     mode: 'observe_only',
     edge_bps: '49',
+    min_notional: '0',
     max_notional: '150',
   });
   const [edgeDrafts, setEdgeDrafts] = useState({});
+  const [minNotionalDrafts, setMinNotionalDrafts] = useState({});
   const [maxNotionalDrafts, setMaxNotionalDrafts] = useState({});
   const [policyEnabledDrafts, setPolicyEnabledDrafts] = useState({});
   const [maxQuoteAgeDrafts, setMaxQuoteAgeDrafts] = useState({});
@@ -818,6 +820,12 @@ function PairConfigSection({ assetCatalog, pairConfig, onControl }) {
       const tradingMode = TRADING_PAIR_MODES.has(pair.mode);
       return [pairId, String(strategyConfig.max_notional ?? pair.max_notional ?? (tradingMode ? '150' : ''))];
     })));
+    setMinNotionalDrafts(Object.fromEntries(pairs.map((pair) => {
+      const pairId = pair.pair_id || pair.pairId;
+      const strategyConfig = pair.strategyConfig || pair.strategy_config || {};
+      const tradingMode = TRADING_PAIR_MODES.has(pair.mode);
+      return [pairId, String(strategyConfig.min_notional ?? pair.min_notional ?? (tradingMode ? '0' : ''))];
+    })));
     setPolicyEnabledDrafts(Object.fromEntries(pairs.map((pair) => {
       const pairId = pair.pair_id || pair.pairId;
       const strategyConfig = pair.strategyConfig || pair.strategy_config || {};
@@ -840,9 +848,10 @@ function PairConfigSection({ assetCatalog, pairConfig, onControl }) {
     const hasStrategyConfig = Boolean(strategyConfig.config_id || strategyConfig.configId);
     const edgeBps = edgeDrafts[pairId];
     const maxNotional = maxNotionalDrafts[pairId];
+    const minNotional = minNotionalDrafts[pairId];
     const policyEnabled = policyEnabledDrafts[pairId] === true;
     const maxQuoteAgeMs = maxQuoteAgeDrafts[pairId];
-    if (!edgeBps || !maxNotional) return;
+    if (!edgeBps || !maxNotional || minNotional === undefined || minNotional === '') return;
     if (policyEnabled && !maxQuoteAgeMs) return;
 
     if (!hasStrategyConfig) {
@@ -858,6 +867,7 @@ function PairConfigSection({ assetCatalog, pairConfig, onControl }) {
         mode,
         edge_bps: Number(edgeBps),
         max_notional: maxNotional,
+        min_notional: minNotional,
         maker_max_quote_age_enabled: policyEnabled,
         maker_max_quote_age_ms: policyEnabled ? Number(maxQuoteAgeMs) : null,
         maker_latency_policy_reason: policyEnabled ? 'operator dashboard maker response-age policy' : null,
@@ -869,6 +879,7 @@ function PairConfigSection({ assetCatalog, pairConfig, onControl }) {
       pair_id: pairId,
       edge_bps: Number(edgeBps),
       max_notional: maxNotional,
+      min_notional: minNotional,
       maker_max_quote_age_enabled: policyEnabled,
       maker_max_quote_age_ms: policyEnabled ? Number(maxQuoteAgeMs) : null,
       maker_latency_policy_reason: policyEnabled ? 'operator dashboard maker response-age policy' : null,
@@ -890,6 +901,7 @@ function PairConfigSection({ assetCatalog, pairConfig, onControl }) {
       mode: pairForm.mode,
       edge_bps: Number(pairForm.edge_bps),
       max_notional: pairForm.max_notional,
+      min_notional: pairForm.min_notional,
     });
   }
 
@@ -917,7 +929,7 @@ function PairConfigSection({ assetCatalog, pairConfig, onControl }) {
   const tradingModeSelected = TRADING_PAIR_MODES.has(pairForm.mode);
   const pairFormDisabled = !assets.length
     || pairForm.asset_in === pairForm.asset_out
-    || (tradingModeSelected && (!pairForm.edge_bps || !pairForm.max_notional));
+    || (tradingModeSelected && (!pairForm.edge_bps || !pairForm.max_notional || pairForm.min_notional === ''));
 
   return (
     <section className="panel">
@@ -987,6 +999,19 @@ function PairConfigSection({ assetCatalog, pairConfig, onControl }) {
               value={pairForm.edge_bps}
             />
           </div>
+          <div className="field">
+            <label htmlFor="pair-min-notional">Min notional</label>
+            <input
+              disabled={!tradingModeSelected}
+              id="pair-min-notional"
+              min="0"
+              onChange={(event) => setPairForm((current) => ({ ...current, min_notional: event.target.value }))}
+              required={tradingModeSelected}
+              step="0.00000001"
+              type="number"
+              value={pairForm.min_notional}
+            />
+          </div>
           <div className="field">
             <label htmlFor="pair-max-notional">Max notional</label>
             <input
@@ -1030,6 +1055,8 @@ function PairConfigSection({ assetCatalog, pairConfig, onControl }) {
               const tradingMode = TRADING_PAIR_MODES.has(pair.mode);
               const policyEnabled = policyEnabledDrafts[pairId] === true;
               const configButtonDisabled = !edgeDrafts[pairId]
+                || minNotionalDrafts[pairId] === undefined
+                || minNotionalDrafts[pairId] === ''
                 || !maxNotionalDrafts[pairId]
                 || (policyEnabled && !maxQuoteAgeDrafts[pairId])
                 || (!hasStrategyConfig && !tradingMode);
@@ -1042,6 +1069,7 @@ function PairConfigSection({ assetCatalog, pairConfig, onControl }) {
                   <td><Pill label={pair.mode || pair.status} stateLabel={pair.canTrade || pair.can_trade ? 'healthy' : 'warning'} /></td>
                   <td>{formatConfiguredEdgeBps(strategyConfig.edge_bps, { prefix: false })}</td>
                   <td>
+                    <div>{strategyConfig.min_notional ?? '0'} min</div>
                     <div>{strategyConfig.max_notional || 'Unavailable'} max</div>
                     <div className="status-subtle">
                       {strategyConfig.request_max_notional == null
@@ -1079,6 +1107,21 @@ function PairConfigSection({ assetCatalog, pairConfig, onControl }) {
                         value={edgeDrafts[pairId] ?? ''}
                       />
                     </div>
+                    <div className="trace-row">
+                      <span className="status-subtle">Min</span>
+                      <input
+                        aria-label={`Min notional for ${pairId}`}
+                        min="0"
+                        onChange={(event) => setMinNotionalDrafts((current) => ({
+                          ...current,
+                          [pairId]: event.target.value,
+                        }))}
+                        step="0.00000001"
+                        style={{ maxWidth: 112 }}
+                        type="number"
+                        value={minNotionalDrafts[pairId] ?? ''}
+                      />
+                    </div>
                     <div className="trace-row">
                       <span className="status-subtle">Max</span>
                       <input

test/operator-dashboard-app-static.test.mjs

@@ -27,6 +27,7 @@ test('operator dashboard exposes DB-backed pair activation and pause controls',
   assert.match(source, /control\.action === 'pause-pair'/);
   assert.match(source, /edgeBps: body\.edge_bps/);
   assert.match(source, /maxNotional: body\.max_notional/);
+  assert.match(source, /minNotional: bodyField\(body, 'min_notional', 'minNotional'\)/);
   assert.match(source, /requestMaxNotional: bodyField\(body, 'request_max_notional', 'requestMaxNotional'\)/);
   assert.match(source, /requestMaxSlippageBps: bodyField\(body, 'request_max_slippage_bps', 'requestMaxSlippageBps'\)/);
 });

test/operator-dashboard-ui-static.test.mjs

@@ -108,9 +108,12 @@ test('strategy page exposes pair activation, pause, edge, and deposit address co
   assert.match(strategySource, /Add, pause, and tune directed pairs/);
   assert.match(strategySource, /Add \/ activate pair/);
   assert.match(strategySource, /pair-edge-bps/);
+  assert.match(strategySource, /pair-min-notional/);
   assert.match(strategySource, /pair-max-notional/);
   assert.match(strategySource, /Edge bps for/);
+  assert.match(strategySource, /Min notional for/);
   assert.match(strategySource, /Max notional for/);
+  assert.match(strategySource, /min_notional/);
   assert.match(strategySource, /maker_max_quote_age_enabled/);
   assert.match(strategySource, /maker_max_quote_age_ms/);
   assert.match(strategySource, /Age policy/);

test/strategy-engine-static.test.mjs

@@ -20,3 +20,8 @@ test('strategy execute commands stamp command publish time into durable observed
   assert.match(source, /quote_age_at_command_ms: makerTiming\.quote_age_at_command_ms/);
   assert.match(source, /observedAt:\s*commandPublishedAt/);
 });
+
+test('strategy control edge updates preserve DB-backed min notional policy', () => {
+  assert.match(source, /path: '\/pair-config\/edge'/);
+  assert.match(source, /minNotional: body\.min_notional/);
+});

test/strategy.test.mjs

@@ -193,6 +193,79 @@ test('strategy emits actionable exact-in BTC -> USDC command from DB price route
   assert.equal(result.command.asset_out_decimals, 6);
 });
 
+test('strategy rejects dust exact-out BTC -> USDC below configured min notional after integer rounding', () => {
+  const config = makeBtcUsdcDbConfig({
+    strategyConfigOverrides: {
+      edgeBps: 20,
+      minNotional: '1',
+      maxNotional: '400',
+    },
+  });
+  const result = evaluateTradeOpportunity({
+    demandEvent: {
+      payload: {
+        quote_id: 'quote-usdc-dust-exact-out',
+        pair: config.activePair,
+        asset_in: config.tradingBtc.assetId,
+        asset_out: config.tradingUsdc.assetId,
+        request_kind: 'exact_out',
+        amount_out: '2016',
+        min_deadline_ms: '60000',
+      },
+    },
+    priceEvent: makeBtcUsdcPriceEvent(),
+    inventoryEvent: makeBtcUsdcInventoryEvent(),
+    config,
+    armed: true,
+    now: Date.parse('2026-04-02T10:00:05.000Z'),
+  });
+
+  assert.equal(result.decision.decision, 'rejected');
+  assert.equal(result.decision.decision_reason, 'min_notional_not_met');
+  assert.equal(result.decision.edge_bps, '20');
+  assert.equal(result.decision.threshold_pct, '0.2');
+  assert.equal(result.decision.notional, '0.002016');
+  assert.equal(result.decision.min_notional, '1');
+  assert.equal(result.decision.proposed_amount_in, '3');
+  assert.ok(Number(result.decision.gross_edge_pct) >= Number(result.decision.threshold_pct));
+  assert.equal(result.command, undefined);
+});
+
+test('strategy emits exact-out BTC -> USDC command at min notional only when rounded edge clears threshold', () => {
+  const config = makeBtcUsdcDbConfig({
+    strategyConfigOverrides: {
+      edgeBps: 20,
+      minNotional: '1',
+      maxNotional: '400',
+    },
+  });
+  const result = evaluateTradeOpportunity({
+    demandEvent: {
+      payload: {
+        quote_id: 'quote-usdc-min-exact-out',
+        pair: config.activePair,
+        asset_in: config.tradingBtc.assetId,
+        asset_out: config.tradingUsdc.assetId,
+        request_kind: 'exact_out',
+        amount_out: '1000000',
+        min_deadline_ms: '60000',
+      },
+    },
+    priceEvent: makeBtcUsdcPriceEvent(),
+    inventoryEvent: makeBtcUsdcInventoryEvent(),
+    config,
+    armed: true,
+    now: Date.parse('2026-04-02T10:00:05.000Z'),
+  });
+
+  assert.equal(result.decision.decision, 'actionable');
+  assert.equal(result.decision.decision_reason, 'actionable');
+  assert.equal(result.decision.notional, '1.000000');
+  assert.equal(result.decision.min_notional, '1');
+  assert.equal(result.command.quote_output.amount_in, '1253');
+  assert.ok(Number(result.decision.gross_edge_pct) >= Number(result.decision.threshold_pct));
+});
+
 test('strategy blocks BTC -> USDC when route-specific reference price is stale', () => {
   const config = makeBtcUsdcDbConfig();
   const result = evaluateTradeOpportunity({

test/trading-config.test.mjs

@@ -202,6 +202,7 @@ test('edge update creates a new active strategy version', async () => {
     pairId: `${CURRENT_NBTC_ASSET_ID}->${CURRENT_EURE_ASSET_ID}`,
     edgeBps: 75,
     maxNotional: '42',
+    minNotional: '1',
     changedBy: 'test',
     reason: 'test edge update',
   });
@@ -210,8 +211,10 @@ test('edge update creates a new active strategy version', async () => {
     .filter((row) => row.pair_id === `${CURRENT_NBTC_ASSET_ID}->${CURRENT_EURE_ASSET_ID}`);
 
   assert.equal(next.version, 2);
+  assert.equal(next.minNotional, '1');
   assert.equal(snapshot.pairByKey.get(`${CURRENT_NBTC_ASSET_ID}->${CURRENT_EURE_ASSET_ID}`).strategyConfig.edgeBps, 75);
   assert.equal(snapshot.pairByKey.get(`${CURRENT_NBTC_ASSET_ID}->${CURRENT_EURE_ASSET_ID}`).strategyConfig.maxNotional, '42');
+  assert.equal(snapshot.pairByKey.get(`${CURRENT_NBTC_ASSET_ID}->${CURRENT_EURE_ASSET_ID}`).strategyConfig.minNotional, '1');
   assert.equal(versions.find((row) => row.version === 1).active, false);
 });
 
@@ -305,6 +308,38 @@ test('strategy config update rejects invalid max notional', async () => {
   );
 });
 
+test('strategy config update rejects min notional above max notional', async () => {
+  const pool = createMemoryPool();
+  await seedTradingConfig(pool);
+
+  await assert.rejects(
+    createPairStrategyConfigVersion(pool, {
+      pairId: `${CURRENT_NBTC_ASSET_ID}->${CURRENT_EURE_ASSET_ID}`,
+      edgeBps: 75,
+      maxNotional: '42',
+      minNotional: '43',
+    }),
+    /min_notional must be less than or equal to max_notional/,
+  );
+});
+
+test('pair strategy initialization rejects min notional above max notional', async () => {
+  const pool = createMemoryPool();
+  await seedTradingConfig(pool);
+
+  await assert.rejects(
+    setTradingPairMode(pool, {
+      assetIn: CURRENT_NBTC_ASSET_ID,
+      assetOut: CURRENT_USDC_ASSET_ID,
+      mode: 'maker',
+      edgeBps: 20,
+      maxNotional: '1',
+      minNotional: '2',
+    }),
+    /min_notional must be less than or equal to max_notional/,
+  );
+});
+
 test('observe-only enable does not downgrade an active trading pair', async () => {
   const pool = createMemoryPool();
   await seedTradingConfig(pool);