Clarify maker inventory direction

Proof: Strategy tests now cover USDC -> BTC maker responses using BTC inventory with zero USDC, pending outbound units are subtracted before approval, lifecycle rows expose maker send/receive terms and inventory check details, targeted dashboard tests pass, full npm test passes, and the operator dashboard bundle builds.

Assumptions: pending_outbound in inventory snapshots represents units unavailable for new maker commitments; this change does not skip quotes because of relay-error risk and does not loosen edge, notional, arming, pair enablement, stale price, or stale inventory checks.

Still fake: relay acceptance is still only submission evidence; venue-native terminal fill ids and fee-complete realized PnL remain unavailable.

src/core/operator-dashboard.mjs

@@ -1111,6 +1111,7 @@ const HUMAN_REASON_TEXT = {
   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.',
   pending_deposit_not_credited: 'Funding is not credited yet.',
+  pending_outbound_reserved: 'Pending outbound inventory is reserved.',
   quote_expired: 'Quote expired.',
   quote_response_ack: 'Quote response acknowledged by the relay.',
   quote_response_ok: 'Quote response accepted by the relay.',
@@ -1181,6 +1182,13 @@ export function deriveQuoteLifecycleRows({
       direction: decision.direction,
       request_kind: decision.request_kind,
       gross_edge_pct: decision.gross_edge_pct,
+      inventory_asset: decision.inventory_asset,
+      inventory_required: decision.inventory_required,
+      inventory_available: decision.inventory_available,
+      inventory_spendable: decision.inventory_spendable,
+      inventory_pending_outbound: decision.inventory_pending_outbound,
+      pending_inbound: decision.pending_inbound,
+      pending_outbound: decision.pending_outbound,
       notional: decision.notional,
       notional_asset_id: decision.notional_asset_id,
       notional_symbol: decision.notional_symbol,
@@ -1284,6 +1292,13 @@ function ensureLifecycleRow(rowsByKey, key) {
       direction: null,
       request_kind: null,
       gross_edge_pct: null,
+      inventory_asset: null,
+      inventory_required: null,
+      inventory_available: null,
+      inventory_spendable: null,
+      inventory_pending_outbound: null,
+      pending_inbound: null,
+      pending_outbound: null,
       notional: null,
       notional_asset_id: null,
       notional_symbol: null,
@@ -2037,6 +2052,14 @@ function enrichLifecycleRowForUi({ config, row }) {
       config,
       terms: row.command || row.execution || null,
     }),
+    maker_terms: buildMakerLifecycleTerms({
+      config,
+      terms: row.command || row.execution || null,
+    }),
+    inventory_check: buildInventoryCheck({
+      config,
+      decision: row.decision || row,
+    }),
     gross_edge_value: estimateGrossEdgeValue(row),
     gross_edge_value_eure: estimateGrossEdgeValueEure(row),
     settlement_summary: buildSettlementSummary({
@@ -2068,6 +2091,46 @@ function buildLifecycleTerms({ config, terms }) {
   };
 }
 
+function buildMakerLifecycleTerms({ config, terms }) {
+  const relayTerms = buildLifecycleTerms({ config, terms });
+  if (!relayTerms?.asset_in && !relayTerms?.asset_out) return null;
+  return {
+    receive_asset: relayTerms.asset_in,
+    receive_asset_symbol: relayTerms.asset_in_symbol,
+    receive_amount_units: relayTerms.amount_in_units,
+    receive_amount: relayTerms.amount_in,
+    send_asset: relayTerms.asset_out,
+    send_asset_symbol: relayTerms.asset_out_symbol,
+    send_amount_units: relayTerms.amount_out_units,
+    send_amount: relayTerms.amount_out,
+  };
+}
+
+function buildInventoryCheck({ config, decision }) {
+  if (!decision?.inventory_asset) return null;
+  const asset = config.assetRegistry.get(decision.inventory_asset);
+  const decimals = asset?.decimals || 0;
+  const required = decision.inventory_required ?? null;
+  const available = decision.inventory_available ?? null;
+  const spendable = decision.inventory_spendable ?? null;
+  const pendingOutbound = decision.inventory_pending_outbound ?? decision.pending_outbound ?? null;
+  const pendingInbound = decision.pending_inbound ?? null;
+  return {
+    asset_id: decision.inventory_asset,
+    asset_symbol: asset?.symbol || decision.inventory_asset,
+    required_units: required,
+    required: required == null ? null : formatUnits(required, decimals),
+    available_units: available,
+    available: available == null ? null : formatUnits(available, decimals),
+    spendable_units: spendable,
+    spendable: spendable == null ? null : formatUnits(spendable, decimals),
+    pending_outbound_units: pendingOutbound,
+    pending_outbound: pendingOutbound == null ? null : formatUnits(pendingOutbound, decimals),
+    pending_inbound_units: pendingInbound,
+    pending_inbound: pendingInbound == null ? null : formatUnits(pendingInbound, decimals),
+  };
+}
+
 function estimateGrossEdgeValueEure(row) {
   if (row?.notional && row?.notional_symbol && row.notional_symbol !== 'EURe') return null;
   return estimateGrossEdgeValue(row);
@@ -2289,6 +2352,12 @@ function normalizeDecision(decision) {
     max_notional_eure: decision.max_notional_eure || null,
     strategy_armed: decision.strategy_armed ?? null,
     inventory_asset: decision.inventory_asset || null,
+    inventory_required: decision.inventory_required || null,
+    inventory_available: decision.inventory_available || null,
+    inventory_spendable: decision.inventory_spendable || null,
+    inventory_pending_outbound: decision.inventory_pending_outbound || null,
+    pending_inbound: decision.pending_inbound || null,
+    pending_outbound: decision.pending_outbound || null,
     notional: decision.notional || null,
     notional_asset_id: decision.notional_asset_id || null,
     notional_symbol: decision.notional_symbol || null,

src/core/strategy.mjs

@@ -294,7 +294,9 @@ function buildQuote({
   const thresholdFactor = 1 - (thresholdPct / 100);
   const penaltyFactor = 1 + (thresholdPct / 100);
   const spendAsset = demand.asset_out;
-  const available = bigintAmount(inventory.spendable?.[spendAsset] || '0');
+  const spendable = bigintAmount(inventory.spendable?.[spendAsset] || '0');
+  const pendingOutbound = bigintAmount(inventory.pending_outbound?.[spendAsset] || '0');
+  const available = spendable > pendingOutbound ? spendable - pendingOutbound : 0n;
   const pendingInbound = bigintAmount(inventory.pending_inbound?.[spendAsset] || '0');
   const referenceRates = resolveRouteRates({
     direction,
@@ -338,7 +340,9 @@ function buildQuote({
     return finalizeQuote({
       direction,
       available,
+      spendable,
       pendingInbound,
+      pendingOutbound,
       spendAsset,
       spendRequired,
       quoteNotional,
@@ -392,7 +396,9 @@ function buildQuote({
     return finalizeQuote({
       direction,
       available,
+      spendable,
       pendingInbound,
+      pendingOutbound,
       spendAsset,
       spendRequired,
       quoteNotional,
@@ -423,7 +429,9 @@ function buildQuote({
 function finalizeQuote({
   direction,
   available,
+  spendable,
   pendingInbound,
+  pendingOutbound,
   spendAsset,
   spendRequired,
   quoteNotional,
@@ -455,6 +463,8 @@ function finalizeQuote({
     inventory_asset: spendAsset,
     inventory_required: spendRequired.toString(),
     inventory_available: available.toString(),
+    inventory_spendable: spendable.toString(),
+    inventory_pending_outbound: pendingOutbound.toString(),
     inventory_id: inventoryId,
     price_id: priceId,
     reference_price_id: priceId,
@@ -497,10 +507,15 @@ function finalizeQuote({
   if (available < spendRequired) {
     return {
       ok: false,
-      reason: pendingInbound > 0n ? 'pending_deposit_not_credited' : 'insufficient_inventory',
+      reason: pendingInbound > 0n
+        ? 'pending_deposit_not_credited'
+        : pendingOutbound > 0n
+          ? 'pending_outbound_reserved'
+          : 'insufficient_inventory',
       details: {
         ...reasonBase,
         pending_inbound: pendingInbound.toString(),
+        pending_outbound: pendingOutbound.toString(),
       },
     };
   }

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

@@ -101,6 +101,28 @@ function formatTerms(terms) {
   return `${input} -> ${output}`;
 }
 
+function formatMakerTerms(terms) {
+  if (!terms) return null;
+  const send = terms.send_amount
+    ? `${terms.send_amount} ${terms.send_asset_symbol || ''}`.trim()
+    : terms.send_asset_symbol || terms.send_asset || 'send unavailable';
+  const receive = terms.receive_amount
+    ? `${terms.receive_amount} ${terms.receive_asset_symbol || ''}`.trim()
+    : terms.receive_asset_symbol || terms.receive_asset || 'receive unavailable';
+  return `Maker sends ${send}; receives ${receive}`;
+}
+
+function formatInventoryCheck(check) {
+  if (!check) return null;
+  const required = check.required == null ? 'required unavailable' : `${check.required} ${check.asset_symbol || ''}`.trim();
+  const available = check.available == null ? 'available unavailable' : `${check.available} available`;
+  const spendable = check.spendable == null ? null : `${check.spendable} spendable`;
+  const pendingOutbound = Number(check.pending_outbound_units || 0) > 0
+    ? `${check.pending_outbound} pending outbound`
+    : null;
+  return [`Inventory ${required}`, available, spendable, pendingOutbound].filter(Boolean).join(', ');
+}
+
 function responseLabel(item) {
   if (RESPONDED_STATES.has(item.lifecycle_state)) return 'Yes';
   if (item.lifecycle_state === 'failed') return 'Attempt failed';
@@ -217,6 +239,8 @@ function TimingWaterfall({ timing }) {
 
 function LifecycleDetails({ item }) {
   const executionTiming = formatExecutionTiming(item.execution?.timing);
+  const makerTerms = formatMakerTerms(item.maker_terms);
+  const inventoryCheck = formatInventoryCheck(item.inventory_check);
 
   return (
     <div className="lifecycle-detail-panel">
@@ -231,11 +255,13 @@ function LifecycleDetails({ item }) {
           <div className="status-subtle">{formatGrossEdgePct(item.gross_edge_pct)}</div>
           <div className="status-subtle">{formatConfiguredEdgeBps(item.edge_bps)}</div>
           <div className="status-subtle">{notionalLabel(item)}</div>
+          {inventoryCheck ? <div className="status-subtle">{inventoryCheck}</div> : null}
         </StageCard>
 
         <StageCard at={item.command_at} status={item.command_id ? 'Command recorded' : 'No command'} title="3. Executor command">
           <IdentifierRow label="Command" value={item.command_id} />
-          <div>{formatTerms(item.submitted_terms)}</div>
+          <div>{makerTerms || formatTerms(item.submitted_terms)}</div>
+          {makerTerms ? <div className="status-subtle">{formatTerms(item.submitted_terms)}</div> : null}
         </StageCard>
 
         <StageCard at={item.execution_result_at} status={item.execution?.status || 'No relay result'} title="4. Relay response">

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

@@ -50,6 +50,8 @@ test('strategy page owns consolidated quote lifecycle and successful trade table
   assert.match(strategySource, /Timing:/);
   assert.match(strategySource, /item\.execution\?\.status === 'submitted'/);
   assert.match(strategySource, /Submitted means the relay accepted the response; it does not prove a trade\./);
+  assert.match(strategySource, /Maker sends/);
+  assert.match(strategySource, /formatInventoryCheck/);
   assert.doesNotMatch(strategySource, /Actionable|actionable/);
 });
 

test/operator-dashboard.test.mjs

@@ -1717,6 +1717,11 @@ test('bootstrap lifecycle rows preserve quote terms, submitted terms, and gross
         decision: 'actionable',
         decision_reason: 'actionable',
         gross_edge_pct: '1.5',
+        inventory_asset: config.tradingEure.assetId,
+        inventory_required: '76000000000000000000',
+        inventory_spendable: '80000000000000000000',
+        inventory_pending_outbound: '1000000000000000000',
+        inventory_available: '79000000000000000000',
         eure_notional: '100',
       },
     }],
@@ -1746,6 +1751,14 @@ test('bootstrap lifecycle rows preserve quote terms, submitted terms, and gross
   assert.equal(row.request_terms.asset_in_symbol, 'BTC');
   assert.equal(row.submitted_terms.amount_out, '76');
   assert.equal(row.submitted_terms.asset_out_symbol, 'EURe');
+  assert.equal(row.maker_terms.send_amount, '76');
+  assert.equal(row.maker_terms.send_asset_symbol, 'EURe');
+  assert.equal(row.maker_terms.receive_amount, '0.00123208');
+  assert.equal(row.maker_terms.receive_asset_symbol, 'BTC');
+  assert.equal(row.inventory_check.required, '76');
+  assert.equal(row.inventory_check.available, '79');
+  assert.equal(row.inventory_check.spendable, '80');
+  assert.equal(row.inventory_check.pending_outbound, '1');
   assert.equal(row.gross_edge_value_eure, '1.5');
 });
 

test/strategy.test.mjs

@@ -193,6 +193,81 @@ test('strategy emits actionable exact-in BTC -> USDC command from DB price route
   assert.equal(result.command.asset_out_decimals, 6);
 });
 
+test('strategy uses BTC inventory, not USDC inventory, for USDC -> BTC maker responses', () => {
+  const config = makeBtcUsdcDbConfig({ includeReversePair: true });
+  const reversePair = `${config.tradingUsdc.assetId}->${config.tradingBtc.assetId}`;
+  const result = evaluateTradeOpportunity({
+    demandEvent: {
+      payload: {
+        quote_id: 'quote-usdc-to-btc-inventory-side',
+        pair: reversePair,
+        asset_in: config.tradingUsdc.assetId,
+        asset_out: config.tradingBtc.assetId,
+        request_kind: 'exact_in',
+        amount_in: '8000000',
+        min_deadline_ms: '60000',
+      },
+    },
+    priceEvent: makeBtcUsdcPriceEvent(),
+    inventoryEvent: makeBtcUsdcInventoryEvent({
+      spendable: {
+        [config.tradingBtc.assetId]: '1000000',
+        [config.tradingUsdc.assetId]: '0',
+      },
+    }),
+    config,
+    armed: true,
+    now: Date.parse('2026-04-02T10:00:05.000Z'),
+  });
+
+  assert.equal(result.decision.decision, 'actionable');
+  assert.equal(result.decision.direction, 'quote_to_base');
+  assert.equal(result.decision.inventory_asset, config.tradingBtc.assetId);
+  assert.equal(result.decision.inventory_available, '1000000');
+  assert.equal(result.command.expected_inventory_delta_units[config.tradingBtc.assetId], '-9951');
+  assert.equal(result.command.expected_inventory_delta_units[config.tradingUsdc.assetId], '8000000');
+});
+
+test('strategy subtracts pending outbound from maker inventory before approving USDC -> BTC responses', () => {
+  const config = makeBtcUsdcDbConfig({ includeReversePair: true });
+  const reversePair = `${config.tradingUsdc.assetId}->${config.tradingBtc.assetId}`;
+  const result = evaluateTradeOpportunity({
+    demandEvent: {
+      payload: {
+        quote_id: 'quote-usdc-to-btc-pending-outbound',
+        pair: reversePair,
+        asset_in: config.tradingUsdc.assetId,
+        asset_out: config.tradingBtc.assetId,
+        request_kind: 'exact_in',
+        amount_in: '8000000',
+        min_deadline_ms: '60000',
+      },
+    },
+    priceEvent: makeBtcUsdcPriceEvent(),
+    inventoryEvent: makeBtcUsdcInventoryEvent({
+      spendable: {
+        [config.tradingBtc.assetId]: '9951',
+        [config.tradingUsdc.assetId]: '0',
+      },
+      pending_outbound: {
+        [config.tradingBtc.assetId]: '1',
+        [config.tradingUsdc.assetId]: '0',
+      },
+    }),
+    config,
+    armed: true,
+    now: Date.parse('2026-04-02T10:00:05.000Z'),
+  });
+
+  assert.equal(result.decision.decision, 'rejected');
+  assert.equal(result.decision.decision_reason, 'pending_outbound_reserved');
+  assert.equal(result.decision.inventory_required, '9951');
+  assert.equal(result.decision.inventory_spendable, '9951');
+  assert.equal(result.decision.inventory_pending_outbound, '1');
+  assert.equal(result.decision.inventory_available, '9950');
+  assert.equal(result.command, undefined);
+});
+
 test('strategy rejects dust exact-out BTC -> USDC below configured min notional after integer rounding', () => {
   const config = makeBtcUsdcDbConfig({
     strategyConfigOverrides: {
@@ -453,7 +528,7 @@ test('disabled maker response age policy preserves current BTC -> USDC actionabi
   assert.ok(result.command);
 });
 
-function makeBtcUsdcDbConfig({ strategyConfigOverrides = {} } = {}) {
+function makeBtcUsdcDbConfig({ strategyConfigOverrides = {}, includeReversePair = false } = {}) {
   const tradingBtc = {
     assetId: 'nep141:nbtc.bridge.near',
     symbol: 'BTC',
@@ -467,6 +542,7 @@ function makeBtcUsdcDbConfig({ strategyConfigOverrides = {} } = {}) {
     chain: 'gnosis',
   };
   const activePair = `${tradingBtc.assetId}->${tradingUsdc.assetId}`;
+  const reversePair = `${tradingUsdc.assetId}->${tradingBtc.assetId}`;
   const strategyConfig = {
     configId: `${activePair}:v1`,
     version: 1,
@@ -502,6 +578,22 @@ function makeBtcUsdcDbConfig({ strategyConfigOverrides = {} } = {}) {
     strategyConfig,
     priceRoute,
   };
+  const reverseStrategyConfig = {
+    ...strategyConfig,
+    configId: `${reversePair}:v1`,
+  };
+  const reversePairConfig = {
+    ...pair,
+    pairId: reversePair,
+    key: reversePair,
+    assetIn: tradingUsdc,
+    assetOut: tradingBtc,
+    asset_in: tradingUsdc.assetId,
+    asset_out: tradingBtc.assetId,
+    strategyConfig: reverseStrategyConfig,
+  };
+  const pairEntries = [[activePair, pair]];
+  if (includeReversePair) pairEntries.push([reversePair, reversePairConfig]);
 
   return {
     tradingBtc,
@@ -514,7 +606,7 @@ function makeBtcUsdcDbConfig({ strategyConfigOverrides = {} } = {}) {
       [tradingBtc.assetId, tradingBtc],
       [tradingUsdc.assetId, tradingUsdc],
     ]),
-    pairByKey: new Map([[activePair, pair]]),
+    pairByKey: new Map(pairEntries),
     strategyGrossThresholdPct: 0.49,
     strategyMaxNotionalEure: 150,
     strategyPriceMaxAgeMs: 30_000,
@@ -555,6 +647,10 @@ function makeBtcUsdcInventoryEvent(overrides = {}) {
         'nep141:nbtc.bridge.near': '0',
         'nep141:gnosis-0x2a22f9c3b484c3629090feed35f17ff8f88f76f0.omft.near': '0',
       },
+      pending_outbound: {
+        'nep141:nbtc.bridge.near': '0',
+        'nep141:gnosis-0x2a22f9c3b484c3629090feed35f17ff8f88f76f0.omft.near': '0',
+      },
       ...overrides,
     },
   };