add target fee parameter

apps/fortuna/config.sample.yaml

@@ -15,7 +15,8 @@ chains:
  # Configuration for dynamic fees under high gas prices. The keeper will set
  # on-chain fees to make between [min_profit_pct, max_profit_pct] of the max callback
  # cost in profit per transaction.
- min_profit_pct: 10
+ min_profit_pct: 0
+ target_profit_pct: 20
  max_profit_pct: 100
 
  # Historical commitments -- delete this block for local development purposes

apps/fortuna/src/config.rs

@@ -147,8 +147,14 @@ pub struct EthereumConfig {
 
  /// The minimum percentage profit to earn as a function of the callback cost.
  /// For example, 20 means a profit of 20% over the cost of the callback.
+ /// The fee will be raised if the profit is less than this number.
  pub min_profit_pct: u64,
 
+ /// The target percentage profit to earn as a function of the callback cost.
+ /// For example, 20 means a profit of 20% over the cost of the callback.
+ /// The fee will be set to this target whenever it falls outside the min/max bounds.
+ pub target_profit_pct: u64,
+
  /// The maximum percentage profit to earn as a function of the callback cost.
  /// For example, 100 means a profit of 100% over the cost of the callback.
  /// The fee will be lowered if it is more profitable than specified here.

apps/fortuna/src/keeper.rs

@@ -300,6 +300,7 @@ pub async fn run_keeper_threads(
  chain_eth_config.legacy_tx,
  chain_eth_config.gas_limit,
  chain_eth_config.min_profit_pct,
+ chain_eth_config.target_profit_pct,
  chain_eth_config.max_profit_pct,
  chain_eth_config.fee,
  )
@@ -960,14 +961,15 @@ pub async fn withdraw_fees_if_necessary(
  Ok(())
 }
 
-#[tracing::instrument(name = "adjust_fee", skip_all, fields())]
+#[tracing::instrument(name = "adjust_fee", skip_all)]
 pub async fn adjust_fee_wrapper(
  contract: Arc<InstrumentedSignablePythContract>,
  provider_address: Address,
  poll_interval: Duration,
  legacy_tx: bool,
  gas_limit: u64,
  min_profit_pct: u64,
+ target_profit_pct: u64,
  max_profit_pct: u64,
  min_fee: u128,
 ) {
@@ -982,6 +984,7 @@ pub async fn adjust_fee_wrapper(
  legacy_tx,
  gas_limit,
  min_profit_pct,
+ target_profit_pct,
  max_profit_pct,
  min_fee,
  &mut high_water_pnl,
@@ -1007,13 +1010,15 @@ pub async fn adjust_fee_wrapper(
 /// - either the fee is increasing or the keeper is earning a profit -- i.e., fees only decrease when the keeper is profitable
 /// - at least one random number has been requested since the last fee update
 ///
-/// These conditions are designed to prevent the
+/// These conditions are intended to make sure that the keeper is profitable while also minimizing the number of fee
+/// update transactions.
 pub async fn adjust_fee_if_necessary(
  contract: Arc<InstrumentedSignablePythContract>,
  provider_address: Address,
  legacy_tx: bool,
  gas_limit: u64,
  min_profit_pct: u64,
+ target_profit_pct: u64,
  max_profit_pct: u64,
  min_fee: u128,
  high_water_pnl: &mut Option<U256>,
@@ -1033,10 +1038,14 @@ pub async fn adjust_fee_if_necessary(
  let max_callback_cost: u128 = estimate_tx_cost(contract.clone(), legacy_tx, gas_limit.into())
  .await
  .map_err(|e| anyhow!("Could not estimate transaction cost. error {:?}", e))?;
- let target_fee = std::cmp::max(
+ let target_fee_min = std::cmp::max(
  (max_callback_cost * (100 + u128::from(min_profit_pct))) / 100,
  min_fee,
  );
+ let target_fee = std::cmp::max(
+ (max_callback_cost * (100 + u128::from(target_profit_pct))) / 100,
+ min_fee,
+ );
  let target_fee_max = std::cmp::max(
  (max_callback_cost * (100 + u128::from(max_profit_pct))) / 100,
  min_fee,
@@ -1067,7 +1076,7 @@ pub async fn adjust_fee_if_necessary(
 
  let provider_fee: u128 = provider_info.fee_in_wei;
  if is_chain_active
- && ((provider_fee > target_fee_max && can_reduce_fees) || provider_fee < target_fee)
+ && ((provider_fee > target_fee_max && can_reduce_fees) || provider_fee < target_fee_min)
  {
  tracing::info!(
  "Adjusting fees. Current: {:?} Target: {:?}",
@@ -1096,9 +1105,11 @@ pub async fn adjust_fee_if_necessary(
  *sequence_number_of_last_fee_update = Some(provider_info.sequence_number);
  } else {
  tracing::info!(
- "Skipping fee adjustment. Current: {:?} Target: {:?} Current Sequence Number: {:?} Last updated sequence number {:?} Current pnl: {:?} High water pnl: {:?}",
+ "Skipping fee adjustment. Current: {:?} Target: {:?} [{:?}, {:?}] Current Sequence Number: {:?} Last updated sequence number {:?} Current pnl: {:?} High water pnl: {:?}",
  provider_fee,
  target_fee,
+ target_fee_min,
+ target_fee_max,
  provider_info.sequence_number,
  sequence_number_of_last_fee_update,
  current_pnl,
@@ -1132,22 +1143,22 @@ pub async fn estimate_tx_cost(
 ) -> Result<u128> {
  let middleware = contract.client();
 
- if use_legacy_tx {
- let gas_price: u128 = middleware
+ let gas_price: u128 = if use_legacy_tx {
+ middleware
  .get_gas_price()
  .await
  .map_err(|e| anyhow!("Failed to fetch gas price. error: {:?}", e))?
  .try_into()
- .map_err(|e| anyhow!("gas price doesn't fit into 128 bits. error: {:?}", e))?;
-
- Ok(gas_used * gas_price)
+ .map_err(|e| anyhow!("gas price doesn't fit into 128 bits. error: {:?}", e))?
  } else {
  let (max_fee_per_gas, max_priority_fee_per_gas) = middleware
  .estimate_eip1559_fees(Some(eip1559_default_estimator))
  .await?;
- let gas_price: u128 = (max_fee_per_gas + max_priority_fee_per_gas)
+
+ (max_fee_per_gas + max_priority_fee_per_gas)
  .try_into()
- .map_err(|e| anyhow!("gas price doesn't fit into 128 bits. error: {:?}", e))?;
- Ok(gas_price * gas_used)
- }
+ .map_err(|e| anyhow!("gas price doesn't fit into 128 bits. error: {:?}", e))?
+ };
+
+ Ok(gas_price * gas_used)
 }