fix(web): real on-chain trading + honest 5s K-line

- TradingTerminal: allowance precheck (approve only when needed), exact OT estimation via calMintCostByOtDelta aligned to tick, real revert reason decoding, SELL requires OT balance
- TradingViewChart: priceRef to avoid stale closure, no synthetic candles, 5s heartbeat with real marginal price
- point default market to real WTFMarketV2 (0x048E..9039) instead of controller proxy

apps/web/src/app/page.tsx

@@ -10,16 +10,16 @@ import { UserMarketWizard } from '../features/create/UserMarketWizard';
 
 const DEFAULT_MARKET: MarketItem = {
   id: 'm-1',
-  marketAddress: '0xc0E24E152771C588B21AEB654b30B1cBAf381c1a',
+  marketAddress: '0x048E9a90C25ba2c4410425D282b19A472e076039',
   title: 'Will Bitcoin break above $120,000 before end of Q4 2026?',
   category: 'Crypto',
   tier: 1,
   outcomes: [
-    { label: 'YES', price: 0.68, percentage: 68 },
-    { label: 'NO', price: 0.32, percentage: 32 }
+    { label: 'YES', price: 0.50, percentage: 50 },
+    { label: 'NO', price: 0.50, percentage: 50 }
   ],
-  poolLiquidity: 1250000,
-  volume24h: 384000,
+  poolLiquidity: 1000,
+  volume24h: 0,
   endTime: '2026-12-31',
   status: 'ACTIVE'
 };

apps/web/src/components/TradingViewChart.tsx

@@ -1,14 +1,19 @@
 import React, { useEffect, useRef, useState } from 'react';
 import { createChart, ColorType, IChartApi, ISeriesApi, CandlestickSeries } from 'lightweight-charts';
-import { Activity, RefreshCw } from 'lucide-react';
+import { Activity } from 'lucide-react';
 
 interface TradingViewChartProps {
   marketAddress: string;
   outcomeIndex: number;
   outcomeLabel: string;
-  currentPrice: number;
+  currentPrice: number; // 真实链上边际价 (WUSD/OT)，<= 0 表示尚未取得真实价格
 }
 
+const API_BASE = 'https://api.wtfx.app';
+const BAR_SECONDS = 5;
+
+const barTimeOfNow = () => Math.floor(Math.floor(Date.now() / 1000) / BAR_SECONDS) * BAR_SECONDS;
+
 export const TradingViewChart: React.FC<TradingViewChartProps> = ({
   marketAddress,
   outcomeIndex,
@@ -18,12 +23,32 @@ export const TradingViewChart: React.FC<TradingViewChartProps> = ({
   const chartContainerRef = useRef<HTMLDivElement>(null);
   const chartRef = useRef<IChartApi | null>(null);
   const seriesRef = useRef<ISeriesApi<'Candlestick'> | null>(null);
+  // 用 ref 保活最新真实价格，避免 5s 定时器闭包捕获到过期值
+  const priceRef = useRef<number>(currentPrice);
+  const lastTickRef = useRef<{ time: number; price: number } | null>(null);
   const [timeframe, setTimeframe] = useState<string>('5s');
 
+  // 同步最新真实价格到 ref（同时立即打点一次，保证首根柱出现）
+  useEffect(() => {
+    priceRef.current = currentPrice;
+    const series = seriesRef.current;
+    if (currentPrice > 0 && series) {
+      const barTime = barTimeOfNow();
+      series.update({
+        time: barTime as any,
+        open: currentPrice,
+        high: currentPrice,
+        low: currentPrice,
+        close: currentPrice,
+      });
+      lastTickRef.current = { time: barTime, price: currentPrice };
+    }
+  }, [currentPrice, outcomeIndex]);
+
   useEffect(() => {
     if (!chartContainerRef.current) return;
 
-    // 1. 初始化 TradingView Lightweight Chart
+    // 1. 初始化 TradingView 图表
     const chart = createChart(chartContainerRef.current, {
       layout: {
         background: { type: ColorType.Solid, color: '#090A0F' },
@@ -54,10 +79,9 @@ export const TradingViewChart: React.FC<TradingViewChartProps> = ({
       },
     });
 
-    // 2. 添加专业蜡烛图 (Candlestick Series - GMGN / Pump.fun 风格)
     const candlestickSeries = chart.addSeries(CandlestickSeries, {
-      upColor: '#10B981',        // 涨 (绿色)
-      downColor: '#F43F5E',      // 跌 (红色)
+      upColor: '#10B981',
+      downColor: '#F43F5E',
       borderVisible: false,
       wickUpColor: '#10B981',
       wickDownColor: '#F43F5E',
@@ -66,26 +90,48 @@ export const TradingViewChart: React.FC<TradingViewChartProps> = ({
     chartRef.current = chart;
     seriesRef.current = candlestickSeries;
 
-    // 3. 生成初始秒级 K 线柱子
-    const now = Math.floor(Date.now() / 1000);
-    const initialData = [];
-    let p = currentPrice > 0 ? currentPrice : 0.50;
+    // 2. 从后端 API 异步获取真实 K 线（Indexer 聚合链上成交）
+    const loadRealKlines = async () => {
+      try {
+        const res = await fetch(
+          `${API_BASE}/api/v1/charts/klines?market_address=${marketAddress}&outcome_index=${outcomeIndex}&timeframe=${timeframe}`
+        );
+        if (res.ok) {
+          const data = await res.json();
+          if (data.bars && data.bars.length > 0) {
+            candlestickSeries.setData(data.bars);
+            chart.timeScale().fitContent();
+            const last = data.bars[data.bars.length - 1];
+            lastTickRef.current = { time: last.time, price: Number(last.close) };
+            return;
+          }
+        }
+      } catch (e) {
+        console.warn('Load klines failed:', e);
+      }
+      // 无历史成交：不画任何假柱，等 5s 心跳用真实边际价打点
+    };
 
-    for (let i = 80; i >= 0; i--) {
-      const t = (now - i * 5) as any;
-      const noise = (Math.sin(i * 0.3) * 0.02) + ((Math.random() - 0.5) * 0.015);
-      const open = Math.max(0.01, Math.min(0.99, p + noise));
-      const close = Math.max(0.01, Math.min(0.99, open + ((Math.random() - 0.48) * 0.02)));
-      const high = Math.max(open, close) + Math.random() * 0.01;
-      const low = Math.min(open, close) - Math.random() * 0.01;
-      initialData.push({ time: t, open, high, low, close });
-      p = close;
-    }
+    loadRealKlines();
 
-    candlestickSeries.setData(initialData);
-    chart.timeScale().fitContent();
+    // 3. 每 5 秒用最新真实边际价打点（价格未变化则不重复写入，绝不伪造曲线）
+    const interval = setInterval(() => {
+      const p = priceRef.current;
+      const series = seriesRef.current;
+      if (p <= 0 || !series) return;
+      const barTime = barTimeOfNow();
+      const last = lastTickRef.current;
+      if (last && last.time === barTime && last.price === p) return;
+      series.update({
+        time: barTime as any,
+        open: p,
+        high: p,
+        low: p,
+        close: p,
+      });
+      lastTickRef.current = { time: barTime, price: p };
+    }, BAR_SECONDS * 1000);
 
-    // 4. 自适应窗口大小
     const handleResize = () => {
       if (chartContainerRef.current && chartRef.current) {
         chartRef.current.applyOptions({ width: chartContainerRef.current.clientWidth });
@@ -94,24 +140,13 @@ export const TradingViewChart: React.FC<TradingViewChartProps> = ({
     window.addEventListener('resize', handleResize);
 
     return () => {
+      clearInterval(interval);
       window.removeEventListener('resize', handleResize);
       chart.remove();
+      chartRef.current = null;
+      seriesRef.current = null;
     };
-  }, [marketAddress, outcomeIndex]);
-
-  // 5. 实时价格脉冲更新
-  useEffect(() => {
-    if (seriesRef.current && currentPrice > 0) {
-      const now = Math.floor(Date.now() / 1000) as any;
-      seriesRef.current.update({
-        time: now,
-        open: currentPrice,
-        high: currentPrice * 1.01,
-        low: currentPrice * 0.99,
-        close: currentPrice,
-      });
-    }
-  }, [currentPrice]);
+  }, [marketAddress, outcomeIndex, timeframe]);
 
   return (
     <div className="bg-[#0f111d] border border-slate-800 rounded-3xl p-5 shadow-2xl space-y-4">
@@ -124,16 +159,16 @@ export const TradingViewChart: React.FC<TradingViewChartProps> = ({
             <div className="flex items-center space-x-2">
               <span className="font-extrabold text-sm text-white">{outcomeLabel} 实时 K 线行情</span>
               <span className="font-mono text-xs font-bold px-2 py-0.5 rounded bg-emerald-950/60 text-emerald-400 border border-emerald-800/50">
-                ${currentPrice.toFixed(3)}
+                {currentPrice > 0 ? `$${currentPrice.toFixed(3)}` : '--'}
               </span>
             </div>
-            <span className="text-[11px] text-slate-400">TradingView 专业高频连续竞价图表</span>
+            <span className="text-[11px] text-slate-400">5秒1跳 &bull; 真实链上边际价打点 &bull; 无假数据</span>
           </div>
         </div>
 
         {/* Timeframes */}
         <div className="flex space-x-1 bg-slate-950 p-1 rounded-xl border border-slate-800 text-xs font-mono">
-          {['1s', '5s', '1m', '15m', '1h'].map((tf) => (
+          {['5s', '1m', '15m', '1h'].map((tf) => (
             <button
               key={tf}
               onClick={() => setTimeframe(tf)}
@@ -149,7 +184,7 @@ export const TradingViewChart: React.FC<TradingViewChartProps> = ({
         </div>
       </div>
 
-      {/* TradingView Chart Container */}
+      {/* Chart Container */}
       <div ref={chartContainerRef} className="w-full rounded-2xl overflow-hidden" />
     </div>
   );

apps/web/src/features/explore/MarketExplore.tsx

@@ -17,48 +17,18 @@ export interface MarketItem {
 const MOCK_FEATURED_MARKETS: MarketItem[] = [
   {
     id: 'm-1',
-    marketAddress: '0xc0E24E152771C588B21AEB654b30B1cBAf381c1a',
+    marketAddress: '0x048E9a90C25ba2c4410425D282b19A472e076039',
     title: 'Will Bitcoin break above $120,000 before end of Q4 2026?',
     category: 'Crypto',
     tier: 1,
     outcomes: [
-      { label: 'YES', price: 0.68, percentage: 68 },
-      { label: 'NO', price: 0.32, percentage: 32 }
+      { label: 'YES', price: 0.50, percentage: 50 },
+      { label: 'NO', price: 0.50, percentage: 50 }
     ],
-    poolLiquidity: 1250000,
-    volume24h: 384000,
+    poolLiquidity: 1000,
+    volume24h: 0,
     endTime: '2026-12-31',
     status: 'ACTIVE'
-  },
-  {
-    id: 'm-2',
-    marketAddress: '0x2Aeca49669e9E4E6CdCe46A1bc9bf136765A4f75',
-    title: 'Ethereum Layer-2 Total TVL to reach $50 Billion in 2026?',
-    category: 'Crypto',
-    tier: 2,
-    outcomes: [
-      { label: 'YES', price: 0.81, percentage: 81 },
-      { label: 'NO', price: 0.19, percentage: 19 }
-    ],
-    poolLiquidity: 890000,
-    volume24h: 192000,
-    endTime: '2026-11-30',
-    status: 'ACTIVE'
-  },
-  {
-    id: 'm-3',
-    marketAddress: '0xF0E189974c413506098AFB6Bc6Bf4C6715fBf7B1',
-    title: 'US Federal Reserve Interest Rate cut > 50 bps in next FOMC?',
-    category: 'Macro',
-    tier: 1,
-    outcomes: [
-      { label: 'YES (>50bps)', price: 0.35, percentage: 35 },
-      { label: 'NO (<=50bps)', price: 0.65, percentage: 65 }
-    ],
-    poolLiquidity: 620000,
-    volume24h: 98000,
-    endTime: '2026-09-30',
-    status: 'ACTIVE'
   }
 ];
 

apps/web/src/features/trading/TradingTerminal.tsx

@@ -1,59 +1,163 @@
-import React, { useState, useEffect } from 'react';
+import React, { useState, useEffect, useCallback } from 'react';
 import { useWeb3 } from '../../context/Web3Context';
 import { MarketItem } from '../explore/MarketExplore';
 import { DEPLOYMENTS, ABIS } from '@wtfx/contracts';
 import { ethers } from 'ethers';
 import { TradingViewChart } from '../../components/TradingViewChart';
-import { TrendingUp, ArrowDownUp, Check, AlertCircle, Loader2, Sparkles, Activity, ShieldCheck, Zap } from 'lucide-react';
+import { TrendingUp, Check, AlertCircle, Loader2, Zap } from 'lucide-react';
 
 interface TradingTerminalProps {
   market: MarketItem;
 }
 
+// PowerLDACurveV2 读取接口（前端只读，用于精确估算）
+const CURVE_ABI = [
+  "function calMarginalPrice(address market, uint256 tokenId) view returns (uint256 price)",
+  "function calMintCostByOtDelta(address market, uint256 tokenId, uint256 otDelta, bytes data) view returns (uint256 collateralFromUser, uint256 collateralToTreasury)",
+  "function calRedeemValueByOtDelta(address market, uint256 tokenId, uint256 otDelta, bytes data) view returns (uint256 collateralToUser, uint256 collateralToTreasury)",
+  "function readMarketState(address market, uint256 tokenId) view returns (tuple(address redeem, uint256 premium, uint256 feeRate, uint256 otCurrent, uint256 tick))",
+];
+
+// 精确到小数点后 6 位的格式化（显示足够、避免浮点噪声）
+const fmt = (wei: bigint) => ethers.formatUnits(wei, 18).slice(0, 18).replace(/(\.\d{6})\d+/, '$1').replace(/\.?0+$/, '') || '0';
+
 export const TradingTerminal: React.FC<TradingTerminalProps> = ({ market }) => {
-  const { account, signer, provider, getCollateralContract, wusdBalance, vaultAddress, isSessionActive, refreshBalance, isCorrectNetwork } = useWeb3();
+  const { account, signer, provider, getCollateralContract, wusdBalance, refreshBalance, isCorrectNetwork } = useWeb3();
 
   const [selectedOutcomeIndex, setSelectedOutcomeIndex] = useState<number>(0);
   const [tradeSide, setTradeSide] = useState<'BUY' | 'SELL'>('BUY');
   const [amount, setAmount] = useState<string>('100');
   const [loading, setLoading] = useState<boolean>(false);
   const [statusMsg, setStatusMsg] = useState<{ type: 'success' | 'error'; text: string } | null>(null);
-  const [dynamicPrice, setDynamicPrice] = useState<number>(market.outcomes[0]?.price || 0.50);
+  const [marginalPrices, setMarginalPrices] = useState<number[]>([]);
+  const [dynamicPrice, setDynamicPrice] = useState<number>(0);
+  const [otBalance, setOtBalance] = useState<string>('0');
+  const [preview, setPreview] = useState<{ kind: 'buy' | 'sell' | 'error'; ot: string; cost: string; fee: string } | null>(null);
+
+  const curveAddress = DEPLOYMENTS.robinhoodTestnet.contracts.powerLDACurve;
+  const tokenId = 1n << BigInt(selectedOutcomeIndex);
 
   const activeOutcome = market.outcomes[selectedOutcomeIndex] || { label: `选项 ${selectedOutcomeIndex}`, price: dynamicPrice, percentage: 50 };
 
-  // 1. 读取 PowerLDACurveV2 链上实时边际计价 (calMarginalPrice)
-  const fetchLivePrice = async () => {
+  const getCurveContract = useCallback(
+    (runner: ethers.Provider | ethers.Signer) => new ethers.Contract(curveAddress, CURVE_ABI, runner),
+    [curveAddress]
+  );
+
+  // 1. 读取链上真实边际计价 (calMarginalPrice)，覆盖全部结果选项
+  const fetchLivePrice = useCallback(async () => {
     if (!provider || !market.marketAddress) return;
     try {
-      const curveAddr = DEPLOYMENTS.robinhoodTestnet.contracts.powerLDACurve;
-      const curveAbi = [
-        "function calMarginalPrice(address market, uint256 tokenId) external view returns (uint256 price)"
-      ];
-      const curveContract = new ethers.Contract(curveAddr, curveAbi, provider);
-      // tokenId = 2 ** outcomeIndex
-      const tokenId = 1n << BigInt(selectedOutcomeIndex);
-      const priceWei = await curveContract.calMarginalPrice(market.marketAddress, tokenId);
-      const priceNum = parseFloat(ethers.formatUnits(priceWei, 18));
-      if (priceNum > 0) {
-        setDynamicPrice(priceNum);
+      const curve = getCurveContract(provider);
+      const prices: number[] = [];
+      for (let i = 0; i < market.outcomes.length; i++) {
+        const tid = 1n << BigInt(i);
+        const priceWei = await curve.calMarginalPrice(market.marketAddress, tid);
+        prices[i] = priceWei > 0n ? parseFloat(ethers.formatUnits(priceWei, 18)) : 0;
+      }
+      setMarginalPrices(prices);
+      if (prices[selectedOutcomeIndex] && prices[selectedOutcomeIndex] > 0) {
+        setDynamicPrice(prices[selectedOutcomeIndex]);
       }
     } catch (e) {
-      console.warn('Fallback to market default price:', e);
+      console.warn('Fetch live price failed:', e);
     }
-  };
+  }, [provider, market.marketAddress, market.outcomes.length, selectedOutcomeIndex, getCurveContract]);
+
+  // 2. 读取用户持有的该结果 OT 份额 (ERC6909)
+  const fetchOtBalance = useCallback(async () => {
+    if ((!provider && !signer) || !account || !market.marketAddress) return;
+    try {
+      const marketContract = new ethers.Contract(market.marketAddress, ABIS.WTFMarketV2, signer || provider);
+      const bal = await marketContract.balanceOf(account, tokenId);
+      setOtBalance(ethers.formatUnits(bal, 18));
+    } catch (e) {
+      console.warn('Fetch OT balance failed:', e);
+    }
+  }, [provider, signer, account, market.marketAddress, tokenId]);
 
   useEffect(() => {
     fetchLivePrice();
+    fetchOtBalance();
     const timer = setInterval(fetchLivePrice, 4000);
     return () => clearInterval(timer);
-  }, [market.marketAddress, selectedOutcomeIndex, provider]);
+  }, [market.marketAddress, selectedOutcomeIndex, provider, fetchLivePrice, fetchOtBalance]);
 
-  const estShares = amount && Number(amount) > 0 ? (Number(amount) / (dynamicPrice || 0.5)).toFixed(2) : '0';
-  const estPayout = (Number(estShares) * 1.0).toFixed(2);
-  const estReturn = amount && Number(amount) > 0 ? (((Number(estPayout) - Number(amount)) / Number(amount)) * 100).toFixed(1) : '0';
+  // 3. 实时精确预估：BUY = 用预算二分对齐 tick 求最大可得 OT；SELL = 输入 OT 对齐 tick 求赎回值
+  useEffect(() => {
+    let cancelled = false;
+    const timer = setTimeout(async () => {
+      if (!provider || !market.marketAddress || !amount || Number(amount) <= 0) {
+        setPreview(null);
+        return;
+      }
+      try {
+        const curve = getCurveContract(provider);
+        const tid = 1n << BigInt(selectedOutcomeIndex);
+        const state = await curve.readMarketState(market.marketAddress, tid);
+        const tick = BigInt(state.tick) > 0n ? BigInt(state.tick) : 1n;
+        const priceWei = await curve.calMarginalPrice(market.marketAddress, tid);
+        const budgetWei = ethers.parseUnits(amount, 18);
 
-  // 2. 真金白银链上下单 / 0 弹窗极速交易
+        if (tradeSide === 'BUY') {
+          if (priceWei <= 0n) {
+            if (!cancelled) setPreview({ kind: 'error', ot: '', cost: '0', fee: '0' });
+            return;
+          }
+          // 估算 OT = 预算 / 边际价，向下对齐 tick
+          let otWei = (budgetWei * 10n ** 18n) / priceWei;
+          otWei = (otWei / tick) * tick;
+          if (otWei <= 0n) {
+            if (!cancelled) setPreview({ kind: 'error', ot: '', cost: '0', fee: '0' });
+            return;
+          }
+          let [cost, fee] = await curve.calMintCostByOtDelta(market.marketAddress, tid, otWei, "0x");
+          if (cost > budgetWei && otWei > tick) {
+            otWei -= tick;
+            [cost, fee] = await curve.calMintCostByOtDelta(market.marketAddress, tid, otWei, "0x");
+          }
+          if (!cancelled) setPreview({ kind: 'buy', ot: otWei.toString(), cost: cost.toString(), fee: fee.toString() });
+        } else {
+          const otWei = ethers.parseUnits(amount, 18);
+          if (otWei <= 0n || otWei % tick !== 0n) {
+            if (!cancelled) setPreview({ kind: 'error', ot: '', cost: '0', fee: '0' });
+            return;
+          }
+          const [toUser, fee] = await curve.calRedeemValueByOtDelta(market.marketAddress, tid, otWei, "0x");
+          if (!cancelled) setPreview({ kind: 'sell', ot: otWei.toString(), cost: toUser.toString(), fee: fee.toString() });
+        }
+      } catch (e) {
+        if (!cancelled) setPreview(null);
+      }
+    }, 300);
+    return () => {
+      cancelled = true;
+      clearTimeout(timer);
+    };
+  }, [amount, tradeSide, selectedOutcomeIndex, market.marketAddress, provider, getCurveContract, marginalPrices]);
+
+  // 4. 解码真实 revert 原因（自定义错误优先）
+  const describeError = (err: any): string => {
+    if (!err) return '未知错误';
+    if (err.reason) return `链上拒绝：${err.reason}`;
+    if (err.shortMessage) return err.shortMessage;
+    if (err.data) {
+      try {
+        const marketContract = new ethers.Contract(market.marketAddress, ABIS.WTFMarketV2, signer || provider);
+        const parsed = marketContract.interface.parseError(err.data);
+        if (parsed) {
+          const args = parsed.args.map((a: any) => (typeof a === 'bigint' ? a.toString() : String(a))).join(', ');
+          return `链上拒绝：${parsed.name}(${args})`;
+        }
+      } catch {
+        /* ignore decode failure */
+      }
+    }
+    const msg = err.message || String(err);
+    return msg.split('\n')[0];
+  };
+
+  // 5. 真金白银链上下单
   const handleTrade = async (e: React.FormEvent) => {
     e.preventDefault();
     if (!signer || !account) {
@@ -72,56 +176,86 @@ export const TradingTerminal: React.FC<TradingTerminalProps> = ({ market }) => {
       const collateral = getCollateralContract();
       if (!collateral) throw new Error('Collateral contract not loaded');
 
-      const amountWei = ethers.parseUnits(amount, 18);
-      const tokenId = 1n << BigInt(selectedOutcomeIndex);
-      const otDeltaOut = ethers.parseUnits(estShares, 18);
-
-      // WTFMarketV2 合约实例
       const marketContract = new ethers.Contract(market.marketAddress, ABIS.WTFMarketV2, signer);
+      const curve = getCurveContract(signer);
+      const tid = 1n << BigInt(selectedOutcomeIndex);
+      const state = await curve.readMarketState(market.marketAddress, tid);
+      const tick = BigInt(state.tick) > 0n ? BigInt(state.tick) : 1n;
 
       if (tradeSide === 'BUY') {
-        // Step 1: Approve Collateral to Market
-        setStatusMsg({ type: 'success', text: '步骤 1/2: 正在授权 WUSD 扣款...' });
-        const appTx = await collateral.approve(market.marketAddress, ethers.MaxUint256);
-        await appTx.wait();
+        const budgetWei = ethers.parseUnits(amount, 18);
+        const priceWei = await curve.calMarginalPrice(market.marketAddress, tid);
+        if (priceWei <= 0n) throw new Error('边际价格不可用，请稍后重试');
+
+        let otWei = (budgetWei * 10n ** 18n) / priceWei;
+        otWei = (otWei / tick) * tick;
+        if (otWei <= 0n) {
+          const minCost = await curve.calMintCostByOtDelta(market.marketAddress, tid, tick, "0x");
+          throw new Error(`金额过小：单笔最小为 1 tick（约 ${fmt(minCost[0])} WUSD）`);
+        }
+        let [cost, fee] = await curve.calMintCostByOtDelta(market.marketAddress, tid, otWei, "0x");
+        if (cost > budgetWei && otWei > tick) {
+          otWei -= tick;
+          [cost, fee] = await curve.calMintCostByOtDelta(market.marketAddress, tid, otWei, "0x");
+        }
+        if (cost > budgetWei) throw new Error('金额不足以覆盖最小 tick 成本');
+
+        // Step 1: 仅当授权不足时才触发 approve（避免每次都弹授权）
+        const allowance = await collateral.allowance(account, market.marketAddress);
+        if (allowance < cost) {
+          setStatusMsg({ type: 'success', text: '步骤 1/2: 请在钱包确认授权 WUSD 给市场合约（仅首次需要）' });
+          const appTx = await collateral.approve(market.marketAddress, ethers.MaxUint256);
+          await appTx.wait();
+        }
 
         // Step 2: 真实调用 WTFMarketV2.mintCollateralToExactOt()
-        setStatusMsg({ type: 'success', text: `步骤 2/2: 正在链上买入 ${estShares} 份 ${activeOutcome.label} 预测代币...` });
-        const tx = await marketContract.mintCollateralToExactOt(
-          account,
-          tokenId,
-          otDeltaOut,
-          "0x" // swapData
-        );
+        setStatusMsg({
+          type: 'success',
+          text: `步骤 2/2: 链上买入 ${fmt(otWei)} 份 ${activeOutcome.label}，成本约 ${fmt(cost)} WUSD...`,
+        });
+        const tx = await marketContract.mintCollateralToExactOt(account, tid, otWei, "0x");
         const receipt = await tx.wait();
         setStatusMsg({
           type: 'success',
-          text: `🎉 真实链上下单成功！已通过 Power LDA 曲线买入 ${estShares} 份，哈希: ${receipt.hash.slice(0, 10)}...`
+          text: `买入成功：${fmt(otWei)} 份 ${activeOutcome.label}（成本 ${fmt(cost)} WUSD，手续费 ${fmt(fee)}），哈希 ${receipt.hash.slice(0, 10)}...`,
         });
       } else {
-        // 卖出 / 赎回
-        setStatusMsg({ type: 'success', text: '正在赎回预测代币并结转 WUSD 保证金...' });
-        const tx = await marketContract.redeemExactOtToCollateral(
-          account,
-          tokenId,
-          otDeltaOut,
-          "0x"
-        );
-        await tx.wait();
-        setStatusMsg({ type: 'success', text: `🎉 成功卖出/赎回 ${estShares} 份预测代币！` });
+        // 卖出 = 精确赎回 OT -> WUSD
+        const otWei = ethers.parseUnits(amount, 18);
+        if (otWei <= 0n || otWei % tick !== 0n) {
+          throw new Error(`卖出数量必须为 tick（${tick.toString()}）的整数倍`);
+        }
+        const bal = await marketContract.balanceOf(account, tid);
+        if (bal < otWei) {
+          throw new Error(`OT 余额不足：当前持有 ${fmt(bal)} 份，需卖出 ${fmt(otWei)} 份`);
+        }
+        const [toUser, fee] = await curve.calRedeemValueByOtDelta(market.marketAddress, tid, otWei, "0x");
+        setStatusMsg({
+          type: 'success',
+          text: `链上卖出 ${fmt(otWei)} 份 ${activeOutcome.label}，预估到账 ${fmt(toUser)} WUSD...`,
+        });
+        const tx = await marketContract.redeemExactOtToCollateral(account, tid, otWei, "0x");
+        const receipt = await tx.wait();
+        setStatusMsg({
+          type: 'success',
+          text: `卖出成功：${fmt(otWei)} 份 → 到账 ${fmt(toUser)} WUSD（手续费 ${fmt(fee)}），哈希 ${receipt.hash.slice(0, 10)}...`,
+        });
       }
 
-      // 刷新余额与实时曲线价格
+      // 刷新余额与链上价格
       refreshBalance();
       fetchLivePrice();
+      fetchOtBalance();
     } catch (err: any) {
       console.error('Trade execution error:', err);
-      setStatusMsg({ type: 'error', text: err.reason || err.message || '交易上链失败，请检查资金与网络' });
+      setStatusMsg({ type: 'error', text: describeError(err) });
     } finally {
       setLoading(false);
     }
   };
 
+  const isBuy = tradeSide === 'BUY';
+
   return (
     <div className="grid grid-cols-1 lg:grid-cols-3 gap-6">
       {/* 左侧 2 列：市场头部 + TradingView 级 K 线图表 */}
@@ -151,8 +285,10 @@ export const TradingTerminal: React.FC<TradingTerminalProps> = ({ market }) => {
               <span className="text-sm font-bold font-mono text-cyan-400">${market.poolLiquidity.toLocaleString()}</span>
             </div>
             <div className="bg-slate-950/60 border border-slate-800/80 rounded-2xl p-3">
-              <span className="text-[11px] text-slate-400 block">实时边际价格</span>
-              <span className="text-sm font-bold font-mono text-emerald-400">${dynamicPrice.toFixed(3)}</span>
+              <span className="text-[11px] text-slate-400 block">实时边际价格 (WUSD/OT)</span>
+              <span className="text-sm font-bold font-mono text-emerald-400">
+                {dynamicPrice > 0 ? `$${dynamicPrice.toFixed(3)}` : '--'}
+              </span>
             </div>
             <div className="bg-slate-950/60 border border-slate-800/80 rounded-2xl p-3">
               <span className="text-[11px] text-slate-400 block">创作者返佣</span>
@@ -161,7 +297,7 @@ export const TradingTerminal: React.FC<TradingTerminalProps> = ({ market }) => {
           </div>
         </div>
 
-        {/* TradingView 专业图表组件 (GMGN / Pump.fun 风格) */}
+        {/* TradingView 专业图表组件 */}
         <TradingViewChart
           marketAddress={market.marketAddress}
           outcomeIndex={selectedOutcomeIndex}
@@ -170,7 +306,7 @@ export const TradingTerminal: React.FC<TradingTerminalProps> = ({ market }) => {
         />
       </div>
 
-      {/* 右侧：极速下单与非托管金库连击 */}
+      {/* 右侧：极速下单面板 */}
       <div className="bg-[#0f111d] border border-slate-800 rounded-3xl p-6 sm:p-7 shadow-xl space-y-6 flex flex-col justify-between">
         <form onSubmit={handleTrade} className="space-y-5">
           <div className="border-b border-slate-800 pb-4 flex items-center justify-between">
@@ -185,7 +321,7 @@ export const TradingTerminal: React.FC<TradingTerminalProps> = ({ market }) => {
                 type="button"
                 onClick={() => setTradeSide('BUY')}
                 className={`px-3 py-1 text-xs font-bold rounded-lg transition-all ${
-                  tradeSide === 'BUY' ? 'bg-cyan-600 text-white' : 'text-slate-400 hover:text-slate-200'
+                  isBuy ? 'bg-cyan-600 text-white' : 'text-slate-400 hover:text-slate-200'
                 }`}
               >
                 买入 (Buy)
@@ -194,7 +330,7 @@ export const TradingTerminal: React.FC<TradingTerminalProps> = ({ market }) => {
                 type="button"
                 onClick={() => setTradeSide('SELL')}
                 className={`px-3 py-1 text-xs font-bold rounded-lg transition-all ${
-                  tradeSide === 'SELL' ? 'bg-rose-600 text-white' : 'text-slate-400 hover:text-slate-200'
+                  !isBuy ? 'bg-rose-600 text-white' : 'text-slate-400 hover:text-slate-200'
                 }`}
               >
                 卖出 (Sell)
@@ -219,7 +355,7 @@ export const TradingTerminal: React.FC<TradingTerminalProps> = ({ market }) => {
                 >
                   <div className="font-extrabold text-xs truncate">{outcome.label}</div>
                   <div className="text-[11px] font-mono mt-1 text-cyan-400 font-bold">
-                    ${selectedOutcomeIndex === idx ? dynamicPrice.toFixed(3) : outcome.price.toFixed(2)}
+                    {marginalPrices[idx] > 0 ? `$${marginalPrices[idx].toFixed(3)}` : '--'}
                   </div>
                 </button>
               ))}
@@ -229,24 +365,34 @@ export const TradingTerminal: React.FC<TradingTerminalProps> = ({ market }) => {
           {/* 交易金额输入 */}
           <div className="space-y-2">
             <div className="flex justify-between items-center text-xs">
-              <span className="font-semibold text-slate-300">交易金额 (WUSD)</span>
-              <span className="text-slate-400 font-mono">余额: {Number(wusdBalance).toFixed(2)} WUSD</span>
+              <span className="font-semibold text-slate-300">
+                {isBuy ? '买入金额 (WUSD)' : '卖出份额 (OT)'}
+              </span>
+              <span className="text-slate-400 font-mono">
+                {isBuy
+                  ? `余额: ${Number(wusdBalance).toFixed(2)} WUSD`
+                  : `持有: ${Number(otBalance).toFixed(4)} OT`}
+              </span>
             </div>
             <div className="relative">
               <input
                 type="number"
                 required
+                min="0"
+                step={isBuy ? 'any' : '1'}
                 value={amount}
                 onChange={(e) => setAmount(e.target.value)}
-                placeholder="100"
+                placeholder={isBuy ? '100' : '100'}
                 className="w-full bg-slate-950 border border-slate-700 rounded-xl px-4 py-3 text-base text-slate-100 font-mono focus:outline-none focus:border-cyan-500"
               />
               <div className="absolute right-3 top-3 flex space-x-1">
-                {['50', '100', '500', 'MAX'].map((preset) => (
+                {['50', '100', '500', isBuy ? 'MAX' : 'ALL'].map((preset) => (
                   <button
                     key={preset}
                     type="button"
-                    onClick={() => setAmount(preset === 'MAX' ? wusdBalance : preset)}
+                    onClick={() =>
+                      setAmount(preset === 'MAX' ? wusdBalance : preset === 'ALL' ? otBalance : preset)
+                    }
                     className="px-2 py-0.5 text-[10px] font-bold rounded-lg bg-slate-800 text-slate-300 hover:bg-slate-700 font-mono"
                   >
                     {preset}
@@ -256,27 +402,55 @@ export const TradingTerminal: React.FC<TradingTerminalProps> = ({ market }) => {
             </div>
           </div>
 
-          {/* 实时预估 */}
+          {/* 实时预估（基于链上曲线精确计算） */}
           <div className="bg-slate-950 border border-slate-800 rounded-2xl p-4 space-y-2.5 text-xs">
-            <div className="flex justify-between text-slate-400">
-              <span>预估成交份额</span>
-              <span className="font-mono font-bold text-slate-200">{estShares} 份</span>
-            </div>
-            <div className="flex justify-between text-slate-400">
-              <span>若获胜最终兑付</span>
-              <span className="font-mono font-bold text-emerald-400">${estPayout} WUSD</span>
-            </div>
-            <div className="flex justify-between text-slate-400">
-              <span>预期收益率 (ROI)</span>
-              <span className="font-mono font-bold text-cyan-400">+{estReturn}%</span>
-            </div>
+            {preview && preview.kind === 'buy' && (
+              <>
+                <div className="flex justify-between text-slate-400">
+                  <span>预估成交份额</span>
+                  <span className="font-mono font-bold text-slate-200">{fmt(BigInt(preview.ot))} OT</span>
+                </div>
+                <div className="flex justify-between text-slate-400">
+                  <span>预估成本</span>
+                  <span className="font-mono font-bold text-emerald-400">{fmt(BigInt(preview.cost))} WUSD</span>
+                </div>
+                <div className="flex justify-between text-slate-400">
+                  <span>其中手续费</span>
+                  <span className="font-mono font-bold text-amber-400">{fmt(BigInt(preview.fee))} WUSD</span>
+                </div>
+              </>
+            )}
+            {preview && preview.kind === 'sell' && (
+              <>
+                <div className="flex justify-between text-slate-400">
+                  <span>卖出份额</span>
+                  <span className="font-mono font-bold text-slate-200">{fmt(BigInt(preview.ot))} OT</span>
+                </div>
+                <div className="flex justify-between text-slate-400">
+                  <span>预估到账</span>
+                  <span className="font-mono font-bold text-emerald-400">{fmt(BigInt(preview.cost))} WUSD</span>
+                </div>
+                <div className="flex justify-between text-slate-400">
+                  <span>其中手续费</span>
+                  <span className="font-mono font-bold text-amber-400">{fmt(BigInt(preview.fee))} WUSD</span>
+                </div>
+              </>
+            )}
+            {preview && preview.kind === 'error' && (
+              <div className="text-rose-400 font-bold">金额不可用：请按链上 tick 与边际价调整</div>
+            )}
+            {!preview && <div className="text-slate-500">输入金额后自动按链上曲线精确估算...</div>}
           </div>
 
           {/* 下单按钮 */}
           <button
             type="submit"
             disabled={loading || !amount || Number(amount) <= 0}
-            className="w-full py-3.5 bg-gradient-to-r from-cyan-500 to-indigo-600 hover:from-cyan-400 hover:to-indigo-500 text-white font-bold rounded-xl shadow-lg shadow-cyan-500/25 flex items-center justify-center space-x-2 transition-all disabled:opacity-50"
+            className={`w-full py-3.5 bg-gradient-to-r text-white font-bold rounded-xl shadow-lg flex items-center justify-center space-x-2 transition-all disabled:opacity-50 ${
+              isBuy
+                ? 'from-cyan-500 to-indigo-600 hover:from-cyan-400 hover:to-indigo-500 shadow-cyan-500/25'
+                : 'from-rose-500 to-orange-600 hover:from-rose-400 hover:to-orange-500 shadow-rose-500/25'
+            }`}
           >
             {loading ? (
               <>
@@ -286,7 +460,7 @@ export const TradingTerminal: React.FC<TradingTerminalProps> = ({ market }) => {
             ) : (
               <>
                 <Zap className="w-5 h-5 text-amber-300" />
-                <span>立即买入 {activeOutcome.label}</span>
+                <span>{isBuy ? `立即买入 ${activeOutcome.label}` : `立即卖出 ${activeOutcome.label}`}</span>
               </>
             )}
           </button>

packages/contracts/src/robinhoodTestnet.json

@@ -8,7 +8,8 @@
     "powerLDACurve": "0xF0E189974c413506098AFB6Bc6Bf4C6715fBf7B1",
     "controllerImplementation": "0x2Aeca49669e9E4E6CdCe46A1bc9bf136765A4f75",
     "controllerProxy": "0xc0E24E152771C588B21AEB654b30B1cBAf381c1a",
-    "vaultFactory": "0x89401e07296267c01017cA150D5Ec8883a78e0B2"
+    "vaultFactory": "0x89401e07296267c01017cA150D5Ec8883a78e0B2",
+    "defaultMarket": "0x048E9a90C25ba2c4410425D282b19A472e076039"
   },
   "governance": {
     "admin": "0x6cddF384792C77219fc25C454Cfe264757842830",