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Merge pull request #180 from guggero/docs-update
cmd/loop+README: explain fees and optimize fee display
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Oliver Gugger
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4f1ecd9344
4 changed files with 152 additions and 31 deletions
120
README.md
120
README.md
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@ -149,7 +149,7 @@ USAGE:
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DESCRIPTION:
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Attempts loop out the target amount into either the backing lnd's
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Attempts to loop out the target amount into either the backing lnd's
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wallet, or a targeted address.
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The amount is to be specified in satoshis.
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@ -158,9 +158,12 @@ DESCRIPTION:
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specified. If not specified, a new wallet address will be generated.
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OPTIONS:
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--channel value the 8-byte compact channel ID of the channel to loop out (default: 0)
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--addr value the optional address that the looped out funds should be sent to, if left blank the funds will go to lnd's wallet
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--amt value the amount in satoshis to loop out (default: 0)
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--channel value the 8-byte compact channel ID of the channel to loop out (default: 0)
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--addr value the optional address that the looped out funds should be sent to, if let blank the funds will go to lnd's wallet
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--amt value the amount in satoshis to loop out (default: 0)
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--conf_target value the number of blocks from the swap initiation height that the on-chain HTLC should be swept within (default: 6)
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--max_swap_routing_fee value the max off-chain swap routing fee in satoshis, if not specified, a default max fee will be used (default: 0)
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--fast Indicate you want to swap immediately, paying potentially a higher fee. If not set the swap server might choose to wait up to 30 minutes before publishing the swap HTLC on-chain, to save on its chain fees. Not setting this flag therefore might result in a lower swap fee.
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```
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It's possible to receive more inbound capacity on a particular channel
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@ -178,6 +181,79 @@ swap is initiated successfully, `loopd` will see the process through.
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To query in-flight swap statuses, run `loop monitor`.
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### Fees explained
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The following is an example output of a 0.01 BTC fast (non-batched) Loop Out
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swap from `testnet`:
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```bash
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$ loop out --amt 1000000 --fast
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Max swap fees for 1000000 sat Loop Out: 36046 sat
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Fast swap requested.
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CONTINUE SWAP? (y/n), expand fee detail (x): x
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Estimated on-chain sweep fee: 149 sat
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Max on-chain sweep fee: 14900 sat
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Max off-chain swap routing fee: 20010 sat
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Max off-chain prepay routing fee: 36 sat
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Max no show penalty (prepay): 1337 sat
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Max swap fee: 1100 sat
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CONTINUE SWAP? (y/n):
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```
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Explanation:
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- **Max swap fees for <x> sat Loop Out** (36046 sat): The absolute maximum in
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fees that need to be paid. This includes on-chain and off-chain fees. This
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represents the ceiling or worst-case scenario. The actual fees will likely be
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lower. This is the sum of `14900 + 20010 + 36 + 1100` (see below).
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- **Estimated on-chain sweep fee** (149 sat): The estimated cost to sweep the
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HTLC in case of success, calculated based on the _current_ on-chain fees.
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This value is called `miner_fee` in the gRPC/REST responses.
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- **Max on-chain sweep fee** (14900 sat): The maximum on-chain fee the daemon
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is going to allow for sweeping the HTLC in case of success. A fee estimation
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based on the `--conf_target` flag is always performed before sweeping. The
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factor of `100` times the estimated fee is applied in case the fees spike
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between the time the swap is initiated and the time the HTLC can be swept. But
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that is the absolute worst-case fee that will be paid. If there is no fee
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spike, a normal, much lower fee will be used.
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- **Max off-chain swap routing fee** (20010 sat): The maximum off-chain
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routing fee that the daemon should pay when finding a route to pay the
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Lightning invoice. This is a hard limit. If no route with a lower or equal fee
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is found, the payment (and the swap) is aborted. This value is calculated
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statically based on the swap amount (see `maxRoutingFeeBase` and
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`maxRoutingFeeRate` in `cmd/loop/main.go`).
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- **Max off-chain prepay routing fee** (36 sat): The maximum off-chain routing
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fee that the daemon should pay when finding a route to pay the prepay fee.
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This is a hard limit. If no route with a lower or equal fee is found, the
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payment (and the swap) is aborted. This value is calculated statically based
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on the prepay amount (see `maxRoutingFeeBase` and `maxRoutingFeeRate` in
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`cmd/loop/main.go`).
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- **Max no show penalty (prepay)** (1337 sat): This is the amount that has to be
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pre-paid (off-chain) before the server publishes the HTLC on-chain. This is
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necessary to ensure the server's on-chain fees are paid if the client aborts
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and never completes the swap _after_ the HTLC has been published on-chain.
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If the swap completes normally, this amount is counted towards the full swap
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amount and therefore is actually a pre-payment and not a fee. This value is
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called `prepay_amt` in the gRPC/REST responses.
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- **Max swap fee** (1100 sat): The maximum amount of service fees we allow the
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server to charge for executing the swap. The client aborts the swap if the
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fee proposed by the server exceeds this maximum. It is therefore recommended
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to obtain the maximum by asking the server for a quote first. The actual fees
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might be lower than this maximum if user specific discounts are applied. This
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value is called `swap_fee` in the gRPC/REST responses.
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#### Fast vs. batched swaps
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By default, Loop Outs are executed as normal speed swaps. This means the server
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will wait up to 30 minutes until it publishes the HTLC on-chain to improve the
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chances that it can be batched together with other user's swaps to reduce the
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on-chain footprint and fees. The server offers a reduced swap fee for slow swaps
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to incentivize users to batch more.
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If a swap should be executed immediately, the `--fast` flag can be used. Fast
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swaps won't benefit from a reduced swap fee.
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### Loop In Swaps
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Additionally, Loop In is now also supported for mainnet as well. A Loop In swap
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@ -195,9 +271,10 @@ DESCRIPTION:
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Send the amount in satoshis specified by the amt argument off-chain.
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OPTIONS:
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--amt value the amount in satoshis to loop in (default: 0)
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--external expect htlc to be published externally
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--conf_target the confirmation target for the on chain htlc, if not being published externally
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--amt value the amount in satoshis to loop in (default: 0)
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--external expect htlc to be published externally
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--conf_target value the target number of blocks the on-chain htlc broadcast by the swap client should confirm within (default: 0)
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--last_hop value the pubkey of the last hop to use for this swap
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```
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The `--external` argument allows the on-chain HTLC transacting to be published
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@ -208,6 +285,34 @@ A Loop In swap can be executed a follows:
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```
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loop in <amt_in_satoshis>
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```
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#### Fees explained
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The following is an example output of a 0.01 BTC Loop In swap from `testnet`:
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```bash
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$ loop in --amt 1000000
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Max swap fees for 1000000 sat Loop In: 1562 sat
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CONTINUE SWAP? (y/n), expand fee detail (x): x
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Estimated on-chain HTLC fee: 154 sat
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Max swap fee: 1100 sat
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CONTINUE SWAP? (y/n):
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```
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Explanation:
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- **Estimated on-chain HTLC fee** (154 sat): The estimated on-chain fee that the
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daemon has to pay to publish the HTLC. This is an estimation from `lnd`'s
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wallet based on the available UTXOs and current network fees. This value is
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called `miner_fee` in the gRPC/REST responses.
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- **Max swap fee** (1100 sat): The maximum amount of service fees we allow the
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server to charge for executing the swap. The client aborts the swap if the
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fee proposed by the server exceeds this maximum. It is therefore recommended
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to obtain the maximum by asking the server for a quote first. The actual fees
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might be lower than this maximum if user specific discounts are applied. This
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value is called `swap_fee` in the gRPC/REST responses.
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## Resume
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When `loopd` is terminated (or killed) for whatever reason, it will pickup
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@ -220,4 +325,3 @@ Its location is `~/.loopd/<network>/loop.db`.
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It is possible to execute multiple swaps simultaneously. Just keep loopd
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running.
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@ -119,7 +119,10 @@ func loopIn(ctx *cli.Context) error {
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}
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limits := getInLimits(amt, quote)
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err = displayLimits(swap.TypeIn, amt, limits, external, "")
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err = displayLimits(
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swap.TypeIn, amt, btcutil.Amount(quote.MinerFee), limits,
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external, "",
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)
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if err != nil {
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return err
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}
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@ -17,7 +17,7 @@ var loopOutCommand = cli.Command{
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Usage: "perform an off-chain to on-chain swap (looping out)",
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ArgsUsage: "amt [addr]",
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Description: `
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Attempts loop out the target amount into either the backing lnd's
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Attempts to loop out the target amount into either the backing lnd's
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wallet, or a targeted address.
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The amount is to be specified in satoshis.
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@ -26,8 +26,9 @@ var loopOutCommand = cli.Command{
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specified. If not specified, a new wallet address will be generated.`,
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Flags: []cli.Flag{
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cli.Uint64Flag{
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Name: "channel",
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Usage: "the 8-byte compact channel ID of the channel to loop out",
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Name: "channel",
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Usage: "the 8-byte compact channel ID of the channel " +
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"to loop out",
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},
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cli.StringFlag{
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Name: "addr",
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@ -48,8 +49,9 @@ var loopOutCommand = cli.Command{
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},
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cli.Int64Flag{
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Name: "max_swap_routing_fee",
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Usage: "the max off-chain swap routing fee in satoshis, " +
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"if let blank a default max fee will be used",
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Usage: "the max off-chain swap routing fee in " +
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"satoshis, if not specified, a default max " +
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"fee will be used",
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},
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cli.BoolFlag{
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Name: "fast",
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@ -57,9 +59,9 @@ var loopOutCommand = cli.Command{
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"paying potentially a higher fee. If not " +
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"set the swap server might choose to wait up " +
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"to 30 minutes before publishing the swap " +
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"HTLC on-chain, to save on chain fees. Not " +
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"setting this flag might result in a lower " +
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"swap fee.",
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"HTLC on-chain, to save on its chain fees. " +
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"Not setting this flag therefore might " +
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"result in a lower swap fee.",
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},
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},
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Action: loopOut,
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@ -135,7 +137,10 @@ func loopOut(ctx *cli.Context) error {
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ctx.Int64("max_swap_routing_fee"),
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)
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}
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err = displayLimits(swap.TypeOut, amt, limits, false, warning)
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err = displayLimits(
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swap.TypeOut, amt, btcutil.Amount(quote.MinerFee), limits,
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false, warning,
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)
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if err != nil {
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return err
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}
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@ -141,7 +141,7 @@ func getLimits(amt btcutil.Amount, quote *looprpc.QuoteResponse) *limits {
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}
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}
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func displayLimits(swapType swap.Type, amt btcutil.Amount, l *limits,
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func displayLimits(swapType swap.Type, amt, minerFees btcutil.Amount, l *limits,
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externalHtlc bool, warning string) error {
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totalSuccessMax := l.maxMinerFee + l.maxSwapFee
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@ -159,7 +159,7 @@ func displayLimits(swapType swap.Type, amt btcutil.Amount, l *limits,
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"wallet.\n\n")
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}
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fmt.Printf("Max swap fees for %d Loop %v: %d\n", amt, swapType,
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fmt.Printf("Max swap fees for %d sat Loop %v: %d sat\n", amt, swapType,
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totalSuccessMax)
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if warning != "" {
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@ -176,26 +176,35 @@ func displayLimits(swapType swap.Type, amt btcutil.Amount, l *limits,
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return nil
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case "x":
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fmt.Println()
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if swapType != swap.TypeIn || !externalHtlc {
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fmt.Printf("Max on-chain fee: %d\n",
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l.maxMinerFee)
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f := "%-36s %d sat\n"
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switch swapType {
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case swap.TypeOut:
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fmt.Printf(f, "Estimated on-chain sweep fee:",
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minerFees)
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fmt.Printf(f, "Max on-chain sweep fee:", l.maxMinerFee)
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case swap.TypeIn:
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if !externalHtlc {
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fmt.Printf(f, "Estimated on-chain HTLC fee:",
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minerFees)
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}
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}
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if l.maxSwapRoutingFee != nil {
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fmt.Printf("Max off-chain swap routing fee: %d\n",
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fmt.Printf(f, "Max off-chain swap routing fee:",
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*l.maxSwapRoutingFee)
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}
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if l.maxPrepayRoutingFee != nil {
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fmt.Printf("Max off-chain prepay routing fee: %d\n",
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*l.maxPrepayRoutingFee)
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}
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fmt.Printf("Max swap fee: %d\n", l.maxSwapFee)
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if l.maxPrepayAmt != nil {
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fmt.Printf("Max no show penalty: %d\n",
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fmt.Printf(f, "Max no show penalty (prepay):",
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*l.maxPrepayAmt)
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}
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if l.maxPrepayRoutingFee != nil {
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fmt.Printf(f, "Max off-chain prepay routing fee:",
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*l.maxPrepayRoutingFee)
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}
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fmt.Printf(f, "Max swap fee:", l.maxSwapFee)
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fmt.Printf("CONTINUE SWAP? (y/n): ")
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fmt.Scanln(&answer)
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