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A Hedge moves through a small, predictable set of stages. Opening, adding, reducing, and closing are asynchronous: you submit an order and it fills shortly after, so you poll for the result. There are no webhooks yet.

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The flow

  1. Quote (optional) - price a Hedge before you open it. Quotes are indicative, not binding, and not persisted. See Open a Hedge.
  2. Open - submit the Hedge. It returns status: "submitted" with an order_tx_hash and a hedge_id, then fills on-chain shortly after. See Open a Hedge.
  3. Monitor - track the live position, its P&L, accrued carry, and margin. See Monitor Positions.
  4. Resize (optional) - grow the position by adding notional, or shrink it by reducing notional. Either way the maturity stays the same.
  5. Close - close the position, or let it settle at maturity, then review the outcome. See Close & Settle.

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Status values

Every Hedge reports a status:

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One open Hedge per market and side

You hold at most one open Hedge on a given market and side. Opening a second on the same market and side returns 409 hedge_exists - add to the existing Hedge instead. See How Hedging Works.