Sell shares panel (#69)

* Split BuyAmountInput out of AmountInput * Buy and sell tabs. Compute some sell info * In progress * BuyPanel & SellPanel with banner above that shows current shares and toggle button * Remove "Remaining balance" * Bring back 'Place a trade'. Tweaks * Sell shares cloud function. * Sell all shares by default. Switch back to buy if sell all your shares. * Cache your shares in local storage so sell banner doesn't flicker. * Compute sale value of shares with binary search to keep k constant. * Update bets table to show BUY or SELL * Fixes from Stephen's review * Don't allow selling more than max shares in cloud function * Use modal for sell shares on desktop. * Handle floating point precision in max shares you can sell.
2022-03-29 14:56:56 -05:00 · 2022-03-29 14:56:56 -05:00 · ed5f69db7a
commit ed5f69db7a
parent a40d593d32
17 changed files with 830 additions and 193 deletions
--- a/common/calculate-cpmm.ts
+++ b/common/calculate-cpmm.ts
@ -114,28 +114,60 @@ export function calculateCpmmPurchase(
  return { shares, newPool, newP, fees }
 }

-export function calculateCpmmShareValue(
+function computeK(y: number, n: number, p: number) {
+  return y ** p * n ** (1 - p)
+}
+
+function sellSharesK(
+  y: number,
+  n: number,
+  p: number,
+  s: number,
+  outcome: 'YES' | 'NO',
+  b: number
+) {
+  return outcome === 'YES'
+    ? computeK(y - b + s, n - b, p)
+    : computeK(y - b, n - b + s, p)
+}
+
+function calculateCpmmShareValue(
  contract: FullContract<CPMM, Binary>,
  shares: number,
-  outcome: string
+  outcome: 'YES' | 'NO'
 ) {
-  const { pool } = contract
-  const { YES: y, NO: n } = pool
+  const { pool, p } = contract

-  // TODO: calculate using new function
-  const poolChange = outcome === 'YES' ? shares + y - n : shares + n - y
-  const k = y * n
-  const shareValue = 0.5 * (shares + y + n - Math.sqrt(4 * k + poolChange ** 2))
-  return shareValue
+  const k = computeK(pool.YES, pool.NO, p)
+
+  // Find bet amount that preserves k after selling shares.
+  let lowAmount = 0
+  let highAmount = shares
+  let mid = 0
+  let kGuess = 0
+  while (Math.abs(k - kGuess) > 0.00000000001) {
+    mid = lowAmount + (highAmount - lowAmount) / 2
+    kGuess = sellSharesK(pool.YES, pool.NO, p, shares, outcome, mid)
+    if (kGuess < k) {
+      highAmount = mid
+    } else {
+      lowAmount = mid
+    }
+  }
+  return mid
 }

 export function calculateCpmmSale(
  contract: FullContract<CPMM, Binary>,
-  bet: Bet
+  bet: { shares: number; outcome: string }
 ) {
  const { shares, outcome } = bet

-  const rawSaleValue = calculateCpmmShareValue(contract, shares, outcome)
+  const rawSaleValue = calculateCpmmShareValue(
+    contract,
+    Math.abs(shares),
+    outcome as 'YES' | 'NO'
+  )

  const { fees, remainingBet: saleValue } = getCpmmLiquidityFee(
    contract,
@ -153,9 +185,11 @@ export function calculateCpmmSale(
      ? [y + shares - saleValue + fee, n - saleValue + fee]
      : [y - saleValue + fee, n + shares - saleValue + fee]

-  const newPool = { YES: newY, NO: newN }
+  const postBetPool = { YES: newY, NO: newN }

-  return { saleValue, newPool, fees }
+  const { newPool, newP } = addCpmmLiquidity(postBetPool, contract.p, fee)
+
+  return { saleValue, newPool, newP, fees }
 }

 export function getCpmmProbabilityAfterSale(
--- a/common/sell-bet.ts
+++ b/common/sell-bet.ts
@ -85,21 +85,24 @@ export const getSellBetInfo = (

 export const getCpmmSellBetInfo = (
  user: User,
-  bet: Bet,
+  shares: number,
+  outcome: 'YES' | 'NO',
  contract: FullContract<CPMM, Binary>,
  newBetId: string
 ) => {
  const { pool, p } = contract
-  const { id: betId, amount, shares, outcome } = bet

-  const { saleValue, newPool, fees } = calculateCpmmSale(contract, bet)
+  const { saleValue, newPool, newP, fees } = calculateCpmmSale(contract, {
+    shares,
+    outcome,
+  })

  const probBefore = getCpmmProbability(pool, p)
  const probAfter = getCpmmProbability(newPool, p)

  console.log(
    'SELL M$',
-    amount,
+    shares,
    outcome,
    'for M$',
    saleValue,
@ -117,10 +120,6 @@ export const getCpmmSellBetInfo = (
    probBefore,
    probAfter,
    createdTime: Date.now(),
-    sale: {
-      amount: saleValue,
-      betId,
-    },
    fees,
  }

@ -129,6 +128,7 @@ export const getCpmmSellBetInfo = (
  return {
    newBet,
    newPool,
+    newP,
    newBalance,
    fees,
  }
--- a/functions/src/index.ts
+++ b/functions/src/index.ts
@ -7,6 +7,7 @@ export * from './place-bet'
 export * from './resolve-market'
 export * from './stripe'
 export * from './sell-bet'
+export * from './sell-shares'
 export * from './create-contract'
 export * from './create-user'
 export * from './create-fold'
--- a/functions/src/sell-bet.ts
+++ b/functions/src/sell-bet.ts
@ -4,7 +4,7 @@ import * as functions from 'firebase-functions'
 import { Contract } from '../../common/contract'
 import { User } from '../../common/user'
 import { Bet } from '../../common/bet'
-import { getCpmmSellBetInfo, getSellBetInfo } from '../../common/sell-bet'
+import { getSellBetInfo } from '../../common/sell-bet'
 import { addObjects, removeUndefinedProps } from '../../common/util/object'
 import { Fees } from '../../common/fees'

@ -34,8 +34,14 @@ export const sellBet = functions.runWith({ minInstances: 1 }).https.onCall(
      if (!contractSnap.exists)
        return { status: 'error', message: 'Invalid contract' }
      const contract = contractSnap.data() as Contract
-
      const { closeTime, mechanism, collectedFees, volume } = contract
+
+      if (mechanism !== 'dpm-2')
+        return {
+          status: 'error',
+          message: 'Sell shares only works with mechanism dpm-2',
+        }
+
      if (closeTime && Date.now() > closeTime)
        return { status: 'error', message: 'Trading is closed' }

@ -57,15 +63,7 @@ export const sellBet = functions.runWith({ minInstances: 1 }).https.onCall(
        newTotalBets,
        newBalance,
        fees,
-      } =
-        mechanism === 'dpm-2'
-          ? getSellBetInfo(user, bet, contract, newBetDoc.id)
-          : (getCpmmSellBetInfo(
-              user,
-              bet,
-              contract as any,
-              newBetDoc.id
-            ) as any)
+      } = getSellBetInfo(user, bet, contract, newBetDoc.id)

      if (!isFinite(newBalance)) {
        throw new Error('Invalid user balance for ' + user.username)
@ -81,7 +79,7 @@ export const sellBet = functions.runWith({ minInstances: 1 }).https.onCall(
          totalShares: newTotalShares,
          totalBets: newTotalBets,
          collectedFees: addObjects<Fees>(fees ?? {}, collectedFees ?? {}),
-          volume: volume + bet.amount,
+          volume: volume + Math.abs(newBet.amount),
        })
      )

--- a/functions/src/sell-shares.ts
+++ b/functions/src/sell-shares.ts
@ -0,0 +1,111 @@
+import * as _ from 'lodash'
+import * as admin from 'firebase-admin'
+import * as functions from 'firebase-functions'
+
+import { Binary, CPMM, FullContract } from '../../common/contract'
+import { User } from '../../common/user'
+import { getCpmmSellBetInfo } from '../../common/sell-bet'
+import { addObjects, removeUndefinedProps } from '../../common/util/object'
+import { getValues } from './utils'
+import { Bet } from '../../common/bet'
+
+export const sellShares = functions.runWith({ minInstances: 1 }).https.onCall(
+  async (
+    data: {
+      contractId: string
+      shares: number
+      outcome: 'YES' | 'NO'
+    },
+    context
+  ) => {
+    const userId = context?.auth?.uid
+    if (!userId) return { status: 'error', message: 'Not authorized' }
+
+    const { contractId, shares, outcome } = data
+
+    // Run as transaction to prevent race conditions.
+    return await firestore.runTransaction(async (transaction) => {
+      const userDoc = firestore.doc(`users/${userId}`)
+      const userSnap = await transaction.get(userDoc)
+      if (!userSnap.exists)
+        return { status: 'error', message: 'User not found' }
+      const user = userSnap.data() as User
+
+      const contractDoc = firestore.doc(`contracts/${contractId}`)
+      const contractSnap = await transaction.get(contractDoc)
+      if (!contractSnap.exists)
+        return { status: 'error', message: 'Invalid contract' }
+      const contract = contractSnap.data() as FullContract<CPMM, Binary>
+      const { closeTime, mechanism, collectedFees, volume } = contract
+
+      if (mechanism !== 'cpmm-1')
+        return {
+          status: 'error',
+          message: 'Sell shares only works with mechanism cpmm-1',
+        }
+
+      if (closeTime && Date.now() > closeTime)
+        return { status: 'error', message: 'Trading is closed' }
+
+      const userBets = await getValues<Bet>(
+        contractDoc.collection('bets').where('userId', '==', userId)
+      )
+
+      const [yesBets, noBets] = _.partition(
+        userBets ?? [],
+        (bet) => bet.outcome === 'YES'
+      )
+      const [yesShares, noShares] = [
+        _.sumBy(yesBets, (bet) => bet.shares),
+        _.sumBy(noBets, (bet) => bet.shares),
+      ]
+
+      const maxShares = outcome === 'YES' ? yesShares : noShares
+      if (shares > maxShares + 0.000000000001) {
+        return {
+          status: 'error',
+          message: `You can only sell ${maxShares} shares`,
+        }
+      }
+
+      const newBetDoc = firestore
+        .collection(`contracts/${contractId}/bets`)
+        .doc()
+
+      const { newBet, newPool, newP, newBalance, fees } = getCpmmSellBetInfo(
+        user,
+        shares,
+        outcome,
+        contract,
+        newBetDoc.id
+      )
+
+      if (!isFinite(newP)) {
+        return {
+          status: 'error',
+          message: 'Trade rejected due to overflow error.',
+        }
+      }
+
+      if (!isFinite(newBalance)) {
+        throw new Error('Invalid user balance for ' + user.username)
+      }
+
+      transaction.update(userDoc, { balance: newBalance })
+      transaction.create(newBetDoc, newBet)
+      transaction.update(
+        contractDoc,
+        removeUndefinedProps({
+          pool: newPool,
+          p: newP,
+          collectedFees: addObjects(fees ?? {}, collectedFees ?? {}),
+          volume: volume + Math.abs(newBet.amount),
+        })
+      )
+
+      return { status: 'success' }
+    })
+  }
+)
+
+const firestore = admin.firestore()
--- a/web/components/amount-input.tsx
+++ b/web/components/amount-input.tsx
@ -1,50 +1,39 @@
 import clsx from 'clsx'
 import _ from 'lodash'
 import { useUser } from '../hooks/use-user'
-import { formatMoney } from '../../common/util/format'
+import { formatMoney, formatWithCommas } from '../../common/util/format'
 import { Col } from './layout/col'
 import { Row } from './layout/row'
-import { useUserContractBets } from '../hooks/use-user-bets'
-import { MAX_LOAN_PER_CONTRACT } from '../../common/bet'
+import { Bet, MAX_LOAN_PER_CONTRACT } from '../../common/bet'
 import { InfoTooltip } from './info-tooltip'
 import { Spacer } from './layout/spacer'
+import { calculateCpmmSale } from '../../common/calculate-cpmm'
+import { Binary, CPMM, FullContract } from '../../common/contract'

 export function AmountInput(props: {
  amount: number | undefined
  onChange: (newAmount: number | undefined) => void
  error: string | undefined
-  setError: (error: string | undefined) => void
-  contractIdForLoan: string | undefined
-  minimumAmount?: number
+  label: string
  disabled?: boolean
  className?: string
  inputClassName?: string
  // Needed to focus the amount input
  inputRef?: React.MutableRefObject<any>
+  children?: any
 }) {
  const {
    amount,
    onChange,
    error,
-    setError,
-    contractIdForLoan,
+    label,
    disabled,
    className,
    inputClassName,
-    minimumAmount,
    inputRef,
+    children,
  } = props

-  const user = useUser()
-
-  const userBets = useUserContractBets(user?.id, contractIdForLoan) ?? []
-  const openUserBets = userBets.filter((bet) => !bet.isSold && !bet.sale)
-  const prevLoanAmount = _.sumBy(openUserBets, (bet) => bet.loanAmount ?? 0)
-
-  const loanAmount = contractIdForLoan
-    ? Math.min(amount ?? 0, MAX_LOAN_PER_CONTRACT - prevLoanAmount)
-    : 0
-
  const onAmountChange = (str: string) => {
    if (str.includes('-')) {
      onChange(undefined)
@ -56,28 +45,12 @@ export function AmountInput(props: {
    if (amount >= 10 ** 9) return

    onChange(str ? amount : undefined)
-
-    const loanAmount = contractIdForLoan
-      ? Math.min(amount, MAX_LOAN_PER_CONTRACT - prevLoanAmount)
-      : 0
-    const amountNetLoan = amount - loanAmount
-
-    if (user && user.balance < amountNetLoan) {
-      setError('Insufficient balance')
-    } else if (minimumAmount && amount < minimumAmount) {
-      setError('Minimum amount: ' + formatMoney(minimumAmount))
-    } else {
-      setError(undefined)
-    }
  }

-  const amountNetLoan = (amount ?? 0) - loanAmount
-  const remainingBalance = Math.max(0, (user?.balance ?? 0) - amountNetLoan)
-
  return (
    <Col className={className}>
      <label className="input-group">
-        <span className="bg-gray-200 text-sm">M$</span>
+        <span className="bg-gray-200 text-sm">{label}</span>
        <input
          className={clsx(
            'input input-bordered',
@ -101,6 +74,79 @@ export function AmountInput(props: {
          {error}
        </div>
      )}
+
+      {children}
+    </Col>
+  )
+}
+
+export function BuyAmountInput(props: {
+  amount: number | undefined
+  onChange: (newAmount: number | undefined) => void
+  error: string | undefined
+  setError: (error: string | undefined) => void
+  contractIdForLoan: string | undefined
+  userBets?: Bet[]
+  minimumAmount?: number
+  disabled?: boolean
+  className?: string
+  inputClassName?: string
+  // Needed to focus the amount input
+  inputRef?: React.MutableRefObject<any>
+}) {
+  const {
+    amount,
+    onChange,
+    userBets,
+    error,
+    setError,
+    contractIdForLoan,
+    disabled,
+    className,
+    inputClassName,
+    minimumAmount,
+    inputRef,
+  } = props
+
+  const user = useUser()
+
+  const openUserBets = (userBets ?? []).filter(
+    (bet) => !bet.isSold && !bet.sale
+  )
+  const prevLoanAmount = _.sumBy(openUserBets, (bet) => bet.loanAmount ?? 0)
+
+  const loanAmount = contractIdForLoan
+    ? Math.min(amount ?? 0, MAX_LOAN_PER_CONTRACT - prevLoanAmount)
+    : 0
+
+  const onAmountChange = (amount: number | undefined) => {
+    onChange(amount)
+
+    // Check for errors.
+    if (amount !== undefined) {
+      const amountNetLoan = amount - loanAmount
+
+      if (user && user.balance < amountNetLoan) {
+        setError('Insufficient balance')
+      } else if (minimumAmount && amount < minimumAmount) {
+        setError('Minimum amount: ' + formatMoney(minimumAmount))
+      } else {
+        setError(undefined)
+      }
+    }
+  }
+
+  return (
+    <AmountInput
+      amount={amount}
+      onChange={onAmountChange}
+      label="M$"
+      error={error}
+      disabled={disabled}
+      className={className}
+      inputClassName={inputClassName}
+      inputRef={inputRef}
+    >
      {user && (
        <Col className="gap-3 text-sm">
          {contractIdForLoan && (
@ -116,14 +162,106 @@ export function AmountInput(props: {
              <span className="text-neutral">{formatMoney(loanAmount)}</span>{' '}
            </Row>
          )}
-          <Row className="items-center justify-between gap-2 text-gray-500">
-            Remaining balance{' '}
-            <span className="text-neutral">
-              {formatMoney(Math.floor(remainingBalance))}
-            </span>
-          </Row>
        </Col>
      )}
-    </Col>
+    </AmountInput>
+  )
+}
+
+export function SellAmountInput(props: {
+  contract: FullContract<CPMM, Binary>
+  amount: number | undefined
+  onChange: (newAmount: number | undefined) => void
+  userBets: Bet[]
+  error: string | undefined
+  setError: (error: string | undefined) => void
+  disabled?: boolean
+  className?: string
+  inputClassName?: string
+  // Needed to focus the amount input
+  inputRef?: React.MutableRefObject<any>
+}) {
+  const {
+    contract,
+    amount,
+    onChange,
+    userBets,
+    error,
+    setError,
+    disabled,
+    className,
+    inputClassName,
+    inputRef,
+  } = props
+
+  const user = useUser()
+
+  const openUserBets = userBets.filter((bet) => !bet.isSold && !bet.sale)
+  const [yesBets, noBets] = _.partition(
+    openUserBets,
+    (bet) => bet.outcome === 'YES'
+  )
+  const [yesShares, noShares] = [
+    _.sumBy(yesBets, (bet) => bet.shares),
+    _.sumBy(noBets, (bet) => bet.shares),
+  ]
+
+  const sellOutcome = yesShares ? 'YES' : noShares ? 'NO' : undefined
+  const shares = yesShares || noShares
+
+  const prevLoanAmount = _.sumBy(openUserBets, (bet) => bet.loanAmount ?? 0)
+
+  const sharesSold = Math.min(amount ?? 0, yesShares || noShares)
+  const { saleValue } = calculateCpmmSale(contract, {
+    shares: sharesSold,
+    outcome: sellOutcome as 'YES' | 'NO',
+  })
+
+  const loanRepaid = Math.min(prevLoanAmount, saleValue)
+
+  const onAmountChange = (amount: number | undefined) => {
+    onChange(amount)
+
+    // Check for errors.
+    if (amount !== undefined) {
+      if (amount > shares) {
+        setError(`Maximum ${formatWithCommas(Math.floor(shares))} shares`)
+      } else {
+        setError(undefined)
+      }
+    }
+  }
+
+  return (
+    <AmountInput
+      amount={amount}
+      onChange={onAmountChange}
+      label="Qty"
+      error={error}
+      disabled={disabled}
+      className={className}
+      inputClassName={inputClassName}
+      inputRef={inputRef}
+    >
+      {user && (
+        <Col className="gap-3 text-sm">
+          <Row className="items-center justify-between gap-2 text-gray-500">
+            Sale proceeds{' '}
+            <span className="text-neutral">{formatMoney(saleValue)}</span>
+          </Row>
+          {!!prevLoanAmount && (
+            <Row className="items-center justify-between gap-2 text-gray-500">
+              <Row className="items-center gap-2">
+                Loan repaid{' '}
+                <InfoTooltip
+                  text={`Sold shares go toward paying off loans first.`}
+                />
+              </Row>
+              <span className="text-neutral">{formatMoney(loanRepaid)}</span>{' '}
+            </Row>
+          )}
+        </Col>
+      )}
+    </AmountInput>
  )
 }
--- a/web/components/answers/answer-bet-panel.tsx
+++ b/web/components/answers/answer-bet-panel.tsx
@ -5,7 +5,7 @@ import { XIcon } from '@heroicons/react/solid'

 import { Answer } from '../../../common/answer'
 import { DPM, FreeResponse, FullContract } from '../../../common/contract'
-import { AmountInput } from '../amount-input'
+import { BuyAmountInput } from '../amount-input'
 import { Col } from '../layout/col'
 import { placeBet } from '../../lib/firebase/api-call'
 import { Row } from '../layout/row'
@ -114,7 +114,7 @@ export function AnswerBetPanel(props: {
        )}
      </Row>
      <div className="my-3 text-left text-sm text-gray-500">Amount </div>
-      <AmountInput
+      <BuyAmountInput
        inputClassName="w-full"
        amount={betAmount}
        onChange={setBetAmount}
--- a/web/components/answers/create-answer-panel.tsx
+++ b/web/components/answers/create-answer-panel.tsx
@ -4,7 +4,7 @@ import { useState } from 'react'
 import Textarea from 'react-expanding-textarea'

 import { DPM, FreeResponse, FullContract } from '../../../common/contract'
-import { AmountInput } from '../amount-input'
+import { BuyAmountInput } from '../amount-input'
 import { Col } from '../layout/col'
 import { createAnswer } from '../../lib/firebase/api-call'
 import { Row } from '../layout/row'
@ -97,7 +97,7 @@ export function CreateAnswerPanel(props: {
            <>
              <Col className="mt-1 gap-2">
                <div className="text-sm text-gray-500">Buy amount</div>
-                <AmountInput
+                <BuyAmountInput
                  amount={betAmount}
                  onChange={setBetAmount}
                  error={amountError}
--- a/web/components/bet-panel.tsx
+++ b/web/components/bet-panel.tsx
@ -1,5 +1,6 @@
 import clsx from 'clsx'
 import React, { useEffect, useState } from 'react'
+import _ from 'lodash'

 import { useUser } from '../hooks/use-user'
 import { Binary, CPMM, DPM, FullContract } from '../../common/contract'
@ -13,10 +14,10 @@ import {
  formatWithCommas,
 } from '../../common/util/format'
 import { Title } from './title'
-import { firebaseLogin } from '../lib/firebase/users'
+import { firebaseLogin, User } from '../lib/firebase/users'
 import { Bet } from '../../common/bet'
-import { placeBet } from '../lib/firebase/api-call'
-import { AmountInput } from './amount-input'
+import { placeBet, sellShares } from '../lib/firebase/api-call'
+import { BuyAmountInput, SellAmountInput } from './amount-input'
 import { InfoTooltip } from './info-tooltip'
 import { OutcomeLabel } from './outcome-label'
 import {
@ -26,30 +27,219 @@ import {
  getOutcomeProbabilityAfterBet,
 } from '../../common/calculate'
 import { useFocus } from '../hooks/use-focus'
+import { useUserContractBets } from '../hooks/use-user-bets'
+import {
+  calculateCpmmSale,
+  getCpmmProbability,
+} from '../../common/calculate-cpmm'
+import { Modal } from './layout/modal'

 export function BetPanel(props: {
  contract: FullContract<DPM | CPMM, Binary>
  className?: string
+}) {
+  const { contract, className } = props
+  const { mechanism } = contract
+
+  const user = useUser()
+  const userBets = useUserContractBets(user?.id, contract.id)
+
+  const [showSellModal, setShowSellModal] = useState(false)
+
+  const { yesShares, noShares } = useSaveShares(contract, userBets)
+
+  const shares = yesShares || noShares
+  const sharesOutcome = yesShares ? 'YES' : noShares ? 'NO' : undefined
+
+  return (
+    <Col className={className}>
+      {sharesOutcome && user && mechanism === 'cpmm-1' && (
+        <Col className="rounded-t-md bg-gray-100 px-6 py-6">
+          <Row className="items-center justify-between gap-2">
+            <div>
+              You have {formatWithCommas(Math.floor(shares))}{' '}
+              <OutcomeLabel outcome={sharesOutcome} /> shares
+            </div>
+
+            <button
+              className="btn btn-sm"
+              style={{
+                backgroundColor: 'white',
+                border: '2px solid',
+                color: '#3D4451',
+              }}
+              onClick={() => setShowSellModal(true)}
+            >
+              Sell
+            </button>
+
+            {showSellModal && (
+              <SellSharesModal
+                contract={contract as FullContract<CPMM, Binary>}
+                user={user}
+                userBets={userBets ?? []}
+                shares={shares}
+                sharesOutcome={sharesOutcome}
+                setOpen={setShowSellModal}
+              />
+            )}
+          </Row>
+        </Col>
+      )}
+
+      <Col
+        className={clsx(
+          'rounded-b-md bg-white px-8 py-6',
+          !sharesOutcome && 'rounded-t-md',
+          className
+        )}
+      >
+        <Title className={clsx('!mt-0')} text="Place a trade" />
+
+        <BuyPanel contract={contract} user={user} userBets={userBets ?? []} />
+
+        {user === null && (
+          <button
+            className="btn flex-1 whitespace-nowrap border-none bg-gradient-to-r from-teal-500 to-green-500 px-10 text-lg font-medium normal-case hover:from-teal-600 hover:to-green-600"
+            onClick={firebaseLogin}
+          >
+            Sign in to trade!
+          </button>
+        )}
+      </Col>
+    </Col>
+  )
+}
+
+export function BetPanelSwitcher(props: {
+  contract: FullContract<DPM | CPMM, Binary>
+  className?: string
  title?: string // Set if BetPanel is on a feed modal
  selected?: 'YES' | 'NO'
  onBetSuccess?: () => void
 }) {
+  const { contract, className, title, selected, onBetSuccess } = props
+
+  const { mechanism } = contract
+
+  const user = useUser()
+  const userBets = useUserContractBets(user?.id, contract.id)
+
+  const [tradeType, setTradeType] = useState<'BUY' | 'SELL'>('BUY')
+
+  const { yesShares, noShares } = useSaveShares(contract, userBets)
+
+  const shares = yesShares || noShares
+  const sharesOutcome = yesShares ? 'YES' : noShares ? 'NO' : undefined
+
+  useEffect(() => {
+    // Switch back to BUY if the user has sold all their shares.
+    if (tradeType === 'SELL' && sharesOutcome === undefined) {
+      setTradeType('BUY')
+    }
+  }, [tradeType, sharesOutcome])
+
+  return (
+    <Col className={className}>
+      {sharesOutcome && mechanism === 'cpmm-1' && (
+        <Col className="rounded-t-md bg-gray-100 px-6 py-6">
+          <Row className="items-center justify-between gap-2">
+            <div>
+              You have {formatWithCommas(Math.floor(shares))}{' '}
+              <OutcomeLabel outcome={sharesOutcome} /> shares
+            </div>
+
+            <button
+              className="btn btn-sm"
+              style={{
+                backgroundColor: 'white',
+                border: '2px solid',
+                color: '#3D4451',
+              }}
+              onClick={() =>
+                tradeType === 'BUY' ? setTradeType('SELL') : setTradeType('BUY')
+              }
+            >
+              {tradeType === 'BUY' ? 'Sell' : 'Buy'}
+            </button>
+          </Row>
+        </Col>
+      )}
+
+      <Col
+        className={clsx(
+          'rounded-b-md bg-white px-8 py-6',
+          !sharesOutcome && 'rounded-t-md',
+          className
+        )}
+      >
+        <Title
+          className={clsx(
+            '!mt-0',
+            tradeType === 'BUY' && title ? '!text-xl' : ''
+          )}
+          text={tradeType === 'BUY' ? title ?? 'Place a trade' : 'Sell shares'}
+        />
+
+        {tradeType === 'SELL' && user && sharesOutcome && (
+          <SellPanel
+            contract={contract as FullContract<CPMM, Binary>}
+            shares={yesShares || noShares}
+            sharesOutcome={sharesOutcome}
+            user={user}
+            userBets={userBets ?? []}
+            onSellSuccess={onBetSuccess}
+          />
+        )}
+
+        {tradeType === 'BUY' && (
+          <BuyPanel
+            contract={contract}
+            user={user}
+            userBets={userBets ?? []}
+            selected={selected}
+            onBuySuccess={onBetSuccess}
+          />
+        )}
+
+        {user === null && (
+          <button
+            className="btn flex-1 whitespace-nowrap border-none bg-gradient-to-r from-teal-500 to-green-500 px-10 text-lg font-medium normal-case hover:from-teal-600 hover:to-green-600"
+            onClick={firebaseLogin}
+          >
+            Sign in to trade!
+          </button>
+        )}
+      </Col>
+    </Col>
+  )
+}
+
+function BuyPanel(props: {
+  contract: FullContract<DPM | CPMM, Binary>
+  user: User | null | undefined
+  userBets: Bet[]
+  selected?: 'YES' | 'NO'
+  onBuySuccess?: () => void
+}) {
+  const { contract, user, userBets, selected, onBuySuccess } = props
+
+  const [betChoice, setBetChoice] = useState<'YES' | 'NO' | undefined>(selected)
+  const [betAmount, setBetAmount] = useState<number | undefined>(undefined)
+  const [error, setError] = useState<string | undefined>()
+  const [isSubmitting, setIsSubmitting] = useState(false)
+  const [wasSubmitted, setWasSubmitted] = useState(false)
+
+  const [inputRef, focusAmountInput] = useFocus()
+
  useEffect(() => {
    // warm up cloud function
    placeBet({}).catch()
  }, [])

-  const { contract, className, title, selected, onBetSuccess } = props
-
-  const user = useUser()
-
-  const [betChoice, setBetChoice] = useState<'YES' | 'NO' | undefined>(selected)
-  const [betAmount, setBetAmount] = useState<number | undefined>(undefined)
-  const [inputRef, focusAmountInput] = useFocus()
-
-  const [error, setError] = useState<string | undefined>()
-  const [isSubmitting, setIsSubmitting] = useState(false)
-  const [wasSubmitted, setWasSubmitted] = useState(false)
+  useEffect(() => {
+    if (selected) focusAmountInput()
+  }, [selected, focusAmountInput])

  function onBetChoice(choice: 'YES' | 'NO') {
    setBetChoice(choice)
@ -83,9 +273,9 @@ export function BetPanel(props: {
      setIsSubmitting(false)
      setWasSubmitted(true)
      setBetAmount(undefined)
-      if (onBetSuccess) onBetSuccess()
+      if (onBuySuccess) onBuySuccess()
    } else {
-      setError(result?.error || 'Error placing bet')
+      setError(result?.message || 'Error placing bet')
      setIsSubmitting(false)
    }
  }
@ -114,11 +304,6 @@ export function BetPanel(props: {
  const currentReturn = betAmount ? (currentPayout - betAmount) / betAmount : 0
  const currentReturnPercent = formatPercent(currentReturn)

-  const panelTitle = title ?? 'Place a trade'
-  if (title) {
-    focusAmountInput()
-  }
-
  const dpmTooltip =
    contract.mechanism === 'dpm-2'
      ? `Current payout for ${formatWithCommas(shares)} / ${formatWithCommas(
@ -129,25 +314,19 @@ export function BetPanel(props: {
              : 0)
        )} ${betChoice ?? 'YES'} shares`
      : undefined
-
  return (
-    <Col className={clsx('rounded-md bg-white px-8 py-6', className)}>
-      <Title
-        className={clsx('!mt-0', title ? '!text-xl' : '')}
-        text={panelTitle}
-      />
-
+    <>
      <YesNoSelector
        className="mb-4"
        selected={betChoice}
        onSelect={(choice) => onBetChoice(choice)}
      />
-
-      <div className="my-3 text-left text-sm text-gray-500">Amount </div>
-      <AmountInput
+      <div className="my-3 text-left text-sm text-gray-500">Amount</div>
+      <BuyAmountInput
        inputClassName="w-full"
        amount={betAmount}
        onChange={onBetChange}
+        userBets={userBets}
        error={error}
        setError={setError}
        disabled={isSubmitting}
@ -206,19 +385,180 @@ export function BetPanel(props: {
          )}
          onClick={betDisabled ? undefined : submitBet}
        >
-          {isSubmitting ? 'Submitting...' : 'Submit trade'}
-        </button>
-      )}
-      {user === null && (
-        <button
-          className="btn flex-1 whitespace-nowrap border-none bg-gradient-to-r from-teal-500 to-green-500 px-10 text-lg font-medium normal-case hover:from-teal-600 hover:to-green-600"
-          onClick={firebaseLogin}
-        >
-          Sign in to trade!
+          {isSubmitting ? 'Submitting...' : 'Submit Buy'}
        </button>
      )}

-      {wasSubmitted && <div className="mt-4">Trade submitted!</div>}
-    </Col>
+      {wasSubmitted && <div className="mt-4">Buy submitted!</div>}
+    </>
+  )
+}
+
+function SellPanel(props: {
+  contract: FullContract<CPMM, Binary>
+  userBets: Bet[]
+  shares: number
+  sharesOutcome: 'YES' | 'NO'
+  user: User
+  onSellSuccess?: () => void
+}) {
+  const { contract, shares, sharesOutcome, userBets, user, onSellSuccess } =
+    props
+
+  const [amount, setAmount] = useState<number | undefined>(shares)
+  const [error, setError] = useState<string | undefined>()
+  const [isSubmitting, setIsSubmitting] = useState(false)
+  const [wasSubmitted, setWasSubmitted] = useState(false)
+
+  const betDisabled = isSubmitting || !amount || error
+
+  async function submitSell() {
+    if (!user || !amount) return
+
+    setError(undefined)
+    setIsSubmitting(true)
+
+    // Sell all shares if remaining shares would be < 1
+    const sellAmount = amount === Math.floor(shares) ? shares : amount
+
+    const result = await sellShares({
+      shares: sellAmount,
+      outcome: sharesOutcome,
+      contractId: contract.id,
+    }).then((r) => r.data)
+
+    console.log('Sold shares. Result:', result)
+
+    if (result?.status === 'success') {
+      setIsSubmitting(false)
+      setWasSubmitted(true)
+      setAmount(undefined)
+      if (onSellSuccess) onSellSuccess()
+    } else {
+      setError(result?.message || 'Error selling')
+      setIsSubmitting(false)
+    }
+  }
+
+  const initialProb = getProbability(contract)
+  const { newPool } = calculateCpmmSale(contract, {
+    shares: Math.min(amount ?? 0, shares),
+    outcome: sharesOutcome,
+  })
+  const resultProb = getCpmmProbability(newPool, contract.p)
+
+  return (
+    <>
+      <SellAmountInput
+        inputClassName="w-full"
+        contract={contract}
+        amount={amount ? Math.floor(amount) : undefined}
+        onChange={setAmount}
+        userBets={userBets}
+        error={error}
+        setError={setError}
+        disabled={isSubmitting}
+      />
+
+      <Col className="mt-3 w-full gap-3">
+        <Row className="items-center justify-between text-sm">
+          <div className="text-gray-500">Probability</div>
+          <Row>
+            <div>{formatPercent(initialProb)}</div>
+            <div className="mx-2">→</div>
+            <div>{formatPercent(resultProb)}</div>
+          </Row>
+        </Row>
+      </Col>
+
+      <Spacer h={8} />
+
+      <button
+        className={clsx(
+          'btn flex-1',
+          betDisabled
+            ? 'btn-disabled'
+            : sharesOutcome === 'YES'
+            ? 'btn-primary'
+            : 'border-none bg-red-400 hover:bg-red-500',
+          isSubmitting ? 'loading' : ''
+        )}
+        onClick={betDisabled ? undefined : submitSell}
+      >
+        {isSubmitting ? 'Submitting...' : 'Submit sell'}
+      </button>
+
+      {wasSubmitted && <div className="mt-4">Sell submitted!</div>}
+    </>
+  )
+}
+
+const useSaveShares = (
+  contract: FullContract<CPMM | DPM, Binary>,
+  userBets: Bet[] | undefined
+) => {
+  const [savedShares, setSavedShares] = useState<
+    { yesShares: number; noShares: number } | undefined
+  >()
+
+  const [yesBets, noBets] = _.partition(
+    userBets ?? [],
+    (bet) => bet.outcome === 'YES'
+  )
+  const [yesShares, noShares] = [
+    _.sumBy(yesBets, (bet) => bet.shares),
+    _.sumBy(noBets, (bet) => bet.shares),
+  ]
+
+  useEffect(() => {
+    // Save yes and no shares to local storage.
+    const savedShares = localStorage.getItem(`${contract.id}-shares`)
+    if (!userBets && savedShares) {
+      setSavedShares(JSON.parse(savedShares))
+    }
+
+    if (userBets) {
+      const updatedShares = { yesShares, noShares }
+      localStorage.setItem(
+        `${contract.id}-shares`,
+        JSON.stringify(updatedShares)
+      )
+    }
+  }, [contract.id, userBets, noShares, yesShares])
+
+  if (userBets) return { yesShares, noShares }
+  return savedShares ?? { yesShares: 0, noShares: 0 }
+}
+
+function SellSharesModal(props: {
+  contract: FullContract<CPMM, Binary>
+  userBets: Bet[]
+  shares: number
+  sharesOutcome: 'YES' | 'NO'
+  user: User
+  setOpen: (open: boolean) => void
+}) {
+  const { contract, shares, sharesOutcome, userBets, user, setOpen } = props
+
+  return (
+    <Modal open={true} setOpen={setOpen}>
+      <Col className="rounded-md bg-white px-8 py-6">
+        <Title className="!mt-0" text={'Sell shares'} />
+
+        <div className="mb-6">
+          You have {formatWithCommas(Math.floor(shares))}{' '}
+          <OutcomeLabel outcome={sharesOutcome} /> shares
+        </div>
+
+        <SellPanel
+          contract={contract}
+          shares={shares}
+          sharesOutcome={sharesOutcome}
+          user={user}
+          userBets={userBets ?? []}
+          onSellSuccess={() => setOpen(false)}
+        />
+      </Col>
+    </Modal>
  )
 }
--- a/web/components/bet-row.tsx
+++ b/web/components/bet-row.tsx
@ -1,11 +1,11 @@
 import clsx from 'clsx'
-import { Fragment, useState } from 'react'
-import { Dialog, Transition } from '@headlessui/react'
+import { useState } from 'react'

-import { BetPanel } from './bet-panel'
+import { BetPanelSwitcher } from './bet-panel'
 import { Row } from './layout/row'
 import { YesNoSelector } from './yes-no-selector'
 import { Binary, CPMM, DPM, FullContract } from '../../common/contract'
+import { Modal } from './layout/modal'

 // Inline version of a bet panel. Opens BetPanel in a new modal.
 export default function BetRow(props: {
@ -27,7 +27,7 @@ export default function BetRow(props: {
            Place a trade
          </div>
          <YesNoSelector
-            btnClassName="btn-sm w-20"
+            btnClassName="btn-sm w-24"
            onSelect={(choice) => {
              setOpen(true)
              setBetChoice(choice)
@ -35,7 +35,7 @@ export default function BetRow(props: {
          />
        </Row>
        <Modal open={open} setOpen={setOpen}>
-          <BetPanel
+          <BetPanelSwitcher
            contract={props.contract}
            title={props.contract.question}
            selected={betChoice}
@ -46,57 +46,3 @@ export default function BetRow(props: {
    </>
  )
 }
-
-// From https://tailwindui.com/components/application-ui/overlays/modals
-export function Modal(props: {
-  children: React.ReactNode
-  open: boolean
-  setOpen: (open: boolean) => void
-}) {
-  const { children, open, setOpen } = props
-
-  return (
-    <Transition.Root show={open} as={Fragment}>
-      <Dialog
-        as="div"
-        className="fixed inset-0 z-50 overflow-y-auto"
-        onClose={setOpen}
-      >
-        <div className="flex min-h-screen items-end justify-center px-4 pt-4 pb-20 text-center sm:block sm:p-0">
-          <Transition.Child
-            as={Fragment}
-            enter="ease-out duration-300"
-            enterFrom="opacity-0"
-            enterTo="opacity-100"
-            leave="ease-in duration-200"
-            leaveFrom="opacity-100"
-            leaveTo="opacity-0"
-          >
-            <Dialog.Overlay className="fixed inset-0 bg-gray-500 bg-opacity-75 transition-opacity" />
-          </Transition.Child>
-
-          {/* This element is to trick the browser into centering the modal contents. */}
-          <span
-            className="hidden sm:inline-block sm:h-screen sm:align-middle"
-            aria-hidden="true"
-          >
-            &#8203;
-          </span>
-          <Transition.Child
-            as={Fragment}
-            enter="ease-out duration-300"
-            enterFrom="opacity-0 translate-y-4 sm:translate-y-0 sm:scale-95"
-            enterTo="opacity-100 translate-y-0 sm:scale-100"
-            leave="ease-in duration-200"
-            leaveFrom="opacity-100 translate-y-0 sm:scale-100"
-            leaveTo="opacity-0 translate-y-4 sm:translate-y-0 sm:scale-95"
-          >
-            <div className="inline-block transform overflow-hidden text-left align-bottom transition-all sm:my-8 sm:w-full sm:max-w-md sm:p-6 sm:align-middle">
-              {children}
-            </div>
-          </Transition.Child>
-        </div>
-      </Dialog>
-    </Transition.Root>
-  )
-}
--- a/web/components/bets-list.tsx
+++ b/web/components/bets-list.tsx
@ -472,6 +472,7 @@ export function ContractBetsTable(props: {
        <thead>
          <tr className="p-2">
            <th></th>
+            {isCPMM && <th>Type</th>}
            <th>Outcome</th>
            <th>Amount</th>
            {!isCPMM && <th>{isResolved ? <>Payout</> : <>Sale price</>}</th>}
@ -541,13 +542,14 @@ function BetRow(props: { bet: Bet; contract: Contract; saleBet?: Bet }) {
          <SellButton contract={contract} bet={bet} />
        )}
      </td>
+      {isCPMM && <td>{shares >= 0 ? 'BUY' : 'SELL'}</td>}
      <td>
        <OutcomeLabel outcome={outcome} />
      </td>
-      <td>{formatMoney(amount)}</td>
+      <td>{formatMoney(Math.abs(amount))}</td>
      {!isCPMM && <td>{saleDisplay}</td>}
      {!isCPMM && !isResolved && <td>{payoutIfChosenDisplay}</td>}
-      <td>{formatWithCommas(shares)}</td>
+      <td>{formatWithCommas(Math.abs(shares))}</td>
      <td>
        {formatPercent(probBefore)} → {formatPercent(probAfter)}
      </td>
--- a/web/components/feed/feed-items.tsx
+++ b/web/components/feed/feed-items.tsx
@ -36,7 +36,7 @@ import { DateTimeTooltip } from '../datetime-tooltip'
 import { Bet } from '../../lib/firebase/bets'
 import { JoinSpans } from '../join-spans'
 import { fromNow } from '../../lib/util/time'
-import BetRow, { Modal } from '../bet-row'
+import BetRow from '../bet-row'
 import { parseTags } from '../../../common/util/parse'
 import { Avatar } from '../avatar'
 import { useAdmin } from '../../hooks/use-admin'
@ -48,6 +48,7 @@ import { getDpmOutcomeProbability } from '../../../common/calculate-dpm'
 import { AnswerBetPanel } from '../answers/answer-bet-panel'
 import { useSaveSeenContract } from '../../hooks/use-seen-contracts'
 import { User } from '../../../common/user'
+import { Modal } from '../layout/modal'

 export function FeedItems(props: {
  contract: Contract
--- a/web/components/layout/modal.tsx
+++ b/web/components/layout/modal.tsx
@ -0,0 +1,56 @@
+import { Fragment } from 'react'
+import { Dialog, Transition } from '@headlessui/react'
+
+// From https://tailwindui.com/components/application-ui/overlays/modals
+export function Modal(props: {
+  children: React.ReactNode
+  open: boolean
+  setOpen: (open: boolean) => void
+}) {
+  const { children, open, setOpen } = props
+
+  return (
+    <Transition.Root show={open} as={Fragment}>
+      <Dialog
+        as="div"
+        className="fixed inset-0 z-50 overflow-y-auto"
+        onClose={setOpen}
+      >
+        <div className="flex min-h-screen items-end justify-center px-4 pt-4 pb-20 text-center sm:block sm:p-0">
+          <Transition.Child
+            as={Fragment}
+            enter="ease-out duration-300"
+            enterFrom="opacity-0"
+            enterTo="opacity-100"
+            leave="ease-in duration-200"
+            leaveFrom="opacity-100"
+            leaveTo="opacity-0"
+          >
+            <Dialog.Overlay className="fixed inset-0 bg-gray-500 bg-opacity-75 transition-opacity" />
+          </Transition.Child>
+
+          {/* This element is to trick the browser into centering the modal contents. */}
+          <span
+            className="hidden sm:inline-block sm:h-screen sm:align-middle"
+            aria-hidden="true"
+          >
+            &#8203;
+          </span>
+          <Transition.Child
+            as={Fragment}
+            enter="ease-out duration-300"
+            enterFrom="opacity-0 translate-y-4 sm:translate-y-0 sm:scale-95"
+            enterTo="opacity-100 translate-y-0 sm:scale-100"
+            leave="ease-in duration-200"
+            leaveFrom="opacity-100 translate-y-0 sm:scale-100"
+            leaveTo="opacity-0 translate-y-4 sm:translate-y-0 sm:scale-95"
+          >
+            <div className="inline-block transform overflow-hidden text-left align-bottom transition-all sm:my-8 sm:w-full sm:max-w-md sm:p-6 sm:align-middle">
+              {children}
+            </div>
+          </Transition.Child>
+        </div>
+      </Dialog>
+    </Transition.Root>
+  )
+}
--- a/web/components/yes-no-selector.tsx
+++ b/web/components/yes-no-selector.tsx
@ -12,11 +12,15 @@ export function YesNoSelector(props: {
 }) {
  const { selected, onSelect, className, btnClassName } = props

+  const commonClassNames =
+    'inline-flex flex-1  items-center justify-center rounded-3xl border-2 p-2'
+
  return (
    <Row className={clsx('space-x-3', className)}>
      <button
        className={clsx(
-          'hover:bg-primary-focus border-primary hover:border-primary-focus inline-flex flex-1  items-center justify-center rounded-lg border-2 p-2 hover:text-white',
+          commonClassNames,
+          'hover:bg-primary-focus border-primary hover:border-primary-focus hover:text-white',
          selected == 'YES'
            ? 'bg-primary text-white'
            : 'text-primary bg-transparent',
@ -28,7 +32,8 @@ export function YesNoSelector(props: {
      </button>
      <button
        className={clsx(
-          'inline-flex flex-1 items-center justify-center rounded-lg  border-2 border-red-400 p-2 hover:border-red-500 hover:bg-red-500 hover:text-white',
+          commonClassNames,
+          'border-red-400 hover:border-red-500 hover:bg-red-500 hover:text-white',
          selected == 'NO'
            ? 'bg-red-400 text-white'
            : 'bg-transparent text-red-400',
@ -50,7 +55,7 @@ export function YesNoCancelSelector(props: {
 }) {
  const { selected, onSelect } = props

-  const btnClassName = clsx('px-6 flex-1', props.btnClassName)
+  const btnClassName = clsx('px-6 flex-1 rounded-3xl', props.btnClassName)

  return (
    <Col className="gap-2">
--- a/web/lib/firebase/api-call.ts
+++ b/web/lib/firebase/api-call.ts
@ -18,6 +18,13 @@ export const createFold = cloudFunction<

 export const placeBet = cloudFunction('placeBet')

+export const sellBet = cloudFunction('sellBet')
+
+export const sellShares = cloudFunction<
+  { contractId: string; shares: number; outcome: 'YES' | 'NO' },
+  { status: 'error' | 'success'; message?: string }
+>('sellShares')
+
 export const createAnswer = cloudFunction<
  { contractId: string; text: string; amount: number },
  {
@ -38,8 +45,6 @@ export const resolveMarket = cloudFunction<
  { status: 'error' | 'success'; message?: string }
 >('resolveMarket')

-export const sellBet = cloudFunction('sellBet')
-
 export const createUser: () => Promise<User | null> = () => {
  let deviceToken = window.localStorage.getItem('device-token')
  if (!deviceToken) {
--- a/web/pages/create.tsx
+++ b/web/pages/create.tsx
@ -8,7 +8,7 @@ import { Spacer } from '../components/layout/spacer'
 import { useUser } from '../hooks/use-user'
 import { Contract, contractPath } from '../lib/firebase/contracts'
 import { createContract } from '../lib/firebase/api-call'
-import { AmountInput } from '../components/amount-input'
+import { BuyAmountInput } from '../components/amount-input'
 import { MINIMUM_ANTE } from '../../common/antes'
 import { InfoTooltip } from '../components/info-tooltip'
 import { CREATOR_FEE } from '../../common/fees'
@ -241,7 +241,7 @@ export function NewContract(props: { question: string; tag?: string }) {
            text={`Provide liquidity to encourage traders to participate.`}
          />
        </label>
-        <AmountInput
+        <BuyAmountInput
          amount={ante ?? undefined}
          minimumAmount={MINIMUM_ANTE}
          onChange={setAnte}
--- a/web/pages/make-predictions.tsx
+++ b/web/pages/make-predictions.tsx
@ -7,7 +7,7 @@ import Textarea from 'react-expanding-textarea'
 import { getProbability } from '../../common/calculate'
 import { Binary, CPMM, DPM, FullContract } from '../../common/contract'
 import { parseWordsAsTags } from '../../common/util/parse'
-import { AmountInput } from '../components/amount-input'
+import { BuyAmountInput } from '../components/amount-input'
 import { InfoTooltip } from '../components/info-tooltip'
 import { Col } from '../components/layout/col'
 import { Row } from '../components/layout/row'
@ -241,7 +241,7 @@ ${TEST_VALUE}
              You earn ${0.01 * 100}% of trading volume.`}
            />
          </label>
-          <AmountInput
+          <BuyAmountInput
            amount={ante}
            minimumAmount={10}
            onChange={setAnte}