> For the complete documentation index, see [llms.txt](https://bound-1.gitbook.io/bound-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://bound-1.gitbook.io/bound-docs/boundary-perps/position-lifecycle.md).

# Position Lifecycle

Every Boundary Perp follows a defined lifecycle from quote request through settlement or early close.

## Lifecycle States

| State                       | Description                                                                                                     |
| --------------------------- | --------------------------------------------------------------------------------------------------------------- |
| **Quoting**                 | The request is being validated and priced. No funds or exposure exist.                                          |
| **Proposed**                | A quote has been delivered and is awaiting acceptance. No funds or exposure exist.                              |
| **Active**                  | The stake has been deposited, the payout and conditions are fixed, and the position is part of the hedged book. |
| **Resolved — Won**          | The selected outcome occurred. The recorded payout is claimable under normal solvency conditions.               |
| **Resolved — Lost**         | The other outcome occurred. The stake was lost.                                                                 |
| **Resolved — Closed Early** | The position owner accepted a buyback before a terminal outcome.                                                |
| **Aborted**                 | The request was rejected, withdrawn, abandoned, or expired before opening.                                      |

## State Transitions

<figure><img src="https://1038107502-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FYIeikG5Mk556xjpVk2CL%2Fuploads%2Fgit-blob-1fe195162b77a55a862818a254f33467bb436569%2Fbarrier-perps-position-lifecycle.png?alt=media" alt="Boundary Perps position lifecycle from quoting through resolution"><figcaption><p>Boundary Perps position lifecycle</p></figcaption></figure>

## Before Opening

`Quoting` and `Proposed` do not represent live positions. No stake has transferred and no market exposure exists. An expired quote cannot be revived; a new quote must be requested using current conditions.

## While Active

An active position has fixed settlement conditions and a fixed winning payout. It remains active until:

* Its chosen outcome occurs.
* Its alternative outcome occurs.
* The owner accepts an early-close buyback.

## Terminal States

Won, lost, and closed-early positions are final. A winning position may remain unclaimed after settlement, but its outcome and payout do not change.