antoncoding · antoncoding · Mar 26, 2026 · Mar 26, 2026
diff --git a/AGENTS.md b/AGENTS.md
@@ -192,6 +192,8 @@ When touching transaction and position flows, validation MUST include all releva
 54. **Market USD-price provenance integrity**: when market-list USD values are recomputed through shared token-price hooks, keep price provenance separate from the numeric USD value. Only mark a market as having a real USD price, or remove estimated-price UI, when the loan-token price came from a direct chain-scoped price source rather than a peg or hardcoded fallback. If a direct price becomes available after first paint, replace the previously estimated loan-asset USD values at the shared market-processing chokepoint instead of leaving stale estimated values and flags in place.
 55. **Token metadata integrity**: chain-scoped token metadata used by market registries must treat `decimals` and `symbol` as one metadata unit. When a token is not in the local registry, resolve both fields through shared batched on-chain reads rather than mixing RPC decimals with placeholder symbols. Manual entries in `src/utils/tokens.ts` must be validated against on-chain `decimals()` and `symbol()` per chain through the shared verifier command, and any intentional display-symbol differences must be captured as explicit overrides instead of silent drift.
 56. **Market shell parity integrity**: single-market market-shell fetchers must apply the same canonical registry guards as list fetchers, so blocked or malformed markets cannot re-enter through detail-path reads. In per-chain provider fallback chains, treat empty non-authoritative results the same as provider failure and continue to the next provider instead of short-circuiting fallback for that chain.
+57. **Liquidation-history source integrity**: market-list liquidation badges must resolve from authoritative indexed liquidation events keyed by canonical `chainId + market.uniqueKey`, not only from auxiliary metrics/monitoring feeds. A metrics outage, timeout, or stale response must not erase historical liquidation indicators for otherwise healthy market rows.
+58. **Historical-rate loading signal integrity**: market-list 24h/7d/30d rate columns must distinguish “RPC/archive enrichment still loading” from “historical rate unavailable”. While shared historical-rate enrichment is unresolved, show a loading state; reserve `—` only for settled null/unsupported values after the enrichment boundary completes.
 
 
 ### REQUIRED: Regression Rule Capture

diff --git a/src/features/markets/components/table/market-table-body.tsx b/src/features/markets/components/table/market-table-body.tsx
@@ -1,6 +1,7 @@
 import React from 'react';
 import { motion, AnimatePresence } from 'framer-motion';
 import { GoStarFill, GoStar } from 'react-icons/go';
+import { PulseLoader } from 'react-spinners';
 import { TableBody, TableRow, TableCell } from '@/components/ui/table';
 import { RateFormatted } from '@/components/shared/rate-formatted';
 import { MarketIdBadge } from '@/features/markets/components/market-id-badge';
@@ -9,6 +10,7 @@ import { MarketRiskIndicators } from '@/features/markets/components/market-risk-
 import OracleVendorBadge from '@/features/markets/components/oracle-vendor-badge';
 import { TrustedByCell } from '@/features/autovault/components/trusted-vault-badges';
 import { getVaultKey, type TrustedVault } from '@/constants/vaults/known_vaults';
+import { useProcessedMarkets } from '@/hooks/useProcessedMarkets';
 import { useRateLabel } from '@/hooks/useRateLabel';
 import { useStyledToast } from '@/hooks/useStyledToast';
 import { useMarketPreferences } from '@/stores/useMarketPreferences';
@@ -28,10 +30,29 @@ type MarketTableBodyProps = {
 export function MarketTableBody({ currentEntries, expandedRowId, setExpandedRowId, trustedVaultMap }: MarketTableBodyProps) {
   const { columnVisibility, starredMarkets, starMarket, unstarMarket } = useMarketPreferences();
   const { success: toastSuccess } = useStyledToast();
+  const { isRateEnrichmentLoading } = useProcessedMarkets();
 
   const { label: supplyRateLabel } = useRateLabel({ prefix: 'Supply' });
   const { label: borrowRateLabel } = useRateLabel({ prefix: 'Borrow' });
 
+  const renderHistoricalRateCell = (value: number | null) => {
+    if (value != null) {
+      return <RateFormatted value={value} />;
+    }
+
+    if (isRateEnrichmentLoading) {
+      return (
+        <PulseLoader
+          size={4}
+          color="#f45f2d"
+          margin={3}
+        />
+      );
+    }
+
+    return '—';
+  };
+
   // Calculate colspan for expanded row based on visible columns
   const visibleColumnsCount =
     9 + // Base columns: Star, ID, Loan, Collateral, Oracle, LLTV, Risk, Indicators, Actions
@@ -250,7 +271,7 @@ export function MarketTableBody({ currentEntries, expandedRowId, setExpandedRowI
                   className="z-50 text-center"
                   style={{ minWidth: '85px', paddingLeft: 3, paddingRight: 3 }}
                 >
-                  <p className="text-sm">{item.state.dailySupplyApy != null ? <RateFormatted value={item.state.dailySupplyApy} /> : '—'}</p>
+                  <div className="flex justify-center text-sm">{renderHistoricalRateCell(item.state.dailySupplyApy)}</div>
                 </TableCell>
               )}
               {columnVisibility.dailyBorrowAPY && (
@@ -259,7 +280,7 @@ export function MarketTableBody({ currentEntries, expandedRowId, setExpandedRowI
                   className="z-50 text-center"
                   style={{ minWidth: '85px', paddingLeft: 3, paddingRight: 3 }}
                 >
-                  <p className="text-sm">{item.state.dailyBorrowApy != null ? <RateFormatted value={item.state.dailyBorrowApy} /> : '—'}</p>
+                  <div className="flex justify-center text-sm">{renderHistoricalRateCell(item.state.dailyBorrowApy)}</div>
                 </TableCell>
               )}
               {columnVisibility.weeklySupplyAPY && (
@@ -268,9 +289,7 @@ export function MarketTableBody({ currentEntries, expandedRowId, setExpandedRowI
                   className="z-50 text-center"
                   style={{ minWidth: '85px', paddingLeft: 3, paddingRight: 3 }}
                 >
-                  <p className="text-sm">
-                    {item.state.weeklySupplyApy != null ? <RateFormatted value={item.state.weeklySupplyApy} /> : '—'}
-                  </p>
+                  <div className="flex justify-center text-sm">{renderHistoricalRateCell(item.state.weeklySupplyApy)}</div>
                 </TableCell>
               )}
               {columnVisibility.weeklyBorrowAPY && (
@@ -279,9 +298,7 @@ export function MarketTableBody({ currentEntries, expandedRowId, setExpandedRowI
                   className="z-50 text-center"
                   style={{ minWidth: '85px', paddingLeft: 3, paddingRight: 3 }}
                 >
-                  <p className="text-sm">
-                    {item.state.weeklyBorrowApy != null ? <RateFormatted value={item.state.weeklyBorrowApy} /> : '—'}
-                  </p>
+                  <div className="flex justify-center text-sm">{renderHistoricalRateCell(item.state.weeklyBorrowApy)}</div>
                 </TableCell>
               )}
               {columnVisibility.monthlySupplyAPY && (
@@ -290,9 +307,7 @@ export function MarketTableBody({ currentEntries, expandedRowId, setExpandedRowI
                   className="z-50 text-center"
                   style={{ minWidth: '85px', paddingLeft: 3, paddingRight: 3 }}
                 >
-                  <p className="text-sm">
-                    {item.state.monthlySupplyApy != null ? <RateFormatted value={item.state.monthlySupplyApy} /> : '—'}
-                  </p>
+                  <div className="flex justify-center text-sm">{renderHistoricalRateCell(item.state.monthlySupplyApy)}</div>
                 </TableCell>
               )}
               {columnVisibility.monthlyBorrowAPY && (
@@ -301,9 +316,7 @@ export function MarketTableBody({ currentEntries, expandedRowId, setExpandedRowI
                   className="z-50 text-center"
                   style={{ minWidth: '85px', paddingLeft: 3, paddingRight: 3 }}
                 >
-                  <p className="text-sm">
-                    {item.state.monthlyBorrowApy != null ? <RateFormatted value={item.state.monthlyBorrowApy} /> : '—'}
-                  </p>
+                  <div className="flex justify-center text-sm">{renderHistoricalRateCell(item.state.monthlyBorrowApy)}</div>
                 </TableCell>
               )}
               <TableCell style={{ minWidth: '90px' }}>

diff --git a/src/hooks/queries/useMarketMetricsQuery.ts b/src/hooks/queries/useMarketMetricsQuery.ts
@@ -1,5 +1,6 @@
 import { useMemo } from 'react';
 import { useQuery } from '@tanstack/react-query';
+import { monarchGraphqlFetcher } from '@/data-sources/monarch-api/fetchers';
 import { useMarketPreferences, type CustomTagConfig, type FlowTimeWindow } from '@/stores/useMarketPreferences';
 
 // Re-export types for convenience
@@ -60,6 +61,12 @@ export type MarketMetricsResponse = {
   markets: MarketMetrics[];
 };
 
+type MarketLiquidationPresenceResponse = {
+  data?: {
+    Morpho_Liquidate?: Array<{ id: string }>;
+  };
+};
+
 // Composite key for market lookup
 export const getMetricsKey = (chainId: number, uniqueKey: string): string => `${chainId}-${uniqueKey.toLowerCase()}`;
 
@@ -71,6 +78,20 @@ type MarketMetricsParams = {
 };
 
 const PAGE_SIZE = 1000;
+const MARKET_LIQUIDATION_PRESENCE_QUERY = `
+  query MarketLiquidationPresence($chainId: Int!, $marketId: String!) {
+    Morpho_Liquidate(
+      where: {
+        chainId: { _eq: $chainId }
+        market_id: { _eq: $marketId }
+      }
+      limit: 1
+      order_by: [{ timestamp: desc }, { id: desc }]
+    ) {
+      id
+    }
+  }
+`;
 
 const fetchMarketMetricsPage = async (params: MarketMetricsParams, limit: number, offset: number): Promise<MarketMetricsResponse> => {
   const searchParams = new URLSearchParams();
@@ -131,6 +152,15 @@ const fetchAllMarketMetrics = async (params: MarketMetricsParams): Promise<Marke
   };
 };
 
+const fetchMarketLiquidationPresence = async (chainId: number, marketId: string): Promise<boolean> => {
+  const response = await monarchGraphqlFetcher<MarketLiquidationPresenceResponse>(MARKET_LIQUIDATION_PRESENCE_QUERY, {
+    chainId,
+    marketId: marketId.toLowerCase(),
+  });
+
+  return (response.data?.Morpho_Liquidate?.length ?? 0) > 0;
+};
+
 /**
  * Fetches enhanced market metrics from the Monarch monitoring API.
  * Pre-fetched and cached for 5 minutes.
@@ -155,6 +185,16 @@ export const useMarketMetricsQuery = (params: MarketMetricsParams = {}) => {
   });
 };
 
+export const useMarketLiquidationPresence = (chainId: number, uniqueKey: string, enabled = true) => {
+  return useQuery({
+    queryKey: ['market-liquidation-presence', chainId, uniqueKey.toLowerCase()],
+    queryFn: () => fetchMarketLiquidationPresence(chainId, uniqueKey),
+    staleTime: 15 * 60 * 1000,
+    refetchOnWindowFocus: false,
+    enabled,
+  });
+};
+
 /**
  * Returns a Map for O(1) lookup of market metrics by key.
  * Key format: `${chainId}-${uniqueKey.toLowerCase()}`
@@ -286,11 +326,9 @@ export const useTrendingMarketKeys = useOfficialTrendingMarketKeys;
  * Returns whether a market has ever been liquidated.
  */
 export const useEverLiquidated = (chainId: number, uniqueKey: string): boolean => {
-  const { metricsMap } = useMarketMetricsMap();
+  const { metricsMap, isLoading: isMetricsLoading } = useMarketMetricsMap();
+  const metrics = metricsMap.get(getMetricsKey(chainId, uniqueKey));
+  const { data: hasLiquidationPresence = false } = useMarketLiquidationPresence(chainId, uniqueKey, !metrics?.everLiquidated && !isMetricsLoading);
 
-  return useMemo(() => {
-    const key = `${chainId}-${uniqueKey.toLowerCase()}`;
-    const metrics = metricsMap.get(key);
-    return metrics?.everLiquidated ?? false;
-  }, [metricsMap, chainId, uniqueKey]);
+  return Boolean(metrics?.everLiquidated) || hasLiquidationPresence;
 };
diff --git a/src/hooks/useProcessedMarkets.ts b/src/hooks/useProcessedMarkets.ts
@@ -108,9 +108,15 @@ export const useProcessedMarkets = () => {
     };
   }, [rawMarketsFromQuery, allBlacklistedMarketKeys]);
 
-  const { data: marketRateEnrichments = EMPTY_RATE_ENRICHMENTS, isRefetching: isRateEnrichmentRefetching } = useMarketRateEnrichmentQuery(
-    processedData.allMarkets,
-  );
+  const {
+    data: marketRateEnrichments = EMPTY_RATE_ENRICHMENTS,
+    isLoading: isRateEnrichmentQueryLoading,
+    isFetching: isRateEnrichmentFetching,
+    isRefetching: isRateEnrichmentRefetching,
+  } = useMarketRateEnrichmentQuery(processedData.allMarkets);
+
+  const isRateEnrichmentLoading =
+    processedData.allMarkets.length > 0 && marketRateEnrichments.size === 0 && (isRateEnrichmentQueryLoading || isRateEnrichmentFetching);
 
   const allMarketsWithRates = useMemo<Market[]>(() => {
     if (!processedData.allMarkets.length || marketRateEnrichments.size === 0) {
@@ -251,6 +257,7 @@ export const useProcessedMarkets = () => {
     allMarkets: allMarketsWithUsd,
     whitelistedMarkets: whitelistedMarketsWithUsd,
     markets, // Computed from setting (backward compatible with old context)
+    isRateEnrichmentLoading,
     loading: isLoading,
     isRefetching: isRefetching || isRateEnrichmentRefetching,
     error,