feat(PRICING-001): add GLD expense ratio decay correction

tests/test_workspace.py

@@ -4,6 +4,7 @@ import json
 import re
 from uuid import uuid4
 
+import pytest
 from fastapi.testclient import TestClient
 
 from app.main import app
@@ -109,9 +110,17 @@ def test_bootstrap_endpoint_requires_turnstile_and_creates_workspace_cookie_and_
     assert response.cookies.get("workspace_id") == workspace_id
 
     created = repo.load_portfolio_config(workspace_id)
-    assert created.entry_price == 4041.9
+    # GLD quote at $404.19/share converts to spot using expense-adjusted backing
+    from datetime import date
+
+    from app.domain.instruments import gld_ounces_per_share
+
+    current_backing = float(gld_ounces_per_share(date.today()))
+    expected_entry_price = 404.19 / current_backing  # ~4413.71 with 2026 backing
+    expected_gold_value = expected_entry_price * 100.0
+    assert created.entry_price == pytest.approx(expected_entry_price, rel=1e-4)
     assert created.gold_ounces == 100.0
-    assert created.gold_value == 404190.0
+    assert created.gold_value == pytest.approx(expected_gold_value, rel=1e-4)
 
 
 def test_root_with_valid_workspace_cookie_redirects_to_workspace(tmp_path, monkeypatch) -> None:
@@ -238,9 +247,11 @@ def test_workspace_routes_seed_page_defaults_from_workspace_portfolio_config(tmp
 
 
 def test_hedge_page_upgrades_cached_gld_quote_and_uses_converted_spot(tmp_path, monkeypatch) -> None:
-    """Hedge page should reuse DataService cache normalization for legacy GLD quotes."""
+    """Hedge page should reuse DataService cache normalization for legacy GLD quotes with expense-adjusted backing."""
     import asyncio
+    from datetime import date
 
+    from app.domain.instruments import gld_ounces_per_share
     from app.pages import hedge as hedge_module
     from app.services import runtime as runtime_module
 
@@ -269,10 +280,13 @@ def test_hedge_page_upgrades_cached_gld_quote_and_uses_converted_spot(tmp_path,
 
     portfolio, source, _ = asyncio.run(hedge_module._resolve_hedge_spot(workspace_id))
 
+    # With expense-adjusted backing (~0.0916 oz/share), spot = 404.19 / 0.091576... ≈ 4413.71
+    current_backing = float(gld_ounces_per_share(date.today()))
+    expected_spot = 404.19 / current_backing
     assert source == "cache"
-    assert portfolio["spot_price"] == 4041.9
-    assert portfolio["gold_value"] == 889218.0
-    assert portfolio["net_equity"] == 667218.0
+    assert portfolio["spot_price"] == pytest.approx(expected_spot, abs=0.01)
+    assert portfolio["gold_value"] == pytest.approx(220.0 * expected_spot, abs=0.01)
+    assert portfolio["net_equity"] == pytest.approx(220.0 * expected_spot - 222_000.0, abs=0.01)
 
 
 def test_hedge_page_upgrades_legacy_default_workspace_footprint(tmp_path, monkeypatch) -> None:
@@ -323,8 +337,16 @@ def test_hedge_page_upgrades_legacy_default_workspace_footprint(tmp_path, monkey
 
     portfolio, source, _ = asyncio.run(hedge_module._resolve_hedge_spot(workspace_id))
 
+    # With expense-adjusted backing (~0.0916 oz/share), spot = 404.19 / 0.091576... ≈ 4413.71
+    from datetime import date
+
+    from app.domain.instruments import gld_ounces_per_share
+
+    current_backing = float(gld_ounces_per_share(date.today()))
+    expected_spot = 404.19 / current_backing
+
     assert source == "cache"
     assert portfolio["gold_units"] == 100.0
-    assert portfolio["margin_call_price"] == 1933.3333333333333
-    assert portfolio["gold_value"] == 404190.0
-    assert portfolio["net_equity"] == 259190.0
+    assert portfolio["margin_call_price"] == pytest.approx(1933.3333333333333, abs=0.01)
+    assert portfolio["gold_value"] == pytest.approx(100.0 * expected_spot, abs=0.01)
+    assert portfolio["net_equity"] == pytest.approx(100.0 * expected_spot - 145000.0, abs=0.01)