quicknode · mikemaccana · Sep 30, 2026 · Sep 30, 2026
diff --git a/finance/options/anchor-v1/CHANGELOG.md b/finance/options/anchor-v1/CHANGELOG.md
@@ -1,5 +1,12 @@
 # Changelog
 
+## 2026-09-30
+
+Rename the market's `underlying_locked` and `quote_locked` to `underlying_owed`
+and `quote_owed`. Each counts what the vault owes, to writers as collateral and
+to writers and holders as settlement proceeds waiting to be collected, and
+"locked" did not say to whom. The account layout is unchanged.
+
 ## 2026-09-10
 
 The `Market` account is now the token authority of both vaults and signs

diff --git a/finance/options/anchor-v1/README.md b/finance/options/anchor-v1/README.md
@@ -165,8 +165,8 @@ insurance he did not need; Maria earned 1% of every premium.
 ## Custody
 
 The two vaults hold other people's money, so the `Market` account keeps a
-ledger of what each vault owes: `underlying_locked` (call collateral, plus put
-holders' deliveries awaiting collection), `quote_locked` (put collateral, plus
+ledger of what each vault owes: `underlying_owed` (call collateral, plus put
+holders' deliveries awaiting collection), `quote_owed` (put collateral, plus
 call holders' strike payments awaiting collection) and `fees_owed`. Every
 handler that moves tokens updates the ledger before any transfer and then
 asserts that each vault still covers what it owes (`CustodyInvariantViolated`

diff --git a/finance/options/anchor-v1/programs/options/src/instructions/buy_option.rs b/finance/options/anchor-v1/programs/options/src/instructions/buy_option.rs
@@ -41,7 +41,7 @@ pub fn handle_buy_option(context: Context<BuyOptionAccountConstraints>) -> Resul
         .amount
         .checked_add(fee)
         .ok_or(OptionsError::MathOverflow)?;
-    check_custody(market, market.underlying_locked, quote_after)?;
+    check_custody(market, market.underlying_owed, quote_after)?;
 
     transfer_from_signer(
         &context.accounts.token_program,

diff --git a/finance/options/anchor-v1/programs/options/src/instructions/cancel_option.rs b/finance/options/anchor-v1/programs/options/src/instructions/cancel_option.rs
@@ -31,17 +31,17 @@ pub fn handle_cancel_option(context: Context<CancelOptionAccountConstraints>) ->
     let mut quote_after = context.accounts.quote_vault.amount;
     match kind {
         OptionKind::Call => {
-            market.underlying_locked = market
-                .underlying_locked
+            market.underlying_owed = market
+                .underlying_owed
                 .checked_sub(collateral)
                 .ok_or(OptionsError::MathOverflow)?;
             underlying_after = underlying_after
                 .checked_sub(collateral)
                 .ok_or(OptionsError::CustodyInvariantViolated)?;
         }
         OptionKind::Put => {
-            market.quote_locked = market
-                .quote_locked
+            market.quote_owed = market
+                .quote_owed
                 .checked_sub(collateral)
                 .ok_or(OptionsError::MathOverflow)?;
             quote_after = quote_after

diff --git a/finance/options/anchor-v1/programs/options/src/instructions/collect_fees.rs b/finance/options/anchor-v1/programs/options/src/instructions/collect_fees.rs
@@ -11,7 +11,7 @@ use crate::state::Market;
 
 /// The admin sweeps the fees the venue has earned on premiums. `fees_owed`
 /// is the only part of the quote vault the admin can reach: the collateral
-/// and strike payments beside it are locked to their writers and holders.
+/// and strike payments beside it are owed to their writers and holders.
 pub fn handle_collect_fees(context: Context<CollectFeesAccountConstraints>) -> Result<()> {
     let market = &mut context.accounts.market;
     let amount = market.fees_owed;

diff --git a/finance/options/anchor-v1/programs/options/src/instructions/collect_proceeds.rs b/finance/options/anchor-v1/programs/options/src/instructions/collect_proceeds.rs
@@ -35,8 +35,8 @@ pub fn handle_collect_proceeds(context: Context<CollectProceedsAccountConstraint
     match kind {
         // A call's proceeds are the strike, in the quote token.
         OptionKind::Call => {
-            market.quote_locked = market
-                .quote_locked
+            market.quote_owed = market
+                .quote_owed
                 .checked_sub(proceeds)
                 .ok_or(OptionsError::MathOverflow)?;
             quote_after = quote_after
@@ -45,8 +45,8 @@ pub fn handle_collect_proceeds(context: Context<CollectProceedsAccountConstraint
         }
         // A put's proceeds are the delivered underlying.
         OptionKind::Put => {
-            market.underlying_locked = market
-                .underlying_locked
+            market.underlying_owed = market
+                .underlying_owed
                 .checked_sub(proceeds)
                 .ok_or(OptionsError::MathOverflow)?;
             underlying_after = underlying_after

diff --git a/finance/options/anchor-v1/programs/options/src/instructions/exercise_option.rs b/finance/options/anchor-v1/programs/options/src/instructions/exercise_option.rs
@@ -48,12 +48,12 @@ pub fn handle_exercise_option(context: Context<ExerciseOptionAccountConstraints>
     let quote_before = context.accounts.quote_vault.amount;
     let (underlying_after, quote_after) = match kind {
         OptionKind::Call => {
-            market.underlying_locked = market
-                .underlying_locked
+            market.underlying_owed = market
+                .underlying_owed
                 .checked_sub(underlying_total)
                 .ok_or(OptionsError::MathOverflow)?;
-            market.quote_locked = market
-                .quote_locked
+            market.quote_owed = market
+                .quote_owed
                 .checked_add(strike_total)
                 .ok_or(OptionsError::MathOverflow)?;
             (
@@ -66,12 +66,12 @@ pub fn handle_exercise_option(context: Context<ExerciseOptionAccountConstraints>
             )
         }
         OptionKind::Put => {
-            market.quote_locked = market
-                .quote_locked
+            market.quote_owed = market
+                .quote_owed
                 .checked_sub(strike_total)
                 .ok_or(OptionsError::MathOverflow)?;
-            market.underlying_locked = market
-                .underlying_locked
+            market.underlying_owed = market
+                .underlying_owed
                 .checked_add(underlying_total)
                 .ok_or(OptionsError::MathOverflow)?;
             (

diff --git a/finance/options/anchor-v1/programs/options/src/instructions/initialize_market.rs b/finance/options/anchor-v1/programs/options/src/instructions/initialize_market.rs
@@ -30,8 +30,8 @@ pub fn handle_initialize_market(
     market.quote_mint = context.accounts.quote_mint.key();
     market.underlying_vault = context.accounts.underlying_vault.key();
     market.quote_vault = context.accounts.quote_vault.key();
-    market.underlying_locked = 0;
-    market.quote_locked = 0;
+    market.underlying_owed = 0;
+    market.quote_owed = 0;
     market.fees_owed = 0;
     market.fee_bps = fee_bps;
     market.bump = context.bumps.market;

diff --git a/finance/options/anchor-v1/programs/options/src/instructions/reclaim_collateral.rs b/finance/options/anchor-v1/programs/options/src/instructions/reclaim_collateral.rs
@@ -40,17 +40,17 @@ pub fn handle_reclaim_collateral(
     let mut quote_after = context.accounts.quote_vault.amount;
     match kind {
         OptionKind::Call => {
-            market.underlying_locked = market
-                .underlying_locked
+            market.underlying_owed = market
+                .underlying_owed
                 .checked_sub(collateral)
                 .ok_or(OptionsError::MathOverflow)?;
             underlying_after = underlying_after
                 .checked_sub(collateral)
                 .ok_or(OptionsError::CustodyInvariantViolated)?;
         }
         OptionKind::Put => {
-            market.quote_locked = market
-                .quote_locked
+            market.quote_owed = market
+                .quote_owed
                 .checked_sub(collateral)
                 .ok_or(OptionsError::MathOverflow)?;
             quote_after = quote_after

diff --git a/finance/options/anchor-v1/programs/options/src/instructions/shared.rs b/finance/options/anchor-v1/programs/options/src/instructions/shared.rs
@@ -13,11 +13,11 @@ use crate::state::Market;
 /// behind, computed from the balances read before any CPI ran.
 pub fn check_custody(market: &Market, underlying_after: u64, quote_after: u64) -> Result<()> {
     require!(
-        underlying_after >= market.underlying_locked,
+        underlying_after >= market.underlying_owed,
         OptionsError::CustodyInvariantViolated
     );
     let quote_owed = market
-        .quote_locked
+        .quote_owed
         .checked_add(market.fees_owed)
         .ok_or(OptionsError::MathOverflow)?;
     require!(

diff --git a/finance/options/anchor-v1/programs/options/src/instructions/write_option.rs b/finance/options/anchor-v1/programs/options/src/instructions/write_option.rs
@@ -93,17 +93,17 @@ pub fn handle_write_option(
     let mut quote_after = context.accounts.quote_vault.amount;
     match kind {
         OptionKind::Call => {
-            market.underlying_locked = market
-                .underlying_locked
+            market.underlying_owed = market
+                .underlying_owed
                 .checked_add(collateral)
                 .ok_or(OptionsError::MathOverflow)?;
             underlying_after = underlying_after
                 .checked_add(collateral)
                 .ok_or(OptionsError::MathOverflow)?;
         }
         OptionKind::Put => {
-            market.quote_locked = market
-                .quote_locked
+            market.quote_owed = market
+                .quote_owed
                 .checked_add(collateral)
                 .ok_or(OptionsError::MathOverflow)?;
             quote_after = quote_after

diff --git a/finance/options/anchor-v1/programs/options/src/state/market.rs b/finance/options/anchor-v1/programs/options/src/state/market.rs
@@ -28,11 +28,11 @@ pub struct Market {
 
     /// Underlying minor units the vault owes: call writers' collateral, plus
     /// put holders' deliveries awaiting the writer's `collect_proceeds`.
-    pub underlying_locked: u64,
+    pub underlying_owed: u64,
 
     /// Quote minor units the vault owes: put writers' collateral, plus call
     /// holders' strike payments awaiting the writer's `collect_proceeds`.
-    pub quote_locked: u64,
+    pub quote_owed: u64,
 
     /// Quote minor units held in the quote vault for the admin, accrued from
     /// the fee on each premium and swept by `collect_fees`.

diff --git a/finance/options/anchor-v1/programs/options/tests/test_options.rs b/finance/options/anchor-v1/programs/options/tests/test_options.rs
@@ -477,13 +477,13 @@ impl Venue {
         let market = self.market_state();
         assert_eq!(
             self.balance(&self.underlying_vault),
-            market.underlying_locked,
-            "underlying vault must hold exactly the locked underlying"
+            market.underlying_owed,
+            "underlying vault must hold exactly the underlying owed"
         );
         assert_eq!(
             self.balance(&self.quote_vault),
-            market.quote_locked + market.fees_owed,
-            "quote vault must hold exactly the locked quote plus the fees owed"
+            market.quote_owed + market.fees_owed,
+            "quote vault must hold exactly the quote owed plus the fees owed"
         );
     }
 }
@@ -521,7 +521,7 @@ fn test_write_call_moves_underlying_into_vault() {
     assert_eq!(state.contracts, CONTRACTS);
     assert_eq!(state.strike_per_contract, CALL_STRIKE);
     assert_eq!(state.premium, CALL_PREMIUM);
-    assert_eq!(venue.market_state().underlying_locked, FIVE_NVDAX);
+    assert_eq!(venue.market_state().underlying_owed, FIVE_NVDAX);
     venue.assert_vaults_match_ledger();
 }
 
@@ -575,8 +575,8 @@ fn test_exercise_call_swaps_the_strike_for_the_underlying() {
     assert_eq!(venue.balance(&venue.underlying_vault), 0);
     assert_eq!(venue.balance(&venue.quote_vault), strike_total + 250_000);
     let market = venue.market_state();
-    assert_eq!(market.underlying_locked, 0);
-    assert_eq!(market.quote_locked, strike_total);
+    assert_eq!(market.underlying_owed, 0);
+    assert_eq!(market.quote_owed, strike_total);
     assert_eq!(venue.option_state(&option).status, OptionStatus::Exercised);
     venue.assert_vaults_match_ledger();
 }
@@ -609,13 +609,13 @@ fn test_collect_proceeds_pays_the_writer_and_closes_the_option() {
         "the option's rent must return to the writer"
     );
     let market = venue.market_state();
-    assert_eq!(market.quote_locked, 0);
+    assert_eq!(market.quote_owed, 0);
     assert_eq!(market.fees_owed, 250_000);
     venue.assert_vaults_match_ledger();
 }
 
 /// Maria sweeps the venue's fee. Only the 0.25 USDC of fees leaves the
-/// vault; the strike payment sitting beside it stays locked to Alice.
+/// vault; the strike payment sitting beside it stays owed to Alice.
 #[test]
 fn test_collect_fees_pays_only_the_fees_owed() {
     let mut venue = Venue::new();
@@ -657,7 +657,7 @@ fn test_put_lifecycle_delivers_the_underlying_for_the_strike() {
     let collateral = 750 * ONE_TOKEN;
     assert_eq!(venue.balance(&carol.quote), STANDARD_USDC - collateral);
     assert_eq!(venue.balance(&venue.quote_vault), collateral);
-    assert_eq!(venue.market_state().quote_locked, collateral);
+    assert_eq!(venue.market_state().quote_owed, collateral);
     venue.assert_vaults_match_ledger();
 
     venue.buy_option(&dave, &carol.pubkey(), &option).unwrap();
@@ -680,13 +680,13 @@ fn test_put_lifecycle_delivers_the_underlying_for_the_strike() {
     assert_eq!(venue.balance(&venue.underlying_vault), FIVE_NVDAX);
     assert_eq!(venue.balance(&venue.quote_vault), fee);
     let market = venue.market_state();
-    assert_eq!(market.underlying_locked, FIVE_NVDAX);
-    assert_eq!(market.quote_locked, 0);
+    assert_eq!(market.underlying_owed, FIVE_NVDAX);
+    assert_eq!(market.quote_owed, 0);
     venue.assert_vaults_match_ledger();
 
     venue.collect_proceeds(&carol, &option).unwrap();
     assert_eq!(venue.balance(&carol.underlying), FIVE_NVDAX);
-    assert_eq!(venue.market_state().underlying_locked, 0);
+    assert_eq!(venue.market_state().underlying_owed, 0);
     assert!(!venue.option_exists(&option));
     venue.assert_vaults_match_ledger();
 }
@@ -713,7 +713,7 @@ fn test_reclaim_collateral_after_expiry_returns_it_to_the_writer() {
     );
     assert_eq!(venue.balance(&bob.quote), STANDARD_USDC - CALL_PREMIUM);
     assert!(!venue.option_exists(&option));
-    assert_eq!(venue.market_state().underlying_locked, 0);
+    assert_eq!(venue.market_state().underlying_owed, 0);
     venue.assert_vaults_match_ledger();
 }
 
@@ -781,8 +781,8 @@ fn test_buy_is_refused_after_expiry() {
 // ===========================================================================
 
 /// An unsold option can be withdrawn at any time, collateral back, account
-/// closed. Without this, an option nobody buys would lock the writer's tokens
-/// forever.
+/// closed. Without this, an option nobody buys would leave the writer's tokens
+/// in the vault forever.
 #[test]
 fn test_cancel_unsold_option_returns_the_collateral() {
     let mut venue = Venue::new();
@@ -810,7 +810,7 @@ fn test_cancel_unsold_option_works_after_expiry() {
     venue.cancel_option(&carol, &option).unwrap();
 
     assert_eq!(venue.balance(&carol.quote), STANDARD_USDC);
-    assert_eq!(venue.market_state().quote_locked, 0);
+    assert_eq!(venue.market_state().quote_owed, 0);
     venue.assert_vaults_match_ledger();
 }
 

diff --git a/finance/options/anchor/CHANGELOG.md b/finance/options/anchor/CHANGELOG.md
@@ -1,5 +1,12 @@
 # Changelog
 
+## 2026-09-30
+
+Rename the market's `underlying_locked` and `quote_locked` to `underlying_owed`
+and `quote_owed`. Each counts what the vault owes, to writers as collateral and
+to writers and holders as settlement proceeds waiting to be collected, and
+"locked" did not say to whom. The account layout is unchanged.
+
 ## 2026-09-10
 
 The `Market` account is now the token authority of both vaults and signs

diff --git a/finance/options/anchor/README.md b/finance/options/anchor/README.md
@@ -165,8 +165,8 @@ insurance he did not need; Maria earned 1% of every premium.
 ## Custody
 
 The two vaults hold other people's money, so the `Market` account keeps a
-ledger of what each vault owes: `underlying_locked` (call collateral, plus put
-holders' deliveries awaiting collection), `quote_locked` (put collateral, plus
+ledger of what each vault owes: `underlying_owed` (call collateral, plus put
+holders' deliveries awaiting collection), `quote_owed` (put collateral, plus
 call holders' strike payments awaiting collection) and `fees_owed`. Every
 handler that moves tokens updates the ledger before any transfer and then
 asserts that each vault still covers what it owes (`CustodyInvariantViolated`
@@ -248,5 +248,5 @@ exercise.
 
 `buy_option` takes `fee_bps` of every premium into the quote vault, and the
 admin sweeps it with `collect_fees`. The fee is the admin's only reach into
-the vault; collateral and strike payments are locked to their writers and
+the vault; collateral and strike payments are owed to their writers and
 holders.
diff --git a/finance/options/anchor/programs/options/src/instructions/buy_option.rs b/finance/options/anchor/programs/options/src/instructions/buy_option.rs
@@ -41,7 +41,7 @@ pub fn handle_buy_option(context: &mut Context<BuyOptionAccountConstraints>) ->
         .amount()
         .checked_add(fee)
         .ok_or(OptionsError::MathOverflow)?;
-    check_custody(market, market.underlying_locked, quote_after)?;
+    check_custody(market, market.underlying_owed, quote_after)?;
 
     transfer_from_signer(
         &context.accounts.token_program,

diff --git a/finance/options/anchor/programs/options/src/instructions/cancel_option.rs b/finance/options/anchor/programs/options/src/instructions/cancel_option.rs
@@ -31,17 +31,17 @@ pub fn handle_cancel_option(context: &mut Context<CancelOptionAccountConstraints
     let mut quote_after = context.accounts.quote_vault.amount();
     match kind {
         OptionKind::Call => {
-            market.underlying_locked = market
-                .underlying_locked
+            market.underlying_owed = market
+                .underlying_owed
                 .checked_sub(collateral)
                 .ok_or(OptionsError::MathOverflow)?;
             underlying_after = underlying_after
                 .checked_sub(collateral)
                 .ok_or(OptionsError::CustodyInvariantViolated)?;
         }
         OptionKind::Put => {
-            market.quote_locked = market
-                .quote_locked
+            market.quote_owed = market
+                .quote_owed
                 .checked_sub(collateral)
                 .ok_or(OptionsError::MathOverflow)?;
             quote_after = quote_after

diff --git a/finance/options/anchor/programs/options/src/instructions/collect_fees.rs b/finance/options/anchor/programs/options/src/instructions/collect_fees.rs
@@ -11,7 +11,7 @@ use crate::state::Market;
 
 /// The admin sweeps the fees the venue has earned on premiums. `fees_owed`
 /// is the only part of the quote vault the admin can reach: the collateral
-/// and strike payments beside it are locked to their writers and holders.
+/// and strike payments beside it are owed to their writers and holders.
 pub fn handle_collect_fees(context: &mut Context<CollectFeesAccountConstraints>) -> Result<()> {
     let market = &mut context.accounts.market;
     let amount = market.fees_owed;