diff --git a/.cargo/config.toml b/.cargo/config.toml
new file mode 100644
index 0000000..78028f3
--- /dev/null
+++ b/.cargo/config.toml
@@ -0,0 +1,12 @@
+[alias]
+wasm = "build --release --lib --target wasm32-unknown-unknown --locked --workspace --exclude margined-testing"
+wasm-debug = "build --lib --target wasm32-unknown-unknown --locked --workspace --exclude margined-testing"
+unit-test = "test --lib --workspace --exclude margined-protocol --exclude margined-testing --exclude mock-query"
+integration-test = "test --test integration"
+fmt-check = "fmt --all -- --check"
+lint = "clippy -- -D warnings"
+schema = "run schema"
+coverage = "llvm-cov --workspace --lcov --output-path lcov.info"
+
+[target.wasm32-unknown-unknown]
+rustflags = ["-C", "link-arg=-s"]
diff --git a/.github/workflows/build.yml b/.github/workflows/build.yml
new file mode 100644
index 0000000..dcb8a06
--- /dev/null
+++ b/.github/workflows/build.yml
@@ -0,0 +1,38 @@
+name: Test Wasm Binaries
+
+on:
+  push:
+  pull_request:
+    types: [opened]
+
+env:
+  CARGO_TERM_COLOR: always
+
+jobs:
+  test:
+    name: Integration tests
+    runs-on: ubuntu-latest
+    steps:
+      - name: Checkout sources
+        uses: actions/checkout@v2
+
+      - name: Install toolchain
+        uses: actions-rs/toolchain@v1
+        with:
+          toolchain: 1.69.0
+          target: wasm32-unknown-unknown
+          profile: minimal
+          override: true
+
+      - name: Compile contracts
+        uses: actions-rs/cargo@v1
+        with:
+          command: build
+          args: --release --lib --target wasm32-unknown-unknown --locked --workspace --exclude margined-testing
+        env:
+          RUSTFLAGS: "-C link-arg=-s"
+
+      - name: Run Test Tube Integration Tests
+        uses: actions-rs/cargo@v1
+        with:
+          command: test
diff --git a/.github/workflows/ci.yml b/.github/workflows/ci.yml
new file mode 100644
index 0000000..84fe7dd
--- /dev/null
+++ b/.github/workflows/ci.yml
@@ -0,0 +1,52 @@
+name: CI Tests
+
+on:
+  push:
+  pull_request:
+    types: [opened]
+
+env:
+  CARGO_TERM_COLOR: always
+
+jobs:
+  test:
+    name: Integration tests
+    runs-on: ubuntu-latest
+    steps:
+      - name: Checkout sources
+        uses: actions/checkout@v2
+
+      - name: Install stable toolchain
+        uses: actions-rs/toolchain@v1
+        with:
+          profile: minimal
+          toolchain: stable
+          override: true
+          components: rustfmt, clippy
+
+      - name: Set up cargo cache
+        uses: actions/cache@v3
+        continue-on-error: false
+        with:
+          path: |
+            ~/.cargo/crates.toml
+            ~/.cargo/crates2.json
+            ~/.cargo/bin/
+            ~/.cargo/registry/index/
+            ~/.cargo/registry/cache/
+            ~/.cargo/git/db/
+            target/
+          key: ${{ runner.os }}-cargo-ci-${{ hashFiles('**/Cargo.lock') }}
+          restore-keys: ${{ runner.os }}-cargo-ci-
+
+      - name: Run cargo fmt
+        uses: actions-rs/cargo@v1
+        with:
+          command: fmt
+          args: --all -- --check
+
+      - name: Run cargo clippy
+        uses: actions-rs/cargo@v1
+        with:
+          command: clippy
+          args: -- -D warnings
diff --git a/.github/workflows/coverage.yml b/.github/workflows/coverage.yml
new file mode 100644
index 0000000..fbf73ac
--- /dev/null
+++ b/.github/workflows/coverage.yml
@@ -0,0 +1,32 @@
+on: [push]
+
+name: Code Coverage
+
+jobs:
+  coverage:
+    runs-on: ubuntu-latest
+    steps:
+      - uses: actions/checkout@v1
+
+      - name: Install toolchain
+        uses: actions-rs/toolchain@v1
+        with:
+          toolchain: 1.69.0
+          target: wasm32-unknown-unknown
+          profile: minimal
+          override: true
+
+      - name: Compile contracts
+        uses: actions-rs/cargo@v1
+        with:
+          command: build
+          args: --release --lib --target wasm32-unknown-unknown --locked --workspace --exclude margined-testing
+        env:
+          RUSTFLAGS: "-C link-arg=-s"
+      - run: cargo install cargo-tarpaulin
+      - run: cargo tarpaulin --out Xml
+
+      - name: Upload coverage to Codecov
+        uses: codecov/codecov-action@v3
+        with:
+          token: ${{ secrets.CODECOV }}
diff --git a/.gitignore b/.gitignore
new file mode 100644
index 0000000..e0b63c8
--- /dev/null
+++ b/.gitignore
@@ -0,0 +1,22 @@
+# Build results
+/target
+/artifacts
+/scripts/node_modules
+/scripts/yarn.lock
+/schema
+/schemas
+/scripts/src/types/generated
+
+# Cargo+Git helper file (https://github.com/rust-lang/cargo/blob/0.44.1/src/cargo/sources/git/utils.rs#L320-L327)
+.cargo-ok
+
+# Text file backups
+**/*.rs.bk
+
+# macOS
+.DS_Store
+
+# IDEs
+*.iml
+.idea
+.vscode
diff --git a/Cargo.lock b/Cargo.lock
new file mode 100644
index 0000000..9ac6ec5
--- /dev/null
+++ b/Cargo.lock
@@ -0,0 +1,2853 @@
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diff --git a/Cargo.toml b/Cargo.toml
new file mode 100644
index 0000000..84da676
--- /dev/null
+++ b/Cargo.toml
@@ -0,0 +1,71 @@
+[workspace]
+members = [
+ "contracts/margined-collector",
+ "contracts/margined-power",
+ "contracts/margined-query",
+ "contracts/margined-staking",
+ "contracts/mocks/*",
+ "packages/*",
+]
+
+[workspace.package]
+authors       = [ "Friedrich Grabner <max.grabner@margined.io>" ]
+documentation = "https://docs.margined.io/"
+edition       = "2021"
+homepage      = "https://margined.io"
+keywords      = [ "cosmos", "cosmwasm", "margined" ]
+license       = "GPL-3.0-or-later"
+repository    = "https://github.com/margined-protocol/power"
+version       = "0.1.0"
+
+[workspace.dependencies]
+anyhow             = "1.0.69"
+cosmrs             = { version = "0.9.0", features = [ "cosmwasm" ] }
+cosmwasm-schema    = "1.3.3"
+cosmwasm-std       = "1.3.3"
+cosmwasm-storage   = "1.3.3"
+cw-controllers     = "1.1.0"
+cw-item-set        = { version = "0.7.1", default-features = false, features = [ "iterator" ] }
+cw-paginate        = "0.2.1"
+cw-storage-plus    = "1.0.1"
+cw-utils           = "1.0.1"
+cw2                = "1.0.1"
+cw721              = "0.16.0"
+cw721-base         = { version = "0.16.0", features = [ "library" ] }
+injective-math     = "= 0.1.13"
+itertools          = "0.10.5"
+num                = "0.4.0"
+osmosis-std        = "0.16.2"
+osmosis-test-tube  = "17.0.0-rc0"
+schemars           = "0.8.12"
+serde              = { version = "1.0.155", default-features = false, features = [ "derive" ] }
+serde-wasm-bindgen = "0.5.0"
+serde_json         = "1.0.94"
+thiserror          = "1.0.39"
+wasm-bindgen       = "0.2.84"
+
+# packages
+margined-common   = { version = "0.1.0", path = "packages/margined_common" }
+margined-protocol = { version = "0.1.0", path = "packages/margined_protocol" }
+margined-testing  = { version = "0.1.0", path = "packages/margined_testing" }
+
+# contracts
+margined-collector = { version = "0.1.0", path = "contracts/margined-collector" }
+margined-crab      = { version = "0.1.0", path = "contracts/margined-crab" }
+margined-power     = { version = "0.1.0", path = "contracts/margined-power" }
+margined-query     = { version = "0.1.0", path = "contracts/margined-query" }
+margined-staking   = { version = "0.1.0", path = "contracts/margined-staking" }
+
+# mocks
+mock-query = { version = "0.1.0", path = "contracts/mocks/mock-query" }
+
+[profile.release]
+codegen-units    = 1
+debug            = false
+debug-assertions = false
+incremental      = false
+lto              = true
+opt-level        = 3
+overflow-checks  = true
+panic            = "abort"
+rpath            = false
diff --git a/LICENSE b/LICENSE
new file mode 100644
index 0000000..d645695
--- /dev/null
+++ b/LICENSE
@@ -0,0 +1,202 @@
+
+                                 Apache License
+                           Version 2.0, January 2004
+                        http://www.apache.org/licenses/
+
+   TERMS AND CONDITIONS FOR USE, REPRODUCTION, AND DISTRIBUTION
+
+   1. Definitions.
+
+      "License" shall mean the terms and conditions for use, reproduction,
+      and distribution as defined by Sections 1 through 9 of this document.
+
+      "Licensor" shall mean the copyright owner or entity authorized by
+      the copyright owner that is granting the License.
+
+      "Legal Entity" shall mean the union of the acting entity and all
+      other entities that control, are controlled by, or are under common
+      control with that entity. For the purposes of this definition,
+      "control" means (i) the power, direct or indirect, to cause the
+      direction or management of such entity, whether by contract or
+      otherwise, or (ii) ownership of fifty percent (50%) or more of the
+      outstanding shares, or (iii) beneficial ownership of such entity.
+
+      "You" (or "Your") shall mean an individual or Legal Entity
+      exercising permissions granted by this License.
+
+      "Source" form shall mean the preferred form for making modifications,
+      including but not limited to software source code, documentation
+      source, and configuration files.
+
+      "Object" form shall mean any form resulting from mechanical
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+   5. Submission of Contributions. Unless You explicitly state otherwise,
+      any Contribution intentionally submitted for inclusion in the Work
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+      the terms of any separate license agreement you may have executed
+      with Licensor regarding such Contributions.
+
+   6. Trademarks. This License does not grant permission to use the trade
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+   8. Limitation of Liability. In no event and under no legal theory,
+      whether in tort (including negligence), contract, or otherwise,
+      unless required by applicable law (such as deliberate and grossly
+      negligent acts) or agreed to in writing, shall any Contributor be
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+   Licensed under the Apache License, Version 2.0 (the "License");
+   you may not use this file except in compliance with the License.
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+       http://www.apache.org/licenses/LICENSE-2.0
+
+   Unless required by applicable law or agreed to in writing, software
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diff --git a/NOTICE b/NOTICE
new file mode 100644
index 0000000..a93afc5
--- /dev/null
+++ b/NOTICE
@@ -0,0 +1,13 @@
+Copyright 2023 Max <max.grabner@margined.io>
+
+Licensed under the Apache License, Version 2.0 (the "License");
+you may not use this file except in compliance with the License.
+You may obtain a copy of the License at
+
+    http://www.apache.org/licenses/LICENSE-2.0
+
+Unless required by applicable law or agreed to in writing, software
+distributed under the License is distributed on an "AS IS" BASIS,
+WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+See the License for the specific language governing permissions and
+limitations under the License.
diff --git a/README.md b/README.md
new file mode 100644
index 0000000..5719c12
--- /dev/null
+++ b/README.md
@@ -0,0 +1,67 @@
+# Power
+
+[![Continuous Integration](https://github.com/margined-protocol/power/actions/workflows/ci.yml/badge.svg)](https://github.com/margined-protocol/power/actions/workflows/ci.yml) [![codecov](https://codecov.io/github/margined-protocol/power/branch/dev/graph/badge.svg?token=6QDFXS25fj)](https://codecov.io/github/margined-protocol/power)
+
+This repo contains Margined Power Perpetuals a decentralized power perps protocol to be deployed on [Osmosis](https://osmosis.zone/).
+
+## Contracts
+
+| Contract      | Reference                             | Description                                                                                                      |
+| ------------- | ------------------------------------- | ---------------------------------------------------------------------------------------------------------------- |
+| Power         | [doc](./contracts/margined-power)     | The controller contract that enables user's to open and close power perpetual positions                          |
+| Staking       | [doc](./contracts/margined-staking)   | Token holders stake `$MRG` into the staking contract which then mints `$stakedMRG` to which fees are distributed |
+| Fee Collector | [doc](./contracts/margined-collector) | Fee collector accrues the fees generated by protocol to be redistributed to `$MRG` token holders                 |
+| Query         | [doc](./contracts/margined_fee_pool)  | Pass-through contract to make testing easier                                                                     |
+
+## Background
+
+- [Power Perpetuals](https://www.paradigm.xyz/2021/08/power-perpetuals)
+- [Margined Power Perpetual Docs](https://docs.margined.io/overview/power)
+
+## Get started
+
+### Environment Setup
+
+#### Pre-Requisites
+
+- Rust v1.69.\*
+- `wasm32-unknown-unknown` target
+- Docker
+
+#### Instructions
+
+- Install `rustup` via https://rustup.rs/
+- Run the following:
+
+```sh
+rustup default stable
+rustup target add wasm32-unknown-unknown
+```
+
+- Make sure [Docker](https://www.docker.com/) is installed
+
+### Build
+
+Clone this repository and build the source code:
+
+```sh
+git clone git@github.com:margined-protocol/power.git
+cd power
+cargo build
+```
+
+### Unit / Integration Tests
+
+To run the tests after installing pre-requisites do the following:
+
+Compile contracts:
+
+```sh
+./build_release.sh
+```
+
+Run the tests:
+
+```sh
+cargo test
+```
diff --git a/build_release.sh b/build_release.sh
new file mode 100755
index 0000000..a7dee73
--- /dev/null
+++ b/build_release.sh
@@ -0,0 +1,11 @@
+#!/bin/sh
+ARCH=""
+
+if [ "$(uname -m)" = "arm64" ]; then
+  ARCH=-arm64
+fi
+
+docker run --rm -v "$(pwd)":/code -v "$HOME/.cargo/git":/usr/local/cargo/git \
+  --mount type=volume,source="$(basename "$(pwd)")_cache",target=/code/target \
+  --mount type=volume,source=registry_cache,target=/usr/local/cargo/registry \
+  cosmwasm/workspace-optimizer${ARCH}:0.13.0
diff --git a/contracts/margined-collector/Cargo.toml b/contracts/margined-collector/Cargo.toml
new file mode 100644
index 0000000..7b64b7d
--- /dev/null
+++ b/contracts/margined-collector/Cargo.toml
@@ -0,0 +1,40 @@
+[package]
+authors = [ "Margined Protocol" ]
+edition = "2021"
+name    = "margined-collector"
+version = "0.1.0"
+
+exclude = [
+ # Those files are rust-optimizer artifacts. You might want to commit them for convenience but they should not be part of the source code publication.
+ "contract.wasm",
+ "hash.txt",
+]
+
+# See more keys and their definitions at https://doc.rust-lang.org/cargo/reference/manifest.html
+
+[lib]
+crate-type = [ "cdylib", "rlib" ]
+
+[features]
+# for more explicit tests, cargo test --features=backtraces
+backtraces = [ "cosmwasm-std/backtraces" ]
+# use library feature to disable all instantiate/execute/query exports
+library = [  ]
+
+[dependencies]
+cosmwasm-schema   = { workspace = true }
+cosmwasm-std      = { workspace = true }
+cw-controllers    = { workspace = true }
+cw-storage-plus   = { workspace = true }
+cw2               = { workspace = true }
+margined-common   = { workspace = true }
+margined-protocol = { workspace = true }
+osmosis-std       = { workspace = true }
+schemars          = { workspace = true }
+serde             = { workspace = true }
+thiserror         = { workspace = true }
+
+[dev-dependencies]
+cosmrs            = { workspace = true }
+margined-testing  = { workspace = true }
+osmosis-test-tube = { workspace = true }
diff --git a/contracts/margined-collector/README.md b/contracts/margined-collector/README.md
new file mode 100644
index 0000000..722fd1d
--- /dev/null
+++ b/contracts/margined-collector/README.md
@@ -0,0 +1,3 @@
+# Margined Protocol Fee Collector
+
+The Fee Collector contract accrues the fees generated by the protocol, enabling either the contract owner or whitelisted spender to withdraw tokens.
diff --git a/contracts/margined-collector/src/bin/collector_schema.rs b/contracts/margined-collector/src/bin/collector_schema.rs
new file mode 100644
index 0000000..e77fb02
--- /dev/null
+++ b/contracts/margined-collector/src/bin/collector_schema.rs
@@ -0,0 +1,10 @@
+use cosmwasm_schema::write_api;
+use margined_protocol::collector::{ExecuteMsg, InstantiateMsg, QueryMsg};
+
+fn main() {
+    write_api! {
+        instantiate: InstantiateMsg,
+        query: QueryMsg,
+        execute: ExecuteMsg,
+    }
+}
diff --git a/contracts/margined-collector/src/contract.rs b/contracts/margined-collector/src/contract.rs
new file mode 100644
index 0000000..7a65f56
--- /dev/null
+++ b/contracts/margined-collector/src/contract.rs
@@ -0,0 +1,96 @@
+use crate::{
+    handle::{add_token, remove_token, send_token, update_whitelist},
+    query::{
+        query_all_token, query_is_token, query_owner, query_token_list_length, query_whitelist,
+    },
+    state::{OWNER, OWNERSHIP_PROPOSAL, WHITELIST_ADDRESS},
+};
+
+use cosmwasm_std::{
+    entry_point, to_binary, Binary, Deps, DepsMut, Env, MessageInfo, Response, StdError, StdResult,
+};
+use cw2::set_contract_version;
+use margined_common::{
+    errors::ContractError,
+    ownership::{
+        get_ownership_proposal, handle_claim_ownership, handle_ownership_proposal,
+        handle_ownership_proposal_rejection,
+    },
+};
+use margined_protocol::collector::{ExecuteMsg, InstantiateMsg, QueryMsg};
+
+pub const CONTRACT_NAME: &str = env!("CARGO_PKG_NAME");
+const CONTRACT_VERSION: &str = env!("CARGO_PKG_VERSION");
+
+#[cfg_attr(not(feature = "library"), entry_point)]
+pub fn instantiate(
+    deps: DepsMut,
+    _env: Env,
+    info: MessageInfo,
+    _msg: InstantiateMsg,
+) -> Result<Response, ContractError> {
+    set_contract_version(
+        deps.storage,
+        format!("crates.io:{CONTRACT_NAME}"),
+        CONTRACT_VERSION,
+    )?;
+
+    WHITELIST_ADDRESS.save(deps.storage, &info.sender)?;
+
+    OWNER.set(deps, Some(info.sender))?;
+
+    Ok(Response::new().add_attribute("action", "instantiate"))
+}
+
+#[cfg_attr(not(feature = "library"), entry_point)]
+pub fn execute(
+    deps: DepsMut,
+    env: Env,
+    info: MessageInfo,
+    msg: ExecuteMsg,
+) -> Result<Response, ContractError> {
+    match msg {
+        ExecuteMsg::AddToken { token } => add_token(deps, info, token),
+        ExecuteMsg::RemoveToken { token } => remove_token(deps, info, token),
+        ExecuteMsg::UpdateWhitelist { address } => update_whitelist(deps, info, address),
+        ExecuteMsg::SendToken {
+            token,
+            amount,
+            recipient,
+        } => send_token(deps.as_ref(), env, info, token, amount, recipient),
+        ExecuteMsg::ProposeNewOwner {
+            new_owner,
+            duration,
+        } => handle_ownership_proposal(
+            deps,
+            info,
+            env,
+            new_owner,
+            duration,
+            OWNER,
+            OWNERSHIP_PROPOSAL,
+        ),
+        ExecuteMsg::RejectOwner {} => {
+            handle_ownership_proposal_rejection(deps, info, OWNER, OWNERSHIP_PROPOSAL)
+        }
+        ExecuteMsg::ClaimOwnership {} => {
+            handle_claim_ownership(deps, info, env, OWNER, OWNERSHIP_PROPOSAL)
+        }
+    }
+}
+
+#[cfg_attr(not(feature = "library"), entry_point)]
+pub fn query(deps: Deps, _env: Env, msg: QueryMsg) -> StdResult<Binary> {
+    match msg {
+        QueryMsg::Owner {} => {
+            to_binary(&query_owner(deps).map_err(|err| StdError::generic_err(err.to_string()))?)
+        }
+        QueryMsg::GetWhitelist {} => to_binary(&query_whitelist(deps)?),
+        QueryMsg::IsToken { token } => to_binary(&query_is_token(deps, token)?),
+        QueryMsg::GetTokenList { limit } => to_binary(&query_all_token(deps, limit)?),
+        QueryMsg::GetTokenLength {} => to_binary(&query_token_list_length(deps)?),
+        QueryMsg::GetOwnershipProposal {} => {
+            to_binary(&get_ownership_proposal(deps, OWNERSHIP_PROPOSAL)?)
+        }
+    }
+}
diff --git a/contracts/margined-collector/src/handle.rs b/contracts/margined-collector/src/handle.rs
new file mode 100644
index 0000000..3fa4d60
--- /dev/null
+++ b/contracts/margined-collector/src/handle.rs
@@ -0,0 +1,119 @@
+use cosmwasm_std::{
+    ensure, BankMsg, Coin, CosmosMsg, Deps, DepsMut, Env, Event, MessageInfo, Response, Uint128,
+};
+use margined_common::{common::check_denom_metadata, errors::ContractError};
+use osmosis_std::types::cosmos::bank::v1beta1::BankQuerier;
+use std::str::FromStr;
+
+use crate::state::{
+    is_token, remove_token as remove_token_from_list, save_token, OWNER, WHITELIST_ADDRESS,
+};
+
+pub fn add_token(
+    deps: DepsMut,
+    info: MessageInfo,
+    token: String,
+) -> Result<Response, ContractError> {
+    ensure!(
+        OWNER.is_admin(deps.as_ref(), &info.sender)?,
+        ContractError::Unauthorized {}
+    );
+
+    check_denom_metadata(deps.as_ref(), &token)
+        .map_err(|_| ContractError::InvalidDenom(token.clone()))?;
+
+    save_token(deps, token.clone())?;
+
+    Ok(Response::default()
+        .add_event(Event::new("add_token").add_attributes([("denom", token.as_str())])))
+}
+
+pub fn remove_token(
+    deps: DepsMut,
+    info: MessageInfo,
+    token: String,
+) -> Result<Response, ContractError> {
+    ensure!(
+        OWNER.is_admin(deps.as_ref(), &info.sender)?,
+        ContractError::Unauthorized {}
+    );
+
+    remove_token_from_list(deps, token.clone())?;
+
+    Ok(Response::default()
+        .add_event(Event::new("remove_token").add_attributes([("denom", token.as_str())])))
+}
+
+pub fn update_whitelist(
+    deps: DepsMut,
+    info: MessageInfo,
+    address: String,
+) -> Result<Response, ContractError> {
+    ensure!(
+        OWNER.is_admin(deps.as_ref(), &info.sender)?,
+        ContractError::Unauthorized {}
+    );
+
+    let address = deps.api.addr_validate(&address)?;
+
+    WHITELIST_ADDRESS.save(deps.storage, &address)?;
+
+    Ok(Response::default()
+        .add_event(Event::new("update_whitelist").add_attributes([("address", address.as_str())])))
+}
+
+pub fn send_token(
+    deps: Deps,
+    env: Env,
+    info: MessageInfo,
+    token: String,
+    amount: Uint128,
+    recipient: String,
+) -> Result<Response, ContractError> {
+    if amount.is_zero() {
+        return Err(ContractError::ZeroTransfer {});
+    }
+
+    if !OWNER.is_admin(deps, &info.sender)?
+        && info.sender != WHITELIST_ADDRESS.load(deps.storage)?
+    {
+        return Err(ContractError::Unauthorized {});
+    }
+
+    let valid_recipient = deps.api.addr_validate(&recipient)?;
+
+    if !is_token(deps.storage, token.clone()) {
+        return Err(ContractError::TokenUnsupported(token));
+    };
+
+    let bank = BankQuerier::new(&deps.querier);
+
+    let balance = match bank
+        .balance(env.contract.address.to_string(), token.clone())
+        .unwrap()
+        .balance
+    {
+        Some(balance) => Uint128::from_str(balance.amount.as_str()).unwrap(),
+        None => Uint128::zero(),
+    };
+
+    if balance < amount {
+        return Err(ContractError::InsufficientBalance {});
+    }
+
+    let msg = CosmosMsg::Bank(BankMsg::Send {
+        to_address: valid_recipient.to_string(),
+        amount: vec![Coin {
+            denom: token.clone(),
+            amount,
+        }],
+    });
+
+    Ok(Response::default()
+        .add_message(msg)
+        .add_event(Event::new("send_token").add_attributes([
+            ("amount", &amount.to_string()),
+            ("denom", &token),
+            ("recipient", &info.sender.to_string()),
+        ])))
+}
diff --git a/contracts/margined-collector/src/lib.rs b/contracts/margined-collector/src/lib.rs
new file mode 100644
index 0000000..f619092
--- /dev/null
+++ b/contracts/margined-collector/src/lib.rs
@@ -0,0 +1,7 @@
+pub mod contract;
+mod handle;
+mod query;
+mod state;
+
+#[cfg(test)]
+mod testing;
diff --git a/contracts/margined-collector/src/query.rs b/contracts/margined-collector/src/query.rs
new file mode 100644
index 0000000..80cb568
--- /dev/null
+++ b/contracts/margined-collector/src/query.rs
@@ -0,0 +1,50 @@
+use cosmwasm_std::{Addr, Deps, StdResult};
+use margined_common::errors::ContractError;
+use margined_protocol::collector::{
+    AllTokenResponse, TokenLengthResponse, TokenResponse, WhitelistResponse,
+};
+
+use crate::state::{is_token, read_token_list, OWNER, TOKEN_LIMIT, WHITELIST_ADDRESS};
+
+const DEFAULT_PAGINATION_LIMIT: u32 = 10u32;
+const MAX_PAGINATION_LIMIT: u32 = TOKEN_LIMIT as u32;
+
+pub fn query_owner(deps: Deps) -> Result<Addr, ContractError> {
+    if let Some(owner) = OWNER.get(deps)? {
+        Ok(owner)
+    } else {
+        Err(ContractError::NoOwner {})
+    }
+}
+
+pub fn query_whitelist(deps: Deps) -> StdResult<WhitelistResponse> {
+    let address = WHITELIST_ADDRESS.may_load(deps.storage)?;
+
+    Ok(WhitelistResponse { address })
+}
+
+pub fn query_is_token(deps: Deps, token: String) -> StdResult<TokenResponse> {
+    let token_bool = is_token(deps.storage, token);
+
+    Ok(TokenResponse {
+        is_token: token_bool,
+    })
+}
+
+pub fn query_all_token(deps: Deps, limit: Option<u32>) -> StdResult<AllTokenResponse> {
+    let limit = limit
+        .unwrap_or(DEFAULT_PAGINATION_LIMIT)
+        .min(MAX_PAGINATION_LIMIT) as usize;
+
+    let list = read_token_list(deps, limit)?;
+    Ok(AllTokenResponse { token_list: list })
+}
+
+pub fn query_token_list_length(deps: Deps) -> StdResult<TokenLengthResponse> {
+    let limit = TOKEN_LIMIT;
+
+    let list_length = read_token_list(deps, limit)?.len();
+    Ok(TokenLengthResponse {
+        length: list_length,
+    })
+}
diff --git a/contracts/margined-collector/src/state.rs b/contracts/margined-collector/src/state.rs
new file mode 100644
index 0000000..3d2aa9d
--- /dev/null
+++ b/contracts/margined-collector/src/state.rs
@@ -0,0 +1,79 @@
+use cosmwasm_std::{Addr, Deps, DepsMut, StdError::GenericErr, StdResult, Storage};
+use cw_controllers::Admin;
+use cw_storage_plus::Item;
+use margined_common::ownership::OwnerProposal;
+
+pub const OWNER: Admin = Admin::new("owner");
+pub const OWNERSHIP_PROPOSAL: Item<OwnerProposal> = Item::new("ownership_proposals");
+
+pub const WHITELIST_ADDRESS: Item<Addr> = Item::new("whitelist-address");
+pub const TOKEN_LIST: Item<Vec<String>> = Item::new("token-list");
+pub const TOKEN_LIMIT: usize = 3usize;
+
+pub fn save_token(deps: DepsMut, denom: String) -> StdResult<()> {
+    let mut token_list = match TOKEN_LIST.may_load(deps.storage)? {
+        None => vec![],
+        Some(list) => list,
+    };
+
+    if token_list.contains(&denom) {
+        return Err(GenericErr {
+            msg: "This token is already added".to_string(),
+        });
+    };
+
+    if token_list.len() >= TOKEN_LIMIT {
+        return Err(GenericErr {
+            msg: "The token capacity is already reached".to_string(),
+        });
+    };
+
+    token_list.push(denom);
+
+    TOKEN_LIST.save(deps.storage, &token_list)
+}
+
+pub fn read_token_list(deps: Deps, limit: usize) -> StdResult<Vec<String>> {
+    let list = match TOKEN_LIST.may_load(deps.storage)? {
+        None => Vec::new(),
+        Some(list) => {
+            let take = limit.min(list.len());
+            list[..take].to_vec()
+        }
+    };
+
+    Ok(list)
+}
+
+pub fn is_token(storage: &dyn Storage, token: String) -> bool {
+    match TOKEN_LIST.may_load(storage).unwrap() {
+        None => false,
+        Some(list) => list.contains(&token),
+    }
+}
+
+pub fn remove_token(deps: DepsMut, denom: String) -> StdResult<()> {
+    let mut token_list = match TOKEN_LIST.may_load(deps.storage)? {
+        None => {
+            return Err(GenericErr {
+                msg: "No tokens are stored".to_string(),
+            })
+        }
+        Some(value) => value,
+    };
+
+    if !token_list.contains(&denom) {
+        return Err(GenericErr {
+            msg: "This token has not been added".to_string(),
+        });
+    }
+
+    let index = token_list
+        .clone()
+        .iter()
+        .position(|x| x.eq(&denom))
+        .unwrap();
+    token_list.swap_remove(index);
+
+    TOKEN_LIST.save(deps.storage, &token_list)
+}
diff --git a/contracts/margined-collector/src/testing/mod.rs b/contracts/margined-collector/src/testing/mod.rs
new file mode 100644
index 0000000..18324c9
--- /dev/null
+++ b/contracts/margined-collector/src/testing/mod.rs
@@ -0,0 +1,2 @@
+mod ownership_test;
+mod tests;
diff --git a/contracts/margined-collector/src/testing/ownership_test.rs b/contracts/margined-collector/src/testing/ownership_test.rs
new file mode 100644
index 0000000..780e8de
--- /dev/null
+++ b/contracts/margined-collector/src/testing/ownership_test.rs
@@ -0,0 +1,175 @@
+use cosmwasm_std::Addr;
+use margined_protocol::collector::{ExecuteMsg, OwnerProposalResponse, QueryMsg};
+use margined_testing::staking_env::StakingEnv;
+use osmosis_test_tube::{Account, Module, RunnerError, Wasm};
+
+const PROPOSAL_DURATION: u64 = 1000;
+
+#[test]
+fn test_update_owner() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let fee_collector = env.deploy_fee_collector_contract(&wasm, "margined-collector".to_string());
+
+    // claim before a proposal is made
+    {
+        let err = wasm
+            .execute(
+                &fee_collector,
+                &ExecuteMsg::ClaimOwnership {},
+                &[],
+                &env.signer,
+            )
+            .unwrap_err();
+        assert_eq!(
+            err,
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Proposal not found: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    // propose new owner
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::ProposeNewOwner {
+            new_owner: env.traders[0].address(),
+            duration: PROPOSAL_DURATION,
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    let owner: Addr = wasm.query(&fee_collector, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, env.signer.address());
+
+    // reject claim by incorrect new owner
+    {
+        let err = wasm
+            .execute(
+                &fee_collector,
+                &ExecuteMsg::ClaimOwnership {},
+                &[],
+                &env.signer,
+            )
+            .unwrap_err();
+        assert_eq!(
+            err,
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Unauthorized: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    // let proposal expire
+    env.app.increase_time(PROPOSAL_DURATION + 1);
+
+    // proposal fails due to expiry
+    {
+        let err = wasm
+            .execute(
+                &fee_collector,
+                &ExecuteMsg::ClaimOwnership {},
+                &[],
+                &env.traders[0],
+            )
+            .unwrap_err();
+        assert_eq!(
+            err,
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Expired: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    let owner: Addr = wasm.query(&fee_collector, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, env.signer.address());
+
+    // propose new owner
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::ProposeNewOwner {
+            new_owner: env.traders[0].address(),
+            duration: PROPOSAL_DURATION,
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    let owner: Addr = wasm.query(&fee_collector, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, env.signer.address());
+
+    // proposal fails due to expiry
+    {
+        let err = wasm
+            .execute(
+                &fee_collector,
+                &ExecuteMsg::RejectOwner {},
+                &[],
+                &env.traders[0],
+            )
+            .unwrap_err();
+        assert_eq!(
+            err,
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Unauthorized: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    // proposal fails due to expiry
+    {
+        wasm.execute(
+            &fee_collector,
+            &ExecuteMsg::RejectOwner {},
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // propose new owner
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::ProposeNewOwner {
+            new_owner: env.traders[0].address(),
+            duration: PROPOSAL_DURATION,
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    let block_time = env.app.get_block_time_seconds();
+
+    let owner: Addr = wasm.query(&fee_collector, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, env.signer.address());
+
+    // query ownership proposal
+    {
+        let proposal: OwnerProposalResponse = wasm
+            .query(&fee_collector, &QueryMsg::GetOwnershipProposal {})
+            .unwrap();
+
+        assert_eq!(proposal.owner, env.traders[0].address());
+        assert_eq!(proposal.expiry, block_time as u64 + PROPOSAL_DURATION);
+    }
+
+    // claim ownership
+    {
+        wasm.execute(
+            &fee_collector,
+            &ExecuteMsg::ClaimOwnership {},
+            &[],
+            &env.traders[0],
+        )
+        .unwrap();
+    }
+
+    let owner: Addr = wasm.query(&fee_collector, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, env.traders[0].address());
+}
diff --git a/contracts/margined-collector/src/testing/tests.rs b/contracts/margined-collector/src/testing/tests.rs
new file mode 100644
index 0000000..249caf4
--- /dev/null
+++ b/contracts/margined-collector/src/testing/tests.rs
@@ -0,0 +1,711 @@
+use cosmwasm_std::{Addr, Uint128};
+use margined_protocol::collector::{
+    AllTokenResponse, ExecuteMsg, QueryMsg, TokenLengthResponse, TokenResponse, WhitelistResponse,
+};
+use margined_testing::staking_env::StakingEnv;
+use osmosis_test_tube::{
+    osmosis_std::types::cosmos::{bank::v1beta1::MsgSend, base::v1beta1::Coin},
+    Account, Bank, Module, Wasm,
+};
+
+#[test]
+fn test_instantiation() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let fee_collector = env.deploy_fee_collector_contract(&wasm, "margined-collector".to_string());
+
+    let owner: Addr = wasm.query(&fee_collector, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, env.signer.address());
+}
+
+#[test]
+fn test_update_whitelist() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let fee_collector = env.deploy_fee_collector_contract(&wasm, "margined-collector".to_string());
+
+    // update the whitelist
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::UpdateWhitelist {
+            address: env.traders[0].address(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    let res: WhitelistResponse = wasm
+        .query(&fee_collector, &QueryMsg::GetWhitelist {})
+        .unwrap();
+    assert_eq!(res.address, Some(Addr::unchecked(env.traders[0].address())));
+}
+
+#[test]
+fn test_query_token() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let fee_collector = env.deploy_fee_collector_contract(&wasm, "margined-collector".to_string());
+
+    // add token to tokenlist here
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::AddToken {
+            token: "uusdc".to_string(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    // query if the token has been added
+    let res: TokenResponse = wasm
+        .query(
+            &fee_collector,
+            &QueryMsg::IsToken {
+                token: "uusdc".to_string(),
+            },
+        )
+        .unwrap();
+    let is_token = res.is_token;
+
+    assert!(is_token);
+}
+
+#[test]
+fn test_query_all_token() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let fee_collector = env.deploy_fee_collector_contract(&wasm, "margined-collector".to_string());
+
+    // check to see that there are no tokens listed
+    let res: AllTokenResponse = wasm
+        .query(&fee_collector, &QueryMsg::GetTokenList { limit: None })
+        .unwrap();
+
+    assert!(res.token_list.is_empty());
+
+    // add a token
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::AddToken {
+            token: "uusdc".to_string(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    // add another token
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::AddToken {
+            token: "uosmo".to_string(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    // check for the added tokens
+    let res: AllTokenResponse = wasm
+        .query(&fee_collector, &QueryMsg::GetTokenList { limit: None })
+        .unwrap();
+
+    assert_eq!(
+        res.token_list,
+        vec!["uusdc".to_string(), "uosmo".to_string(),]
+    );
+}
+
+#[test]
+fn test_add_token() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let fee_collector = env.deploy_fee_collector_contract(&wasm, "margined-collector".to_string());
+
+    // check to see that there are no tokens listed
+    let res: AllTokenResponse = wasm
+        .query(&fee_collector, &QueryMsg::GetTokenList { limit: None })
+        .unwrap();
+
+    assert!(res.token_list.is_empty());
+
+    // query the token we want to add
+    let res: TokenResponse = wasm
+        .query(
+            &fee_collector,
+            &QueryMsg::IsToken {
+                token: "uusdc".to_string(),
+            },
+        )
+        .unwrap();
+    let is_token = res.is_token;
+
+    assert!(!is_token);
+
+    // add a token
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::AddToken {
+            token: "uusdc".to_string(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    // check for the added token
+    let res: TokenResponse = wasm
+        .query(
+            &fee_collector,
+            &QueryMsg::IsToken {
+                token: "uusdc".to_string(),
+            },
+        )
+        .unwrap();
+    let is_token = res.is_token;
+
+    assert!(is_token);
+}
+
+#[test]
+fn test_add_token_twice() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let fee_collector = env.deploy_fee_collector_contract(&wasm, "margined-collector".to_string());
+
+    // add a token
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::AddToken {
+            token: "uusdc".to_string(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    // add a token again!
+    let res = wasm
+        .execute(
+            &fee_collector,
+            &ExecuteMsg::AddToken {
+                token: "uusdc".to_string(),
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap_err();
+
+    assert_eq!(
+        res.to_string(),
+        "execute error: failed to execute message; message index: 0: Generic error: This token is already added: execute wasm contract failed"
+    );
+}
+
+#[test]
+fn test_add_second_token() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let fee_collector = env.deploy_fee_collector_contract(&wasm, "margined-collector".to_string());
+
+    // check to see that there are no tokens listed
+    let res: AllTokenResponse = wasm
+        .query(&fee_collector, &QueryMsg::GetTokenList { limit: None })
+        .unwrap();
+
+    assert!(res.token_list.is_empty());
+
+    // add a token
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::AddToken {
+            token: "uusdc".to_string(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    // add another token
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::AddToken {
+            token: "uosmo".to_string(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    // check for the added token
+    let res: TokenResponse = wasm
+        .query(
+            &fee_collector,
+            &QueryMsg::IsToken {
+                token: "uosmo".to_string(),
+            },
+        )
+        .unwrap();
+    let is_token = res.is_token;
+
+    assert!(is_token);
+}
+
+#[test]
+fn test_remove_token() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let fee_collector = env.deploy_fee_collector_contract(&wasm, "margined-collector".to_string());
+
+    // check to see that there are no tokens listed
+    let res: AllTokenResponse = wasm
+        .query(&fee_collector, &QueryMsg::GetTokenList { limit: None })
+        .unwrap();
+
+    assert!(res.token_list.is_empty());
+
+    // add a token
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::AddToken {
+            token: "uusdc".to_string(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    let res: TokenResponse = wasm
+        .query(
+            &fee_collector,
+            &QueryMsg::IsToken {
+                token: "uusdc".to_string(),
+            },
+        )
+        .unwrap();
+    let is_token = res.is_token;
+
+    assert!(is_token);
+
+    // remove the first token
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::RemoveToken {
+            token: "uusdc".to_string(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    // check that the first token is not there
+    let res: TokenResponse = wasm
+        .query(
+            &fee_collector,
+            &QueryMsg::IsToken {
+                token: "uusdc".to_string(),
+            },
+        )
+        .unwrap();
+    let is_token = res.is_token;
+
+    assert!(!is_token);
+}
+
+#[test]
+fn test_remove_non_existing_token() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let fee_collector = env.deploy_fee_collector_contract(&wasm, "margined-collector".to_string());
+
+    // add a token
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::AddToken {
+            token: "uusdc".to_string(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    let res: TokenResponse = wasm
+        .query(
+            &fee_collector,
+            &QueryMsg::IsToken {
+                token: "uusdc".to_string(),
+            },
+        )
+        .unwrap();
+    let is_token = res.is_token;
+
+    assert!(is_token);
+
+    // check that the first token is not there
+    let res: TokenResponse = wasm
+        .query(
+            &fee_collector,
+            &QueryMsg::IsToken {
+                token: "token2".to_string(),
+            },
+        )
+        .unwrap();
+    let is_token = res.is_token;
+
+    assert!(!is_token);
+
+    // remove a token which isn't stored
+    let res = wasm
+        .execute(
+            &fee_collector,
+            &ExecuteMsg::RemoveToken {
+                token: "token2".to_string(),
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap_err();
+
+    assert_eq!(
+        res.to_string(),
+        "execute error: failed to execute message; message index: 0: Generic error: This token has not been added: execute wasm contract failed"
+    )
+}
+
+#[test]
+fn test_token_capacity() {
+    // for the purpose of this test, TOKEN_LIMIT is set to 3 (so four exceeds it!)
+    // instantiate contract here
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let fee_collector = env.deploy_fee_collector_contract(&wasm, "margined-collector".to_string());
+
+    let tokens: Vec<String> = vec![
+        "uusdc".to_string(),
+        "uosmo".to_string(),
+        "token3".to_string(),
+        "token4".to_string(),
+    ];
+
+    // add three tokens
+    for n in 1..4 {
+        wasm.execute(
+            &fee_collector,
+            &ExecuteMsg::AddToken {
+                token: tokens[n - 1].clone(),
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // try to add a fourth token
+    let res = wasm
+        .execute(
+            &fee_collector,
+            &ExecuteMsg::AddToken {
+                token: "token5".to_string(),
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap_err();
+    assert_eq!(
+        res.to_string(),
+        "execute error: failed to execute message; message index: 0: Generic error: The token capacity is already reached: execute wasm contract failed"
+    );
+}
+
+#[test]
+fn test_token_length() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let fee_collector = env.deploy_fee_collector_contract(&wasm, "margined-collector".to_string());
+
+    // check to see that there are no tokens listed
+    let res: AllTokenResponse = wasm
+        .query(&fee_collector, &QueryMsg::GetTokenList { limit: None })
+        .unwrap();
+
+    assert!(res.token_list.is_empty());
+
+    // add a token
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::AddToken {
+            token: "uusdc".to_string(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    // add another token
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::AddToken {
+            token: "uosmo".to_string(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    // check for the second added token
+    let res: TokenLengthResponse = wasm
+        .query(&fee_collector, &QueryMsg::GetTokenLength {})
+        .unwrap();
+
+    assert_eq!(res.length, 2usize);
+}
+
+#[test]
+fn test_send_native_token() {
+    // Using the native token, we only work to 6dp
+
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let bank = Bank::new(&env.app);
+
+    let fee_collector = env.deploy_fee_collector_contract(&wasm, "margined-collector".to_string());
+
+    // give funds to the fee pool contract
+    bank.send(
+        MsgSend {
+            from_address: env.signer.address(),
+            to_address: fee_collector.clone(),
+            amount: vec![Coin {
+                amount: (5_000 * 10u128.pow(6)).to_string(),
+                denom: "uosmo".to_string(),
+            }],
+        },
+        &env.signer,
+    )
+    .unwrap();
+
+    // add the token so we can send funds with it
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::AddToken {
+            token: "uosmo".to_string(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    // query balance of bob
+    let balance = env.get_balance(env.empty.address(), "uosmo".to_string());
+    assert_eq!(balance, Uint128::zero());
+
+    // query balance of contract
+    let balance = env.get_balance(fee_collector.clone(), "uosmo".to_string());
+    assert_eq!(balance, Uint128::from(5_000u128 * 10u128.pow(6)));
+
+    // send token
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::SendToken {
+            token: "uosmo".to_string(),
+            amount: Uint128::from(1000u128 * 10u128.pow(6)),
+            recipient: env.empty.address(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    // query new balance of intended recipient
+    let balance = env.get_balance(env.empty.address(), "uosmo".to_string());
+    assert_eq!(balance, Uint128::from(1_000u128 * 10u128.pow(6)));
+
+    // Query new contract balance
+    let balance = env.get_balance(fee_collector, "uosmo".to_string());
+    assert_eq!(balance, Uint128::from(4000u128 * 10u128.pow(6)));
+}
+
+#[test]
+fn test_send_native_token_unsupported_token() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let bank = Bank::new(&env.app);
+
+    let fee_collector = env.deploy_fee_collector_contract(&wasm, "margined-collector".to_string());
+
+    // give funds to the fee pool contract
+    bank.send(
+        MsgSend {
+            from_address: env.signer.address(),
+            to_address: fee_collector.clone(),
+            amount: vec![Coin {
+                amount: (5_000u128 * 10u128.pow(6)).to_string(),
+                denom: "uosmo".to_string(),
+            }],
+        },
+        &env.signer,
+    )
+    .unwrap();
+
+    // try to send token - note this fails because we have not added the token to the token list, so it is not accepted/supported yet
+    let res = wasm
+        .execute(
+            &fee_collector,
+            &ExecuteMsg::SendToken {
+                token: "uosmo".to_string(),
+                amount: Uint128::from(1000u128 * 10u128.pow(6)),
+                recipient: env.empty.address(),
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap_err();
+    assert_eq!(
+        "execute error: failed to execute message; message index: 0: Token denom 'uosmo' is not supported: execute wasm contract failed",
+        res.to_string()
+    );
+}
+
+#[test]
+fn test_send_native_token_insufficient_balance() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let bank = Bank::new(&env.app);
+
+    let fee_collector = env.deploy_fee_collector_contract(&wasm, "margined-collector".to_string());
+
+    // give funds to the fee pool contract
+    bank.send(
+        MsgSend {
+            from_address: env.signer.address(),
+            to_address: fee_collector.clone(),
+            amount: vec![Coin {
+                amount: (1_000u128 * 10u128.pow(6)).to_string(),
+                denom: "uosmo".to_string(),
+            }],
+        },
+        &env.signer,
+    )
+    .unwrap();
+
+    // add the token so we can send funds with it
+    wasm.execute(
+        &fee_collector,
+        &ExecuteMsg::AddToken {
+            token: "uosmo".to_string(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    // query balance of bob
+    let balance = env.get_balance(env.empty.address(), "uosmo".to_string());
+    assert_eq!(balance, Uint128::zero());
+
+    // query balance of contract
+    let balance = env.get_balance(fee_collector.clone(), "uosmo".to_string());
+    assert_eq!(balance, Uint128::from(1000u128 * 10u128.pow(6)));
+
+    // send token
+    let res = wasm
+        .execute(
+            &fee_collector,
+            &ExecuteMsg::SendToken {
+                token: "uosmo".to_string(),
+                amount: Uint128::from(2000u128 * 10u128.pow(6)),
+                recipient: env.empty.address(),
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap_err();
+    assert_eq!(
+        "execute error: failed to execute message; message index: 0: Insufficient balance: execute wasm contract failed".to_string(),
+        res.to_string()
+    );
+    // query new balance of intended recipient
+    let balance = env.get_balance(env.empty.address(), "uosmo".to_string());
+    assert_eq!(balance, Uint128::zero());
+
+    // Query new contract balance
+    let balance = env.get_balance(fee_collector, "uosmo".to_string());
+    assert_eq!(balance, Uint128::from(1000u128 * 10u128.pow(6)));
+}
+
+#[test]
+fn test_not_owner() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let fee_collector = env.deploy_fee_collector_contract(&wasm, "margined-collector".to_string());
+
+    // try to add a token
+    let res = wasm
+        .execute(
+            &fee_collector,
+            &ExecuteMsg::AddToken {
+                token: "uosmo".to_string(),
+            },
+            &[],
+            &env.traders[0],
+        )
+        .unwrap_err();
+    assert_eq!(res.to_string(), "execute error: failed to execute message; message index: 0: Unauthorized: execute wasm contract failed");
+
+    // try to remove a token
+    let res = wasm
+        .execute(
+            &fee_collector,
+            &ExecuteMsg::RemoveToken {
+                token: "uusdc".to_string(),
+            },
+            &[],
+            &env.traders[0],
+        )
+        .unwrap_err();
+    assert_eq!(res.to_string(), "execute error: failed to execute message; message index: 0: Unauthorized: execute wasm contract failed");
+
+    // try to send money
+    let res = wasm
+        .execute(
+            &fee_collector,
+            &ExecuteMsg::SendToken {
+                token: "uosmo".to_string(),
+                amount: Uint128::from(2000u128 * 10u128.pow(6)),
+                recipient: env.traders[0].address(),
+            },
+            &[],
+            &env.traders[0],
+        )
+        .unwrap_err();
+    assert_eq!("execute error: failed to execute message; message index: 0: Unauthorized: execute wasm contract failed".to_string(), res.to_string());
+}
diff --git a/contracts/margined-power/Cargo.toml b/contracts/margined-power/Cargo.toml
new file mode 100644
index 0000000..18c9bcf
--- /dev/null
+++ b/contracts/margined-power/Cargo.toml
@@ -0,0 +1,43 @@
+[package]
+authors = [ "Friedrich Grabner <max.grabner@margined.io>" ]
+edition = "2021"
+name    = "margined-power"
+version = "0.1.0"
+
+exclude = [
+ # Those files are rust-optimizer artifacts. You might want to commit them for convenience but they should not be part of the source code publication.
+ "contract.wasm",
+ "hash.txt",
+]
+
+# See more keys and their definitions at https://doc.rust-lang.org/cargo/reference/manifest.html
+
+[lib]
+crate-type = [ "cdylib", "rlib" ]
+
+[features]
+# for more explicit tests, cargo test --features=backtraces
+backtraces = [ "cosmwasm-std/backtraces" ]
+# use library feature to disable all instantiate/execute/query exports
+library = [  ]
+
+[dependencies]
+cosmwasm-schema   = { workspace = true }
+cosmwasm-std      = { workspace = true }
+cw-controllers    = { workspace = true }
+cw-storage-plus   = { workspace = true }
+cw-utils          = { workspace = true }
+cw2               = { workspace = true }
+injective-math    = { workspace = true }
+margined-common   = { workspace = true }
+margined-protocol = { workspace = true }
+num               = { workspace = true }
+osmosis-std       = { workspace = true }
+schemars          = { workspace = true }
+serde             = { workspace = true }
+
+[dev-dependencies]
+cosmrs            = { workspace = true }
+margined-testing  = { workspace = true }
+mock-query        = { workspace = true }
+osmosis-test-tube = { workspace = true }
diff --git a/contracts/margined-power/README.md b/contracts/margined-power/README.md
new file mode 100644
index 0000000..e818415
--- /dev/null
+++ b/contracts/margined-power/README.md
@@ -0,0 +1,5 @@
+# Margined Power Contract
+
+Margined Power contract allows users to gain exposure to the value of base denom squared (base^2). Like a traditional perpetual power contract but tracking the index price of base^2.
+
+Margined Power integrates with Osmosis Concentrated Liquidity orderbooks to allow the market to give true price discovery.
\ No newline at end of file
diff --git a/contracts/margined-power/src/bin/power_schema.rs b/contracts/margined-power/src/bin/power_schema.rs
new file mode 100644
index 0000000..8bf2f61
--- /dev/null
+++ b/contracts/margined-power/src/bin/power_schema.rs
@@ -0,0 +1,10 @@
+use cosmwasm_schema::write_api;
+use margined_protocol::power::{ExecuteMsg, InstantiateMsg, QueryMsg};
+
+fn main() {
+    write_api! {
+        instantiate: InstantiateMsg,
+        query: QueryMsg,
+        execute: ExecuteMsg,
+    }
+}
diff --git a/contracts/margined-power/src/contract.rs b/contracts/margined-power/src/contract.rs
new file mode 100644
index 0000000..03bfee2
--- /dev/null
+++ b/contracts/margined-power/src/contract.rs
@@ -0,0 +1,221 @@
+use crate::{
+    handle::{
+        handle_apply_funding, handle_burn_power_perp, handle_close_short, handle_deposit,
+        handle_liquidation, handle_mint_power_perp, handle_open_contract, handle_open_short,
+        handle_pause, handle_unpause, handle_update_config, handle_withdrawal,
+    },
+    query::{
+        get_check_vault, get_denormalised_mark, get_denormalised_mark_for_funding, get_index,
+        get_next_vault_id, get_normalisation_factor, get_unscaled_index, get_user_vaults,
+        get_vault, query_config, query_owner, query_state,
+    },
+    reply::{handle_close_short_reply, handle_open_short_reply, handle_open_short_swap_reply},
+    state::{Config, State, CONFIG, OWNER, OWNERSHIP_PROPOSAL, STATE},
+};
+
+use cosmwasm_std::{
+    entry_point, to_binary, Binary, Decimal, Deps, DepsMut, Env, MessageInfo, Reply, Response,
+    StdError, StdResult,
+};
+use cw2::set_contract_version;
+use margined_common::{
+    common::{check_denom_exists_in_pool, check_denom_metadata},
+    errors::ContractError,
+    ownership::{
+        get_ownership_proposal, handle_claim_ownership, handle_ownership_proposal,
+        handle_ownership_proposal_rejection,
+    },
+};
+use margined_protocol::power::{
+    ExecuteMsg, InstantiateMsg, MigrateMsg, Pool, QueryMsg, FUNDING_PERIOD,
+};
+use std::str::FromStr;
+
+pub const CONTRACT_NAME: &str = env!("CARGO_PKG_NAME");
+const CONTRACT_VERSION: &str = env!("CARGO_PKG_VERSION");
+
+pub const OPEN_SHORT_REPLY_ID: u64 = 1u64;
+pub const OPEN_SHORT_SWAP_REPLY_ID: u64 = 2u64;
+pub const CLOSE_SHORT_REPLY_ID: u64 = 3u64;
+pub const CLOSE_SHORT_SWAP_REPLY_ID: u64 = 4u64;
+
+#[cfg_attr(not(feature = "library"), entry_point)]
+pub fn instantiate(
+    deps: DepsMut,
+    env: Env,
+    info: MessageInfo,
+    msg: InstantiateMsg,
+) -> Result<Response, ContractError> {
+    set_contract_version(
+        deps.storage,
+        format!("crates.io:{CONTRACT_NAME}"),
+        CONTRACT_VERSION,
+    )?;
+
+    let config = Config {
+        fee_rate: Decimal::from_str(&msg.fee_rate)?,
+        fee_pool_contract: deps.api.addr_validate(&msg.fee_pool)?,
+        query_contract: deps.api.addr_validate(&msg.query_contract)?,
+        power_denom: msg.power_denom.clone(),
+        base_denom: msg.base_denom,
+        base_pool: Pool {
+            id: msg.base_pool_id,
+            quote_denom: msg.base_pool_quote,
+        },
+        power_pool: Pool {
+            id: msg.power_pool_id,
+            quote_denom: msg.power_denom,
+        },
+        funding_period: FUNDING_PERIOD,
+        base_decimals: msg.base_decimals,
+        power_decimals: msg.power_decimals,
+    };
+
+    config.validate()?;
+
+    CONFIG.save(deps.storage, &config)?;
+
+    // validate denoms exist
+    check_denom_metadata(deps.as_ref(), &config.base_denom)
+        .map_err(|_| ContractError::InvalidDenom(config.base_denom.clone()))?;
+    check_denom_metadata(deps.as_ref(), &config.power_denom)
+        .map_err(|_| ContractError::InvalidDenom(config.power_denom.clone()))?;
+
+    // validate denoms are present in pool
+    check_denom_exists_in_pool(deps.as_ref(), config.base_pool.id, &config.base_denom)
+        .map_err(ContractError::Std)?;
+    check_denom_exists_in_pool(deps.as_ref(), config.power_pool.id, &config.base_denom)
+        .map_err(ContractError::Std)?;
+    check_denom_exists_in_pool(deps.as_ref(), config.power_pool.id, &config.power_denom)
+        .map_err(ContractError::Std)?;
+
+    STATE.save(
+        deps.storage,
+        &State {
+            is_open: false,
+            is_paused: true,
+            last_pause: env.block.time,
+            normalisation_factor: Decimal::one(),
+            last_funding_update: env.block.time,
+        },
+    )?;
+
+    OWNER.set(deps, Some(info.sender))?;
+
+    Ok(Response::new().add_attribute("action", "instantiate"))
+}
+
+#[cfg_attr(not(feature = "library"), entry_point)]
+pub fn reply(deps: DepsMut, env: Env, msg: Reply) -> Result<Response, ContractError> {
+    match msg.id {
+        OPEN_SHORT_REPLY_ID => handle_open_short_reply(deps, env, msg),
+        OPEN_SHORT_SWAP_REPLY_ID => handle_open_short_swap_reply(deps, env, msg),
+        CLOSE_SHORT_REPLY_ID => handle_close_short_reply(deps, env, msg),
+
+        _ => Err(ContractError::UnknownReplyId(msg.id)),
+    }
+}
+
+#[cfg_attr(not(feature = "library"), entry_point)]
+pub fn execute(
+    deps: DepsMut,
+    env: Env,
+    info: MessageInfo,
+    msg: ExecuteMsg,
+) -> Result<Response, ContractError> {
+    match msg {
+        ExecuteMsg::SetOpen {} => handle_open_contract(deps, env, info),
+        ExecuteMsg::MintPowerPerp {
+            amount,
+            vault_id,
+            rebase,
+        } => handle_mint_power_perp(deps, env, info, amount, vault_id, rebase),
+        ExecuteMsg::BurnPowerPerp {
+            amount_to_withdraw,
+            vault_id,
+        } => handle_burn_power_perp(deps, env, info, amount_to_withdraw, vault_id),
+        ExecuteMsg::OpenShort { amount, vault_id } => {
+            handle_open_short(deps, env, info, amount, vault_id)
+        }
+        ExecuteMsg::CloseShort {
+            amount_to_burn,
+            amount_to_withdraw,
+            vault_id,
+        } => handle_close_short(
+            deps,
+            env,
+            info,
+            amount_to_burn,
+            amount_to_withdraw,
+            vault_id,
+        ),
+        ExecuteMsg::Deposit { vault_id } => handle_deposit(deps, env, info, vault_id),
+        ExecuteMsg::Withdraw { amount, vault_id } => {
+            handle_withdrawal(deps, env, info, amount, vault_id)
+        }
+        ExecuteMsg::Liquidate {
+            vault_id,
+            max_debt_amount,
+        } => handle_liquidation(deps, env, info, max_debt_amount, vault_id),
+        ExecuteMsg::ApplyFunding { .. } => handle_apply_funding(deps, env, info),
+        ExecuteMsg::UpdateConfig { fee_rate, fee_pool } => {
+            handle_update_config(deps, info, fee_rate, fee_pool)
+        }
+        ExecuteMsg::Pause {} => handle_pause(deps, env, info),
+        ExecuteMsg::UnPause {} => handle_unpause(deps, env, info),
+        ExecuteMsg::ProposeNewOwner {
+            new_owner,
+            duration,
+        } => handle_ownership_proposal(
+            deps,
+            info,
+            env,
+            new_owner,
+            duration,
+            OWNER,
+            OWNERSHIP_PROPOSAL,
+        ),
+        ExecuteMsg::RejectOwner {} => {
+            handle_ownership_proposal_rejection(deps, info, OWNER, OWNERSHIP_PROPOSAL)
+        }
+        ExecuteMsg::ClaimOwnership {} => {
+            handle_claim_ownership(deps, info, env, OWNER, OWNERSHIP_PROPOSAL)
+        }
+    }
+}
+
+#[cfg_attr(not(feature = "library"), entry_point)]
+pub fn query(deps: Deps, env: Env, msg: QueryMsg) -> StdResult<Binary> {
+    match msg {
+        QueryMsg::Config {} => to_binary(&query_config(deps)?),
+        QueryMsg::State {} => to_binary(&query_state(deps)?),
+        QueryMsg::Owner {} => {
+            to_binary(&query_owner(deps).map_err(|err| StdError::generic_err(err.to_string()))?)
+        }
+        QueryMsg::GetNormalisationFactor {} => to_binary(&get_normalisation_factor(deps, env)?),
+        QueryMsg::GetIndex { period } => to_binary(&get_index(deps, env, period)?),
+        QueryMsg::GetUnscaledIndex { period } => to_binary(&get_unscaled_index(deps, env, period)?),
+        QueryMsg::GetDenormalisedMark { period } => {
+            to_binary(&get_denormalised_mark(deps, env, period)?)
+        }
+        QueryMsg::GetDenormalisedMarkFunding { period } => {
+            to_binary(&get_denormalised_mark_for_funding(deps, env, period)?)
+        }
+        QueryMsg::GetVault { vault_id } => to_binary(&get_vault(deps, vault_id)?),
+        QueryMsg::GetNextVaultId {} => to_binary(&get_next_vault_id(deps)?),
+        QueryMsg::GetUserVaults {
+            user,
+            start_after,
+            limit,
+        } => to_binary(&get_user_vaults(deps, user, start_after, limit)?),
+        QueryMsg::GetOwnershipProposal {} => {
+            to_binary(&get_ownership_proposal(deps, OWNERSHIP_PROPOSAL)?)
+        }
+        QueryMsg::CheckVault { vault_id } => to_binary(&get_check_vault(deps, env, vault_id)?),
+    }
+}
+
+#[cfg_attr(not(feature = "library"), entry_point)]
+pub fn migrate(_deps: DepsMut, _env: Env, _msg: MigrateMsg) -> Result<Response, ContractError> {
+    Ok(Response::new())
+}
diff --git a/contracts/margined-power/src/funding.rs b/contracts/margined-power/src/funding.rs
new file mode 100644
index 0000000..53b5c76
--- /dev/null
+++ b/contracts/margined-power/src/funding.rs
@@ -0,0 +1,76 @@
+use crate::{
+    helpers::{calculate_denormalized_mark, calculate_index, wrapped_pow},
+    state::STATE,
+};
+
+use cosmwasm_std::{Decimal, Deps, DepsMut, Env, StdResult};
+use margined_protocol::power::FUNDING_PERIOD;
+use num::Zero;
+
+pub const MAX_TWAP_PERIOD: u64 = 48 * 60 * 60; // TWAP from pool can be no longer than 48 hours
+
+pub fn apply_funding_rate(deps: DepsMut, env: Env) -> StdResult<Decimal> {
+    let state = STATE.load(deps.storage).unwrap();
+
+    // normalisation factor is only updated onces per block
+    if state.last_funding_update.seconds() == env.block.time.seconds() {
+        return Ok(state.normalisation_factor);
+    }
+
+    let normalisation_factor = calculate_normalisation_factor(deps.as_ref(), env.clone())?;
+
+    STATE.update(deps.storage, |mut state| -> StdResult<_> {
+        state.normalisation_factor = normalisation_factor;
+        state.last_funding_update = env.block.time;
+
+        Ok(state)
+    })?;
+
+    Ok(normalisation_factor)
+}
+
+pub fn calculate_normalisation_factor(deps: Deps, env: Env) -> StdResult<Decimal> {
+    let state = STATE.load(deps.storage).unwrap();
+
+    let funding_period = env
+        .block
+        .time
+        .minus_seconds(state.last_funding_update.seconds());
+
+    let period = funding_period.seconds().min(MAX_TWAP_PERIOD);
+
+    // NOTE: pools must have a TWAP available for past 48 hours
+    let start_time = if period < MAX_TWAP_PERIOD {
+        state.last_funding_update
+    } else {
+        env.block.time.minus_seconds(MAX_TWAP_PERIOD)
+    };
+
+    if period.is_zero() {
+        return Ok(state.normalisation_factor);
+    };
+
+    let mut mark =
+        calculate_denormalized_mark(deps, start_time, state.normalisation_factor).unwrap();
+
+    let index = calculate_index(deps, start_time).unwrap();
+
+    let r_funding = Decimal::from_ratio(funding_period.seconds(), FUNDING_PERIOD);
+
+    // check that the mark price is between upper and lower bounds of 140% and 80% of the index price
+    let lower_bound = index * Decimal::percent(80);
+    let upper_bound = index * Decimal::percent(140);
+
+    if mark < lower_bound {
+        mark = lower_bound;
+    } else if mark > upper_bound {
+        mark = upper_bound;
+    };
+
+    // normFactor(new) = multiplier * normFactor(old)
+    // multiplier = (index/mark)^rFunding
+    let base = index.checked_div(mark).unwrap();
+    let multiplier = wrapped_pow(base, r_funding).unwrap();
+
+    Ok(multiplier * state.normalisation_factor)
+}
diff --git a/contracts/margined-power/src/handle.rs b/contracts/margined-power/src/handle.rs
new file mode 100644
index 0000000..56730c8
--- /dev/null
+++ b/contracts/margined-power/src/handle.rs
@@ -0,0 +1,421 @@
+use crate::{
+    contract::CLOSE_SHORT_REPLY_ID,
+    funding::apply_funding_rate,
+    helpers::{
+        create_apply_funding_event, create_swap_exact_amount_out_message, get_liquidation_results,
+    },
+    operations::{burn, mint},
+    queries::{get_balance, get_denom_authority, get_total_supply},
+    state::{Config, State, TmpCacheValues, CONFIG, OWNER, STATE, TMP_CACHE, WEEK_IN_SECONDS},
+    vault::{add_collateral, burn_vault, check_can_burn, check_vault, subtract_collateral, VAULTS},
+};
+
+use cosmwasm_std::{
+    coin, ensure, ensure_eq, BankMsg, CosmosMsg, Decimal, DepsMut, Env, Event, MessageInfo,
+    ReplyOn, Response, StdResult, SubMsg, Uint128,
+};
+use cw_utils::{must_pay, nonpayable};
+use margined_common::errors::ContractError;
+use osmosis_std::types::{cosmos::base::v1beta1::Coin, osmosis::tokenfactory::v1beta1::MsgBurn};
+use std::str::FromStr;
+
+pub fn handle_open_contract(
+    deps: DepsMut,
+    env: Env,
+    info: MessageInfo,
+) -> Result<Response, ContractError> {
+    ensure!(
+        OWNER.is_admin(deps.as_ref(), &info.sender)?,
+        ContractError::Unauthorized {}
+    );
+
+    let state: State = STATE.load(deps.storage)?;
+    ensure!(!state.is_open, ContractError::IsOpen {});
+
+    let config: Config = CONFIG.load(deps.storage)?;
+
+    // get power token denom authority
+    let admin = get_denom_authority(deps.as_ref(), config.power_denom).unwrap();
+    ensure_eq!(admin, env.contract.address, ContractError::NotTokenAdmin {});
+
+    // set the contract to open
+    STATE.update(deps.storage, |mut state| -> StdResult<_> {
+        state.is_open = true;
+        state.is_paused = false;
+        Ok(state)
+    })?;
+
+    Ok(Response::new().add_event(Event::new("open_contract")))
+}
+
+pub fn handle_update_config(
+    deps: DepsMut,
+    info: MessageInfo,
+    fee_rate: Option<String>,
+    fee_pool: Option<String>,
+) -> Result<Response, ContractError> {
+    let mut config = CONFIG.load(deps.storage)?;
+
+    ensure!(
+        OWNER.is_admin(deps.as_ref(), &info.sender)?,
+        ContractError::Unauthorized {}
+    );
+
+    let mut event = Event::new("update_config");
+    if let Some(fee_rate) = fee_rate {
+        config.fee_rate = Decimal::from_str(&fee_rate)?;
+        event = event.add_attribute("fee_rate", fee_rate);
+    }
+
+    if let Some(fee_pool) = fee_pool {
+        config.fee_pool_contract = deps.api.addr_validate(&fee_pool)?;
+        event = event.add_attribute("fee_pool", fee_pool);
+    }
+
+    config.validate()?;
+
+    CONFIG.save(deps.storage, &config)?;
+
+    Ok(Response::default().add_event(event))
+}
+
+pub fn handle_pause(deps: DepsMut, env: Env, info: MessageInfo) -> Result<Response, ContractError> {
+    ensure!(
+        OWNER.is_admin(deps.as_ref(), &info.sender)?,
+        ContractError::Unauthorized {}
+    );
+
+    let mut state = STATE.load(deps.storage)?;
+
+    state.is_open_and_unpaused()?;
+
+    state.is_paused = true;
+    state.last_pause = env.block.time;
+
+    STATE.save(deps.storage, &state)?;
+
+    let event = Event::new("pause");
+
+    Ok(Response::default().add_event(
+        event
+            .add_attribute("is_paused", state.is_paused.to_string())
+            .add_attribute("last_pause", state.last_pause.to_string()),
+    ))
+}
+
+pub fn handle_unpause(
+    deps: DepsMut,
+    env: Env,
+    info: MessageInfo,
+) -> Result<Response, ContractError> {
+    let mut state = STATE.load(deps.storage)?;
+
+    if !state.is_open {
+        return Err(ContractError::NotOpen {});
+    }
+
+    let unpause_time = if !OWNER.is_admin(deps.as_ref(), &info.sender)? {
+        state.last_pause.seconds() + WEEK_IN_SECONDS
+    } else {
+        state.last_pause.seconds()
+    };
+
+    if env.block.time.seconds() < unpause_time {
+        return Err(ContractError::NotExpired {});
+    }
+
+    state.is_paused = false;
+
+    STATE.save(deps.storage, &state)?;
+
+    let event = Event::new("unpause");
+
+    Ok(Response::default().add_event(
+        event
+            .add_attribute("is_paused", state.is_paused.to_string())
+            .add_attribute("last_pause", state.last_pause.to_string()),
+    ))
+}
+
+pub fn handle_mint_power_perp(
+    deps: DepsMut,
+    env: Env,
+    info: MessageInfo,
+    mint_amount: Uint128,
+    vault_id: Option<u64>,
+    rebase: bool,
+) -> Result<Response, ContractError> {
+    mint(deps, env, info, mint_amount, vault_id, rebase, false)
+}
+
+pub fn handle_burn_power_perp(
+    deps: DepsMut,
+    env: Env,
+    info: MessageInfo,
+    amount_to_withdraw: Option<Uint128>,
+    vault_id: u64,
+) -> Result<Response, ContractError> {
+    burn(deps, env, info, amount_to_withdraw, vault_id)
+}
+
+pub fn handle_open_short(
+    deps: DepsMut,
+    env: Env,
+    info: MessageInfo,
+    mint_amount: Uint128,
+    vault_id: Option<u64>,
+) -> Result<Response, ContractError> {
+    let config = CONFIG.load(deps.storage)?;
+
+    let total_supply = get_total_supply(deps.as_ref(), config.power_denom)?;
+
+    TMP_CACHE.save(
+        deps.storage,
+        &TmpCacheValues {
+            total_supply: Some(total_supply),
+            sender: Some(info.sender.clone()),
+            vault_id,
+            ..Default::default()
+        },
+    )?;
+
+    mint(deps, env, info, mint_amount, vault_id, false, true)
+}
+
+pub fn handle_close_short(
+    deps: DepsMut,
+    env: Env,
+    info: MessageInfo,
+    amount_to_burn: Uint128,
+    amount_to_withdraw: Option<Uint128>,
+    vault_id: u64,
+) -> Result<Response, ContractError> {
+    let config = CONFIG.load(deps.storage)?;
+
+    check_can_burn(
+        deps.as_ref().storage,
+        vault_id,
+        info.sender.clone(),
+        amount_to_burn,
+        amount_to_withdraw.unwrap_or(Uint128::zero()),
+    )?;
+
+    let power_balance = get_balance(
+        deps.as_ref(),
+        env.contract.address.to_string(),
+        config.power_denom.clone(),
+    )?;
+
+    let amount_to_swap =
+        must_pay(&info, &config.base_denom).map_err(|_| ContractError::InvalidFunds {})?;
+
+    let swap_msg = create_swap_exact_amount_out_message(
+        env.contract.address.to_string(),
+        config.power_pool.id,
+        config.base_denom,
+        config.power_denom,
+        amount_to_burn.to_string(),
+        amount_to_swap.to_string(),
+    );
+
+    let swap_submsg: SubMsg = SubMsg {
+        id: CLOSE_SHORT_REPLY_ID,
+        msg: swap_msg.into(),
+        gas_limit: None,
+        reply_on: ReplyOn::Success,
+    };
+
+    TMP_CACHE.save(
+        deps.storage,
+        &TmpCacheValues {
+            balance: Some(power_balance),
+            amount_to_swap: Some(amount_to_swap),
+            amount_to_withdraw,
+            sender: Some(info.sender),
+            vault_id: Some(vault_id),
+            ..Default::default()
+        },
+    )?;
+
+    Ok(Response::new().add_submessage(swap_submsg))
+}
+
+pub fn handle_liquidation(
+    mut deps: DepsMut,
+    env: Env,
+    info: MessageInfo,
+    max_debt_amount: Uint128,
+    vault_id: u64,
+) -> Result<Response, ContractError> {
+    STATE.load(deps.storage)?.is_open_and_unpaused()?;
+
+    let config: Config = CONFIG.load(deps.storage)?;
+    if !VAULTS.has(deps.storage, &vault_id) {
+        return Err(ContractError::VaultDoesNotExist {});
+    };
+
+    // liquidator does not require to send funds, rather it is burnt directly
+    nonpayable(&info).map_err(|_| ContractError::NonPayable {})?;
+
+    let cached_normalisation_factor = apply_funding_rate(deps.branch(), env.clone())?;
+
+    let (is_safe, _) = check_vault(
+        deps.as_ref(),
+        config.clone(),
+        vault_id,
+        cached_normalisation_factor,
+        env.block.time,
+    )?;
+
+    ensure!(!is_safe, ContractError::SafeVault {});
+
+    let vault = VAULTS.load(deps.storage, &vault_id)?;
+
+    let (liquidation_amount, collateral_to_pay) =
+        get_liquidation_results(deps.as_ref(), env.clone(), max_debt_amount, vault.clone());
+
+    if max_debt_amount < liquidation_amount {
+        return Err(ContractError::InvalidLiquidation {});
+    }
+
+    burn_vault(
+        deps.storage,
+        vault_id,
+        vault.operator,
+        collateral_to_pay,
+        liquidation_amount,
+    )?;
+
+    // burn power perp token
+    let msg_burn: CosmosMsg = MsgBurn {
+        sender: env.contract.address.to_string(),
+        amount: Some(Coin {
+            denom: config.power_denom,
+            amount: liquidation_amount.to_string(),
+        }),
+        burn_from_address: info.sender.to_string(),
+    }
+    .into();
+
+    // transfer collateral to sender
+    let msg_transfer: CosmosMsg = CosmosMsg::Bank(BankMsg::Send {
+        to_address: info.sender.to_string(),
+        amount: vec![coin(collateral_to_pay.u128(), config.base_denom)],
+    });
+
+    let liquidation_event = Event::new("liquidation").add_attributes([
+        ("liquidation_amount", &liquidation_amount.to_string()),
+        ("collateral_to_pay", &collateral_to_pay.to_string()),
+        ("vault_id", &vault_id.to_string()),
+    ]);
+
+    let funding_event = create_apply_funding_event(&cached_normalisation_factor.to_string());
+
+    Ok(Response::new()
+        .add_messages(vec![msg_burn, msg_transfer])
+        .add_events([liquidation_event, funding_event]))
+}
+
+pub fn handle_deposit(
+    mut deps: DepsMut,
+    env: Env,
+    info: MessageInfo,
+    vault_id: u64,
+) -> Result<Response, ContractError> {
+    STATE.load(deps.storage)?.is_open_and_unpaused()?;
+
+    let config: Config = CONFIG.load(deps.storage)?;
+
+    if !VAULTS.has(deps.storage, &vault_id) {
+        return Err(ContractError::VaultDoesNotExist {});
+    };
+
+    let deposit_amount =
+        must_pay(&info, &config.base_denom).map_err(|_| ContractError::InvalidFunds {})?;
+
+    let cached_normalisation_factor = apply_funding_rate(deps.branch(), env.clone())?;
+
+    add_collateral(deps.storage, vault_id, info.sender, deposit_amount)?;
+
+    let (is_safe, min_collateral) = check_vault(
+        deps.as_ref(),
+        config,
+        vault_id,
+        cached_normalisation_factor,
+        env.block.time,
+    )?;
+
+    ensure!(is_safe, ContractError::UnsafeVault {});
+    ensure!(min_collateral, ContractError::BelowMinCollateralAmount {});
+
+    let deposit_event = Event::new("deposit").add_attributes([
+        ("collateral_deposited", &deposit_amount.to_string()),
+        ("vault_id", &vault_id.to_string()),
+    ]);
+
+    let funding_event = create_apply_funding_event(&cached_normalisation_factor.to_string());
+
+    Ok(Response::new().add_events([deposit_event, funding_event]))
+}
+
+pub fn handle_withdrawal(
+    mut deps: DepsMut,
+    env: Env,
+    info: MessageInfo,
+    amount: Uint128,
+    vault_id: u64,
+) -> Result<Response, ContractError> {
+    STATE.load(deps.storage)?.is_open_and_unpaused()?;
+
+    let config: Config = CONFIG.load(deps.storage)?;
+
+    if !VAULTS.has(deps.storage, &vault_id) {
+        return Err(ContractError::VaultDoesNotExist {});
+    };
+
+    nonpayable(&info).map_err(|_| ContractError::NonPayable {})?;
+
+    let cached_normalisation_factor = apply_funding_rate(deps.branch(), env.clone())?;
+
+    subtract_collateral(deps.storage, vault_id, info.sender.clone(), amount)?;
+
+    let (is_safe, min_collateral) = check_vault(
+        deps.as_ref(),
+        config.clone(),
+        vault_id,
+        cached_normalisation_factor,
+        env.block.time,
+    )?;
+
+    ensure!(is_safe, ContractError::UnsafeVault {});
+    ensure!(min_collateral, ContractError::BelowMinCollateralAmount {});
+
+    // transfer base to sender
+    let msg_transfer: CosmosMsg = CosmosMsg::Bank(BankMsg::Send {
+        to_address: info.sender.to_string(),
+        amount: vec![coin(amount.u128(), config.base_denom)],
+    });
+
+    let withdrawal_event = Event::new("withdraw").add_attributes([
+        ("collateral_withdrawn", &amount.to_string()),
+        ("vault_id", &vault_id.to_string()),
+    ]);
+
+    let funding_event = create_apply_funding_event(&cached_normalisation_factor.to_string());
+
+    Ok(Response::new()
+        .add_messages(vec![msg_transfer])
+        .add_events([withdrawal_event, funding_event]))
+}
+
+pub fn handle_apply_funding(
+    deps: DepsMut,
+    env: Env,
+    _info: MessageInfo,
+) -> Result<Response, ContractError> {
+    let funding = apply_funding_rate(deps, env)?;
+
+    let funding_event = create_apply_funding_event(&funding.to_string());
+
+    Ok(Response::new().add_event(funding_event))
+}
diff --git a/contracts/margined-power/src/helpers.rs b/contracts/margined-power/src/helpers.rs
new file mode 100644
index 0000000..9255ca3
--- /dev/null
+++ b/contracts/margined-power/src/helpers.rs
@@ -0,0 +1,300 @@
+use crate::{
+    contract::OPEN_SHORT_REPLY_ID,
+    queries::{get_pool_twap, get_scaled_pool_twap},
+    state::{CONFIG, LIQUIDATION_BOUNTY, TWAP_PERIOD},
+    vault::{subtract_collateral, Vault},
+};
+
+use cosmwasm_std::{
+    Addr, Binary, Decimal, Deps, DepsMut, Env, Event, ReplyOn, Response, StdResult, SubMsg,
+    SubMsgResponse, SubMsgResult, Timestamp, Uint128,
+};
+use injective_math::FPDecimal;
+use margined_common::errors::ContractError;
+use num::pow::Pow;
+use osmosis_std::types::{
+    cosmos::base::v1beta1::Coin,
+    osmosis::poolmanager::v1beta1::{
+        MsgSwapExactAmountIn, MsgSwapExactAmountOut, SwapAmountInRoute, SwapAmountOutRoute,
+    },
+    osmosis::tokenfactory::v1beta1::MsgMint,
+};
+use std::str::FromStr;
+
+pub fn wrapped_pow(base: Decimal, exponent: Decimal) -> StdResult<Decimal> {
+    let fp_base = FPDecimal::from_str(&base.to_string()).unwrap();
+    let fp_exponent = FPDecimal::from_str(&exponent.to_string()).unwrap();
+
+    let result = fp_base.pow(fp_exponent);
+
+    Ok(Decimal::from_str(&result.to_string()).unwrap())
+}
+
+pub fn decimal_to_fixed(value: Decimal, decimal_places: u32) -> Uint128 {
+    value
+        .atomics()
+        .checked_div(Uint128::new(
+            10u128.pow(Decimal::DECIMAL_PLACES - decimal_places),
+        ))
+        .unwrap()
+}
+
+pub fn calculate_fee(
+    deps: DepsMut,
+    env: Env,
+    sender: Addr,
+    vault_id: u64,
+    power_amount: Decimal,
+    deposit_amount: Decimal,
+) -> StdResult<(Decimal, Decimal)> {
+    let config = CONFIG.load(deps.storage).unwrap();
+
+    if config.fee_rate.is_zero() {
+        return Ok((Decimal::zero(), deposit_amount));
+    }
+
+    let base_amount_value = calculate_debt_in_base(deps.as_ref(), env, power_amount).unwrap();
+
+    let fee_amount = base_amount_value.checked_mul(config.fee_rate).unwrap();
+
+    // if the deposit is unsufficient to cover the fee, use the collateral deposited
+    let deposit_post_fees = if deposit_amount > fee_amount {
+        deposit_amount.checked_sub(fee_amount).unwrap()
+    } else {
+        subtract_collateral(
+            deps.storage,
+            vault_id,
+            sender,
+            decimal_to_fixed(fee_amount, config.base_decimals),
+        )?;
+        deposit_amount
+    };
+
+    Ok((fee_amount, deposit_post_fees))
+}
+
+pub fn calculate_index(deps: Deps, start_time: Timestamp) -> StdResult<Decimal> {
+    let config = CONFIG.load(deps.storage).unwrap();
+
+    let quote_price = get_scaled_pool_twap(
+        &deps,
+        config.base_pool.id,
+        config.base_denom.clone(),
+        config.base_pool.quote_denom,
+        start_time,
+    )
+    .unwrap();
+
+    let index = quote_price
+        .checked_mul(quote_price)
+        .unwrap()
+        .checked_div(Decimal::one())
+        .unwrap();
+
+    Ok(index)
+}
+
+pub fn calculate_denormalized_mark(
+    deps: Deps,
+    start_time: Timestamp,
+    normalisation_factor: Decimal,
+) -> StdResult<Decimal> {
+    let config = CONFIG.load(deps.storage).unwrap();
+
+    let quote_price = get_scaled_pool_twap(
+        &deps,
+        config.base_pool.id,
+        config.base_denom.clone(),
+        config.base_pool.quote_denom.clone(),
+        start_time,
+    )
+    .unwrap();
+
+    let power_price = get_pool_twap(
+        &deps,
+        config.power_pool.id,
+        config.power_denom,
+        config.base_denom,
+        start_time,
+    )
+    .unwrap();
+
+    let mark = quote_price
+        .checked_mul(power_price)
+        .unwrap()
+        .checked_div(normalisation_factor)
+        .unwrap();
+
+    Ok(mark)
+}
+
+pub fn calculate_debt_in_base(deps: Deps, env: Env, debt_amount: Decimal) -> StdResult<Decimal> {
+    let start_time = env.block.time.minus_seconds(TWAP_PERIOD);
+    let config = CONFIG.load(deps.storage).unwrap();
+
+    let power_price = get_pool_twap(
+        &deps,
+        config.power_pool.id,
+        config.power_denom,
+        config.base_denom,
+        start_time,
+    )
+    .unwrap();
+
+    let debt_value = debt_amount.checked_mul(power_price).unwrap();
+
+    Ok(debt_value)
+}
+
+pub fn create_mint_message(
+    response: Response,
+    contract_address: String,
+    denom: String,
+    amount: String,
+    sender: String,
+    should_sell: bool,
+) -> Response {
+    match should_sell {
+        true => {
+            let mint_submsg: SubMsg = SubMsg {
+                id: OPEN_SHORT_REPLY_ID,
+                msg: MsgMint {
+                    sender: contract_address.clone(),
+                    amount: Some(Coin { denom, amount }),
+                    mint_to_address: contract_address,
+                }
+                .into(),
+                gas_limit: None,
+                reply_on: ReplyOn::Success,
+            };
+
+            response.add_submessage(mint_submsg)
+        }
+        false => response.add_message(MsgMint {
+            sender: contract_address,
+            amount: Some(Coin { denom, amount }),
+            mint_to_address: sender,
+        }),
+    }
+}
+
+pub fn create_swap_exact_amount_in_message(
+    sender: String,
+    pool_id: u64,
+    token_in_denom: String,
+    token_out_denom: String,
+    amount: String,
+) -> MsgSwapExactAmountIn {
+    MsgSwapExactAmountIn {
+        sender,
+        routes: vec![SwapAmountInRoute {
+            pool_id,
+            token_out_denom,
+        }],
+        token_in: Some(Coin {
+            denom: token_in_denom,
+            amount,
+        }),
+        token_out_min_amount: "1".to_string(),
+    }
+}
+
+pub fn create_swap_exact_amount_out_message(
+    sender: String,
+    pool_id: u64,
+    token_in_denom: String,
+    token_out_denom: String,
+    amount_out: String,
+    token_in_max_amount: String,
+) -> MsgSwapExactAmountOut {
+    MsgSwapExactAmountOut {
+        sender,
+        routes: vec![SwapAmountOutRoute {
+            pool_id,
+            token_in_denom,
+        }],
+        token_out: Some(Coin {
+            denom: token_out_denom,
+            amount: amount_out,
+        }),
+        token_in_max_amount,
+    }
+}
+
+pub fn get_liquidation_results(
+    deps: Deps,
+    env: Env,
+    max_repayment_amount: Uint128,
+    vault: Vault,
+) -> (Uint128, Uint128) {
+    let config = CONFIG.load(deps.storage).unwrap();
+
+    // first try just to liquidate half
+    let max_liquidateable_amount = vault.short_amount.checked_div(2u128.into()).unwrap();
+
+    let (mut liquidation_amount, mut collateral_to_pay) = get_liquidation_amount(
+        deps,
+        env.clone(),
+        max_repayment_amount,
+        max_liquidateable_amount,
+    );
+
+    let half_base_denom = Uint128::from(10u128.pow(config.base_decimals))
+        .checked_div(2u128.into())
+        .unwrap();
+
+    if vault.collateral > collateral_to_pay
+        && vault.collateral.checked_sub(collateral_to_pay).unwrap() < half_base_denom
+    {
+        (liquidation_amount, collateral_to_pay) =
+            get_liquidation_amount(deps, env, max_repayment_amount, vault.short_amount);
+    }
+
+    if collateral_to_pay > vault.collateral {
+        liquidation_amount = vault.short_amount;
+        collateral_to_pay = vault.collateral;
+    };
+
+    (liquidation_amount, collateral_to_pay)
+}
+
+pub fn get_liquidation_amount(
+    deps: Deps,
+    env: Env,
+    input_amount: Uint128,
+    max_liquidatable_amount: Uint128,
+) -> (Uint128, Uint128) {
+    let config = CONFIG.load(deps.storage).unwrap();
+
+    let amount_to_liquidate = if input_amount > max_liquidatable_amount {
+        max_liquidatable_amount
+    } else {
+        input_amount
+    };
+
+    let decimals_amount_to_liquidate =
+        Decimal::from_atomics(amount_to_liquidate, config.power_decimals).unwrap();
+    let mut collateral_to_repay =
+        calculate_debt_in_base(deps, env, decimals_amount_to_liquidate).unwrap();
+
+    // 10% liquidation bounty
+    collateral_to_repay = collateral_to_repay.checked_mul(LIQUIDATION_BOUNTY).unwrap();
+
+    let collateral_to_repay = decimal_to_fixed(collateral_to_repay, config.base_decimals);
+
+    (amount_to_liquidate, collateral_to_repay)
+}
+
+pub fn parse_response_result_data(result: SubMsgResult) -> Result<Binary, ContractError> {
+    match result {
+        SubMsgResult::Ok(SubMsgResponse { data: Some(b), .. }) => Ok(b),
+        SubMsgResult::Ok(SubMsgResponse { data: None, .. }) => {
+            Err(ContractError::SubMsgError("No data in reply".to_string()))
+        }
+        SubMsgResult::Err(err) => Err(ContractError::SubMsgError(err)),
+    }
+}
+
+pub fn create_apply_funding_event(funding_rate: &str) -> Event {
+    Event::new("apply_funding").add_attribute("funding_rate", funding_rate)
+}
diff --git a/contracts/margined-power/src/lib.rs b/contracts/margined-power/src/lib.rs
new file mode 100644
index 0000000..3f9d17d
--- /dev/null
+++ b/contracts/margined-power/src/lib.rs
@@ -0,0 +1,13 @@
+pub mod contract;
+pub mod funding;
+pub mod handle;
+pub mod helpers;
+pub mod operations;
+pub mod queries;
+pub mod query;
+pub mod reply;
+pub mod state;
+pub mod vault;
+
+#[cfg(test)]
+mod testing;
diff --git a/contracts/margined-power/src/operations.rs b/contracts/margined-power/src/operations.rs
new file mode 100644
index 0000000..c023c21
--- /dev/null
+++ b/contracts/margined-power/src/operations.rs
@@ -0,0 +1,203 @@
+use crate::{
+    funding::apply_funding_rate,
+    helpers::{calculate_fee, create_apply_funding_event, create_mint_message, decimal_to_fixed},
+    state::{Config, CONFIG, STATE},
+    vault::{burn_vault, check_vault, create_vault, update_vault, VAULTS},
+};
+
+use cosmwasm_std::{
+    coin, ensure, BankMsg, CosmosMsg, Decimal, DepsMut, Env, Event, MessageInfo, Response, Uint128,
+};
+use cw_utils::{may_pay, must_pay};
+use margined_common::errors::ContractError;
+use osmosis_std::types::{cosmos::base::v1beta1::Coin, osmosis::tokenfactory::v1beta1::MsgBurn};
+
+pub fn mint(
+    mut deps: DepsMut,
+    env: Env,
+    info: MessageInfo,
+    mint_amount: Uint128,
+    vault_id: Option<u64>,
+    rebase: bool,
+    should_sell: bool,
+) -> Result<Response, ContractError> {
+    STATE.load(deps.storage)?.is_open_and_unpaused()?;
+
+    let config: Config = CONFIG.load(deps.storage)?;
+
+    ensure!(!mint_amount.is_zero(), ContractError::ZeroMint {});
+
+    let collateral_sent =
+        may_pay(&info, &config.base_denom).map_err(|_| ContractError::InvalidFunds {})?;
+
+    let cached_normalisation_factor = apply_funding_rate(deps.branch(), env.clone())?;
+
+    let mint_amount = match rebase {
+        true => {
+            let fixed_normalisation_factor =
+                decimal_to_fixed(cached_normalisation_factor, config.base_decimals);
+
+            mint_amount
+                .checked_mul(Uint128::from(10u128.pow(config.base_decimals)))
+                .unwrap()
+                .checked_div(fixed_normalisation_factor)
+                .unwrap()
+        }
+        false => mint_amount,
+    };
+
+    let vault_id = match vault_id {
+        Some(vault_id) => {
+            if !VAULTS.has(deps.storage, &vault_id) {
+                return Err(ContractError::VaultDoesNotExist {});
+            };
+
+            vault_id
+        }
+        None => create_vault(deps.storage, info.sender.clone())?,
+    };
+
+    let (fee_amount, collateral_with_fee) = calculate_fee(
+        deps.branch(),
+        env.clone(),
+        info.sender.clone(),
+        vault_id,
+        Decimal::from_atomics(mint_amount, config.power_decimals).unwrap(),
+        Decimal::from_atomics(collateral_sent, config.base_decimals).unwrap(),
+    )?;
+
+    update_vault(
+        deps.storage,
+        vault_id,
+        info.sender.clone(),
+        decimal_to_fixed(collateral_with_fee, config.base_decimals),
+        mint_amount,
+    )?;
+
+    let (is_safe, min_collateral) = check_vault(
+        deps.as_ref(),
+        config.clone(),
+        vault_id,
+        cached_normalisation_factor,
+        env.block.time,
+    )?;
+
+    ensure!(is_safe, ContractError::UnsafeVault {});
+    ensure!(min_collateral, ContractError::BelowMinCollateralAmount {});
+
+    let mut response: Response = Response::new();
+    if !mint_amount.is_zero() {
+        response = create_mint_message(
+            response,
+            env.contract.address.to_string(),
+            config.power_denom.clone(),
+            mint_amount.to_string(),
+            info.sender.to_string(),
+            should_sell,
+        );
+    }
+
+    if !fee_amount.is_zero() {
+        let fixed_fee_amount = decimal_to_fixed(fee_amount, config.base_decimals);
+
+        let msg_fee_transfer = BankMsg::Send {
+            to_address: config.fee_pool_contract.to_string(),
+            amount: vec![coin(fixed_fee_amount.u128(), config.base_denom)],
+        };
+
+        response = response.clone().add_message(msg_fee_transfer);
+    }
+
+    let mint_event = Event::new("mint").add_attributes([
+        ("collateral_deposited", &collateral_sent.to_string()),
+        ("mint_amount", &mint_amount.to_string()),
+        ("fee_amount", &fee_amount.to_string()),
+        ("vault_id", &vault_id.to_string()),
+    ]);
+
+    let funding_event = create_apply_funding_event(&cached_normalisation_factor.to_string());
+
+    Ok(response.add_events([mint_event, funding_event]))
+}
+
+pub fn burn(
+    mut deps: DepsMut,
+    env: Env,
+    info: MessageInfo,
+    amount_to_withdraw: Option<Uint128>,
+    vault_id: u64,
+) -> Result<Response, ContractError> {
+    STATE.load(deps.storage)?.is_open_and_unpaused()?;
+
+    let config: Config = CONFIG.load(deps.storage)?;
+
+    if !VAULTS.has(deps.storage, &vault_id) {
+        return Err(ContractError::VaultDoesNotExist {});
+    };
+
+    let amount_to_withdraw = amount_to_withdraw.unwrap_or(Uint128::zero());
+
+    let amount_to_burn =
+        must_pay(&info, &config.power_denom).map_err(|_| ContractError::InvalidFunds {})?;
+
+    if amount_to_burn.is_zero() {
+        return Err(ContractError::InvalidFunds {});
+    }
+
+    let cached_normalisation_factor = apply_funding_rate(deps.branch(), env.clone())?;
+
+    burn_vault(
+        deps.storage,
+        vault_id,
+        info.sender.clone(),
+        amount_to_withdraw,
+        amount_to_burn,
+    )?;
+
+    let (is_safe, _) = check_vault(
+        deps.as_ref(),
+        config.clone(),
+        vault_id,
+        cached_normalisation_factor,
+        env.block.time,
+    )?;
+
+    ensure!(is_safe, ContractError::UnsafeVault {});
+
+    let mut messages = Vec::<CosmosMsg>::new();
+
+    // burn power perp token
+    let msg_burn: CosmosMsg = MsgBurn {
+        sender: env.contract.address.to_string(),
+        amount: Some(Coin {
+            denom: config.power_denom.clone(),
+            amount: amount_to_burn.to_string(),
+        }),
+        burn_from_address: env.contract.address.to_string(),
+    }
+    .into();
+
+    messages.push(msg_burn);
+
+    // transfer base to sender
+    if !amount_to_withdraw.is_zero() {
+        let msg_transfer = CosmosMsg::Bank(BankMsg::Send {
+            to_address: info.sender.to_string(),
+            amount: vec![coin(amount_to_withdraw.u128(), config.base_denom)],
+        });
+
+        messages.push(msg_transfer);
+    };
+
+    let burn_event = Event::new("burn").add_attributes([
+        ("collateral_burnt", &amount_to_burn.to_string()),
+        ("withdrawn", &amount_to_withdraw.to_string()),
+        ("vault_id", &vault_id.to_string()),
+    ]);
+
+    let funding_event = create_apply_funding_event(&cached_normalisation_factor.to_string());
+
+    Ok(Response::new()
+        .add_messages(messages)
+        .add_events([burn_event, funding_event]))
+}
diff --git a/contracts/margined-power/src/queries.rs b/contracts/margined-power/src/queries.rs
new file mode 100644
index 0000000..b637400
--- /dev/null
+++ b/contracts/margined-power/src/queries.rs
@@ -0,0 +1,99 @@
+use crate::state::{CONFIG, INDEX_SCALE};
+
+use cosmwasm_std::{
+    to_binary, Decimal, Deps, QueryRequest, StdError, StdResult, Timestamp, Uint128, WasmQuery,
+};
+use margined_protocol::query::QueryMsg;
+use osmosis_std::types::cosmos::bank::v1beta1::BankQuerier;
+use std::str::FromStr;
+
+pub fn get_pool_twap(
+    deps: &Deps,
+    pool_id: u64,
+    base_asset: String,
+    quote_asset: String,
+    start_time: Timestamp,
+) -> StdResult<Decimal> {
+    let config = CONFIG.load(deps.storage).unwrap();
+
+    let price: Decimal = deps.querier.query(&QueryRequest::Wasm(WasmQuery::Smart {
+        contract_addr: config.query_contract.to_string(),
+        msg: to_binary(&QueryMsg::GetArithmeticTwapToNow {
+            pool_id,
+            base_asset,
+            quote_asset,
+            start_time,
+        })?,
+    }))?;
+
+    Ok(price)
+}
+
+pub fn get_scaled_pool_twap(
+    deps: &Deps,
+    pool_id: u64,
+    base_asset: String,
+    quote_asset: String,
+    start_time: Timestamp,
+) -> StdResult<Decimal> {
+    let config = CONFIG.load(deps.storage).unwrap();
+
+    let price: Decimal = deps
+        .querier
+        .query(&QueryRequest::Wasm(WasmQuery::Smart {
+            contract_addr: config.query_contract.to_string(),
+            msg: to_binary(&QueryMsg::GetArithmeticTwapToNow {
+                pool_id,
+                base_asset,
+                quote_asset,
+                start_time,
+            })?,
+        }))
+        .unwrap();
+
+    Ok(price / Decimal::from_atomics(INDEX_SCALE, 0).unwrap())
+}
+
+pub fn get_denom_authority(deps: Deps, denom: String) -> StdResult<String> {
+    let config = CONFIG.load(deps.storage).unwrap();
+
+    let res: Option<String> = deps
+        .querier
+        .query(&QueryRequest::Wasm(WasmQuery::Smart {
+            contract_addr: config.query_contract.to_string(),
+            msg: to_binary(&QueryMsg::GetDenomAuthority { denom })?,
+        }))
+        .unwrap();
+
+    if res.is_none() {
+        return Err(StdError::generic_err("No pool authority found"));
+    }
+
+    Ok(res.unwrap())
+}
+
+pub fn get_total_supply(deps: Deps, denom: String) -> StdResult<Uint128> {
+    let bank = BankQuerier::new(&deps.querier);
+
+    let res = bank.supply_of(denom)?;
+
+    let amount = match res.amount {
+        Some(amount) => Uint128::from_str(&amount.amount)?,
+        None => return Err(StdError::generic_err("No supply found")),
+    };
+
+    Ok(amount)
+}
+
+pub fn get_balance(deps: Deps, address: String, denom: String) -> StdResult<Uint128> {
+    let bank = BankQuerier::new(&deps.querier);
+
+    let res = bank.balance(address, denom)?;
+
+    let amount = match res.balance {
+        Some(amount) => Uint128::from_str(&amount.amount)?,
+        None => return Err(StdError::generic_err("No balance found")),
+    };
+
+    Ok(amount)
+}
diff --git a/contracts/margined-power/src/query.rs b/contracts/margined-power/src/query.rs
new file mode 100644
index 0000000..6f90be3
--- /dev/null
+++ b/contracts/margined-power/src/query.rs
@@ -0,0 +1,170 @@
+use crate::{
+    funding::calculate_normalisation_factor,
+    helpers::calculate_denormalized_mark,
+    queries::{get_pool_twap, get_scaled_pool_twap},
+    state::{CONFIG, OWNER, STATE},
+    vault::{is_vault_safe, VAULTS, VAULTS_COUNTER},
+};
+
+use cosmwasm_std::{Addr, Decimal, Deps, Env, Order, StdError, StdResult, Timestamp};
+use cw_storage_plus::Bound;
+use margined_common::errors::ContractError;
+use margined_protocol::power::{ConfigResponse, StateResponse, UserVaultsResponse, VaultResponse};
+
+const DEFAULT_LIMIT: u32 = 10;
+const MAX_LIMIT: u32 = 50;
+
+fn calculate_start_time(env: Env, period: u64) -> Timestamp {
+    env.block.time.minus_seconds(period)
+}
+
+pub fn query_config(deps: Deps) -> StdResult<ConfigResponse> {
+    let config = CONFIG.load(deps.storage).unwrap();
+
+    Ok(ConfigResponse {
+        query_contract: config.query_contract,
+        fee_pool_contract: config.fee_pool_contract,
+        fee_rate: config.fee_rate,
+        power_denom: config.power_denom,
+        base_denom: config.base_denom,
+        base_pool: config.base_pool,
+        power_pool: config.power_pool,
+        funding_period: config.funding_period,
+        base_decimals: config.base_decimals,
+        power_decimals: config.power_decimals,
+    })
+}
+
+pub fn query_state(deps: Deps) -> StdResult<StateResponse> {
+    let state = STATE.load(deps.storage).unwrap();
+
+    Ok(StateResponse {
+        is_open: state.is_open,
+        is_paused: state.is_paused,
+        last_pause: state.last_pause,
+        normalisation_factor: state.normalisation_factor,
+        last_funding_update: state.last_funding_update,
+    })
+}
+
+pub fn query_owner(deps: Deps) -> Result<Addr, ContractError> {
+    if let Some(owner) = OWNER.get(deps)? {
+        Ok(owner)
+    } else {
+        Err(ContractError::NoOwner {})
+    }
+}
+
+pub fn get_normalisation_factor(deps: Deps, env: Env) -> StdResult<Decimal> {
+    let res = calculate_normalisation_factor(deps, env)?;
+
+    Ok(res)
+}
+
+pub fn get_index(deps: Deps, env: Env, period: u64) -> StdResult<Decimal> {
+    let config = CONFIG.load(deps.storage).unwrap();
+
+    let start_time = calculate_start_time(env, period);
+
+    let quote_price = get_scaled_pool_twap(
+        &deps,
+        config.base_pool.id,
+        config.base_denom.clone(),
+        config.base_pool.quote_denom,
+        start_time,
+    )
+    .unwrap();
+
+    let index = quote_price.checked_mul(quote_price).unwrap();
+
+    Ok(index)
+}
+
+pub fn get_unscaled_index(deps: Deps, env: Env, period: u64) -> StdResult<Decimal> {
+    let config = CONFIG.load(deps.storage).unwrap();
+
+    let start_time = calculate_start_time(env, period);
+
+    let quote_price = get_pool_twap(
+        &deps,
+        config.base_pool.id,
+        config.base_denom.clone(),
+        config.base_pool.quote_denom,
+        start_time,
+    )
+    .unwrap();
+
+    let index = quote_price.checked_mul(quote_price).unwrap();
+
+    Ok(index)
+}
+
+pub fn get_denormalised_mark(deps: Deps, env: Env, period: u64) -> StdResult<Decimal> {
+    let start_time = calculate_start_time(env.clone(), period);
+
+    let normalisation_factor = calculate_normalisation_factor(deps, env)?;
+
+    let result = calculate_denormalized_mark(deps, start_time, normalisation_factor)?;
+
+    Ok(result)
+}
+
+pub fn get_denormalised_mark_for_funding(deps: Deps, env: Env, period: u64) -> StdResult<Decimal> {
+    let start_time = calculate_start_time(env, period);
+
+    let state = STATE.load(deps.storage).unwrap();
+
+    let result = calculate_denormalized_mark(deps, start_time, state.normalisation_factor)?;
+
+    Ok(result)
+}
+
+pub fn get_check_vault(deps: Deps, env: Env, vault_id: u64) -> StdResult<bool> {
+    let config = CONFIG.load(deps.storage).unwrap();
+    let normalisation_factor = calculate_normalisation_factor(deps, env.clone())?;
+
+    let result =
+        is_vault_safe(deps, config, vault_id, normalisation_factor, env.block.time).unwrap();
+
+    Ok(result)
+}
+
+pub fn get_vault(deps: Deps, vault_id: u64) -> StdResult<VaultResponse> {
+    let vault = VAULTS.may_load(deps.storage, &vault_id)?;
+    if let Some(vault) = vault {
+        Ok(VaultResponse {
+            operator: vault.operator,
+            collateral: vault.collateral,
+            short_amount: vault.short_amount,
+        })
+    } else {
+        Err(StdError::generic_err("Vault not found"))
+    }
+}
+
+pub fn get_next_vault_id(deps: Deps) -> StdResult<u64> {
+    let current_index = VAULTS_COUNTER.may_load(deps.storage)?.unwrap_or(0);
+
+    Ok(current_index + 1u64)
+}
+
+pub fn get_user_vaults(
+    deps: Deps,
+    owner: String,
+    start_after: Option<u64>,
+    limit: Option<u32>,
+) -> StdResult<UserVaultsResponse> {
+    let limit = limit.unwrap_or(DEFAULT_LIMIT).min(MAX_LIMIT) as usize;
+    let start = start_after.map(|s| Bound::ExclusiveRaw(s.to_be_bytes().into()));
+
+    let owner_addr = deps.api.addr_validate(&owner)?;
+    let vaults: Vec<u64> = VAULTS
+        .idx
+        .owner
+        .prefix(owner_addr)
+        .keys(deps.storage, start, None, Order::Ascending)
+        .take(limit)
+        .collect::<StdResult<Vec<_>>>()?;
+
+    Ok(UserVaultsResponse { vaults })
+}
diff --git a/contracts/margined-power/src/reply.rs b/contracts/margined-power/src/reply.rs
new file mode 100644
index 0000000..d461afb
--- /dev/null
+++ b/contracts/margined-power/src/reply.rs
@@ -0,0 +1,134 @@
+use crate::{
+    contract::OPEN_SHORT_SWAP_REPLY_ID,
+    helpers::{create_swap_exact_amount_in_message, parse_response_result_data},
+    operations::burn,
+    queries::{get_balance, get_total_supply},
+    state::{Config, CONFIG, TMP_CACHE},
+};
+
+use cosmwasm_std::{
+    coin, coins, BankMsg, CosmosMsg, DepsMut, Env, MessageInfo, Reply, ReplyOn, Response, SubMsg,
+    Uint128,
+};
+use margined_common::errors::ContractError;
+use osmosis_std::types::{
+    cosmos::bank::v1beta1::MsgSend,
+    cosmos::base::v1beta1::Coin,
+    osmosis::poolmanager::v1beta1::{MsgSwapExactAmountInResponse, MsgSwapExactAmountOutResponse},
+};
+use std::str::FromStr;
+
+pub fn handle_open_short_reply(
+    deps: DepsMut,
+    env: Env,
+    _msg: Reply,
+) -> Result<Response, ContractError> {
+    let config = CONFIG.load(deps.storage)?;
+
+    let current_total_supply = get_total_supply(deps.as_ref(), config.power_denom.clone())?;
+    let cache = TMP_CACHE.load(deps.storage)?;
+
+    let prev_total_supply = cache.total_supply.unwrap_or(Uint128::zero());
+
+    let mint_amount = current_total_supply.checked_sub(prev_total_supply).unwrap();
+
+    let swap_msg = create_swap_exact_amount_in_message(
+        env.contract.address.to_string(),
+        config.power_pool.id,
+        config.power_denom,
+        config.base_denom,
+        mint_amount.to_string(),
+    );
+
+    let swap_submsg: SubMsg = SubMsg {
+        id: OPEN_SHORT_SWAP_REPLY_ID,
+        msg: swap_msg.into(),
+        gas_limit: None,
+        reply_on: ReplyOn::Success,
+    };
+
+    Ok(Response::new().add_submessage(swap_submsg))
+}
+
+pub fn handle_open_short_swap_reply(
+    deps: DepsMut,
+    env: Env,
+    msg: Reply,
+) -> Result<Response, ContractError> {
+    let data = parse_response_result_data(msg.result)?;
+
+    let response: MsgSwapExactAmountInResponse = data.try_into().map_err(ContractError::Std)?;
+
+    let config: Config = CONFIG.load(deps.storage)?;
+    let cache = TMP_CACHE.load(deps.storage)?;
+
+    let send_msg = MsgSend {
+        from_address: env.contract.address.to_string(),
+        to_address: cache.sender.unwrap().to_string(),
+        amount: vec![Coin {
+            amount: response.token_out_amount,
+            denom: config.base_denom,
+        }],
+    };
+
+    TMP_CACHE.remove(deps.storage);
+
+    Ok(Response::new().add_message(send_msg))
+}
+
+pub fn handle_close_short_reply(
+    deps: DepsMut,
+    env: Env,
+    msg: Reply,
+) -> Result<Response, ContractError> {
+    let data = parse_response_result_data(msg.result)?;
+
+    let response: MsgSwapExactAmountOutResponse = data.try_into().map_err(ContractError::Std)?;
+
+    let token_in_amount = Uint128::from_str(&response.token_in_amount).unwrap();
+
+    let config: Config = CONFIG.load(deps.storage)?;
+    let current_balance = get_balance(
+        deps.as_ref(),
+        env.contract.address.to_string(),
+        config.power_denom.clone(),
+    )?;
+
+    let cache = TMP_CACHE.load(deps.storage)?;
+
+    let sender = cache.sender.unwrap();
+    let burn_amount = current_balance.checked_sub(cache.balance.unwrap()).unwrap();
+
+    let info = MessageInfo {
+        sender: sender.clone(),
+        funds: coins(burn_amount.u128(), config.power_denom),
+    };
+
+    let vault_id = match cache.vault_id {
+        Some(id) => id,
+        None => {
+            return Err(ContractError::VaultDoesNotExist {});
+        }
+    };
+
+    TMP_CACHE.remove(deps.storage);
+
+    let mut response = burn(deps, env, info, cache.amount_to_withdraw, vault_id)?;
+
+    if cache.amount_to_swap.unwrap() > token_in_amount {
+        let refund = cache
+            .amount_to_swap
+            .unwrap()
+            .checked_sub(token_in_amount)
+            .unwrap();
+
+        let msg_transfer = CosmosMsg::Bank(BankMsg::Send {
+            to_address: sender.to_string(),
+            amount: vec![coin(refund.u128(), config.base_denom)],
+        });
+
+        response = response.add_message(msg_transfer);
+    };
+
+    Ok(response)
+}
diff --git a/contracts/margined-power/src/state.rs b/contracts/margined-power/src/state.rs
new file mode 100644
index 0000000..79a7923
--- /dev/null
+++ b/contracts/margined-power/src/state.rs
@@ -0,0 +1,111 @@
+use cosmwasm_schema::cw_serde;
+use cosmwasm_std::{ensure, ensure_ne, Addr, Decimal, StdError, StdResult, Timestamp, Uint128};
+use cw_controllers::Admin;
+use cw_storage_plus::Item;
+use margined_common::ownership::OwnerProposal;
+use margined_protocol::power::{Pool, FUNDING_PERIOD};
+
+pub const OWNER: Admin = Admin::new("owner");
+pub const OWNERSHIP_PROPOSAL: Item<OwnerProposal> = Item::new("ownership_proposals");
+
+pub const CONFIG: Item<Config> = Item::new("config");
+pub const STATE: Item<State> = Item::new("state");
+
+pub const TMP_CACHE: Item<TmpCacheValues> = Item::new("tmp_cache");
+
+pub const LIQUIDATION_BOUNTY: Decimal = Decimal::raw(1_100_000_000_000_000_000u128); // 110%
+pub const INDEX_SCALE: u128 = 10_000u128; // 1e4
+
+pub const WEEK_IN_SECONDS: u64 = 7 * 24 * 60 * 60; // 24 hours
+pub const TWAP_PERIOD: u64 = 420; // 420 seconds (7 minutes)
+
+#[cw_serde]
+pub struct Config {
+    pub query_contract: Addr, // The contract that wraps the querier interface, useful for testing
+    pub fee_pool_contract: Addr, // The address where fees are sent
+    pub fee_rate: Decimal,    // The fee rate
+    pub power_denom: String,  // Subdenom of the power perp native token, e.g. atom^2
+    pub base_denom: String,   // Subdenom of the underlying native token, e.g. atom
+    pub base_pool: Pool, // Pool of the underlying to quote, e.g. atom:usdc, defined on instantiation
+    pub power_pool: Pool, // Pool of the underlying to power, e.g. atom:atom^2, defined during contract opening
+    pub funding_period: u64, // Funding period in seconds
+    pub base_decimals: u32, // Decimals of the underying token
+    pub power_decimals: u32, // Decimals of the power perp token
+}
+
+impl Config {
+    pub fn validate(&self) -> StdResult<()> {
+        ensure!(
+            self.base_decimals > 0 && self.base_decimals <= 18,
+            StdError::generic_err("Invalid base decimals")
+        );
+
+        ensure!(
+            self.power_decimals > 0 && self.power_decimals <= 18,
+            StdError::generic_err("Invalid power decimals")
+        );
+
+        ensure!(
+            self.fee_rate < Decimal::one(),
+            StdError::generic_err("Invalid fee rate")
+        );
+
+        ensure!(
+            self.funding_period > 0 && self.funding_period <= 2 * FUNDING_PERIOD,
+            StdError::generic_err(format!(
+                "Invalid funding period, must be between 0 and {} seconds",
+                (2 * FUNDING_PERIOD)
+            ))
+        );
+
+        ensure_ne!(
+            self.power_denom,
+            self.base_denom,
+            StdError::generic_err("Invalid base and power denom must be different")
+        );
+
+        ensure_ne!(
+            self.power_pool.id,
+            self.base_pool.id,
+            StdError::generic_err("Invalid base and power pool id must be different")
+        );
+
+        Ok(())
+    }
+}
+
+#[cw_serde]
+pub struct State {
+    pub is_open: bool,                  // Whether the contract is open
+    pub is_paused: bool,                // Whether the contract is paused
+    pub last_pause: Timestamp,          // Last time contract was paused
+    pub normalisation_factor: Decimal,  // Normalisation factor
+    pub last_funding_update: Timestamp, // Last funding update timestamp
+}
+
+impl State {
+    pub fn is_open_and_unpaused(&self) -> StdResult<()> {
+        ensure!(
+            self.is_open,
+            StdError::generic_err("Cannot perform action as contract is not open")
+        );
+
+        ensure!(
+            !self.is_paused,
+            StdError::generic_err("Cannot perform action as contract is paused")
+        );
+
+        Ok(())
+    }
+}
+
+#[cw_serde]
+#[derive(Default)]
+pub struct TmpCacheValues {
+    pub total_supply: Option<Uint128>,
+    pub balance: Option<Uint128>,
+    pub amount_to_swap: Option<Uint128>,
+    pub amount_to_withdraw: Option<Uint128>,
+    pub sender: Option<Addr>,
+    pub vault_id: Option<u64>,
+}
diff --git a/contracts/margined-power/src/testing/execute_test.rs b/contracts/margined-power/src/testing/execute_test.rs
new file mode 100644
index 0000000..06ba4ab
--- /dev/null
+++ b/contracts/margined-power/src/testing/execute_test.rs
@@ -0,0 +1,145 @@
+use crate::{contract::CONTRACT_NAME, state::State, testing::test_utils::MOCK_FEE_POOL_ADDR};
+
+use cosmwasm_std::{coin, Addr};
+use margined_protocol::power::{ExecuteMsg, InstantiateMsg, QueryMsg};
+use margined_testing::{helpers::store_code, power_env::PowerEnv};
+use osmosis_test_tube::{
+    osmosis_std::types::osmosis::tokenfactory::v1beta1::MsgChangeAdmin, Account, Module,
+    RunnerError, TokenFactory, Wasm,
+};
+
+#[test]
+fn test_initialise_contract() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let token = TokenFactory::new(&env.app);
+
+    let query_address = env.deploy_query_contracts(&wasm, false);
+
+    let code_id = store_code(&wasm, &env.signer, CONTRACT_NAME.to_string());
+    let address = wasm
+        .instantiate(
+            code_id,
+            &InstantiateMsg {
+                fee_pool: MOCK_FEE_POOL_ADDR.to_string(),
+                fee_rate: "0.1".to_string(),
+                query_contract: query_address,
+                power_denom: env.denoms["power"].clone(),
+                base_denom: env.denoms["base"].clone(),
+                base_pool_id: env.base_pool_id,
+                base_pool_quote: env.denoms["quote"].clone(),
+                power_pool_id: env.power_pool_id,
+                base_decimals: 6u32,
+                power_decimals: 6u32,
+            },
+            None,
+            Some("margined-power-contract"),
+            &[coin(10_000_000, "uosmo")],
+            &env.signer,
+        )
+        .unwrap()
+        .data
+        .address;
+
+    wasm.execute(&address, &ExecuteMsg::SetOpen {}, &[], &env.signer)
+        .unwrap_err();
+
+    token
+        .change_admin(
+            MsgChangeAdmin {
+                sender: env.signer.address(),
+                new_admin: address.clone(),
+                denom: env.denoms["power"].clone(),
+            },
+            &env.signer,
+        )
+        .unwrap();
+
+    wasm.execute(&address, &ExecuteMsg::SetOpen {}, &[], &env.signer)
+        .unwrap();
+
+    let state: State = wasm.query(&address, &QueryMsg::State {}).unwrap();
+    assert!(state.is_open);
+
+    let owner: Addr = wasm.query(&address, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, env.signer.address());
+}
+
+#[test]
+fn test_initialise_contract_base_does_not_exist() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let query_address = env.deploy_query_contracts(&wasm, false);
+
+    let code_id = store_code(&wasm, &env.signer, CONTRACT_NAME.to_string());
+    let err = wasm
+        .instantiate(
+            code_id,
+            &InstantiateMsg {
+                fee_pool: MOCK_FEE_POOL_ADDR.to_string(),
+                fee_rate: "0.1".to_string(),
+                query_contract: query_address,
+                power_denom: env.denoms["power"].clone(),
+                base_denom: "wBTC".to_string(),
+                base_pool_id: env.base_pool_id,
+                base_pool_quote: env.denoms["quote"].clone(),
+                power_pool_id: env.power_pool_id,
+                base_decimals: 6u32,
+                power_decimals: 6u32,
+            },
+            None,
+            Some("margined-power-contract"),
+            &[coin(10_000_000, "uosmo")],
+            &env.signer,
+        )
+        .unwrap_err();
+
+    assert_eq!(
+        err,
+        RunnerError::ExecuteError {
+            msg: "failed to execute message; message index: 0: Invalid denom wBTC not found: instantiate wasm contract failed".to_string()
+        }
+    );
+}
+
+#[test]
+fn test_initialise_contract_power_does_not_exist() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let query_address = env.deploy_query_contracts(&wasm, false);
+
+    let code_id = store_code(&wasm, &env.signer, CONTRACT_NAME.to_string());
+    let err = wasm
+        .instantiate(
+            code_id,
+            &InstantiateMsg {
+                fee_pool: MOCK_FEE_POOL_ADDR.to_string(),
+                fee_rate: "0.1".to_string(),
+                query_contract: query_address,
+                power_denom: "wBTC".to_string(),
+                base_denom: env.denoms["power"].clone(),
+                base_pool_id: env.base_pool_id,
+                base_pool_quote: env.denoms["quote"].clone(),
+                power_pool_id: env.power_pool_id,
+                base_decimals: 6u32,
+                power_decimals: 6u32,
+            },
+            None,
+            Some("margined-power-contract"),
+            &[coin(10_000_000, "uosmo")],
+            &env.signer,
+        )
+        .unwrap_err();
+
+    assert_eq!(
+        err,
+        RunnerError::ExecuteError {
+            msg: "failed to execute message; message index: 0: Invalid denom wBTC not found: instantiate wasm contract failed".to_string()
+        }
+    );
+}
diff --git a/contracts/margined-power/src/testing/helpers_test.rs b/contracts/margined-power/src/testing/helpers_test.rs
new file mode 100644
index 0000000..d742170
--- /dev/null
+++ b/contracts/margined-power/src/testing/helpers_test.rs
@@ -0,0 +1,12 @@
+use crate::helpers::decimal_to_fixed;
+
+use cosmwasm_std::{Decimal, Uint128};
+
+#[test]
+fn test_decimal_to_fixed() {
+    let input = Decimal::from_atomics(1_234_567u128, 6).unwrap();
+    let expected_result = Uint128::new(1_234_567u128);
+
+    let result = decimal_to_fixed(input, 6);
+    assert_eq!(result, expected_result);
+}
diff --git a/contracts/margined-power/src/testing/instantiation_test.rs b/contracts/margined-power/src/testing/instantiation_test.rs
new file mode 100644
index 0000000..e085d46
--- /dev/null
+++ b/contracts/margined-power/src/testing/instantiation_test.rs
@@ -0,0 +1,295 @@
+use crate::{
+    contract::CONTRACT_NAME,
+    state::{Config, State},
+    testing::test_utils::{MOCK_FEE_POOL_ADDR, MOCK_QUERY_ADDR},
+};
+
+use cosmwasm_std::{coin, Addr, Decimal};
+use margined_protocol::power::{InstantiateMsg, Pool, QueryMsg};
+use margined_testing::{helpers::store_code, power_env::PowerEnv};
+use osmosis_test_tube::{Account, Module, Wasm};
+use std::str::FromStr;
+
+#[test]
+fn test_instantiation() {
+    let PowerEnv {
+        app,
+        signer,
+        denoms,
+        base_pool_id,
+        power_pool_id,
+        .. // other fields
+    } = PowerEnv::new();
+
+    let wasm = Wasm::new(&app);
+
+    let code_id = store_code(&wasm, &signer, CONTRACT_NAME.to_string());
+    let address = wasm
+        .instantiate(
+            code_id,
+            &InstantiateMsg {
+                fee_pool: MOCK_FEE_POOL_ADDR.to_string(),
+                fee_rate: "0.1".to_string(),
+                query_contract: MOCK_QUERY_ADDR.to_string(),
+                power_denom: denoms["power"].clone(),
+                base_denom: denoms["base"].clone(),
+                base_pool_id,
+                base_pool_quote: denoms["quote"].clone(),
+                power_pool_id,
+                base_decimals: 6u32,
+                power_decimals: 6u32,
+            },
+            None,
+            Some("margined-power-contract"),
+            &[coin(10_000_000, "uosmo")],
+            &signer,
+        )
+        .unwrap()
+        .data
+        .address;
+
+    let timestamp = app.get_block_timestamp();
+
+    let config: Config = wasm.query(&address, &QueryMsg::Config {}).unwrap();
+    assert_eq!(
+        config,
+        Config {
+            query_contract: Addr::unchecked(MOCK_QUERY_ADDR.to_string()),
+            base_denom: denoms["base"].clone(),
+            power_denom: denoms["power"].clone(),
+            base_pool: Pool {
+                id: base_pool_id,
+                quote_denom: denoms["quote"].clone(),
+            },
+            power_pool: Pool {
+                id: power_pool_id,
+                quote_denom: denoms["power"].clone(),
+            },
+            funding_period: 1512000u64,
+            fee_pool_contract: Addr::unchecked(MOCK_FEE_POOL_ADDR.to_string()),
+            fee_rate: Decimal::from_str("0.1".to_string().as_str()).unwrap(),
+            base_decimals: 6u32,
+            power_decimals: 6u32,
+        }
+    );
+
+    let state: State = wasm.query(&address, &QueryMsg::State {}).unwrap();
+    assert_eq!(
+        state,
+        State {
+            is_open: false,
+            is_paused: true,
+            normalisation_factor: Decimal::one(),
+            last_funding_update: timestamp,
+            last_pause: timestamp,
+        }
+    );
+}
+
+#[test]
+fn test_fail_instantiation_unknown_denom() {
+    let PowerEnv {
+        app,
+        signer,
+        denoms,
+        base_pool_id,
+        power_pool_id,
+        .. // other fields
+    } = PowerEnv::new();
+
+    let wasm = Wasm::new(&app);
+
+    let code_id = store_code(&wasm, &signer, CONTRACT_NAME.to_string());
+    let err = wasm
+        .instantiate(
+            code_id,
+            &InstantiateMsg {
+                fee_pool: MOCK_FEE_POOL_ADDR.to_string(),
+                fee_rate: "0.1".to_string(),
+                query_contract: MOCK_QUERY_ADDR.to_string(),
+                power_denom: "unknown".to_string(),
+                base_denom: denoms["base"].clone(),
+                base_pool_id,
+                base_pool_quote: denoms["quote"].clone(),
+                power_pool_id,
+                base_decimals: 6u32,
+                power_decimals: 6u32,
+            },
+            None,
+            Some("margined-power-contract"),
+            &[coin(10_000_000, "uosmo")],
+            &signer,
+        )
+        .unwrap_err();
+
+    assert_eq!(
+        err.to_string(),
+        "execute error: failed to execute message; message index: 0: Invalid denom unknown not found: instantiate wasm contract failed"
+    );
+}
+
+#[test]
+fn test_fail_instantiation_token_not_in_pool() {
+    let PowerEnv {
+        app,
+        signer,
+        denoms,
+        base_pool_id,
+        power_pool_id,
+        .. // other fields
+    } = PowerEnv::new();
+
+    let wasm = Wasm::new(&app);
+
+    let code_id = store_code(&wasm, &signer, CONTRACT_NAME.to_string());
+    let err = wasm
+        .instantiate(
+            code_id,
+            &InstantiateMsg {
+                fee_pool: MOCK_FEE_POOL_ADDR.to_string(),
+                fee_rate: "0.1".to_string(),
+                query_contract: MOCK_QUERY_ADDR.to_string(),
+                power_denom: denoms["base"].clone(),
+                base_denom: denoms["power"].clone(),
+                base_pool_id,
+                base_pool_quote: denoms["quote"].clone(),
+                power_pool_id,
+                base_decimals: 6u32,
+                power_decimals: 6u32,
+            },
+            None,
+            Some("margined-power-contract"),
+            &[coin(10_000_000, "uosmo")],
+            &signer,
+        )
+        .unwrap_err();
+
+    assert_eq!(
+        err.to_string(),
+        format!("execute error: failed to execute message; message index: 0: Generic error: Denom \"factory/{}/squosmo\" in pool id: 1: instantiate wasm contract failed", signer.address())
+    );
+}
+
+#[test]
+fn test_fail_instantiation_zero_liquidity_in_pool() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let new_power_pool_id = env.create_new_pool(
+        env.denoms["power"].clone(),
+        env.denoms["base"].clone(),
+        &env.owner,
+    );
+
+    let code_id = store_code(&wasm, &env.signer, CONTRACT_NAME.to_string());
+    let err = wasm
+        .instantiate(
+            code_id,
+            &InstantiateMsg {
+                fee_pool: MOCK_FEE_POOL_ADDR.to_string(),
+                fee_rate: "0.1".to_string(),
+                query_contract: MOCK_QUERY_ADDR.to_string(),
+                power_denom: env.denoms["base"].clone(),
+                base_denom: env.denoms["power"].clone(),
+                base_pool_id: new_power_pool_id,
+                base_pool_quote: env.denoms["quote"].clone(),
+                power_pool_id: env.power_pool_id,
+                base_decimals: 6u32,
+                power_decimals: 6u32,
+            },
+            None,
+            Some("margined-power-contract"),
+            &[coin(10_000_000, "uosmo")],
+            &env.signer,
+        )
+        .unwrap_err();
+
+    assert_eq!(
+        err.to_string(),
+        "execute error: failed to execute message; message index: 0: Generic error: No liquidity in pool id: 3: instantiate wasm contract failed"
+    );
+}
+
+#[test]
+fn test_fail_instantiation_identical_base_and_power_pool_ids() {
+    let PowerEnv {
+        app,
+        signer,
+        denoms,
+        base_pool_id,
+        .. // other fields
+    } = PowerEnv::new();
+
+    let wasm = Wasm::new(&app);
+
+    let code_id = store_code(&wasm, &signer, CONTRACT_NAME.to_string());
+    let err = wasm
+        .instantiate(
+            code_id,
+            &InstantiateMsg {
+                fee_pool: MOCK_FEE_POOL_ADDR.to_string(),
+                fee_rate: "0.1".to_string(),
+                query_contract: MOCK_QUERY_ADDR.to_string(),
+                power_denom: denoms["power"].clone(),
+                base_denom: denoms["base"].clone(),
+                base_pool_id,
+                base_pool_quote: denoms["quote"].clone(),
+                power_pool_id: base_pool_id,
+                base_decimals: 6u32,
+                power_decimals: 6u32,
+            },
+            None,
+            Some("margined-power-contract"),
+            &[coin(10_000_000, "uosmo")],
+            &signer,
+        )
+        .unwrap_err();
+
+    assert_eq!(
+        err.to_string(),
+        "execute error: failed to execute message; message index: 0: Generic error: Invalid base and power pool id must be different: instantiate wasm contract failed"
+    );
+}
+
+#[test]
+fn test_fail_instantiation_identical_base_and_power() {
+    let PowerEnv {
+        app,
+        signer,
+        denoms,
+        base_pool_id,
+        power_pool_id,
+        .. // other fields
+    } = PowerEnv::new();
+
+    let wasm = Wasm::new(&app);
+
+    let code_id = store_code(&wasm, &signer, CONTRACT_NAME.to_string());
+    let err = wasm
+        .instantiate(
+            code_id,
+            &InstantiateMsg {
+                fee_pool: MOCK_FEE_POOL_ADDR.to_string(),
+                fee_rate: "0.1".to_string(),
+                query_contract: MOCK_QUERY_ADDR.to_string(),
+                power_denom: denoms["base"].clone(),
+                base_denom: denoms["base"].clone(),
+                base_pool_id,
+                base_pool_quote: denoms["power"].clone(),
+                power_pool_id,
+                base_decimals: 6u32,
+                power_decimals: 6u32,
+            },
+            None,
+            Some("margined-power-contract"),
+            &[coin(10_000_000, "uosmo")],
+            &signer,
+        )
+        .unwrap_err();
+
+    assert_eq!(
+        err.to_string(),
+        "execute error: failed to execute message; message index: 0: Generic error: Invalid base and power denom must be different: instantiate wasm contract failed"
+    );
+}
diff --git a/contracts/margined-power/src/testing/integration_tests/close_short_test.rs b/contracts/margined-power/src/testing/integration_tests/close_short_test.rs
new file mode 100644
index 0000000..8040744
--- /dev/null
+++ b/contracts/margined-power/src/testing/integration_tests/close_short_test.rs
@@ -0,0 +1,1191 @@
+use crate::contract::CONTRACT_NAME;
+
+use cosmwasm_std::{coin, Addr, Decimal, Uint128};
+use margined_protocol::power::{ExecuteMsg, QueryMsg, StateResponse, VaultResponse};
+use margined_testing::{helpers::parse_event_attribute, power_env::PowerEnv};
+use osmosis_test_tube::{
+    osmosis_std::types::{
+        osmosis::concentratedliquidity::v1beta1 as CLTypes,
+        osmosis::poolmanager::v1beta1 as PMTypes,
+    },
+    Account, ConcentratedLiquidity, Module, PoolManager, RunnerError, Wasm,
+};
+use std::str::FromStr;
+
+const VAULT_COLLATERAL: u128 = 910_000u128;
+const VAULT_MINT_AMOUNT: u128 = 2_000_000u128;
+
+#[test]
+fn test_close_short() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let concentrated_liquidity = ConcentratedLiquidity::new(&env.app);
+    let pool_manager = PoolManager::new(&env.app);
+
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), false);
+
+    // get traders initial balances
+    let trader_base_balance_start: Uint128 =
+        env.get_balance(env.traders[1].address(), env.denoms["base"].clone());
+    let trader_power_balance_start: Uint128 =
+        env.get_balance(env.traders[1].address(), env.denoms["power"].clone());
+
+    // apply funding
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::ApplyFunding {},
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // owner closes position and makes a much liquid one
+    {
+        let res = concentrated_liquidity
+            .query_user_positions(&CLTypes::UserPositionsRequest {
+                pool_id: env.power_pool_id,
+                address: env.owner.address(),
+                pagination: None,
+            })
+            .unwrap();
+
+        let position = res.positions[0].clone().position.unwrap();
+
+        concentrated_liquidity
+            .withdraw_position(
+                CLTypes::MsgWithdrawPosition {
+                    position_id: position.position_id,
+                    sender: env.owner.address(),
+                    liquidity_amount: position.liquidity,
+                },
+                &env.owner,
+            )
+            .unwrap();
+
+        env.app.increase_time(10u64);
+
+        let state: StateResponse = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+        let target_price_power = env.calculate_target_power_price(state.normalisation_factor);
+
+        let target_price = Decimal::one().checked_div(target_price_power).unwrap();
+
+        let lower_tick = env.price_to_tick(target_price * Decimal::percent(90), 100u128.into());
+        let upper_tick = env.price_to_tick(target_price * Decimal::percent(110), 100u128.into());
+
+        // lower tick: 3.1 = 1/3.1 = 0.32258
+        // lower tick: 3.4 = 1/3.4 = 0.29412 =
+        env.create_position(
+            lower_tick,
+            upper_tick,
+            "3_000_000_000".to_string(),
+            "1_000_000_000".to_string(),
+        )
+    }
+
+    // we increase time else the functions get unhappy
+    env.app.increase_time(200000u64);
+
+    let vault_id: u64;
+    let power_exposure: Uint128;
+    let pnl: Uint128;
+
+    // open short
+    {
+        let open_short_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::OpenShort {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap();
+
+        power_exposure = Uint128::from_str(
+            &parse_event_attribute(
+                open_short_response.events.clone(),
+                "token_swapped",
+                "tokens_out",
+            )
+            .replace(&env.denoms["base"], ""),
+        )
+        .unwrap();
+
+        vault_id = u64::from_str(&parse_event_attribute(
+            open_short_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+    }
+
+    let vault: VaultResponse = wasm
+        .query(&perp_address, &QueryMsg::GetVault { vault_id })
+        .unwrap();
+
+    // close short
+    {
+        env.app.increase_time(1u64);
+
+        let res = pool_manager
+            .query_single_pool_swap_exact_amount_out(
+                &PMTypes::EstimateSinglePoolSwapExactAmountOutRequest {
+                    pool_id: env.power_pool_id,
+                    token_in_denom: env.denoms["base"].clone(),
+                    token_out: format!("{}{}", vault.short_amount, env.denoms["power"].clone()),
+                },
+            )
+            .unwrap();
+
+        let amount_to_swap = u128::from_str(&res.token_in_amount).unwrap();
+
+        pnl = amount_to_swap
+            .checked_sub(power_exposure.u128())
+            .unwrap()
+            .into();
+
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::CloseShort {
+                amount_to_burn: Uint128::from(VAULT_MINT_AMOUNT),
+                amount_to_withdraw: Some(VAULT_COLLATERAL.into()),
+                vault_id,
+            },
+            &[coin(amount_to_swap, env.denoms["base"].clone())],
+            &env.traders[1],
+        )
+        .unwrap();
+    }
+
+    let vault: VaultResponse = wasm
+        .query(&perp_address, &QueryMsg::GetVault { vault_id })
+        .unwrap();
+
+    assert_eq!(
+        vault,
+        VaultResponse {
+            operator: Addr::unchecked(env.traders[1].address()),
+            collateral: Uint128::zero(),
+            short_amount: Uint128::from(1u128), // dust is left over
+        }
+    );
+
+    let trader_base_balance_end: Uint128 =
+        env.get_balance(env.traders[1].address(), env.denoms["base"].clone());
+    let trader_power_balance_end: Uint128 =
+        env.get_balance(env.traders[1].address(), env.denoms["power"].clone());
+
+    assert_eq!(trader_base_balance_end, trader_base_balance_start - pnl);
+    assert_eq!(trader_power_balance_end, trader_power_balance_start);
+}
+
+#[test]
+fn test_close_short_no_withdrawal() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let concentrated_liquidity = ConcentratedLiquidity::new(&env.app);
+    let pool_manager = PoolManager::new(&env.app);
+
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), false);
+
+    // get traders initial balances
+    let trader_base_balance_start: Uint128 =
+        env.get_balance(env.traders[1].address(), env.denoms["base"].clone());
+    let trader_power_balance_start: Uint128 =
+        env.get_balance(env.traders[1].address(), env.denoms["power"].clone());
+
+    // apply funding
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::ApplyFunding {},
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // owner closes position and makes a much liquid one
+    {
+        let res = concentrated_liquidity
+            .query_user_positions(&CLTypes::UserPositionsRequest {
+                pool_id: env.power_pool_id,
+                address: env.owner.address(),
+                pagination: None,
+            })
+            .unwrap();
+
+        let position = res.positions[0].clone().position.unwrap();
+
+        concentrated_liquidity
+            .withdraw_position(
+                CLTypes::MsgWithdrawPosition {
+                    position_id: position.position_id,
+                    sender: env.owner.address(),
+                    liquidity_amount: position.liquidity,
+                },
+                &env.owner,
+            )
+            .unwrap();
+
+        env.app.increase_time(10u64);
+
+        let state: StateResponse = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+        let target_price_power = env.calculate_target_power_price(state.normalisation_factor);
+
+        let target_price = Decimal::one().checked_div(target_price_power).unwrap();
+
+        let lower_tick = env.price_to_tick(target_price * Decimal::percent(90), 100u128.into());
+        let upper_tick = env.price_to_tick(target_price * Decimal::percent(110), 100u128.into());
+
+        // lower tick: 3.1 = 1/3.1 = 0.32258
+        // lower tick: 3.4 = 1/3.4 = 0.29412 =
+        env.create_position(
+            lower_tick,
+            upper_tick,
+            "3_000_000_000".to_string(),
+            "1_000_000_000".to_string(),
+        )
+    }
+
+    // we increase time else the functions get unhappy
+    env.app.increase_time(200000u64);
+
+    let vault_id: u64;
+    let power_exposure: Uint128;
+    let pnl: Uint128;
+
+    // open short
+    {
+        let open_short_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::OpenShort {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap();
+
+        power_exposure = Uint128::from_str(
+            &parse_event_attribute(
+                open_short_response.events.clone(),
+                "token_swapped",
+                "tokens_out",
+            )
+            .replace(&env.denoms["base"], ""),
+        )
+        .unwrap();
+
+        vault_id = u64::from_str(&parse_event_attribute(
+            open_short_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+    }
+
+    let vault: VaultResponse = wasm
+        .query(&perp_address, &QueryMsg::GetVault { vault_id })
+        .unwrap();
+
+    // close short
+    {
+        env.app.increase_time(1u64);
+
+        let res = pool_manager
+            .query_single_pool_swap_exact_amount_out(
+                &PMTypes::EstimateSinglePoolSwapExactAmountOutRequest {
+                    pool_id: env.power_pool_id,
+                    token_in_denom: env.denoms["base"].clone(),
+                    token_out: format!("{}{}", vault.short_amount, env.denoms["power"].clone()),
+                },
+            )
+            .unwrap();
+
+        let amount_to_swap = u128::from_str(&res.token_in_amount).unwrap();
+
+        pnl = amount_to_swap
+            .checked_sub(power_exposure.u128())
+            .unwrap()
+            .into();
+
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::CloseShort {
+                amount_to_burn: Uint128::from(VAULT_MINT_AMOUNT),
+                amount_to_withdraw: None,
+                vault_id,
+            },
+            &[coin(amount_to_swap, env.denoms["base"].clone())],
+            &env.traders[1],
+        )
+        .unwrap();
+    }
+
+    let vault: VaultResponse = wasm
+        .query(&perp_address, &QueryMsg::GetVault { vault_id })
+        .unwrap();
+
+    assert_eq!(
+        vault,
+        VaultResponse {
+            operator: Addr::unchecked(env.traders[1].address()),
+            collateral: Uint128::from(VAULT_COLLATERAL),
+            short_amount: Uint128::from(1u128), // dust is left over
+        }
+    );
+
+    let trader_base_balance_end: Uint128 =
+        env.get_balance(env.traders[1].address(), env.denoms["base"].clone());
+    let trader_power_balance_end: Uint128 =
+        env.get_balance(env.traders[1].address(), env.denoms["power"].clone());
+
+    assert_eq!(
+        trader_base_balance_end,
+        trader_base_balance_start - pnl - Uint128::from(VAULT_COLLATERAL)
+    );
+    assert_eq!(trader_power_balance_end, trader_power_balance_start);
+}
+
+#[test]
+fn test_close_short_additional_funds_sent() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let concentrated_liquidity = ConcentratedLiquidity::new(&env.app);
+    let pool_manager = PoolManager::new(&env.app);
+
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), false);
+
+    // get traders initial balances
+    let trader_base_balance_start: Uint128 =
+        env.get_balance(env.traders[1].address(), env.denoms["base"].clone());
+    let trader_power_balance_start: Uint128 =
+        env.get_balance(env.traders[1].address(), env.denoms["power"].clone());
+
+    // apply funding
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::ApplyFunding {},
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // owner closes position and makes a much liquid one
+    {
+        let res = concentrated_liquidity
+            .query_user_positions(&CLTypes::UserPositionsRequest {
+                pool_id: env.power_pool_id,
+                address: env.owner.address(),
+                pagination: None,
+            })
+            .unwrap();
+
+        let position = res.positions[0].clone().position.unwrap();
+
+        concentrated_liquidity
+            .withdraw_position(
+                CLTypes::MsgWithdrawPosition {
+                    position_id: position.position_id,
+                    sender: env.owner.address(),
+                    liquidity_amount: position.liquidity,
+                },
+                &env.owner,
+            )
+            .unwrap();
+
+        env.app.increase_time(10u64);
+
+        let state: StateResponse = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+        let target_price_power = env.calculate_target_power_price(state.normalisation_factor);
+
+        let target_price = Decimal::one().checked_div(target_price_power).unwrap();
+
+        let lower_tick = env.price_to_tick(target_price * Decimal::percent(90), 100u128.into());
+        let upper_tick = env.price_to_tick(target_price * Decimal::percent(110), 100u128.into());
+
+        // lower tick: 3.1 = 1/3.1 = 0.32258
+        // lower tick: 3.4 = 1/3.4 = 0.29412 =
+        env.create_position(
+            lower_tick,
+            upper_tick,
+            "3_000_000_000".to_string(),
+            "1_000_000_000".to_string(),
+        )
+    }
+
+    // we increase time else the functions get unhappy
+    env.app.increase_time(200000u64);
+
+    let vault_id: u64;
+    let power_exposure: Uint128;
+    let pnl: Uint128;
+
+    // open short
+    {
+        let open_short_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::OpenShort {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap();
+
+        power_exposure = Uint128::from_str(
+            &parse_event_attribute(
+                open_short_response.events.clone(),
+                "token_swapped",
+                "tokens_out",
+            )
+            .replace(&env.denoms["base"], ""),
+        )
+        .unwrap();
+
+        vault_id = u64::from_str(&parse_event_attribute(
+            open_short_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+    }
+
+    let vault: VaultResponse = wasm
+        .query(&perp_address, &QueryMsg::GetVault { vault_id })
+        .unwrap();
+
+    // close short
+    {
+        env.app.increase_time(1u64);
+
+        let res = pool_manager
+            .query_single_pool_swap_exact_amount_out(
+                &PMTypes::EstimateSinglePoolSwapExactAmountOutRequest {
+                    pool_id: env.power_pool_id,
+                    token_in_denom: env.denoms["base"].clone(),
+                    token_out: format!("{}{}", vault.short_amount, env.denoms["power"].clone()),
+                },
+            )
+            .unwrap();
+
+        let amount_to_swap = u128::from_str(&res.token_in_amount).unwrap();
+
+        pnl = amount_to_swap
+            .checked_sub(power_exposure.u128())
+            .unwrap()
+            .into();
+
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::CloseShort {
+                amount_to_burn: Uint128::from(VAULT_MINT_AMOUNT),
+                amount_to_withdraw: Some(VAULT_COLLATERAL.into()),
+                vault_id,
+            },
+            &[coin(
+                amount_to_swap + 1_000_000u128,
+                env.denoms["base"].clone(),
+            )],
+            &env.traders[1],
+        )
+        .unwrap();
+    }
+
+    let vault: VaultResponse = wasm
+        .query(&perp_address, &QueryMsg::GetVault { vault_id })
+        .unwrap();
+
+    assert_eq!(
+        vault,
+        VaultResponse {
+            operator: Addr::unchecked(env.traders[1].address()),
+            collateral: Uint128::zero(),
+            short_amount: Uint128::from(1u128), // dust is left over
+        }
+    );
+
+    let trader_base_balance_end: Uint128 =
+        env.get_balance(env.traders[1].address(), env.denoms["base"].clone());
+    let trader_power_balance_end: Uint128 =
+        env.get_balance(env.traders[1].address(), env.denoms["power"].clone());
+
+    assert_eq!(trader_base_balance_end, trader_base_balance_start - pnl);
+    assert_eq!(trader_power_balance_end, trader_power_balance_start);
+}
+
+#[test]
+fn test_fail_close_short_insufficient_funds() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let concentrated_liquidity = ConcentratedLiquidity::new(&env.app);
+    let pool_manager = PoolManager::new(&env.app);
+
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), false);
+
+    // apply funding
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::ApplyFunding {},
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // owner closes position and makes a much liquid one
+    {
+        let res = concentrated_liquidity
+            .query_user_positions(&CLTypes::UserPositionsRequest {
+                pool_id: env.power_pool_id,
+                address: env.owner.address(),
+                pagination: None,
+            })
+            .unwrap();
+
+        let position = res.positions[0].clone().position.unwrap();
+
+        concentrated_liquidity
+            .withdraw_position(
+                CLTypes::MsgWithdrawPosition {
+                    position_id: position.position_id,
+                    sender: env.owner.address(),
+                    liquidity_amount: position.liquidity,
+                },
+                &env.owner,
+            )
+            .unwrap();
+
+        env.app.increase_time(10u64);
+
+        let state: StateResponse = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+        let target_price_power = env.calculate_target_power_price(state.normalisation_factor);
+
+        let target_price = Decimal::one().checked_div(target_price_power).unwrap();
+
+        let lower_tick = env.price_to_tick(target_price * Decimal::percent(90), 100u128.into());
+        let upper_tick = env.price_to_tick(target_price * Decimal::percent(110), 100u128.into());
+
+        // lower tick: 3.1 = 1/3.1 = 0.32258
+        // lower tick: 3.4 = 1/3.4 = 0.29412 =
+        env.create_position(
+            lower_tick,
+            upper_tick,
+            "3_000_000_000".to_string(),
+            "1_000_000_000".to_string(),
+        )
+    }
+
+    // we increase time else the functions get unhappy
+    env.app.increase_time(200000u64);
+
+    let vault_id: u64;
+    let power_exposure: Uint128;
+
+    // open short
+    {
+        let open_short_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::OpenShort {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap();
+
+        power_exposure = Uint128::from_str(
+            &parse_event_attribute(
+                open_short_response.events.clone(),
+                "token_swapped",
+                "tokens_out",
+            )
+            .replace(&env.denoms["base"], ""),
+        )
+        .unwrap();
+
+        vault_id = u64::from_str(&parse_event_attribute(
+            open_short_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+    }
+
+    let vault: VaultResponse = wasm
+        .query(&perp_address, &QueryMsg::GetVault { vault_id })
+        .unwrap();
+
+    // close short
+    {
+        env.app.increase_time(1u64);
+
+        let res = pool_manager
+            .query_single_pool_swap_exact_amount_out(
+                &PMTypes::EstimateSinglePoolSwapExactAmountOutRequest {
+                    pool_id: env.power_pool_id,
+                    token_in_denom: env.denoms["base"].clone(),
+                    token_out: format!("{}{}", vault.short_amount, env.denoms["power"].clone()),
+                },
+            )
+            .unwrap();
+
+        let amount_to_swap = u128::from_str(&res.token_in_amount).unwrap();
+
+        let err = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::CloseShort {
+                    amount_to_burn: Uint128::from(VAULT_MINT_AMOUNT),
+                    amount_to_withdraw: Some(VAULT_COLLATERAL.into()),
+                    vault_id,
+                },
+                &[coin(amount_to_swap - 1u128, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap_err();
+
+        assert_eq!(err,
+            RunnerError::ExecuteError {
+            msg: format!("failed to execute message; message index: 0: dispatch: submessages: token amount calculated ({}) is greater than max amount ({})", amount_to_swap, power_exposure)
+        });
+    }
+}
+
+#[test]
+fn test_fail_close_short_burn_greater_than_vault() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let concentrated_liquidity = ConcentratedLiquidity::new(&env.app);
+    let pool_manager = PoolManager::new(&env.app);
+
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), false);
+
+    // apply funding
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::ApplyFunding {},
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // owner closes position and makes a much liquid one
+    {
+        let res = concentrated_liquidity
+            .query_user_positions(&CLTypes::UserPositionsRequest {
+                pool_id: env.power_pool_id,
+                address: env.owner.address(),
+                pagination: None,
+            })
+            .unwrap();
+
+        let position = res.positions[0].clone().position.unwrap();
+
+        concentrated_liquidity
+            .withdraw_position(
+                CLTypes::MsgWithdrawPosition {
+                    position_id: position.position_id,
+                    sender: env.owner.address(),
+                    liquidity_amount: position.liquidity,
+                },
+                &env.owner,
+            )
+            .unwrap();
+
+        env.app.increase_time(10u64);
+
+        let state: StateResponse = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+        let target_price_power = env.calculate_target_power_price(state.normalisation_factor);
+
+        let target_price = Decimal::one().checked_div(target_price_power).unwrap();
+
+        let lower_tick = env.price_to_tick(target_price * Decimal::percent(50), 100u128.into());
+        let upper_tick = env.price_to_tick(target_price * Decimal::percent(150), 100u128.into());
+
+        // lower tick: 3.1 = 1/3.1 = 0.32258
+        // lower tick: 3.4 = 1/3.4 = 0.29412
+        env.create_position(
+            lower_tick,
+            upper_tick,
+            "3_000_000_000".to_string(),
+            "1_000_000_000".to_string(),
+        )
+    }
+
+    // we increase time else the functions get unhappy
+    env.app.increase_time(200000u64);
+
+    let vault_id: u64;
+
+    // open short
+    {
+        let open_short_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::OpenShort {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap();
+
+        vault_id = u64::from_str(&parse_event_attribute(
+            open_short_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+    }
+
+    let vault: VaultResponse = wasm
+        .query(&perp_address, &QueryMsg::GetVault { vault_id })
+        .unwrap();
+
+    // close short
+    {
+        env.app.increase_time(1u64);
+
+        let res = pool_manager
+            .query_single_pool_swap_exact_amount_out(
+                &PMTypes::EstimateSinglePoolSwapExactAmountOutRequest {
+                    pool_id: env.power_pool_id,
+                    token_in_denom: env.denoms["base"].clone(),
+                    token_out: format!("{}{}", vault.short_amount, env.denoms["power"].clone()),
+                },
+            )
+            .unwrap();
+
+        let amount_to_swap = u128::from_str(&res.token_in_amount).unwrap();
+
+        let err = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::CloseShort {
+                    amount_to_burn: Uint128::from(VAULT_MINT_AMOUNT) + Uint128::one(),
+                    amount_to_withdraw: None,
+                    vault_id,
+                },
+                &[coin(amount_to_swap, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap_err();
+
+        assert_eq!(err,
+            RunnerError::ExecuteError {
+            msg: "failed to execute message; message index: 0: Generic error: Cannot burn more funds or collateral than in vault: execute wasm contract failed".to_string()
+        });
+    }
+}
+
+#[test]
+fn test_fail_close_short_withdraw_greater_than_vault() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let concentrated_liquidity = ConcentratedLiquidity::new(&env.app);
+    let pool_manager = PoolManager::new(&env.app);
+
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), false);
+
+    // apply funding
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::ApplyFunding {},
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // owner closes position and makes a much liquid one
+    {
+        let res = concentrated_liquidity
+            .query_user_positions(&CLTypes::UserPositionsRequest {
+                pool_id: env.power_pool_id,
+                address: env.owner.address(),
+                pagination: None,
+            })
+            .unwrap();
+
+        let position = res.positions[0].clone().position.unwrap();
+
+        concentrated_liquidity
+            .withdraw_position(
+                CLTypes::MsgWithdrawPosition {
+                    position_id: position.position_id,
+                    sender: env.owner.address(),
+                    liquidity_amount: position.liquidity,
+                },
+                &env.owner,
+            )
+            .unwrap();
+
+        env.app.increase_time(10u64);
+
+        let state: StateResponse = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+        let target_price_power = env.calculate_target_power_price(state.normalisation_factor);
+
+        let target_price = Decimal::one().checked_div(target_price_power).unwrap();
+
+        let lower_tick = env.price_to_tick(target_price * Decimal::percent(50), 100u128.into());
+        let upper_tick = env.price_to_tick(target_price * Decimal::percent(150), 100u128.into());
+
+        // lower tick: 3.1 = 1/3.1 = 0.32258
+        // lower tick: 3.4 = 1/3.4 = 0.29412 =
+        env.create_position(
+            lower_tick,
+            upper_tick,
+            "3_000_000_000".to_string(),
+            "1_000_000_000".to_string(),
+        );
+    }
+
+    // we increase time else the functions get unhappy
+    env.app.increase_time(200000u64);
+
+    let vault_id: u64;
+
+    // open short
+    {
+        let open_short_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::OpenShort {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap();
+
+        vault_id = u64::from_str(&parse_event_attribute(
+            open_short_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+    }
+
+    let vault: VaultResponse = wasm
+        .query(&perp_address, &QueryMsg::GetVault { vault_id })
+        .unwrap();
+
+    // close short
+    {
+        env.app.increase_time(1u64);
+
+        let res = pool_manager
+            .query_single_pool_swap_exact_amount_out(
+                &PMTypes::EstimateSinglePoolSwapExactAmountOutRequest {
+                    pool_id: env.power_pool_id,
+                    token_in_denom: env.denoms["base"].clone(),
+                    token_out: format!("{}{}", vault.short_amount, env.denoms["power"].clone()),
+                },
+            )
+            .unwrap();
+
+        let amount_to_swap = u128::from_str(&res.token_in_amount).unwrap();
+
+        let err = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::CloseShort {
+                    amount_to_burn: Uint128::from(VAULT_MINT_AMOUNT),
+                    amount_to_withdraw: Some(Uint128::from(VAULT_COLLATERAL) + Uint128::one()),
+                    vault_id,
+                },
+                &[coin(amount_to_swap, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap_err();
+
+        assert_eq!(err,
+            RunnerError::ExecuteError {
+            msg: "failed to execute message; message index: 0: Generic error: Cannot burn more funds or collateral than in vault: execute wasm contract failed".to_string()
+        });
+    }
+}
+
+#[test]
+fn test_fail_close_short_incorrect_sender() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let concentrated_liquidity = ConcentratedLiquidity::new(&env.app);
+
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), false);
+
+    // apply funding
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::ApplyFunding {},
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // owner closes position and makes a much liquid one
+    {
+        let res = concentrated_liquidity
+            .query_user_positions(&CLTypes::UserPositionsRequest {
+                pool_id: env.power_pool_id,
+                address: env.owner.address(),
+                pagination: None,
+            })
+            .unwrap();
+
+        let position = res.positions[0].clone().position.unwrap();
+
+        concentrated_liquidity
+            .withdraw_position(
+                CLTypes::MsgWithdrawPosition {
+                    position_id: position.position_id,
+                    sender: env.owner.address(),
+                    liquidity_amount: position.liquidity,
+                },
+                &env.owner,
+            )
+            .unwrap();
+
+        env.app.increase_time(10u64);
+
+        let state: StateResponse = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+        let target_price_power = env.calculate_target_power_price(state.normalisation_factor);
+
+        let target_price = Decimal::one().checked_div(target_price_power).unwrap();
+
+        let lower_tick = env.price_to_tick(target_price * Decimal::percent(90), 100u128.into());
+        let upper_tick = env.price_to_tick(target_price * Decimal::percent(110), 100u128.into());
+
+        // lower tick: 3.1 = 1/3.1 = 0.32258
+        // lower tick: 3.4 = 1/3.4 = 0.29412 =
+        env.create_position(
+            lower_tick,
+            upper_tick,
+            "3_000_000_000".to_string(),
+            "1_000_000_000".to_string(),
+        )
+    }
+
+    // we increase time else the functions get unhappy
+    env.app.increase_time(200000u64);
+
+    let vault_id: u64;
+    let power_exposure: Uint128;
+
+    // open short
+    {
+        let open_short_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::OpenShort {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap();
+
+        power_exposure = Uint128::from_str(
+            &parse_event_attribute(
+                open_short_response.events.clone(),
+                "token_swapped",
+                "tokens_out",
+            )
+            .replace(&env.denoms["base"], ""),
+        )
+        .unwrap();
+
+        vault_id = u64::from_str(&parse_event_attribute(
+            open_short_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+    }
+
+    // close short
+    {
+        env.app.increase_time(1u64);
+
+        let err = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::CloseShort {
+                    amount_to_burn: Uint128::from(VAULT_MINT_AMOUNT),
+                    amount_to_withdraw: Some(VAULT_COLLATERAL.into()),
+                    vault_id,
+                },
+                &[coin(power_exposure.u128(), env.denoms["base"].clone())],
+                &env.traders[0],
+            )
+            .unwrap_err();
+
+        assert_eq!(err,
+            RunnerError::ExecuteError {
+            msg: "failed to execute message; message index: 0: Generic error: operator does not match: execute wasm contract failed".to_string()
+        });
+    }
+}
+
+#[test]
+fn test_fail_close_short_incorrect_funds() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let concentrated_liquidity = ConcentratedLiquidity::new(&env.app);
+
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), false);
+
+    // apply funding
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::ApplyFunding {},
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // owner closes position and makes a much liquid one
+    {
+        let res = concentrated_liquidity
+            .query_user_positions(&CLTypes::UserPositionsRequest {
+                pool_id: env.power_pool_id,
+                address: env.owner.address(),
+                pagination: None,
+            })
+            .unwrap();
+
+        let position = res.positions[0].clone().position.unwrap();
+
+        concentrated_liquidity
+            .withdraw_position(
+                CLTypes::MsgWithdrawPosition {
+                    position_id: position.position_id,
+                    sender: env.owner.address(),
+                    liquidity_amount: position.liquidity,
+                },
+                &env.owner,
+            )
+            .unwrap();
+
+        env.app.increase_time(10u64);
+
+        let state: StateResponse = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+        let target_price_power = env.calculate_target_power_price(state.normalisation_factor);
+
+        let target_price = Decimal::one().checked_div(target_price_power).unwrap();
+
+        let lower_tick = env.price_to_tick(target_price * Decimal::percent(90), 100u128.into());
+        let upper_tick = env.price_to_tick(target_price * Decimal::percent(110), 100u128.into());
+
+        // lower tick: 3.1 = 1/3.1 = 0.32258
+        // lower tick: 3.4 = 1/3.4 = 0.29412 =
+        env.create_position(
+            lower_tick,
+            upper_tick,
+            "3_000_000_000".to_string(),
+            "1_000_000_000".to_string(),
+        )
+    }
+
+    // we increase time else the functions get unhappy
+    env.app.increase_time(200000u64);
+
+    let vault_id: u64;
+    let power_exposure: Uint128;
+
+    // open short
+    {
+        let open_short_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::OpenShort {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap();
+
+        power_exposure = Uint128::from_str(
+            &parse_event_attribute(
+                open_short_response.events.clone(),
+                "token_swapped",
+                "tokens_out",
+            )
+            .replace(&env.denoms["base"], ""),
+        )
+        .unwrap();
+
+        vault_id = u64::from_str(&parse_event_attribute(
+            open_short_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+    }
+
+    // close short
+    {
+        env.app.increase_time(1u64);
+
+        let err = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::CloseShort {
+                    amount_to_burn: Uint128::from(VAULT_MINT_AMOUNT),
+                    amount_to_withdraw: Some(VAULT_COLLATERAL.into()),
+                    vault_id,
+                },
+                &[coin(power_exposure.u128(), env.denoms["gas"].clone())],
+                &env.traders[1],
+            )
+            .unwrap_err();
+
+        assert_eq!(err,
+            RunnerError::ExecuteError {
+            msg: "failed to execute message; message index: 0: Invalid funds: execute wasm contract failed".to_string()
+        });
+    }
+}
diff --git a/contracts/margined-power/src/testing/integration_tests/end_to_end_test.rs b/contracts/margined-power/src/testing/integration_tests/end_to_end_test.rs
new file mode 100644
index 0000000..83c3996
--- /dev/null
+++ b/contracts/margined-power/src/testing/integration_tests/end_to_end_test.rs
@@ -0,0 +1,599 @@
+use crate::{contract::CONTRACT_NAME, vault::Vault};
+
+use cosmwasm_std::{coin, Addr, Decimal, Uint128};
+use margined_protocol::power::{
+    ConfigResponse, ExecuteMsg, Pool, QueryMsg, StateResponse, VaultResponse,
+};
+use margined_testing::{helpers::parse_event_attribute, power_env::PowerEnv};
+use osmosis_test_tube::{
+    osmosis_std::types::{
+        cosmos::bank::v1beta1::MsgSend,
+        cosmos::base::v1beta1::Coin,
+        osmosis::concentratedliquidity::v1beta1 as CLTypes,
+        osmosis::poolmanager::v1beta1::{
+            MsgSwapExactAmountIn, MsgSwapExactAmountOut, SpotPriceRequest, SwapAmountInRoute,
+            SwapAmountOutRoute, TotalPoolLiquidityRequest,
+        },
+    },
+    Account, Bank, ConcentratedLiquidity, Module, PoolManager, Wasm,
+};
+use std::str::FromStr;
+
+const COLLATERAL_AMOUNT: u128 = 100_000_000u128; // 100.0
+const SHORT_AMOUNT: u128 = 166_666_667u128; // 166.666667
+
+#[test]
+fn test_end_to_end_flow() {
+    let env: PowerEnv = PowerEnv::new();
+
+    // move two days forward
+    env.app.increase_time(172800u64);
+
+    let bank = Bank::new(&env.app);
+    let concentrated_liquidity = ConcentratedLiquidity::new(&env.app);
+    let wasm = Wasm::new(&env.app);
+    let pool_manager = PoolManager::new(&env.app);
+
+    let (perp_address, query_address) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), false);
+
+    let vault_id_short: u64;
+
+    // get traders initial balances
+    let trader_long_base_balance_start: Uint128 =
+        env.get_balance(env.traders[1].address(), env.denoms["base"].clone());
+    let trader_long_power_balance_start: Uint128 =
+        env.get_balance(env.traders[1].address(), env.denoms["power"].clone());
+
+    let trader_short_base_balance_start: Uint128 =
+        env.get_balance(env.traders[0].address(), env.denoms["base"].clone());
+    let trader_short_power_balance_start: Uint128 =
+        env.get_balance(env.traders[0].address(), env.denoms["power"].clone());
+
+    // update the config
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::UpdateConfig {
+                fee_rate: Some("0.01".to_string()),
+                fee_pool: None,
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // apply funding
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::ApplyFunding {},
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // owner closes position and makes a much liquid one
+    {
+        let res = concentrated_liquidity
+            .query_user_positions(&CLTypes::UserPositionsRequest {
+                pool_id: env.power_pool_id,
+                address: env.owner.address(),
+                pagination: None,
+            })
+            .unwrap();
+
+        let position = res.positions[0].clone().position.unwrap();
+
+        concentrated_liquidity
+            .withdraw_position(
+                CLTypes::MsgWithdrawPosition {
+                    position_id: position.position_id,
+                    sender: env.owner.address(),
+                    liquidity_amount: position.liquidity,
+                },
+                &env.owner,
+            )
+            .unwrap();
+
+        env.app.increase_time(10u64);
+
+        let state: StateResponse = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+        let target_price_power = env.calculate_target_power_price(state.normalisation_factor);
+
+        let target_price = Decimal::one().checked_div(target_price_power).unwrap();
+
+        let lower_tick = env.price_to_tick(target_price * Decimal::percent(90), 100u128.into());
+        let upper_tick = env.price_to_tick(target_price * Decimal::percent(110), 100u128.into());
+
+        // lower tick: 3.1 = 1/3.1 = 0.32258
+        // lower tick: 3.4 = 1/3.4 = 0.29412 =
+        concentrated_liquidity
+            .create_position(
+                CLTypes::MsgCreatePosition {
+                    pool_id: env.power_pool_id,
+                    sender: env.owner.address(),
+                    lower_tick: i64::from_str(&lower_tick).unwrap(),
+                    upper_tick: i64::from_str(&upper_tick).unwrap(),
+                    tokens_provided: vec![
+                        Coin {
+                            denom: env.denoms["power"].clone(),
+                            amount: "1_000_000_000".to_string(),
+                        },
+                        Coin {
+                            denom: env.denoms["base"].clone(),
+                            amount: "3_000_000_000".to_string(),
+                        },
+                    ],
+                    token_min_amount0: "0".to_string(),
+                    token_min_amount1: "0".to_string(),
+                },
+                &env.owner,
+            )
+            .unwrap();
+
+        let res = pool_manager
+            .query_spot_price(&SpotPriceRequest {
+                pool_id: env.power_pool_id,
+                base_asset_denom: env.denoms["base"].clone(),
+                quote_asset_denom: env.denoms["power"].clone(),
+            })
+            .unwrap();
+        println!("res: {:#?}", res);
+    }
+
+    // we increase time else the functions get unhappy
+    env.app.increase_time(200000u64);
+
+    // user goes short - fails as zero collateral, vault not safe
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::MintPowerPerp {
+                amount: Uint128::from(SHORT_AMOUNT),
+                vault_id: None,
+                rebase: false,
+            },
+            &[],
+            &env.traders[0],
+        )
+        .unwrap_err();
+    }
+
+    // user goes short - succeeds
+    {
+        let mint_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(SHORT_AMOUNT),
+                    vault_id: None,
+                    rebase: false,
+                },
+                &[coin(COLLATERAL_AMOUNT, env.denoms["base"].clone())],
+                &env.traders[0],
+            )
+            .unwrap();
+
+        vault_id_short = u64::from_str(&parse_event_attribute(
+            mint_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+
+        let res: bool = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::CheckVault {
+                    vault_id: vault_id_short,
+                },
+            )
+            .unwrap();
+        assert!(res);
+    }
+
+    let vault_initial: VaultResponse = wasm
+        .query(
+            &perp_address,
+            &QueryMsg::GetVault {
+                vault_id: vault_id_short,
+            },
+        )
+        .unwrap();
+
+    // user withdraws all the collateral - fails, as vault is unsafe
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::Withdraw {
+                amount: Uint128::from(COLLATERAL_AMOUNT),
+                vault_id: vault_id_short,
+            },
+            &[],
+            &env.traders[0],
+        )
+        .unwrap_err();
+
+        let res: bool = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::CheckVault {
+                    vault_id: vault_id_short,
+                },
+            )
+            .unwrap();
+        assert!(res);
+    }
+
+    let norm: Decimal = wasm
+        .query(&perp_address, &QueryMsg::GetNormalisationFactor {})
+        .unwrap();
+    println!("norm: {:#?}", norm);
+
+    // user withdraws some collateral - success as vault remains safe
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::Withdraw {
+                amount: Uint128::from(17_000_000u128),
+                vault_id: vault_id_short,
+            },
+            &[],
+            &env.traders[0],
+        )
+        .unwrap();
+
+        let res: bool = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::CheckVault {
+                    vault_id: vault_id_short,
+                },
+            )
+            .unwrap();
+        assert!(res);
+    }
+
+    // user withdraws additional collateral - fails as vault is unsafe
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::Withdraw {
+                amount: Uint128::from(3_000_000u128),
+                vault_id: vault_id_short,
+            },
+            &[],
+            &env.traders[0],
+        )
+        .unwrap_err();
+    }
+
+    // user withdraws additional collateral - succeeds as it is the exact limit
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::Withdraw {
+                amount: Uint128::from(2_000_000u128),
+                vault_id: vault_id_short,
+            },
+            &[],
+            &env.traders[0],
+        )
+        .unwrap();
+    }
+
+    // user deposits some collateral
+    {
+        env.app.increase_time(5u64);
+
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::Deposit {
+                vault_id: vault_id_short,
+            },
+            &[coin(19_000_000u128, env.denoms["base"].clone())],
+            &env.traders[0],
+        )
+        .unwrap();
+
+        let res: bool = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::CheckVault {
+                    vault_id: vault_id_short,
+                },
+            )
+            .unwrap();
+        assert!(res);
+    }
+
+    let vault_after: VaultResponse = wasm
+        .query(
+            &perp_address,
+            &QueryMsg::GetVault {
+                vault_id: vault_id_short,
+            },
+        )
+        .unwrap();
+    assert_eq!(vault_initial, vault_after);
+
+    // user sells the power token
+    {
+        pool_manager
+            .swap_exact_amount_in(
+                MsgSwapExactAmountIn {
+                    sender: env.traders[0].address(),
+                    routes: vec![SwapAmountInRoute {
+                        pool_id: env.power_pool_id,
+                        token_out_denom: env.denoms["base"].clone(),
+                    }],
+                    token_in: Some(Coin {
+                        amount: SHORT_AMOUNT.to_string(),
+                        denom: env.denoms["power"].clone(),
+                    }),
+                    token_out_min_amount: SHORT_AMOUNT.checked_div(4u128).unwrap().to_string(),
+                },
+                &env.traders[0],
+            )
+            .unwrap();
+
+        let balance_after_liquidity_provision =
+            env.get_balance(env.traders[1].address(), env.denoms["power"].clone());
+        assert!(balance_after_liquidity_provision.is_zero());
+    }
+
+    // trader buys the power token
+    {
+        let balance_before = env.get_balance(env.traders[1].address(), env.denoms["power"].clone());
+        assert!(balance_before.is_zero());
+
+        let liquidity_to_buy = SHORT_AMOUNT.checked_div(3u128).unwrap();
+
+        pool_manager
+            .swap_exact_amount_out(
+                MsgSwapExactAmountOut {
+                    sender: env.traders[1].address(),
+                    routes: vec![SwapAmountOutRoute {
+                        pool_id: env.power_pool_id,
+                        token_in_denom: env.denoms["base"].clone(),
+                    }],
+                    token_out: Some(Coin {
+                        amount: liquidity_to_buy.to_string(),
+                        denom: env.denoms["power"].clone(),
+                    }),
+                    token_in_max_amount: liquidity_to_buy.checked_div(3u128).unwrap().to_string(),
+                },
+                &env.traders[1],
+            )
+            .unwrap();
+    }
+
+    // make vault unsafe by pushing base price higher 2x
+    {
+        let res = pool_manager
+            .query_total_liquidity(&TotalPoolLiquidityRequest {
+                pool_id: env.base_pool_id,
+            })
+            .unwrap();
+
+        let liquidity_to_sell = Uint128::from_str(
+            res.liquidity
+                .iter()
+                .find(|l| l.denom == env.denoms["quote"])
+                .unwrap()
+                .amount
+                .as_str(),
+        )
+        .unwrap()
+        .checked_div(24u128.into())
+        .unwrap()
+        .checked_mul(10u128.into())
+        .unwrap();
+
+        pool_manager
+            .swap_exact_amount_in(
+                MsgSwapExactAmountIn {
+                    sender: env.signer.address(),
+                    routes: vec![SwapAmountInRoute {
+                        pool_id: env.base_pool_id,
+                        token_out_denom: env.denoms["base"].clone(),
+                    }],
+                    token_in: Some(Coin {
+                        amount: liquidity_to_sell.to_string(),
+                        denom: env.denoms["quote"].clone(),
+                    }),
+                    token_out_min_amount: "1".to_string(),
+                },
+                &env.signer,
+            )
+            .unwrap();
+
+        let res = pool_manager
+            .query_spot_price(&SpotPriceRequest {
+                pool_id: env.base_pool_id,
+                base_asset_denom: env.denoms["base"].clone(),
+                quote_asset_denom: env.denoms["quote"].clone(),
+            })
+            .unwrap();
+        println!("res base: {:#?}", res);
+
+        // increase time to affect the TWAP
+        env.app.increase_time(3600u64);
+
+        let vault_is_safe: bool = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::CheckVault {
+                    vault_id: vault_id_short,
+                },
+            )
+            .unwrap();
+        assert!(!vault_is_safe);
+    }
+
+    // liquidate the short vault
+    {
+        let vault_before: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_short,
+                },
+            )
+            .unwrap();
+
+        let amount_to_send = vault_before.short_amount.checked_div(2u128.into()).unwrap();
+        bank.send(
+            MsgSend {
+                from_address: env.owner.address(),
+                to_address: env.traders[2].address(),
+                amount: vec![Coin {
+                    denom: env.denoms["power"].clone(),
+                    amount: amount_to_send.to_string(),
+                }],
+            },
+            &env.owner,
+        )
+        .unwrap();
+
+        let balance = env.get_balance(env.traders[2].address(), env.denoms["power"].clone());
+        println!("balance: {:#?}", balance);
+        assert_eq!(balance, amount_to_send);
+
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::Liquidate {
+                vault_id: vault_id_short,
+                max_debt_amount: vault_before.short_amount,
+            },
+            &[],
+            &env.traders[2],
+        )
+        .unwrap();
+
+        let balance = env.get_balance(env.traders[2].address(), env.denoms["power"].clone());
+        assert!(balance.is_zero());
+    }
+
+    // short trader closes vault
+    {
+        let vault: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_short,
+                },
+            )
+            .unwrap();
+
+        pool_manager
+            .swap_exact_amount_out(
+                MsgSwapExactAmountOut {
+                    sender: env.traders[0].address(),
+                    routes: vec![SwapAmountOutRoute {
+                        pool_id: env.power_pool_id,
+                        token_in_denom: env.denoms["base"].clone(),
+                    }],
+                    token_out: Some(Coin {
+                        amount: vault.short_amount.to_string(),
+                        denom: env.denoms["power"].clone(),
+                    }),
+                    token_in_max_amount: "10000000000".to_string(),
+                },
+                &env.traders[0],
+            )
+            .unwrap();
+
+        let balance = env.get_balance(env.traders[0].address(), env.denoms["power"].clone());
+        assert_eq!(balance, vault.short_amount);
+
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::BurnPowerPerp {
+                vault_id: vault_id_short,
+                amount_to_withdraw: None,
+            },
+            &[coin(vault.short_amount.u128(), env.denoms["power"].clone())],
+            &env.traders[0],
+        )
+        .unwrap();
+
+        let balance = env.get_balance(env.traders[0].address(), env.denoms["power"].clone());
+        assert!(balance.is_zero());
+    }
+
+    // long trader sells all remaining power tokens
+    {
+        let balance = env.get_balance(env.traders[1].address(), env.denoms["power"].clone());
+
+        pool_manager
+            .swap_exact_amount_in(
+                MsgSwapExactAmountIn {
+                    sender: env.traders[1].address(),
+                    routes: vec![SwapAmountInRoute {
+                        pool_id: env.power_pool_id,
+                        token_out_denom: env.denoms["base"].clone(),
+                    }],
+                    token_in: Some(Coin {
+                        amount: balance.to_string(),
+                        denom: env.denoms["power"].clone(),
+                    }),
+                    token_out_min_amount: "1".to_string(),
+                },
+                &env.traders[1],
+            )
+            .unwrap();
+    }
+
+    // check final balances
+    {
+        let trader_long_base_balance_end: Uint128 =
+            env.get_balance(env.traders[1].address(), env.denoms["base"].clone());
+        let trader_long_power_balance_end: Uint128 =
+            env.get_balance(env.traders[1].address(), env.denoms["power"].clone());
+
+        let trader_short_base_balance_end: Uint128 =
+            env.get_balance(env.traders[0].address(), env.denoms["base"].clone());
+        let trader_short_power_balance_end: Uint128 =
+            env.get_balance(env.traders[0].address(), env.denoms["power"].clone());
+
+        // trader who went long should have gained funds
+        assert!(trader_long_base_balance_start < trader_long_base_balance_end);
+        assert!(trader_long_power_balance_start.is_zero());
+        assert!(trader_long_power_balance_end.is_zero());
+
+        // trader who went short should have lost funds
+        assert!(trader_short_base_balance_end < trader_short_base_balance_start);
+        assert!(trader_short_power_balance_start.is_zero());
+        assert!(trader_short_power_balance_end.is_zero());
+    }
+
+    // Validate all queries work as anticipated
+    {
+        let config: ConfigResponse = wasm.query(&perp_address, &QueryMsg::Config {}).unwrap();
+        assert_eq!(
+            config,
+            ConfigResponse {
+                fee_rate: Decimal::percent(1u64),
+                fee_pool_contract: Addr::unchecked(env.fee_pool.address()),
+                query_contract: Addr::unchecked(query_address),
+                power_denom: env.denoms["power"].clone(),
+                base_denom: env.denoms["base"].clone(),
+                base_pool: Pool {
+                    id: env.base_pool_id,
+                    quote_denom: env.denoms["quote"].clone()
+                },
+                power_pool: Pool {
+                    id: env.power_pool_id,
+                    quote_denom: env.denoms["power"].clone()
+                },
+                funding_period: 1512000u64,
+                base_decimals: 6u32,
+                power_decimals: 6u32,
+            }
+        );
+    }
+}
diff --git a/contracts/margined-power/src/testing/integration_tests/liquidation_test.rs b/contracts/margined-power/src/testing/integration_tests/liquidation_test.rs
new file mode 100644
index 0000000..c79c7aa
--- /dev/null
+++ b/contracts/margined-power/src/testing/integration_tests/liquidation_test.rs
@@ -0,0 +1,607 @@
+use crate::{contract::CONTRACT_NAME, vault::Vault};
+
+use cosmwasm_std::{coin, Uint128};
+use margined_protocol::power::{ExecuteMsg, QueryMsg};
+use margined_testing::{
+    helpers::{is_similar, parse_event_attribute},
+    power_env::PowerEnv,
+};
+use osmosis_test_tube::{
+    osmosis_std::{
+        shim::Timestamp,
+        types::{
+            cosmos::base::v1beta1::Coin,
+            osmosis::poolmanager::v1beta1::{
+                MsgSwapExactAmountIn, MsgSwapExactAmountOut, SpotPriceRequest, SwapAmountInRoute,
+                SwapAmountOutRoute, TotalPoolLiquidityRequest,
+            },
+            osmosis::twap::v1beta1 as TwapTypes,
+        },
+    },
+    Account, Module, PoolManager, Twap, Wasm,
+};
+use std::str::FromStr;
+
+const VAULT_0_COLLATERAL: u128 = 45_100_000u128;
+const VAULT_0_MINT_AMOUNT: u128 = 100_000_000u128;
+
+const VAULT_1_COLLATERAL: u128 = 910_000u128;
+const VAULT_1_MINT_AMOUNT: u128 = 2_000_000u128;
+
+const VAULT_2_COLLATERAL: u128 = 700_000u128;
+const VAULT_2_MINT_AMOUNT: u128 = 1_000_000u128;
+
+#[test]
+fn test_liquidate_normal_vault_when_price_is_2x() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let twap = Twap::new(&env.app);
+    let pool_manager = PoolManager::new(&env.app);
+
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), false);
+
+    let vault_id_0: u64;
+    let vault_id_1: u64;
+    let vault_id_2: u64;
+
+    // open vault id 0
+    {
+        let mint_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(VAULT_0_MINT_AMOUNT),
+                    vault_id: None,
+                    rebase: false,
+                },
+                &[coin(VAULT_0_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[0],
+            )
+            .unwrap();
+
+        vault_id_0 = u64::from_str(&parse_event_attribute(
+            mint_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+    }
+
+    // open vault id 1
+    {
+        env.app.increase_time(1u64);
+
+        let mint_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(VAULT_1_MINT_AMOUNT),
+                    vault_id: None,
+                    rebase: false,
+                },
+                &[coin(VAULT_1_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap();
+
+        vault_id_1 = u64::from_str(&parse_event_attribute(
+            mint_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+    }
+
+    // open vault id 2
+    {
+        env.app.increase_time(1u64);
+
+        let mint_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(VAULT_2_MINT_AMOUNT),
+                    vault_id: None,
+                    rebase: true,
+                },
+                &[coin(VAULT_2_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap();
+
+        vault_id_2 = u64::from_str(&parse_event_attribute(
+            mint_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+    }
+
+    // validate spot prices
+    {
+        let timestamp =
+            cosmwasm_std::Timestamp::from_nanos((env.app.get_block_time_nanos()) as u64);
+        let start_time = Timestamp {
+            seconds: timestamp.seconds() as i64 - 5i64,
+            nanos: timestamp.subsec_nanos() as i32,
+        };
+
+        let new_base_price = twap
+            .query_arithmetic_twap_to_now(&TwapTypes::ArithmeticTwapToNowRequest {
+                pool_id: env.base_pool_id,
+                base_asset: env.denoms["base"].clone(),
+                quote_asset: env.denoms["quote"].clone(),
+                start_time: Some(start_time.clone()),
+            })
+            .unwrap();
+
+        let new_power_price = twap
+            .query_arithmetic_twap_to_now(&TwapTypes::ArithmeticTwapToNowRequest {
+                pool_id: env.power_pool_id,
+                base_asset: env.denoms["power"].clone(),
+                quote_asset: env.denoms["base"].clone(),
+                start_time: Some(start_time),
+            })
+            .unwrap();
+
+        assert_eq!(new_base_price.arithmetic_twap, "3000000000000000000000");
+        assert_eq!(new_power_price.arithmetic_twap, "300000000000000000");
+    }
+
+    // push power price higher 2x
+    {
+        pool_manager
+            .query_spot_price(&SpotPriceRequest {
+                pool_id: env.power_pool_id,
+                base_asset_denom: env.denoms["base"].clone(),
+                quote_asset_denom: env.denoms["power"].clone(),
+            })
+            .unwrap();
+
+        let res = pool_manager
+            .query_total_liquidity(&TotalPoolLiquidityRequest {
+                pool_id: env.power_pool_id,
+            })
+            .unwrap();
+
+        let liquidity_to_buy = Uint128::from_str(
+            res.liquidity
+                .iter()
+                .find(|l| l.denom == env.denoms["power"])
+                .unwrap()
+                .amount
+                .as_str(),
+        )
+        .unwrap()
+        .checked_div(2u128.into())
+        .unwrap();
+
+        pool_manager
+            .swap_exact_amount_out(
+                MsgSwapExactAmountOut {
+                    sender: env.signer.address(),
+                    routes: vec![SwapAmountOutRoute {
+                        pool_id: env.power_pool_id,
+                        token_in_denom: env.denoms["base"].clone(),
+                    }],
+                    token_out: Some(Coin {
+                        amount: liquidity_to_buy.to_string(),
+                        denom: env.denoms["power"].clone(),
+                    }),
+                    token_in_max_amount: "10000000000".to_string(),
+                },
+                &env.signer,
+            )
+            .unwrap();
+    }
+
+    // push base price higher 2x
+    {
+        let res = pool_manager
+            .query_total_liquidity(&TotalPoolLiquidityRequest {
+                pool_id: env.base_pool_id,
+            })
+            .unwrap();
+
+        let liquidity_to_sell = Uint128::from_str(
+            res.liquidity
+                .iter()
+                .find(|l| l.denom == env.denoms["quote"])
+                .unwrap()
+                .amount
+                .as_str(),
+        )
+        .unwrap()
+        .checked_div(24u128.into())
+        .unwrap()
+        .checked_mul(10u128.into())
+        .unwrap();
+
+        pool_manager
+            .swap_exact_amount_in(
+                MsgSwapExactAmountIn {
+                    sender: env.signer.address(),
+                    routes: vec![SwapAmountInRoute {
+                        pool_id: env.base_pool_id,
+                        token_out_denom: env.denoms["base"].clone(),
+                    }],
+                    token_in: Some(Coin {
+                        amount: liquidity_to_sell.to_string(),
+                        denom: env.denoms["quote"].clone(),
+                    }),
+                    token_out_min_amount: "1".to_string(),
+                },
+                &env.signer,
+            )
+            .unwrap();
+    }
+
+    // increase block time to ensure TWAP is updated
+    {
+        env.app.increase_time(3600u64);
+
+        let now = cosmwasm_std::Timestamp::from_nanos((env.app.get_block_time_nanos()) as u64);
+        let now = Timestamp {
+            seconds: now.seconds() as i64 - 3_600i64,
+            nanos: now.subsec_nanos() as i32,
+        };
+
+        let new_base_price = twap
+            .query_arithmetic_twap_to_now(&TwapTypes::ArithmeticTwapToNowRequest {
+                pool_id: env.base_pool_id,
+                base_asset: env.denoms["base"].clone(),
+                quote_asset: env.denoms["quote"].clone(),
+                start_time: Some(now.clone()),
+            })
+            .unwrap();
+
+        let new_power_price = twap
+            .query_arithmetic_twap_to_now(&TwapTypes::ArithmeticTwapToNowRequest {
+                pool_id: env.power_pool_id,
+                base_asset: env.denoms["power"].clone(),
+                quote_asset: env.denoms["base"].clone(),
+                start_time: Some(now),
+            })
+            .unwrap();
+
+        assert_eq!(new_base_price.arithmetic_twap, "6003124998050000000000");
+        assert_eq!(new_power_price.arithmetic_twap, "600147863638629204");
+    }
+
+    // prepare liqudiator to liquidate vault 0 and vault 1
+    {
+        let timestamp =
+            cosmwasm_std::Timestamp::from_nanos((env.app.get_block_time_nanos()) as u64);
+        let start_time = Timestamp {
+            seconds: timestamp.seconds() as i64 - 600i64,
+            nanos: timestamp.subsec_nanos() as i32,
+        };
+
+        let new_base_price = twap
+            .query_arithmetic_twap_to_now(&TwapTypes::ArithmeticTwapToNowRequest {
+                pool_id: env.base_pool_id,
+                base_asset: env.denoms["base"].clone(),
+                quote_asset: env.denoms["quote"].clone(),
+                start_time: Some(start_time),
+            })
+            .unwrap();
+
+        let vault_before: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_0,
+                },
+            )
+            .unwrap();
+
+        let mint_amount = vault_before.short_amount.checked_mul(2u128.into()).unwrap();
+        let collateral_required = mint_amount
+            .checked_mul(new_base_price.arithmetic_twap.parse::<Uint128>().unwrap())
+            .unwrap()
+            .checked_div(1_000_000_000_000_000_000u128.into())
+            .unwrap()
+            .checked_mul(2u128.into())
+            .unwrap();
+
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::MintPowerPerp {
+                amount: mint_amount,
+                vault_id: None,
+                rebase: false,
+            },
+            &[coin(collateral_required.into(), env.denoms["base"].clone())],
+            &env.liquidator,
+        )
+        .unwrap();
+    }
+
+    // liquidate vault 0
+    {
+        let timestamp =
+            cosmwasm_std::Timestamp::from_nanos((env.app.get_block_time_nanos()) as u64);
+        let start_time = Timestamp {
+            seconds: timestamp.seconds() as i64 - 600i64,
+            nanos: timestamp.subsec_nanos() as i32,
+        };
+
+        let twap_response = twap
+            .query_arithmetic_twap_to_now(&TwapTypes::ArithmeticTwapToNowRequest {
+                pool_id: env.power_pool_id,
+                base_asset: env.denoms["power"].clone(),
+                quote_asset: env.denoms["base"].clone(),
+                start_time: Some(start_time),
+            })
+            .unwrap();
+        let new_power_price = Uint128::from_str(twap_response.arithmetic_twap.as_str())
+            .unwrap()
+            .checked_div(1_000_000_000_000u128.into())
+            .unwrap();
+
+        println!("new_power_price: {}", new_power_price);
+
+        let vault_before: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_0,
+                },
+            )
+            .unwrap();
+
+        // state before liquidation
+        let liquidator_power_before =
+            env.get_balance(env.liquidator.address(), env.denoms["power"].clone());
+        let liquidator_base_before =
+            env.get_balance(env.liquidator.address(), env.denoms["base"].clone());
+
+        // check vault is unsafe
+        let is_safe: bool = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::CheckVault {
+                    vault_id: vault_id_0,
+                },
+            )
+            .unwrap();
+        assert!(!is_safe);
+
+        let power_to_liquidate = vault_before.short_amount.checked_div(2u128.into()).unwrap();
+
+        env.app.increase_time(5u64);
+
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::Liquidate {
+                vault_id: vault_id_0,
+                max_debt_amount: power_to_liquidate,
+            },
+            &[],
+            &env.liquidator,
+        )
+        .unwrap();
+
+        let collateral_to_receive = new_power_price
+            .checked_mul(power_to_liquidate)
+            .unwrap()
+            .checked_div(1_000_000u128.into())
+            .unwrap()
+            .checked_mul(11u128.into())
+            .unwrap()
+            .checked_div(10u128.into())
+            .unwrap();
+
+        let vault_after: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_0,
+                },
+            )
+            .unwrap();
+
+        // state after liquidation
+        let liquidator_power_after =
+            env.get_balance(env.liquidator.address(), env.denoms["power"].clone());
+        let liquidator_base_after =
+            env.get_balance(env.liquidator.address(), env.denoms["base"].clone());
+
+        assert!(is_similar(
+            collateral_to_receive,
+            liquidator_base_after
+                .checked_sub(liquidator_base_before)
+                .unwrap(),
+            100u128.into()
+        ));
+        assert_eq!(
+            vault_before
+                .short_amount
+                .checked_sub(vault_after.short_amount)
+                .unwrap(),
+            liquidator_power_before
+                .checked_sub(liquidator_power_after)
+                .unwrap()
+        );
+    }
+
+    // liquidate vault 1, get full collateral amount from the vault
+    {
+        let vault_before: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_1,
+                },
+            )
+            .unwrap();
+
+        // state before liquidation
+        let liquidator_power_before =
+            env.get_balance(env.liquidator.address(), env.denoms["power"].clone());
+        let liquidator_base_before =
+            env.get_balance(env.liquidator.address(), env.denoms["base"].clone());
+
+        // check vault is unsafe
+        let is_safe: bool = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::CheckVault {
+                    vault_id: vault_id_1,
+                },
+            )
+            .unwrap();
+        assert!(!is_safe);
+
+        env.app.increase_time(5u64);
+
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::Liquidate {
+                vault_id: vault_id_1,
+                max_debt_amount: vault_before.short_amount,
+            },
+            &[],
+            &env.liquidator,
+        )
+        .unwrap();
+
+        let vault_after: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_1,
+                },
+            )
+            .unwrap();
+
+        // state after liquidation
+        let liquidator_power_after =
+            env.get_balance(env.liquidator.address(), env.denoms["power"].clone());
+        let liquidator_base_after =
+            env.get_balance(env.liquidator.address(), env.denoms["base"].clone());
+
+        assert_eq!(
+            vault_before.collateral,
+            liquidator_base_after
+                .checked_sub(liquidator_base_before)
+                .unwrap(),
+        );
+        assert_eq!(
+            vault_before
+                .short_amount
+                .checked_sub(vault_after.short_amount)
+                .unwrap(),
+            liquidator_power_before
+                .checked_sub(liquidator_power_after)
+                .unwrap()
+        );
+    }
+
+    // liquidate vault 2, get expected payout
+    {
+        let vault_before: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_2,
+                },
+            )
+            .unwrap();
+
+        // state before liquidation
+        let liquidator_power_before =
+            env.get_balance(env.liquidator.address(), env.denoms["power"].clone());
+        let liquidator_base_before =
+            env.get_balance(env.liquidator.address(), env.denoms["base"].clone());
+
+        // check vault is unsafe
+        let is_safe: bool = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::CheckVault {
+                    vault_id: vault_id_2,
+                },
+            )
+            .unwrap();
+        assert!(!is_safe);
+
+        env.app.increase_time(5u64);
+
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::Liquidate {
+                vault_id: vault_id_2,
+                max_debt_amount: vault_before.short_amount,
+            },
+            &[],
+            &env.liquidator,
+        )
+        .unwrap();
+
+        let vault_after: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_2,
+                },
+            )
+            .unwrap();
+
+        // state after liquidation
+        let liquidator_power_after =
+            env.get_balance(env.liquidator.address(), env.denoms["power"].clone());
+        let liquidator_base_after =
+            env.get_balance(env.liquidator.address(), env.denoms["base"].clone());
+
+        let timestamp =
+            cosmwasm_std::Timestamp::from_nanos((env.app.get_block_time_nanos()) as u64);
+        let start_time = Timestamp {
+            seconds: timestamp.seconds() as i64 - 600i64,
+            nanos: timestamp.subsec_nanos() as i32,
+        };
+
+        let twap_response = twap
+            .query_arithmetic_twap_to_now(&TwapTypes::ArithmeticTwapToNowRequest {
+                pool_id: env.power_pool_id,
+                base_asset: env.denoms["power"].clone(),
+                quote_asset: env.denoms["base"].clone(),
+                start_time: Some(start_time),
+            })
+            .unwrap();
+        let new_power_price = Uint128::from_str(twap_response.arithmetic_twap.as_str())
+            .unwrap()
+            .checked_div(1_000_000_000_000u128.into())
+            .unwrap();
+
+        let collateral_to_receive = new_power_price
+            .checked_mul(vault_before.short_amount)
+            .unwrap()
+            .checked_div(1_000_000u128.into())
+            .unwrap()
+            .checked_mul(11u128.into())
+            .unwrap()
+            .checked_div(10u128.into())
+            .unwrap();
+
+        assert!(is_similar(
+            collateral_to_receive,
+            liquidator_base_after
+                .checked_sub(liquidator_base_before)
+                .unwrap(),
+            10u128.into()
+        ));
+        assert_eq!(vault_after.short_amount, Uint128::zero());
+        assert_eq!(
+            vault_before
+                .short_amount
+                .checked_sub(vault_after.short_amount)
+                .unwrap(),
+            liquidator_power_before
+                .checked_sub(liquidator_power_after)
+                .unwrap()
+        );
+        assert_eq!(vault_after.collateral, Uint128::from(39_838u128));
+    }
+}
diff --git a/contracts/margined-power/src/testing/integration_tests/mod.rs b/contracts/margined-power/src/testing/integration_tests/mod.rs
new file mode 100644
index 0000000..4952373
--- /dev/null
+++ b/contracts/margined-power/src/testing/integration_tests/mod.rs
@@ -0,0 +1,5 @@
+mod close_short_test;
+mod end_to_end_test;
+mod liquidation_test;
+mod open_short_test;
+mod oracle_attack_test;
diff --git a/contracts/margined-power/src/testing/integration_tests/open_short_test.rs b/contracts/margined-power/src/testing/integration_tests/open_short_test.rs
new file mode 100644
index 0000000..066ca6b
--- /dev/null
+++ b/contracts/margined-power/src/testing/integration_tests/open_short_test.rs
@@ -0,0 +1,658 @@
+use crate::contract::CONTRACT_NAME;
+
+use cosmwasm_std::{coin, Addr, Decimal, Uint128};
+use margined_protocol::power::{ExecuteMsg, QueryMsg, StateResponse, VaultResponse};
+use margined_testing::{helpers::parse_event_attribute, power_env::PowerEnv};
+use osmosis_test_tube::{
+    osmosis_std::types::{
+        cosmos::bank::v1beta1::MsgSend, cosmos::base::v1beta1::Coin,
+        osmosis::concentratedliquidity::v1beta1 as CLTypes,
+    },
+    Account, Bank, ConcentratedLiquidity, Module, RunnerError, Wasm,
+};
+use std::str::FromStr;
+
+const VAULT_COLLATERAL: u128 = 910_000u128;
+const VAULT_MINT_AMOUNT: u128 = 2_000_000u128;
+
+#[test]
+fn test_open_short() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let concentrated_liquidity = ConcentratedLiquidity::new(&env.app);
+
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), false);
+
+    // get traders initial balances
+    let trader_base_balance_start: Uint128 =
+        env.get_balance(env.traders[1].address(), env.denoms["base"].clone());
+    let trader_power_balance_start: Uint128 =
+        env.get_balance(env.traders[1].address(), env.denoms["power"].clone());
+
+    // apply funding
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::ApplyFunding {},
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // owner closes position and makes a much liquid one
+    {
+        let res = concentrated_liquidity
+            .query_user_positions(&CLTypes::UserPositionsRequest {
+                pool_id: env.power_pool_id,
+                address: env.owner.address(),
+                pagination: None,
+            })
+            .unwrap();
+
+        let position = res.positions[0].clone().position.unwrap();
+
+        concentrated_liquidity
+            .withdraw_position(
+                CLTypes::MsgWithdrawPosition {
+                    position_id: position.position_id,
+                    sender: env.owner.address(),
+                    liquidity_amount: position.liquidity,
+                },
+                &env.owner,
+            )
+            .unwrap();
+
+        env.app.increase_time(10u64);
+
+        let state: StateResponse = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+        let target_price_power = env.calculate_target_power_price(state.normalisation_factor);
+
+        let target_price = Decimal::one().checked_div(target_price_power).unwrap();
+
+        let lower_tick = env.price_to_tick(target_price * Decimal::percent(90), 100u128.into());
+        let upper_tick = env.price_to_tick(target_price * Decimal::percent(110), 100u128.into());
+
+        // lower tick: 3.1 = 1/3.1 = 0.32258
+        // lower tick: 3.4 = 1/3.4 = 0.29412 =
+        env.create_position(
+            lower_tick,
+            upper_tick,
+            "3_000_000_000".to_string(),
+            "1_000_000_000".to_string(),
+        );
+    }
+
+    // we increase time else the functions get unhappy
+    env.app.increase_time(200000u64);
+
+    // open vault id 1
+    {
+        let open_short_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::OpenShort {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap();
+
+        let power_exposure = Uint128::from_str(
+            &parse_event_attribute(
+                open_short_response.events.clone(),
+                "token_swapped",
+                "tokens_out",
+            )
+            .replace(&env.denoms["base"], ""),
+        )
+        .unwrap();
+
+        let vault_id = u64::from_str(&parse_event_attribute(
+            open_short_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+
+        let vault: VaultResponse = wasm
+            .query(&perp_address, &QueryMsg::GetVault { vault_id })
+            .unwrap();
+
+        assert_eq!(
+            vault,
+            VaultResponse {
+                operator: Addr::unchecked(env.traders[1].address()),
+                collateral: Uint128::from(VAULT_COLLATERAL),
+                short_amount: Uint128::from(VAULT_MINT_AMOUNT),
+            }
+        );
+
+        let trader_base_balance_end: Uint128 =
+            env.get_balance(env.traders[1].address(), env.denoms["base"].clone());
+        let trader_power_balance_end: Uint128 =
+            env.get_balance(env.traders[1].address(), env.denoms["power"].clone());
+
+        assert_eq!(
+            trader_base_balance_end,
+            trader_base_balance_start - Uint128::from(VAULT_COLLATERAL) + power_exposure
+        );
+        assert!(trader_power_balance_end.is_zero());
+        assert!(trader_power_balance_start.is_zero());
+    }
+}
+
+#[test]
+fn test_open_short_existing_vault() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let concentrated_liquidity = ConcentratedLiquidity::new(&env.app);
+
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), false);
+
+    // get traders initial balances
+    let trader_base_balance_start: Uint128 =
+        env.get_balance(env.traders[1].address(), env.denoms["base"].clone());
+    let trader_power_balance_start: Uint128 =
+        env.get_balance(env.traders[1].address(), env.denoms["power"].clone());
+
+    // apply funding
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::ApplyFunding {},
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // owner closes position and makes a much liquid one
+    {
+        let res = concentrated_liquidity
+            .query_user_positions(&CLTypes::UserPositionsRequest {
+                pool_id: env.power_pool_id,
+                address: env.owner.address(),
+                pagination: None,
+            })
+            .unwrap();
+
+        let position = res.positions[0].clone().position.unwrap();
+
+        concentrated_liquidity
+            .withdraw_position(
+                CLTypes::MsgWithdrawPosition {
+                    position_id: position.position_id,
+                    sender: env.owner.address(),
+                    liquidity_amount: position.liquidity,
+                },
+                &env.owner,
+            )
+            .unwrap();
+
+        env.app.increase_time(10u64);
+
+        let state: StateResponse = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+        let target_price_power = env.calculate_target_power_price(state.normalisation_factor);
+
+        let target_price = Decimal::one().checked_div(target_price_power).unwrap();
+
+        let lower_tick = env.price_to_tick(target_price * Decimal::percent(90), 100u128.into());
+        let upper_tick = env.price_to_tick(target_price * Decimal::percent(110), 100u128.into());
+
+        // lower tick: 3.1 = 1/3.1 = 0.32258
+        // lower tick: 3.4 = 1/3.4 = 0.29412 =
+        env.create_position(
+            lower_tick,
+            upper_tick,
+            "3_000_000_000".to_string(),
+            "1_000_000_000".to_string(),
+        )
+    }
+
+    // we increase time else the functions get unhappy
+    env.app.increase_time(200000u64);
+
+    let vault_id: u64;
+    // open vault id 1
+    {
+        let mint_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                    rebase: false,
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap();
+
+        vault_id = u64::from_str(&parse_event_attribute(
+            mint_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+    }
+
+    // perform open short to the original vault
+    {
+        env.app.increase_time(1u64);
+
+        let open_short_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::OpenShort {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: Some(vault_id),
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap();
+
+        let power_exposure = Uint128::from_str(
+            &parse_event_attribute(open_short_response.events, "token_swapped", "tokens_out")
+                .replace(&env.denoms["base"], ""),
+        )
+        .unwrap();
+
+        let vault: VaultResponse = wasm
+            .query(&perp_address, &QueryMsg::GetVault { vault_id })
+            .unwrap();
+
+        assert_eq!(
+            vault,
+            VaultResponse {
+                operator: Addr::unchecked(env.traders[1].address()),
+                collateral: Uint128::from(VAULT_COLLATERAL * 2),
+                short_amount: Uint128::from(VAULT_MINT_AMOUNT * 2),
+            }
+        );
+
+        let trader_base_balance_end: Uint128 =
+            env.get_balance(env.traders[1].address(), env.denoms["base"].clone());
+        let trader_power_balance_end: Uint128 =
+            env.get_balance(env.traders[1].address(), env.denoms["power"].clone());
+
+        assert_eq!(
+            trader_base_balance_end,
+            trader_base_balance_start - Uint128::from(VAULT_COLLATERAL * 2) + power_exposure
+        );
+        assert_eq!(trader_power_balance_end, Uint128::from(VAULT_MINT_AMOUNT));
+        assert!(trader_power_balance_start.is_zero());
+    }
+}
+
+#[test]
+fn test_fail_open_short_existing_vault_incorrect_user() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let concentrated_liquidity = ConcentratedLiquidity::new(&env.app);
+
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), false);
+
+    // apply funding
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::ApplyFunding {},
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // owner closes position and makes a much liquid one
+    {
+        let res = concentrated_liquidity
+            .query_user_positions(&CLTypes::UserPositionsRequest {
+                pool_id: env.power_pool_id,
+                address: env.owner.address(),
+                pagination: None,
+            })
+            .unwrap();
+
+        let position = res.positions[0].clone().position.unwrap();
+
+        concentrated_liquidity
+            .withdraw_position(
+                CLTypes::MsgWithdrawPosition {
+                    position_id: position.position_id,
+                    sender: env.owner.address(),
+                    liquidity_amount: position.liquidity,
+                },
+                &env.owner,
+            )
+            .unwrap();
+
+        env.app.increase_time(10u64);
+
+        let state: StateResponse = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+        let target_price_power = env.calculate_target_power_price(state.normalisation_factor);
+
+        let target_price = Decimal::one().checked_div(target_price_power).unwrap();
+
+        let lower_tick = env.price_to_tick(target_price * Decimal::percent(90), 100u128.into());
+        let upper_tick = env.price_to_tick(target_price * Decimal::percent(110), 100u128.into());
+
+        // lower tick: 3.1 = 1/3.1 = 0.32258
+        // lower tick: 3.4 = 1/3.4 = 0.29412 =
+        env.create_position(
+            lower_tick,
+            upper_tick,
+            "3_000_000_000".to_string(),
+            "1_000_000_000".to_string(),
+        )
+    }
+
+    // we increase time else the functions get unhappy
+    env.app.increase_time(200000u64);
+
+    let vault_id: u64;
+    // open vault id 1
+    {
+        let mint_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                    rebase: false,
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap();
+
+        vault_id = u64::from_str(&parse_event_attribute(
+            mint_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+    }
+
+    // perform open short to the original vault
+    {
+        env.app.increase_time(1u64);
+
+        let err = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::OpenShort {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: Some(vault_id),
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[0],
+            )
+            .unwrap_err();
+
+        assert_eq!(err,
+            RunnerError::ExecuteError {
+            msg: "failed to execute message; message index: 0: Generic error: operator does not match: execute wasm contract failed".to_string()
+        });
+    }
+}
+
+#[test]
+fn test_fail_open_short_insufficient_funds() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let bank = Bank::new(&env.app);
+    let concentrated_liquidity = ConcentratedLiquidity::new(&env.app);
+
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), false);
+
+    let trader = env
+        .app
+        .init_account(&[coin(1_000_000_000_000_000_000, "uosmo")])
+        .unwrap();
+
+    bank.send(
+        MsgSend {
+            from_address: env.signer.address(),
+            to_address: trader.address(),
+            amount: vec![Coin {
+                denom: env.denoms["base"].to_string(),
+                amount: VAULT_COLLATERAL.to_string(),
+            }],
+        },
+        &env.signer,
+    )
+    .unwrap();
+
+    // apply funding
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::ApplyFunding {},
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // owner closes position and makes a much liquid one
+    {
+        let res = concentrated_liquidity
+            .query_user_positions(&CLTypes::UserPositionsRequest {
+                pool_id: env.power_pool_id,
+                address: env.owner.address(),
+                pagination: None,
+            })
+            .unwrap();
+
+        let position = res.positions[0].clone().position.unwrap();
+
+        concentrated_liquidity
+            .withdraw_position(
+                CLTypes::MsgWithdrawPosition {
+                    position_id: position.position_id,
+                    sender: env.owner.address(),
+                    liquidity_amount: position.liquidity,
+                },
+                &env.owner,
+            )
+            .unwrap();
+
+        env.app.increase_time(10u64);
+
+        let state: StateResponse = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+        let target_price_power = env.calculate_target_power_price(state.normalisation_factor);
+
+        let target_price = Decimal::one().checked_div(target_price_power).unwrap();
+
+        let lower_tick = env.price_to_tick(target_price * Decimal::percent(90), 100u128.into());
+        let upper_tick = env.price_to_tick(target_price * Decimal::percent(110), 100u128.into());
+
+        // lower tick: 3.1 = 1/3.1 = 0.32258
+        // lower tick: 3.4 = 1/3.4 = 0.29412 =
+        env.create_position(
+            lower_tick,
+            upper_tick,
+            "3_000_000_000".to_string(),
+            "1_000_000_000".to_string(),
+        )
+    }
+
+    // we increase time else the functions get unhappy
+    env.app.increase_time(200000u64);
+
+    // open vault id 1
+    {
+        let err = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::OpenShort {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                },
+                &[coin(VAULT_COLLATERAL + 1u128, env.denoms["base"].clone())],
+                &trader,
+            )
+            .unwrap_err();
+        assert_eq!(err,
+            RunnerError::ExecuteError {
+            msg: "failed to execute message; message index: 0: 910000ubase is smaller than 910001ubase: insufficient funds".to_string()
+        });
+    }
+}
+
+#[test]
+fn test_fail_open_short_incorrect_funds() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let concentrated_liquidity = ConcentratedLiquidity::new(&env.app);
+
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), false);
+
+    // apply funding
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::ApplyFunding {},
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // owner closes position and makes a much liquid one
+    {
+        let res = concentrated_liquidity
+            .query_user_positions(&CLTypes::UserPositionsRequest {
+                pool_id: env.power_pool_id,
+                address: env.owner.address(),
+                pagination: None,
+            })
+            .unwrap();
+
+        let position = res.positions[0].clone().position.unwrap();
+
+        concentrated_liquidity
+            .withdraw_position(
+                CLTypes::MsgWithdrawPosition {
+                    position_id: position.position_id,
+                    sender: env.owner.address(),
+                    liquidity_amount: position.liquidity,
+                },
+                &env.owner,
+            )
+            .unwrap();
+
+        env.app.increase_time(10u64);
+
+        let state: StateResponse = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+        let target_price_power = env.calculate_target_power_price(state.normalisation_factor);
+
+        let target_price = Decimal::one().checked_div(target_price_power).unwrap();
+
+        let lower_tick = env.price_to_tick(target_price * Decimal::percent(90), 100u128.into());
+        let upper_tick = env.price_to_tick(target_price * Decimal::percent(110), 100u128.into());
+
+        // lower tick: 3.1 = 1/3.1 = 0.32258
+        // lower tick: 3.4 = 1/3.4 = 0.29412 =
+        env.create_position(
+            lower_tick,
+            upper_tick,
+            "3_000_000_000".to_string(),
+            "1_000_000_000".to_string(),
+        )
+    }
+
+    // we increase time else the functions get unhappy
+    env.app.increase_time(200000u64);
+
+    // open vault id 1
+    {
+        let err = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::OpenShort {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                },
+                &[coin(VAULT_COLLATERAL + 1u128, env.denoms["gas"].clone())],
+                &env.traders[0],
+            )
+            .unwrap_err();
+        assert_eq!(err,
+            RunnerError::ExecuteError {
+            msg: "failed to execute message; message index: 0: Invalid funds: execute wasm contract failed".to_string()
+        });
+    }
+}
+
+#[test]
+fn test_fail_open_short_insufficient_liquidity() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let bank = Bank::new(&env.app);
+
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), false);
+
+    let trader = env
+        .app
+        .init_account(&[coin(1_000_000_000_000_000_000, "uosmo")])
+        .unwrap();
+
+    bank.send(
+        MsgSend {
+            from_address: env.signer.address(),
+            to_address: trader.address(),
+            amount: vec![Coin {
+                denom: env.denoms["base"].to_string(),
+                amount: VAULT_COLLATERAL.to_string(),
+            }],
+        },
+        &env.signer,
+    )
+    .unwrap();
+
+    // apply funding
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::ApplyFunding {},
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // open vault id 1
+    {
+        let err = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::OpenShort {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &trader,
+            )
+            .unwrap_err();
+        assert_eq!(err,
+            RunnerError::ExecuteError {
+            msg: "failed to execute message; message index: 0: dispatch: submessages: reply: dispatch: submessages: ran out of ticks for pool (2) during swap".to_string()
+        });
+    }
+}
diff --git a/contracts/margined-power/src/testing/integration_tests/oracle_attack_test.rs b/contracts/margined-power/src/testing/integration_tests/oracle_attack_test.rs
new file mode 100644
index 0000000..1c61e85
--- /dev/null
+++ b/contracts/margined-power/src/testing/integration_tests/oracle_attack_test.rs
@@ -0,0 +1,352 @@
+use crate::contract::CONTRACT_NAME;
+
+use cosmwasm_std::{coin, Decimal, Uint128};
+use margined_protocol::power::{ExecuteMsg, QueryMsg};
+use margined_testing::{helpers::parse_event_attribute, power_env::PowerEnv};
+use osmosis_test_tube::{
+    osmosis_std::types::{
+        cosmos::base::v1beta1::Coin,
+        osmosis::poolmanager::v1beta1::{
+            MsgSwapExactAmountIn, SwapAmountInRoute, TotalPoolLiquidityRequest,
+        },
+    },
+    Account, Module, PoolManager, Wasm,
+};
+use std::str::FromStr;
+
+const MIN_COLLATERAL: u128 = 45_000_000u128;
+const VAULT_COLLATERAL: u128 = 60_000_000u128;
+const VAULT_MINT_AMOUNT: u128 = 100_000_000u128;
+
+#[test]
+fn test_scenario_base_price_spikes_100_percent() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let pool_manager = PoolManager::new(&env.app);
+
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), false);
+
+    let vault_id: u64;
+
+    // prepare the vault with collateral ratio 2x
+    {
+        let mint_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                    rebase: false,
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[0],
+            )
+            .unwrap();
+
+        vault_id = u64::from_str(&parse_event_attribute(
+            mint_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+    }
+
+    // push base price higher 2x
+    {
+        let res = pool_manager
+            .query_total_liquidity(&TotalPoolLiquidityRequest {
+                pool_id: env.base_pool_id,
+            })
+            .unwrap();
+
+        let liquidity_to_sell = Uint128::from_str(
+            res.liquidity
+                .iter()
+                .find(|l| l.denom == env.denoms["quote"])
+                .unwrap()
+                .amount
+                .as_str(),
+        )
+        .unwrap()
+        .checked_div(24u128.into())
+        .unwrap()
+        .checked_mul(10u128.into())
+        .unwrap();
+
+        pool_manager
+            .swap_exact_amount_in(
+                MsgSwapExactAmountIn {
+                    sender: env.signer.address(),
+                    routes: vec![SwapAmountInRoute {
+                        pool_id: env.base_pool_id,
+                        token_out_denom: env.denoms["base"].clone(),
+                    }],
+                    token_in: Some(Coin {
+                        amount: liquidity_to_sell.to_string(),
+                        denom: env.denoms["quote"].clone(),
+                    }),
+                    token_out_min_amount: "1".to_string(),
+                },
+                &env.signer,
+            )
+            .unwrap();
+
+        env.app.increase_time(1u64);
+    }
+
+    // 1 second post base price spike
+    {
+        // index price is updated if requesting with period 1
+        {
+            let new_index_price: Decimal = wasm
+                .query(&perp_address, &QueryMsg::GetUnscaledIndex { period: 1 })
+                .unwrap();
+
+            assert_eq!(
+                new_index_price,
+                Decimal::from_str("36037509.7422128125038025").unwrap()
+            );
+        }
+
+        // vaults remains safes because of TWAP
+        {
+            let is_safe: bool = wasm
+                .query(&perp_address, &QueryMsg::CheckVault { vault_id })
+                .unwrap();
+            assert!(is_safe);
+        }
+
+        // can still mint with the same amount of collateral (becase of TWAP)
+        {
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                    rebase: false,
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap();
+        }
+
+        // can still mint with the same amount of collateral (becase of TWAP)
+        {
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                    rebase: false,
+                },
+                &[coin(MIN_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap_err();
+        }
+    }
+
+    // 3 minutes post base price spike
+    {
+        // increase time
+        env.app.increase_time(3 * 60);
+
+        // index price is updated if requesting with period 1
+        {
+            let new_index_price: Decimal = wasm
+                .query(&perp_address, &QueryMsg::GetUnscaledIndex { period: 180 })
+                .unwrap();
+
+            assert_eq!(
+                new_index_price,
+                Decimal::from_str("36037509.7422128125038025").unwrap()
+            );
+        }
+
+        // vaults becomes unsafe
+        {
+            let is_safe: bool = wasm
+                .query(&perp_address, &QueryMsg::CheckVault { vault_id })
+                .unwrap();
+            assert!(!is_safe);
+        }
+
+        // should revert when trying to mint with same amount of collateral as before
+        {
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                    rebase: false,
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap_err();
+        }
+    }
+}
+
+#[test]
+fn test_scenario_base_price_crashes_50_percent() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let pool_manager = PoolManager::new(&env.app);
+
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), false);
+
+    let vault_id: u64;
+
+    // prepare the vault with collateral ratio 2x
+    {
+        let mint_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(VAULT_MINT_AMOUNT),
+                    vault_id: None,
+                    rebase: false,
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[0],
+            )
+            .unwrap();
+
+        vault_id = u64::from_str(&parse_event_attribute(
+            mint_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+    }
+
+    // drop base price lower 0.5x
+    {
+        let res = pool_manager
+            .query_total_liquidity(&TotalPoolLiquidityRequest {
+                pool_id: env.base_pool_id,
+            })
+            .unwrap();
+
+        let liquidity_to_buy = Uint128::from_str(
+            res.liquidity
+                .iter()
+                .find(|l| l.denom == env.denoms["base"])
+                .unwrap()
+                .amount
+                .as_str(),
+        )
+        .unwrap()
+        .checked_div(24u128.into())
+        .unwrap()
+        .checked_mul(10u128.into())
+        .unwrap();
+
+        pool_manager
+            .swap_exact_amount_in(
+                MsgSwapExactAmountIn {
+                    sender: env.signer.address(),
+                    routes: vec![SwapAmountInRoute {
+                        pool_id: env.base_pool_id,
+                        token_out_denom: env.denoms["quote"].clone(),
+                    }],
+                    token_in: Some(Coin {
+                        amount: liquidity_to_buy.to_string(),
+                        denom: env.denoms["base"].clone(),
+                    }),
+                    token_out_min_amount: "1".to_string(),
+                },
+                &env.signer,
+            )
+            .unwrap();
+
+        env.app.increase_time(1u64);
+    }
+
+    // 1 second post base price crash
+    {
+        // index price is updated if requesting with period 1
+        {
+            let new_index_price: Decimal = wasm
+                .query(&perp_address, &QueryMsg::GetUnscaledIndex { period: 1 })
+                .unwrap();
+
+            assert_eq!(
+                new_index_price,
+                Decimal::from_str("2247658.1219443176555625").unwrap()
+            );
+        }
+
+        // vaults remains safes because of TWAP
+        {
+            let is_safe: bool = wasm
+                .query(&perp_address, &QueryMsg::CheckVault { vault_id })
+                .unwrap();
+            assert!(is_safe);
+        }
+
+        // can still mint with the same amount of collateral (becase of TWAP)
+        {
+            let attack_mint_amount = Uint128::from(VAULT_MINT_AMOUNT)
+                .checked_mul(101u128.into())
+                .unwrap()
+                .checked_mul(100u128.into())
+                .unwrap();
+
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: attack_mint_amount,
+                    vault_id: None,
+                    rebase: false,
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap_err();
+        }
+    }
+
+    // 1 minute post base price crash
+    {
+        // increase time
+        env.app.increase_time(60);
+
+        // index price is updated if requesting with period 60
+        {
+            let new_index_price: Decimal = wasm
+                .query(&perp_address, &QueryMsg::GetUnscaledIndex { period: 60 })
+                .unwrap();
+
+            assert_eq!(
+                new_index_price,
+                Decimal::from_str("2247658.1219443176555625").unwrap()
+            );
+        }
+
+        // will be able to mint more power
+        {
+            let attack_super_high_mint_amount = Uint128::from(VAULT_MINT_AMOUNT)
+                .checked_mul(120u128.into())
+                .unwrap()
+                .checked_mul(100u128.into())
+                .unwrap();
+
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: attack_super_high_mint_amount,
+                    vault_id: None,
+                    rebase: false,
+                },
+                &[coin(VAULT_COLLATERAL, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap_err();
+        }
+    }
+}
diff --git a/contracts/margined-power/src/testing/mod.rs b/contracts/margined-power/src/testing/mod.rs
new file mode 100644
index 0000000..d6f5d32
--- /dev/null
+++ b/contracts/margined-power/src/testing/mod.rs
@@ -0,0 +1,8 @@
+mod execute_test;
+mod helpers_test;
+mod instantiation_test;
+mod integration_tests;
+mod ownership_test;
+mod query_test;
+mod test_utils;
+mod unit_tests;
diff --git a/contracts/margined-power/src/testing/ownership_test.rs b/contracts/margined-power/src/testing/ownership_test.rs
new file mode 100644
index 0000000..24cc56b
--- /dev/null
+++ b/contracts/margined-power/src/testing/ownership_test.rs
@@ -0,0 +1,182 @@
+use crate::{contract::CONTRACT_NAME, testing::test_utils::MOCK_FEE_POOL_ADDR};
+
+use cosmwasm_std::{coin, Addr};
+use margined_protocol::power::{ExecuteMsg, InstantiateMsg, OwnerProposalResponse, QueryMsg};
+use margined_testing::{helpers::store_code, power_env::PowerEnv};
+use osmosis_test_tube::{Account, Module, RunnerError, Wasm};
+
+const PROPOSAL_DURATION: u64 = 1000;
+
+#[test]
+fn test_update_owner() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let query_address = env.deploy_query_contracts(&wasm, false);
+
+    let code_id = store_code(&wasm, &env.signer, CONTRACT_NAME.to_string());
+    let address = wasm
+        .instantiate(
+            code_id,
+            &InstantiateMsg {
+                fee_pool: MOCK_FEE_POOL_ADDR.to_string(),
+                fee_rate: "0.1".to_string(),
+                query_contract: query_address,
+                power_denom: env.denoms["power"].clone(),
+                base_denom: env.denoms["base"].clone(),
+                base_pool_id: env.base_pool_id,
+                base_pool_quote: env.denoms["quote"].clone(),
+                power_pool_id: env.power_pool_id,
+                base_decimals: 6u32,
+                power_decimals: 6u32,
+            },
+            None,
+            Some("margined-power-contract"),
+            &[coin(10_000_000, "uosmo")],
+            &env.signer,
+        )
+        .unwrap()
+        .data
+        .address;
+
+    // claim before a proposal is made
+    {
+        let err = wasm
+            .execute(&address, &ExecuteMsg::ClaimOwnership {}, &[], &env.signer)
+            .unwrap_err();
+        assert_eq!(
+            err,
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Proposal not found: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    // propose new owner
+    wasm.execute(
+        &address,
+        &ExecuteMsg::ProposeNewOwner {
+            new_owner: env.traders[0].address(),
+            duration: PROPOSAL_DURATION,
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    let owner: Addr = wasm.query(&address, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, env.signer.address());
+
+    // reject claim by incorrect new owner
+    {
+        let err = wasm
+            .execute(&address, &ExecuteMsg::ClaimOwnership {}, &[], &env.signer)
+            .unwrap_err();
+        assert_eq!(
+            err,
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Unauthorized: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    // let proposal expire
+    env.app.increase_time(PROPOSAL_DURATION + 1);
+
+    // proposal fails due to expiry
+    {
+        let err = wasm
+            .execute(
+                &address,
+                &ExecuteMsg::ClaimOwnership {},
+                &[],
+                &env.traders[0],
+            )
+            .unwrap_err();
+        assert_eq!(
+            err,
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Expired: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    let owner: Addr = wasm.query(&address, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, env.signer.address());
+
+    // propose new owner
+    wasm.execute(
+        &address,
+        &ExecuteMsg::ProposeNewOwner {
+            new_owner: env.traders[0].address(),
+            duration: PROPOSAL_DURATION,
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    let owner: Addr = wasm.query(&address, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, env.signer.address());
+
+    // proposal fails due to expiry
+    {
+        let err = wasm
+            .execute(&address, &ExecuteMsg::RejectOwner {}, &[], &env.traders[0])
+            .unwrap_err();
+        assert_eq!(
+            err,
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Unauthorized: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    // proposal fails due to expiry
+    {
+        wasm.execute(&address, &ExecuteMsg::RejectOwner {}, &[], &env.signer)
+            .unwrap();
+    }
+
+    // propose new owner
+    wasm.execute(
+        &address,
+        &ExecuteMsg::ProposeNewOwner {
+            new_owner: env.traders[0].address(),
+            duration: PROPOSAL_DURATION,
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    let block_time = env.app.get_block_time_seconds();
+
+    let owner: Addr = wasm.query(&address, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, env.signer.address());
+
+    // query ownership proposal
+    {
+        let proposal: OwnerProposalResponse = wasm
+            .query(&address, &QueryMsg::GetOwnershipProposal {})
+            .unwrap();
+
+        assert_eq!(proposal.owner, env.traders[0].address());
+        assert_eq!(proposal.expiry, block_time as u64 + PROPOSAL_DURATION);
+    }
+
+    // claim ownership
+    {
+        wasm.execute(
+            &address,
+            &ExecuteMsg::ClaimOwnership {},
+            &[],
+            &env.traders[0],
+        )
+        .unwrap();
+    }
+
+    let owner: Addr = wasm.query(&address, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, env.traders[0].address());
+}
diff --git a/contracts/margined-power/src/testing/query_test.rs b/contracts/margined-power/src/testing/query_test.rs
new file mode 100644
index 0000000..c12913b
--- /dev/null
+++ b/contracts/margined-power/src/testing/query_test.rs
@@ -0,0 +1,201 @@
+use crate::{contract::CONTRACT_NAME, state::Config};
+
+use cosmwasm_std::{coins, Decimal, Uint128};
+use margined_protocol::power::{
+    ConfigResponse, ExecuteMsg, QueryMsg, StateResponse, UserVaultsResponse,
+};
+use margined_testing::power_env::{PowerEnv, BASE_PRICE, SCALED_POWER_PRICE};
+use mock_query::contract::ExecuteMsg as MockQueryExecuteMsg;
+use osmosis_test_tube::{Account, Module, Wasm};
+use std::str::FromStr;
+
+#[test]
+fn test_query() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), true);
+
+    let config: Config = wasm.query(&perp_address, &QueryMsg::Config {}).unwrap();
+
+    // add prices to mock pools
+    {
+        wasm.execute(
+            config.query_contract.as_ref(),
+            &MockQueryExecuteMsg::AppendPrice {
+                pool_id: env.base_pool_id,
+                price: Decimal::from_str("3000.0").unwrap(),
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+        wasm.execute(
+            config.query_contract.as_ref(),
+            &MockQueryExecuteMsg::AppendPrice {
+                pool_id: env.power_pool_id,
+                price: Decimal::from_str("3030.0").unwrap(),
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    let index: Decimal = wasm
+        .query(&perp_address, &QueryMsg::GetIndex { period: 1u64 })
+        .unwrap();
+    assert_eq!(index, Decimal::from_str("0.09").unwrap());
+
+    let unscaled_index: Decimal = wasm
+        .query(&perp_address, &QueryMsg::GetUnscaledIndex { period: 1u64 })
+        .unwrap();
+    assert_eq!(unscaled_index, Decimal::from_str("9000000").unwrap());
+
+    let denomalised_mark: Decimal = wasm
+        .query(
+            &perp_address,
+            &QueryMsg::GetDenormalisedMark { period: 1u64 },
+        )
+        .unwrap();
+    assert_eq!(
+        denomalised_mark,
+        Decimal::from_str("909.004045530105750834").unwrap()
+    );
+
+    let denomalised_mark_funding: Decimal = wasm
+        .query(
+            &perp_address,
+            &QueryMsg::GetDenormalisedMarkFunding { period: 1u64 },
+        )
+        .unwrap();
+    assert_eq!(denomalised_mark_funding, Decimal::from_str("909").unwrap());
+}
+
+#[test]
+fn test_vault_queries() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), true);
+
+    let config: ConfigResponse = wasm.query(&perp_address, &QueryMsg::Config {}).unwrap();
+    let state: StateResponse = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+    assert_eq!(Decimal::one(), state.normalisation_factor);
+
+    wasm.execute(
+        config.query_contract.as_ref(),
+        &MockQueryExecuteMsg::AppendPrice {
+            pool_id: env.base_pool_id,
+            price: Decimal::from_atomics(BASE_PRICE, 6u32).unwrap(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    wasm.execute(
+        config.query_contract.as_ref(),
+        &MockQueryExecuteMsg::AppendPrice {
+            pool_id: env.power_pool_id,
+            price: Decimal::from_atomics(SCALED_POWER_PRICE, 6u32).unwrap(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    wasm.execute(
+        &perp_address,
+        &ExecuteMsg::ApplyFunding {},
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    // check next vault id
+    {
+        let next_vault_id: u64 = wasm
+            .query(&perp_address, &QueryMsg::GetNextVaultId {})
+            .unwrap();
+        assert_eq!(next_vault_id, 1u64);
+    }
+
+    // mint 20 vaults for user
+    {
+        (0..20).for_each(|_| {
+            env.app.increase_time(5u64);
+
+            let collateral = coins(1_000_000u128, &env.denoms["base"]);
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(1_000_000u128),
+                    vault_id: None,
+                    rebase: false,
+                },
+                &collateral,
+                &env.traders[0],
+            )
+            .unwrap();
+        });
+    }
+
+    // check next vault id
+    {
+        let next_vault_id: u64 = wasm
+            .query(&perp_address, &QueryMsg::GetNextVaultId {})
+            .unwrap();
+        assert_eq!(next_vault_id, 21u64);
+    }
+
+    // get user vaults
+    {
+        let response: UserVaultsResponse = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetUserVaults {
+                    user: env.traders[0].address(),
+                    start_after: None,
+                    limit: None,
+                },
+            )
+            .unwrap();
+        let expected_result: Vec<u64> = (1..=10).collect();
+        assert_eq!(response.vaults, expected_result);
+    }
+
+    // get user vaults - start after
+    {
+        let response: UserVaultsResponse = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetUserVaults {
+                    user: env.traders[0].address(),
+                    start_after: Some(10u64),
+                    limit: None,
+                },
+            )
+            .unwrap();
+        let expected_result: Vec<u64> = (11..=20).collect();
+        assert_eq!(response.vaults, expected_result);
+    }
+
+    // get user vaults - limit
+    {
+        let response: UserVaultsResponse = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetUserVaults {
+                    user: env.traders[0].address(),
+                    start_after: Some(5u64),
+                    limit: Some(5u32),
+                },
+            )
+            .unwrap();
+        let expected_result: Vec<u64> = (6..=10).collect();
+        assert_eq!(response.vaults, expected_result);
+    }
+}
diff --git a/contracts/margined-power/src/testing/test_utils.rs b/contracts/margined-power/src/testing/test_utils.rs
new file mode 100644
index 0000000..d5442bf
--- /dev/null
+++ b/contracts/margined-power/src/testing/test_utils.rs
@@ -0,0 +1,2 @@
+pub const MOCK_FEE_POOL_ADDR: &str = "osmo10ehq249f2k77hk6wuzzhfq6jfu9zpvksl8fgad";
+pub const MOCK_QUERY_ADDR: &str = "osmo1ueghmhx6gzeky68wn8em0mz0k303e7ds35m8m5";
diff --git a/contracts/margined-power/src/testing/unit_tests/combined_test.rs b/contracts/margined-power/src/testing/unit_tests/combined_test.rs
new file mode 100644
index 0000000..17edb29
--- /dev/null
+++ b/contracts/margined-power/src/testing/unit_tests/combined_test.rs
@@ -0,0 +1,679 @@
+use crate::contract::CONTRACT_NAME;
+
+use cosmwasm_std::{coin, coins, Decimal, Uint128};
+use margined_protocol::power::{
+    ConfigResponse, ExecuteMsg, QueryMsg, StateResponse, VaultResponse,
+};
+use margined_testing::{
+    helpers::parse_event_attribute,
+    power_env::{PowerEnv, BASE_PRICE, SCALED_POWER_PRICE},
+};
+use mock_query::contract::ExecuteMsg as MockQueryExecuteMsg;
+use osmosis_test_tube::{
+    osmosis_std::types::cosmos::bank::v1beta1::QueryBalanceRequest, Account, Bank, Module,
+    RunnerError, Wasm,
+};
+use std::str::FromStr;
+
+#[test]
+fn test_combined_actions() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let bank = Bank::new(&env.app);
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), true);
+
+    let config: ConfigResponse = wasm.query(&perp_address, &QueryMsg::Config {}).unwrap();
+    let state: StateResponse = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+    assert_eq!(Decimal::one(), state.normalisation_factor);
+
+    wasm.execute(
+        config.query_contract.as_ref(),
+        &MockQueryExecuteMsg::AppendPrice {
+            pool_id: env.base_pool_id,
+            price: Decimal::from_atomics(BASE_PRICE, 6u32).unwrap(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    wasm.execute(
+        config.query_contract.as_ref(),
+        &MockQueryExecuteMsg::AppendPrice {
+            pool_id: env.power_pool_id,
+            price: Decimal::from_atomics(SCALED_POWER_PRICE, 6u32).unwrap(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    wasm.execute(
+        &perp_address,
+        &ExecuteMsg::ApplyFunding {},
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    let mut vault_id: u64;
+
+    // Open, deposit and mint
+    {
+        // should revert if the vault has too little collateral
+        {
+            let mint_amount = Uint128::from(100_000u128);
+            let collateral_amount = Uint128::from(450_000u128);
+
+            env.app.increase_time(1u64);
+
+            let funds = coins(collateral_amount.u128(), &env.denoms["base"]);
+            let err = wasm
+                .execute(
+                    &perp_address,
+                    &ExecuteMsg::MintPowerPerp {
+                        amount: mint_amount,
+                        vault_id: None,
+                        rebase: false,
+                    },
+                    &funds,
+                    &env.traders[0],
+                )
+                .unwrap_err();
+
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Vault is below minimum collateral amount (0.5 base denom): execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // should open vault, deposit and mint in the same transaction (or not for us)
+        {
+            let amount = 100_000_000u128;
+            let collateral = coins(45_000_000u128, &env.denoms["base"]);
+            let power_balance_before = bank
+                .query_balance(&QueryBalanceRequest {
+                    address: env.traders[0].address(),
+                    denom: env.denoms["power"].clone(),
+                })
+                .unwrap()
+                .balance
+                .unwrap()
+                .amount;
+
+            env.app.increase_time(5u64);
+
+            let res = wasm
+                .execute(
+                    &perp_address,
+                    &ExecuteMsg::MintPowerPerp {
+                        amount: Uint128::from(amount),
+                        vault_id: None,
+                        rebase: false,
+                    },
+                    &collateral,
+                    &env.traders[0],
+                )
+                .unwrap();
+
+            vault_id =
+                u64::from_str(&parse_event_attribute(res.events, "wasm-mint", "vault_id")).unwrap();
+
+            let power_balance_after = bank
+                .query_balance(&QueryBalanceRequest {
+                    address: env.traders[0].address(),
+                    denom: env.denoms["power"].clone(),
+                })
+                .unwrap()
+                .balance
+                .unwrap()
+                .amount;
+
+            let vault: VaultResponse = wasm
+                .query(&perp_address, &QueryMsg::GetVault { vault_id })
+                .unwrap();
+
+            assert_eq!(
+                amount + u128::from_str(&power_balance_before).unwrap(),
+                u128::from_str(&power_balance_after).unwrap()
+            );
+            assert_eq!(Uint128::from(amount), vault.short_amount);
+        }
+    }
+
+    // Deposit and mint
+    {
+        // should revert if tries to deposit collateral using mint power perp
+        {
+            env.app.increase_time(5u64);
+
+            let collateral = coins(45_000_000u128, &env.denoms["base"]);
+            let err = wasm
+                .execute(
+                    &perp_address,
+                    &ExecuteMsg::MintPowerPerp {
+                        amount: Uint128::zero(),
+                        vault_id: Some(vault_id),
+                        rebase: false,
+                    },
+                    &collateral,
+                    &env.traders[0],
+                )
+                .unwrap_err();
+
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Zero mint not supported: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // should deposit and mint in same transaction
+        {
+            env.app.increase_time(5u64);
+
+            let amount = 1_000_000u128;
+            let collateral = coins(4_500_000u128, &env.denoms["base"]);
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(amount),
+                    vault_id: Some(vault_id),
+                    rebase: false,
+                },
+                &collateral,
+                &env.traders[0],
+            )
+            .unwrap();
+
+            let vault: VaultResponse = wasm
+                .query(&perp_address, &QueryMsg::GetVault { vault_id })
+                .unwrap();
+
+            let power_balance = bank
+                .query_balance(&QueryBalanceRequest {
+                    address: env.traders[0].address(),
+                    denom: env.denoms["power"].clone(),
+                })
+                .unwrap()
+                .balance
+                .unwrap()
+                .amount;
+
+            assert_eq!(Uint128::from(101_000_000u128), vault.short_amount);
+            assert_eq!(Uint128::from(49_500_000u128), vault.collateral);
+            assert_eq!(
+                Uint128::from(101_000_000u128),
+                Uint128::from_str(&power_balance).unwrap()
+            );
+        }
+
+        // should only mint if deposit is 0
+        {
+            env.app.increase_time(5u64);
+
+            let amount = 1_000u128;
+
+            let before: VaultResponse = wasm
+                .query(&perp_address, &QueryMsg::GetVault { vault_id })
+                .unwrap();
+
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(amount),
+                    vault_id: Some(vault_id),
+                    rebase: false,
+                },
+                &[],
+                &env.traders[0],
+            )
+            .unwrap();
+
+            let after: VaultResponse = wasm
+                .query(&perp_address, &QueryMsg::GetVault { vault_id })
+                .unwrap();
+
+            assert_eq!(
+                before.short_amount + Uint128::from(amount),
+                after.short_amount
+            );
+            assert_eq!(before.collateral, after.collateral);
+        }
+
+        // should not deposit if mint is zero
+        {
+            env.app.increase_time(5u64);
+
+            let collateral = coins(100_000u128, &env.denoms["base"]);
+
+            let err = wasm
+                .execute(
+                    &perp_address,
+                    &ExecuteMsg::MintPowerPerp {
+                        amount: Uint128::zero(),
+                        vault_id: Some(vault_id),
+                        rebase: false,
+                    },
+                    &collateral,
+                    &env.traders[0],
+                )
+                .unwrap_err();
+
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Zero mint not supported: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // nothing happens if both zero
+        {
+            env.app.increase_time(5u64);
+
+            let err = wasm
+                .execute(
+                    &perp_address,
+                    &ExecuteMsg::MintPowerPerp {
+                        amount: Uint128::zero(),
+                        vault_id: Some(vault_id),
+                        rebase: false,
+                    },
+                    &[],
+                    &env.traders[0],
+                )
+                .unwrap_err();
+
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Zero mint not supported: execute wasm contract failed".to_string()
+                }
+            );
+        }
+    }
+
+    // Burn and withdraw
+    {
+        // mint power for trader 1 to withdraw
+        env.app.increase_time(5u64);
+
+        let amount = 100_000_000u128;
+        let collateral = coins(45_000_000u128, &env.denoms["base"]);
+
+        let res = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(amount),
+                    vault_id: None,
+                    rebase: false,
+                },
+                &collateral,
+                &env.traders[1],
+            )
+            .unwrap();
+        vault_id =
+            u64::from_str(&parse_event_attribute(res.events, "wasm-mint", "vault_id")).unwrap();
+
+        // should burn and withdraw
+        let before: VaultResponse = wasm
+            .query(&perp_address, &QueryMsg::GetVault { vault_id })
+            .unwrap();
+
+        let burn_amount = 50_000_000u128;
+        let withdraw_amount = 22_500_000u128;
+
+        let collateral = vec![coin(burn_amount, &env.denoms["power"])];
+
+        env.app.increase_time(5u64);
+
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::BurnPowerPerp {
+                amount_to_withdraw: Some(withdraw_amount.into()),
+                vault_id,
+            },
+            &collateral,
+            &env.traders[1],
+        )
+        .unwrap();
+
+        let after: VaultResponse = wasm
+            .query(&perp_address, &QueryMsg::GetVault { vault_id })
+            .unwrap();
+
+        assert_eq!(
+            before.short_amount - Uint128::from(burn_amount),
+            after.short_amount
+        );
+        assert_eq!(
+            before.collateral - Uint128::from(withdraw_amount),
+            after.collateral
+        );
+    }
+}
+
+#[test]
+fn test_deposit_and_withdraw_with_fee() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let bank = Bank::new(&env.app);
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), true);
+
+    let config: ConfigResponse = wasm.query(&perp_address, &QueryMsg::Config {}).unwrap();
+    let state: StateResponse = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+    assert_eq!(Decimal::one(), state.normalisation_factor);
+
+    wasm.execute(
+        config.query_contract.as_ref(),
+        &MockQueryExecuteMsg::AppendPrice {
+            pool_id: env.base_pool_id,
+            price: Decimal::from_atomics(BASE_PRICE, 6u32).unwrap(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    wasm.execute(
+        config.query_contract.as_ref(),
+        &MockQueryExecuteMsg::AppendPrice {
+            pool_id: env.power_pool_id,
+            price: Decimal::from_atomics(SCALED_POWER_PRICE, 6u32).unwrap(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    wasm.execute(
+        &perp_address,
+        &ExecuteMsg::ApplyFunding {},
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    let mut vault_id: u64;
+
+    // Should be able to set the fee rate
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::UpdateConfig {
+                fee_rate: Some("0.001".to_string()),
+                fee_pool: None,
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+        let config: ConfigResponse = wasm.query(&perp_address, &QueryMsg::Config {}).unwrap();
+
+        assert_eq!(config.fee_rate, Decimal::from_str("0.001").unwrap());
+    }
+
+    // Should revert if vault is unable to pay fee amount from attached amount or vault collateral
+    {
+        let amount = 500_000u128;
+
+        let err = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(amount),
+                    vault_id: None,
+                    rebase: false,
+                },
+                &[],
+                &env.traders[1],
+            )
+            .unwrap_err();
+        assert_eq!(
+            err,
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Generic error: Cannot subtract more collateral than deposited: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    // Should charge fee on mint power perp amount from deposit amount
+    {
+        let amount = 500_000u128;
+        let expect_fees = SCALED_POWER_PRICE * amount / 1_000_000u128 / 1_000u128;
+        let collateral = coins(550_000u128 + expect_fees, &env.denoms["base"]);
+
+        let res = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(amount),
+                    vault_id: None,
+                    rebase: false,
+                },
+                &collateral,
+                &env.traders[1],
+            )
+            .unwrap();
+        vault_id =
+            u64::from_str(&parse_event_attribute(res.events, "wasm-mint", "vault_id")).unwrap();
+
+        let vault: VaultResponse = wasm
+            .query(&perp_address, &QueryMsg::GetVault { vault_id })
+            .unwrap();
+
+        let fee_pool_balance = bank
+            .query_balance(&QueryBalanceRequest {
+                address: env.fee_pool.address(),
+                denom: env.denoms["base"].clone(),
+            })
+            .unwrap()
+            .balance
+            .unwrap()
+            .amount;
+
+        assert_eq!(vault.short_amount, Uint128::from(amount));
+        assert_eq!(vault.collateral, Uint128::from(550_000u128));
+        assert_eq!(
+            Uint128::from_str(&fee_pool_balance).unwrap(),
+            Uint128::from(expect_fees)
+        );
+    }
+
+    // Should charge fee on mint power perp amount from vault collateral
+    {
+        let vault_before: VaultResponse = wasm
+            .query(&perp_address, &QueryMsg::GetVault { vault_id })
+            .unwrap();
+
+        let fee_pool_balance_before = bank
+            .query_balance(&QueryBalanceRequest {
+                address: env.fee_pool.address(),
+                denom: env.denoms["base"].clone(),
+            })
+            .unwrap()
+            .balance
+            .unwrap()
+            .amount;
+
+        let amount = 500_000u128;
+        let expect_fees = SCALED_POWER_PRICE * amount / 1_000_000u128 / 1_000u128;
+
+        env.app.increase_time(5u64);
+
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::MintPowerPerp {
+                amount: Uint128::from(amount),
+                vault_id: Some(vault_id),
+                rebase: false,
+            },
+            &[],
+            &env.traders[1],
+        )
+        .unwrap();
+
+        // should burn and withdraw
+        let vault: VaultResponse = wasm
+            .query(&perp_address, &QueryMsg::GetVault { vault_id })
+            .unwrap();
+
+        let fee_pool_balance = bank
+            .query_balance(&QueryBalanceRequest {
+                address: env.fee_pool.address(),
+                denom: env.denoms["base"].clone(),
+            })
+            .unwrap()
+            .balance
+            .unwrap()
+            .amount;
+
+        assert_eq!(
+            vault_before.short_amount + Uint128::from(amount),
+            vault.short_amount
+        );
+        assert_eq!(
+            Uint128::from_str(&fee_pool_balance_before).unwrap() + Uint128::from(expect_fees),
+            Uint128::from_str(&fee_pool_balance).unwrap()
+        );
+    }
+
+    // Should charge fee on mint power perp amount from deposit amount - 0.1
+    {
+        let amount = 100_000u128;
+        let expect_fees = SCALED_POWER_PRICE * amount / 1_000_000u128 / 1_000u128;
+        let collateral = coins(550_000u128 + expect_fees, &env.denoms["base"]);
+
+        let fee_pool_balance_before = bank
+            .query_balance(&QueryBalanceRequest {
+                address: env.fee_pool.address(),
+                denom: env.denoms["base"].clone(),
+            })
+            .unwrap()
+            .balance
+            .unwrap()
+            .amount;
+
+        env.app.increase_time(5u64);
+
+        let res = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(amount),
+                    vault_id: None,
+                    rebase: false,
+                },
+                &collateral,
+                &env.traders[0],
+            )
+            .unwrap();
+        vault_id =
+            u64::from_str(&parse_event_attribute(res.events, "wasm-mint", "vault_id")).unwrap();
+
+        let vault: VaultResponse = wasm
+            .query(&perp_address, &QueryMsg::GetVault { vault_id })
+            .unwrap();
+
+        let fee_pool_balance = bank
+            .query_balance(&QueryBalanceRequest {
+                address: env.fee_pool.address(),
+                denom: env.denoms["base"].clone(),
+            })
+            .unwrap()
+            .balance
+            .unwrap()
+            .amount;
+
+        assert_eq!(vault.short_amount, Uint128::from(amount));
+        assert_eq!(vault.collateral, Uint128::from(550_000u128));
+        assert_eq!(
+            Uint128::from_str(&fee_pool_balance).unwrap(),
+            Uint128::from_str(&fee_pool_balance_before).unwrap() + Uint128::from(expect_fees)
+        );
+    }
+
+    // Should charge fee on mint power perp amount from vault collateral - 0.1
+    {
+        let vault_before: VaultResponse = wasm
+            .query(&perp_address, &QueryMsg::GetVault { vault_id })
+            .unwrap();
+
+        let fee_pool_balance_before = bank
+            .query_balance(&QueryBalanceRequest {
+                address: env.fee_pool.address(),
+                denom: env.denoms["base"].clone(),
+            })
+            .unwrap()
+            .balance
+            .unwrap()
+            .amount;
+
+        let amount = 100_000u128;
+        let expect_fees = SCALED_POWER_PRICE * amount / 1_000_000u128 / 1_000u128;
+
+        env.app.increase_time(5u64);
+
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::MintPowerPerp {
+                amount: Uint128::from(amount),
+                vault_id: Some(vault_id),
+                rebase: false,
+            },
+            &[],
+            &env.traders[0],
+        )
+        .unwrap();
+
+        // should burn and withdraw
+        let vault: VaultResponse = wasm
+            .query(&perp_address, &QueryMsg::GetVault { vault_id })
+            .unwrap();
+
+        let fee_pool_balance = bank
+            .query_balance(&QueryBalanceRequest {
+                address: env.fee_pool.address(),
+                denom: env.denoms["base"].clone(),
+            })
+            .unwrap()
+            .balance
+            .unwrap()
+            .amount;
+
+        assert_eq!(
+            vault_before.short_amount + Uint128::from(amount),
+            vault.short_amount
+        );
+        assert_eq!(
+            Uint128::from_str(&fee_pool_balance_before).unwrap() + Uint128::from(expect_fees),
+            Uint128::from_str(&fee_pool_balance).unwrap()
+        );
+    }
+
+    // Should set fee to 0
+    {
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::UpdateConfig {
+                fee_rate: Some("0.0".to_string()),
+                fee_pool: None,
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+        let config: ConfigResponse = wasm.query(&perp_address, &QueryMsg::Config {}).unwrap();
+
+        assert_eq!(config.fee_rate, Decimal::zero());
+    }
+}
diff --git a/contracts/margined-power/src/testing/unit_tests/config_test.rs b/contracts/margined-power/src/testing/unit_tests/config_test.rs
new file mode 100644
index 0000000..371fae8
--- /dev/null
+++ b/contracts/margined-power/src/testing/unit_tests/config_test.rs
@@ -0,0 +1,141 @@
+use crate::state::Config;
+
+use cosmwasm_std::{Addr, Decimal};
+use margined_protocol::power::Pool;
+
+#[test]
+fn test_config_validation() {
+    // invalid base decimals
+    {
+        let config = Config {
+            fee_rate: Decimal::percent(0),
+            fee_pool_contract: Addr::unchecked("fee_pool".to_string()),
+            query_contract: Addr::unchecked("query".to_string()),
+            power_denom: "power".to_string(),
+            base_denom: "base".to_string(),
+            base_pool: Pool {
+                id: 1,
+                quote_denom: "base_quote".to_string(),
+            },
+            power_pool: Pool {
+                id: 2,
+                quote_denom: "power_quote".to_string(),
+            },
+            funding_period: 100,
+            base_decimals: 60,
+            power_decimals: 6,
+        };
+
+        let err = config.validate().unwrap_err();
+        assert_eq!(err.to_string(), "Generic error: Invalid base decimals");
+    }
+
+    // invalid power decimals
+    {
+        let config = Config {
+            fee_rate: Decimal::percent(0),
+            fee_pool_contract: Addr::unchecked("fee_pool".to_string()),
+            query_contract: Addr::unchecked("query".to_string()),
+            power_denom: "power".to_string(),
+            base_denom: "base".to_string(),
+            base_pool: Pool {
+                id: 1,
+                quote_denom: "base_quote".to_string(),
+            },
+            power_pool: Pool {
+                id: 2,
+                quote_denom: "power_quote".to_string(),
+            },
+            funding_period: 100,
+            base_decimals: 6,
+            power_decimals: 19,
+        };
+
+        let err = config.validate().unwrap_err();
+        assert_eq!(err.to_string(), "Generic error: Invalid power decimals");
+    }
+
+    // invalid funding period
+    {
+        let config = Config {
+            fee_rate: Decimal::percent(0),
+            fee_pool_contract: Addr::unchecked("fee_pool".to_string()),
+            query_contract: Addr::unchecked("query".to_string()),
+            power_denom: "power".to_string(),
+            base_denom: "base".to_string(),
+            base_pool: Pool {
+                id: 1,
+                quote_denom: "base_quote".to_string(),
+            },
+            power_pool: Pool {
+                id: 2,
+                quote_denom: "power_quote".to_string(),
+            },
+            funding_period: 0,
+            base_decimals: 6,
+            power_decimals: 6,
+        };
+
+        let err = config.validate().unwrap_err();
+        assert_eq!(
+            err.to_string(),
+            "Generic error: Invalid funding period, must be between 0 and 3024000 seconds"
+        );
+    }
+
+    // invalid base and power denom
+    {
+        let config = Config {
+            fee_rate: Decimal::percent(0),
+            fee_pool_contract: Addr::unchecked("fee_pool".to_string()),
+            query_contract: Addr::unchecked("query".to_string()),
+            power_denom: "power".to_string(),
+            base_denom: "power".to_string(),
+            base_pool: Pool {
+                id: 1,
+                quote_denom: "base_quote".to_string(),
+            },
+            power_pool: Pool {
+                id: 2,
+                quote_denom: "base_quote".to_string(),
+            },
+            funding_period: 100,
+            base_decimals: 6,
+            power_decimals: 6,
+        };
+
+        let err = config.validate().unwrap_err();
+        assert_eq!(
+            err.to_string(),
+            "Generic error: Invalid base and power denom must be different"
+        );
+    }
+
+    // invalid base and power id
+    {
+        let config = Config {
+            fee_rate: Decimal::percent(0),
+            fee_pool_contract: Addr::unchecked("fee_pool".to_string()),
+            query_contract: Addr::unchecked("query".to_string()),
+            power_denom: "power".to_string(),
+            base_denom: "base".to_string(),
+            base_pool: Pool {
+                id: 1,
+                quote_denom: "base_quote".to_string(),
+            },
+            power_pool: Pool {
+                id: 1,
+                quote_denom: "base_power".to_string(),
+            },
+            funding_period: 100,
+            base_decimals: 6,
+            power_decimals: 6,
+        };
+
+        let err = config.validate().unwrap_err();
+        assert_eq!(
+            err.to_string(),
+            "Generic error: Invalid base and power pool id must be different"
+        );
+    }
+}
diff --git a/contracts/margined-power/src/testing/unit_tests/funding_test.rs b/contracts/margined-power/src/testing/unit_tests/funding_test.rs
new file mode 100644
index 0000000..2272974
--- /dev/null
+++ b/contracts/margined-power/src/testing/unit_tests/funding_test.rs
@@ -0,0 +1,561 @@
+use crate::{
+    contract::CONTRACT_NAME,
+    state::{Config, State},
+};
+
+use cosmwasm_std::{coins, Decimal, Uint128};
+use margined_protocol::power::{ExecuteMsg, QueryMsg};
+use margined_testing::{helpers::parse_event_attribute, power_env::PowerEnv};
+use mock_query::contract::ExecuteMsg as MockQueryExecuteMsg;
+use osmosis_test_tube::{Module, Wasm};
+use std::str::FromStr;
+
+#[test]
+fn test_funding_actions() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), true);
+
+    let config: Config = wasm.query(&perp_address, &QueryMsg::Config {}).unwrap();
+    let state: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+    assert_eq!(Decimal::one(), state.normalisation_factor);
+
+    wasm.execute(
+        config.query_contract.as_ref(),
+        &MockQueryExecuteMsg::AppendPrice {
+            pool_id: env.base_pool_id,
+            price: Decimal::from_str("3000.0").unwrap(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    wasm.execute(
+        config.query_contract.as_ref(),
+        &MockQueryExecuteMsg::AppendPrice {
+            pool_id: env.power_pool_id,
+            price: Decimal::from_str("3030.0").unwrap(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    wasm.execute(
+        &perp_address,
+        &ExecuteMsg::ApplyFunding {},
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    // NORMALISATION FACTOR TESTS
+    {
+        // should apply the correct normalisation factor for funding
+        {
+            let state_before: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+            assert_eq!(
+                Decimal::raw(999_994_436_783_524_723u128),
+                state_before.normalisation_factor
+            );
+
+            env.app.increase_time(10_795u64); // 3 hours
+
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::ApplyFunding {},
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            let state_after: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+            let expected_normalisation_factor: Decimal = Decimal::raw(997_593_962_860_445_984u128);
+
+            assert_eq!(
+                expected_normalisation_factor,
+                state_after.normalisation_factor
+            );
+        }
+
+        // normalisation factor changes should be bounded above
+        {
+            // set the prices
+            wasm.execute(
+                config.query_contract.as_ref(),
+                &MockQueryExecuteMsg::AppendPrice {
+                    pool_id: env.base_pool_id,
+                    price: Decimal::from_str("3000.0").unwrap(),
+                },
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            wasm.execute(
+                config.query_contract.as_ref(),
+                &MockQueryExecuteMsg::AppendPrice {
+                    pool_id: env.power_pool_id,
+                    price: Decimal::from_str("2000.0").unwrap(),
+                },
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            env.app.increase_time(10_785u64); // 3 hours (minus 15 seconds as there are 3 preceeding blocks)
+
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::ApplyFunding {},
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            let state_after: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+            let expected_normalisation_factor: Decimal = Decimal::raw(995_199_251_244_479_588u128);
+
+            assert_eq!(
+                expected_normalisation_factor,
+                state_after.normalisation_factor
+            );
+        }
+
+        // normalisation factor changes should be bounded below
+        {
+            // set the prices
+            wasm.execute(
+                config.query_contract.as_ref(),
+                &MockQueryExecuteMsg::AppendPrice {
+                    pool_id: env.base_pool_id,
+                    price: Decimal::from_str("3000.0").unwrap(),
+                },
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            wasm.execute(
+                config.query_contract.as_ref(),
+                &MockQueryExecuteMsg::AppendPrice {
+                    pool_id: env.power_pool_id,
+                    price: Decimal::from_str("6000.0").unwrap(),
+                },
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            env.app.increase_time(10_785u64); // 3 hours (minus 15 seconds as there are 3 preceeding blocks)
+
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::ApplyFunding {},
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            let state_after: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+            let expected_normalisation_factor: Decimal = Decimal::raw(992_810_288_103_280_623u128);
+            assert_eq!(
+                expected_normalisation_factor,
+                state_after.normalisation_factor
+            );
+        }
+
+        // calling apply funding with small time delta should not affect the normalisation factor
+        {
+            // set the prices
+            wasm.execute(
+                config.query_contract.as_ref(),
+                &MockQueryExecuteMsg::AppendPrice {
+                    pool_id: env.base_pool_id,
+                    price: Decimal::from_str("3030.0").unwrap(),
+                },
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            wasm.execute(
+                config.query_contract.as_ref(),
+                &MockQueryExecuteMsg::AppendPrice {
+                    pool_id: env.power_pool_id,
+                    price: Decimal::from_str("3000.0").unwrap(),
+                },
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            // apply funding 0
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::ApplyFunding {},
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            let state: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+            let expected_normalisation_factor: Decimal = Decimal::raw(992_806_974_302_083_222u128);
+
+            assert_eq!(expected_normalisation_factor, state.normalisation_factor);
+
+            // apply funding 1
+            env.app.increase_time(10u64);
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::ApplyFunding {},
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            let state: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+            let expected_normalisation_factor: Decimal = Decimal::raw(992_803_660_511_946_624u128);
+
+            assert_eq!(expected_normalisation_factor, state.normalisation_factor);
+
+            // apply funding 2
+            env.app.increase_time(10u64);
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::ApplyFunding {},
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            let state: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+            let expected_normalisation_factor: Decimal = Decimal::raw(992_800_346_732_870_791u128);
+
+            assert_eq!(expected_normalisation_factor, state.normalisation_factor);
+        }
+    }
+
+    // FUNDING COLLATERALISATION TESTS
+    {
+        let mut vault_id: u64;
+        // Set prices to original values
+        wasm.execute(
+            config.query_contract.as_ref(),
+            &MockQueryExecuteMsg::AppendPrice {
+                pool_id: env.base_pool_id,
+                price: Decimal::from_str("3000.0").unwrap(),
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+
+        wasm.execute(
+            config.query_contract.as_ref(),
+            &MockQueryExecuteMsg::AppendPrice {
+                pool_id: env.power_pool_id,
+                price: Decimal::from_str("3030.0").unwrap(),
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+
+        // Max power to mint = eth:usd * collateral_ratio
+        let collateral_amount = Uint128::from(50_000_000u128); // 50@6dp
+        let max_power_to_mint = Uint128::from(111_111_112u128); // 111.111112@6dp
+        let res = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: max_power_to_mint,
+                    vault_id: None,
+                    rebase: false,
+                },
+                &coins(collateral_amount.u128(), env.denoms["base"].to_string()),
+                &env.traders[0],
+            )
+            .unwrap();
+
+        vault_id =
+            u64::from_str(&parse_event_attribute(res.events, "wasm-mint", "vault_id")).unwrap();
+
+        let expected_amount_can_mint = Uint128::from(1_345_538u128);
+        // should revert if minting too much power after funding
+        {
+            env.app.increase_time(21600u64); // 6hours
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: expected_amount_can_mint + Uint128::from(1u128),
+                    vault_id: Some(vault_id),
+                    rebase: false,
+                },
+                &[],
+                &env.traders[0],
+            )
+            .unwrap_err();
+        }
+
+        // should mint more wpower after funding
+        {
+            env.app.increase_time(1u64);
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: expected_amount_can_mint,
+                    vault_id: Some(vault_id),
+                    rebase: false,
+                },
+                &[],
+                &env.traders[0],
+            )
+            .unwrap();
+        }
+
+        env.app.increase_time(5u64);
+
+        // Prepare vault
+        let res = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: max_power_to_mint,
+                    vault_id: None,
+                    rebase: false,
+                },
+                &coins(collateral_amount.u128(), env.denoms["base"].to_string()),
+                &env.traders[0],
+            )
+            .unwrap();
+
+        vault_id =
+            u64::from_str(&parse_event_attribute(res.events, "wasm-mint", "vault_id")).unwrap();
+
+        env.app.increase_time(10795u64); // 3hours
+
+        let max_collateral_to_remove = Uint128::from(717_000u128);
+        // should revert when attempting to withdraw too much collateral
+        {
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::Withdraw {
+                    amount: max_collateral_to_remove + Uint128::from(1u128),
+                    vault_id,
+                },
+                &[],
+                &env.traders[0],
+            )
+            .unwrap_err();
+        }
+
+        // should be able to withdraw more collateral after funding
+        {
+            // move one block forward
+            env.app.increase_time(5u64);
+
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::Withdraw {
+                    amount: max_collateral_to_remove,
+                    vault_id,
+                },
+                &[],
+                &env.traders[0],
+            )
+            .unwrap();
+        }
+    }
+
+    // EXTREME CASES FOR NORMALISATION FACTOR
+    {
+        // Should get capped normalisation factor when mark = 0
+        {
+            let state_before: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+            assert_eq!(
+                Decimal::raw(985_657_792_683_450_661u128),
+                state_before.normalisation_factor
+            );
+
+            wasm.execute(
+                config.query_contract.as_ref(),
+                &MockQueryExecuteMsg::AppendPrice {
+                    pool_id: env.base_pool_id,
+                    price: Decimal::from_str("3000.0").unwrap(),
+                },
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            wasm.execute(
+                config.query_contract.as_ref(),
+                &MockQueryExecuteMsg::AppendPrice {
+                    pool_id: env.power_pool_id,
+                    price: Decimal::from_str("0.0").unwrap(),
+                },
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            env.app.increase_time(10_790u64); // 3 hours
+
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::ApplyFunding {},
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            let state_after: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+            let expected_normalisation_factor: Decimal = Decimal::raw(987_230_796_556_633_421u128);
+
+            assert_eq!(
+                expected_normalisation_factor,
+                state_after.normalisation_factor
+            );
+        }
+
+        // Should get capped normalisation factor when index = 0
+        {
+            let state_before: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+            assert_eq!(
+                Decimal::raw(987_230_796_556_633_421u128),
+                state_before.normalisation_factor
+            );
+
+            wasm.execute(
+                config.query_contract.as_ref(),
+                &MockQueryExecuteMsg::AppendPrice {
+                    pool_id: env.base_pool_id,
+                    price: Decimal::from_str("0.0001").unwrap(),
+                },
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            wasm.execute(
+                config.query_contract.as_ref(),
+                &MockQueryExecuteMsg::AppendPrice {
+                    pool_id: env.power_pool_id,
+                    price: Decimal::from_str("3000").unwrap(),
+                },
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            env.app.increase_time(10_790u64); // 3 hours
+
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::ApplyFunding {},
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            let state_after: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+            let expected_normalisation_factor: Decimal = Decimal::raw(984_859_865_721_874_489u128);
+
+            assert_eq!(
+                expected_normalisation_factor,
+                state_after.normalisation_factor
+            );
+        }
+
+        // calling appyfunding() 2 * 12hrs should be equivocal to 1 * 24hrs
+        {
+            wasm.execute(
+                config.query_contract.as_ref(),
+                &MockQueryExecuteMsg::AppendPrice {
+                    pool_id: env.base_pool_id,
+                    price: Decimal::from_str("3000").unwrap(),
+                },
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            wasm.execute(
+                config.query_contract.as_ref(),
+                &MockQueryExecuteMsg::AppendPrice {
+                    pool_id: env.power_pool_id,
+                    price: Decimal::from_str("3024.177466").unwrap(),
+                },
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            env.app.increase_time(86_390u64); // 24 hours
+
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::ApplyFunding {},
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            let state_after: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+            let expected_normalisation_factor: Decimal = Decimal::raw(966_103_783_878_107_701u128);
+
+            assert_eq!(
+                expected_normalisation_factor,
+                state_after.normalisation_factor
+            );
+
+            env.app.increase_time(43_195u64); // 12 hours
+
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::ApplyFunding {},
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            let state_after: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+            let expected_normalisation_factor: Decimal = Decimal::raw(956_860_653_194_208_855u128);
+
+            assert_eq!(
+                expected_normalisation_factor,
+                state_after.normalisation_factor
+            );
+
+            env.app.increase_time(43_195u64); // 12 hours
+
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::ApplyFunding {},
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            let state_after: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+            let expected_normalisation_factor: Decimal = Decimal::raw(947_705_955_519_542_909u128);
+
+            assert_eq!(
+                expected_normalisation_factor,
+                state_after.normalisation_factor
+            );
+        }
+    }
+}
diff --git a/contracts/margined-power/src/testing/unit_tests/general_test.rs b/contracts/margined-power/src/testing/unit_tests/general_test.rs
new file mode 100644
index 0000000..0d56d6a
--- /dev/null
+++ b/contracts/margined-power/src/testing/unit_tests/general_test.rs
@@ -0,0 +1,882 @@
+use crate::{
+    contract::CONTRACT_NAME,
+    state::{Config, State},
+    vault::Vault,
+};
+
+use cosmwasm_std::{coin, Decimal, Uint128};
+use margined_protocol::power::{ExecuteMsg, InstantiateMsg, QueryMsg};
+use margined_testing::{
+    helpers::{parse_event_attribute, store_code},
+    power_env::{PowerEnv, ONE, SCALE_FACTOR},
+};
+use mock_query::contract::ExecuteMsg as MockQueryExecuteMsg;
+use osmosis_test_tube::{
+    osmosis_std::types::cosmos::bank::v1beta1::QueryBalanceRequest, Account, Bank, Module,
+    RunnerError, Wasm,
+};
+use std::str::FromStr;
+
+#[test]
+fn test_deployment() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), true);
+
+    let config: Config = wasm.query(&perp_address, &QueryMsg::Config {}).unwrap();
+    let state: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+    assert_eq!(Decimal::one(), state.normalisation_factor);
+
+    wasm.execute(
+        config.query_contract.as_ref(),
+        &MockQueryExecuteMsg::AppendPrice {
+            pool_id: env.base_pool_id,
+            price: Decimal::from_str("3000.0").unwrap(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    wasm.execute(
+        config.query_contract.as_ref(),
+        &MockQueryExecuteMsg::AppendPrice {
+            pool_id: env.power_pool_id,
+            price: Decimal::from_str("3010.0").unwrap(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    wasm.execute(
+        &perp_address,
+        &ExecuteMsg::ApplyFunding {},
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    // check power deployment
+    {
+        let config: Config = wasm.query(&perp_address, &QueryMsg::Config {}).unwrap();
+        assert_eq!(env.denoms["power"], config.power_denom);
+    }
+}
+
+#[test]
+fn test_fail_deployment_invalid_config() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let query_address = env.deploy_query_contracts(&wasm, true);
+
+    let code_id = store_code(&wasm, &env.signer, "margined-power".to_string());
+
+    // invalid config
+    let err = wasm
+        .instantiate(
+            code_id,
+            &InstantiateMsg {
+                fee_pool: env.fee_pool.address(),
+                fee_rate: "0.0".to_string(), // 0%
+                query_contract: query_address,
+                power_denom: env.denoms["power"].clone(),
+                base_denom: env.denoms["base"].clone(),
+                base_pool_id: env.base_pool_id,
+                base_pool_quote: env.denoms["quote"].clone(),
+                power_pool_id: env.power_pool_id,
+                base_decimals: 160u32,
+                power_decimals: 6u32,
+            },
+            None,
+            Some("margined-power-contract"),
+            &[],
+            &env.signer,
+        )
+        .unwrap_err();
+
+    assert_eq!("execute error: failed to execute message; message index: 0: Generic error: Invalid base decimals: instantiate wasm contract failed", err.to_string());
+}
+
+#[test]
+fn test_basic_actions() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let bank = Bank::new(&env.app);
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), true);
+
+    let config: Config = wasm.query(&perp_address, &QueryMsg::Config {}).unwrap();
+    let state: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+    assert_eq!(Decimal::one(), state.normalisation_factor);
+
+    wasm.execute(
+        config.query_contract.as_ref(),
+        &MockQueryExecuteMsg::AppendPrice {
+            pool_id: env.base_pool_id,
+            price: Decimal::from_str("3000.0").unwrap(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    const SCALED_POWER_PRICE: u128 = 3_010 * ONE / SCALE_FACTOR;
+    const SCALED_BASE_PRICE: u128 = 3_000 * ONE / SCALE_FACTOR;
+    wasm.execute(
+        config.query_contract.as_ref(),
+        &MockQueryExecuteMsg::AppendPrice {
+            pool_id: env.power_pool_id,
+            price: Decimal::from_atomics(SCALED_POWER_PRICE, 6u32).unwrap(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    wasm.execute(
+        &perp_address,
+        &ExecuteMsg::ApplyFunding {},
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    // read_basic_properties
+    {
+        // should be able to get normalisation factor
+        {
+            // increase timestamp
+            env.app.increase_time(30u64);
+
+            let state: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+            let normalisation_factor: Decimal = wasm
+                .query(&perp_address, &QueryMsg::GetNormalisationFactor {})
+                .unwrap();
+            assert!(state.normalisation_factor > normalisation_factor);
+
+            // increase timestamp
+            env.app.increase_time(30u64);
+
+            let normalisation_factor_after: Decimal = wasm
+                .query(&perp_address, &QueryMsg::GetNormalisationFactor {})
+                .unwrap();
+            assert!(normalisation_factor > normalisation_factor_after);
+        }
+
+        // should allow anyone to call apply funding
+        {
+            let state: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+            let expected_normalisation_factor: Decimal = wasm
+                .query(&perp_address, &QueryMsg::GetNormalisationFactor {})
+                .unwrap();
+            assert!(state.normalisation_factor > expected_normalisation_factor);
+
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::ApplyFunding {},
+                &[],
+                &env.traders[1], // one of the trading accounts should be able to call this
+            )
+            .unwrap();
+
+            let state_after: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+            assert!(
+                state_after
+                    .normalisation_factor
+                    .abs_diff(expected_normalisation_factor)
+                    < Decimal::from_str("0.00001").unwrap()
+            );
+            assert!(state.normalisation_factor > state_after.normalisation_factor);
+        }
+
+        // TODO: need to add multiple function execution
+        // // should not update funding twice in a single block
+        // {
+        //     wasm.execute_multiple(contract, msg, funds, signer)
+        // }
+
+        // should be able to get index and mark price used for funding
+        {
+            env.app.increase_time(30u64);
+
+            let mark_price: Decimal = wasm
+                .query(
+                    &perp_address,
+                    &QueryMsg::GetDenormalisedMark { period: 30u64 },
+                )
+                .unwrap();
+            let mark_price_funding: Decimal = wasm
+                .query(
+                    &perp_address,
+                    &QueryMsg::GetDenormalisedMarkFunding { period: 30u64 },
+                )
+                .unwrap();
+
+            let expected_mark = Decimal::from_atomics(SCALED_BASE_PRICE, 6u32).unwrap()
+                * Decimal::from_atomics(SCALED_POWER_PRICE, 6u32).unwrap();
+
+            assert!(mark_price.abs_diff(expected_mark) < Decimal::from_atomics(3u128, 0).unwrap());
+            assert!(
+                mark_price_funding.abs_diff(expected_mark)
+                    < Decimal::from_atomics(3u128, 0).unwrap()
+            );
+        }
+
+        // should be able to get scaled index
+        {
+            let index: Decimal = wasm
+                .query(&perp_address, &QueryMsg::GetUnscaledIndex { period: 30u64 })
+                .unwrap();
+
+            let eth_squared =
+                Decimal::from_str("3000.0").unwrap() * Decimal::from_str("3000.0").unwrap();
+
+            assert_eq!(index, eth_squared);
+        }
+
+        // TODO: should revert when sending eth to controller from an EOA
+        // not sure this is quite possible in CosmWasm
+    }
+
+    let vault_id: u64;
+    // mint: open vault
+    {
+        // should be able to open a vaults
+        {
+            let mint_response = wasm
+                .execute(
+                    &perp_address,
+                    &ExecuteMsg::MintPowerPerp {
+                        amount: Uint128::from(500_000u128),
+                        vault_id: None,
+                        rebase: false,
+                    },
+                    &[coin(500_000u64.into(), env.denoms["base"].to_string())],
+                    &env.signer,
+                )
+                .unwrap();
+
+            vault_id = u64::from_str(&parse_event_attribute(
+                mint_response.events,
+                "wasm-mint",
+                "vault_id",
+            ))
+            .unwrap();
+
+            let res: bool = wasm
+                .query(&perp_address, &QueryMsg::CheckVault { vault_id })
+                .unwrap();
+            assert!(res);
+        }
+    }
+
+    // deposit: deposit collateral
+    {
+        // should revert when trying to deposit to vault 0
+        {
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::Deposit { vault_id: 0u64 },
+                &[coin(1u64.into(), env.denoms["base"].to_string())],
+                &env.signer,
+            )
+            .unwrap_err();
+        }
+
+        // should revert when trying to deposit to non-existent vault
+        {
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::Deposit { vault_id: 10u64 },
+                &[coin(1u64.into(), env.denoms["base"].to_string())],
+                &env.signer,
+            )
+            .unwrap_err();
+        }
+
+        // should revert when trying to mint to non-existent vault
+        {
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(100u128),
+                    vault_id: Some(10u64),
+                    rebase: false,
+                },
+                &[coin(100u64.into(), env.denoms["base"].to_string())],
+                &env.signer,
+            )
+            .unwrap_err();
+        }
+
+        // should revert when trying to deposit to vault where info.sender is not operator
+        {
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::Deposit { vault_id },
+                &[coin(1u64.into(), env.denoms["base"].to_string())],
+                &env.traders[0],
+            )
+            .unwrap_err();
+        }
+
+        // should be able to deposit collateral
+        {
+            let deposit_amount = 45_000_000u128;
+            let power_balance_before = bank
+                .query_balance(&QueryBalanceRequest {
+                    address: perp_address.clone(),
+                    denom: env.denoms["base"].to_string(),
+                })
+                .unwrap()
+                .balance
+                .unwrap()
+                .amount;
+
+            let vault_before: Vault = wasm
+                .query(&perp_address, &QueryMsg::GetVault { vault_id })
+                .unwrap();
+
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::Deposit { vault_id },
+                &[coin(deposit_amount, env.denoms["base"].to_string())],
+                &env.signer,
+            )
+            .unwrap();
+
+            let power_balance_after = bank
+                .query_balance(&QueryBalanceRequest {
+                    address: perp_address.clone(),
+                    denom: env.denoms["base"].to_string(),
+                })
+                .unwrap()
+                .balance
+                .unwrap()
+                .amount;
+
+            let vault_after: Vault = wasm
+                .query(&perp_address, &QueryMsg::GetVault { vault_id })
+                .unwrap();
+
+            assert_eq!(
+                deposit_amount + u128::from_str(&power_balance_before).unwrap(),
+                u128::from_str(&power_balance_after).unwrap()
+            );
+            assert_eq!(
+                Uint128::from(deposit_amount) + vault_before.collateral,
+                vault_after.collateral
+            );
+        }
+
+        // should not be able to deposit zero collateral
+        {
+            let err = wasm
+                .execute(
+                    &perp_address,
+                    &ExecuteMsg::Deposit { vault_id },
+                    &[coin(0u128, env.denoms["base"].to_string())],
+                    &env.signer,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "sentFunds: invalid coins".to_string()
+                }
+            );
+
+            let err = wasm
+                .execute(
+                    &perp_address,
+                    &ExecuteMsg::Deposit { vault_id },
+                    &[],
+                    &env.signer,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Invalid funds: execute wasm contract failed".to_string()
+                }
+            );
+        }
+    }
+
+    // mint: mint power tokens
+    {
+        // should revert if not called by operator
+        {
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(100u128),
+                    vault_id: Some(vault_id),
+                    rebase: false,
+                },
+                &[coin(100u128, env.denoms["base"].to_string())],
+                &env.traders[0],
+            )
+            .unwrap_err();
+        }
+
+        // should revert if vault does not exist
+        {
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(100u128),
+                    vault_id: Some(110u64),
+                    rebase: false,
+                },
+                &[coin(100u128, env.denoms["base"].to_string())],
+                &env.signer,
+            )
+            .unwrap_err();
+        }
+
+        // should be able to mint power token
+        {
+            let amount = 100_000_000u128;
+            let power_balance_before = bank
+                .query_balance(&QueryBalanceRequest {
+                    address: env.signer.address(),
+                    denom: env.denoms["power"].clone(),
+                })
+                .unwrap()
+                .balance
+                .unwrap()
+                .amount;
+
+            let vault_before: Vault = wasm
+                .query(&perp_address, &QueryMsg::GetVault { vault_id })
+                .unwrap();
+
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(amount),
+                    vault_id: Some(vault_id),
+                    rebase: false,
+                },
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            let power_balance_after = bank
+                .query_balance(&QueryBalanceRequest {
+                    address: env.signer.address(),
+                    denom: env.denoms["power"].clone(),
+                })
+                .unwrap()
+                .balance
+                .unwrap()
+                .amount;
+
+            let vault_after: Vault = wasm
+                .query(&perp_address, &QueryMsg::GetVault { vault_id })
+                .unwrap();
+
+            assert_eq!(
+                amount + u128::from_str(&power_balance_before).unwrap(),
+                u128::from_str(&power_balance_after).unwrap()
+            );
+            assert_eq!(
+                Uint128::from(amount) + vault_before.short_amount,
+                vault_after.short_amount
+            );
+        }
+
+        // should revert if minting more than collateral ratio
+        {
+            let amount = 100_000_000u128;
+
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(amount),
+                    vault_id: Some(vault_id),
+                    rebase: false,
+                },
+                &[],
+                &env.signer,
+            )
+            .unwrap_err();
+        }
+    }
+
+    // burn: burn power token
+    {
+        // should revert if no funds are sent
+        {
+            let err = wasm
+                .execute(
+                    &perp_address,
+                    &ExecuteMsg::BurnPowerPerp {
+                        amount_to_withdraw: None,
+                        vault_id,
+                    },
+                    &[],
+                    &env.signer,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Invalid funds: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // should revert when trying to burn for vault 0
+        {
+            let funds = vec![coin(100u128, env.denoms["power"].clone())];
+            let err = wasm
+                .execute(
+                    &perp_address,
+                    &ExecuteMsg::BurnPowerPerp {
+                        amount_to_withdraw: Some(Uint128::from(100u128)),
+                        vault_id: 0u64,
+                    },
+                    &funds,
+                    &env.signer,
+                )
+                .unwrap_err();
+            assert_eq!(
+            err,
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Vault does not exist, cannot perform operation: execute wasm contract failed".to_string()
+            }
+        );
+        }
+
+        // should revert when trying to burn more than minted
+        {
+            let vault: Vault = wasm
+                .query(&perp_address, &QueryMsg::GetVault { vault_id })
+                .unwrap();
+
+            let funds = vec![coin(
+                vault.short_amount.u128() + 1u128,
+                env.denoms["power"].clone(),
+            )];
+
+            // dont assert this error as the address change
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::BurnPowerPerp {
+                    amount_to_withdraw: Some(Uint128::from(1u128)),
+                    vault_id,
+                },
+                &funds,
+                &env.signer,
+            )
+            .unwrap_err();
+        }
+
+        // should revert when if not operator of vault
+        {
+            let vault: Vault = wasm
+                .query(&perp_address, &QueryMsg::GetVault { vault_id })
+                .unwrap();
+
+            let funds = vec![coin(vault.short_amount.u128(), env.denoms["power"].clone())];
+
+            let err = wasm
+                .execute(
+                    &perp_address,
+                    &ExecuteMsg::BurnPowerPerp {
+                        amount_to_withdraw: Some(Uint128::from(1u128)),
+                        vault_id,
+                    },
+                    &funds,
+                    &env.owner,
+                )
+                .unwrap_err();
+            assert_eq!(
+                        err,
+                        RunnerError::ExecuteError {
+                            msg: "failed to execute message; message index: 0: Generic error: operator does not match: execute wasm contract failed".to_string()
+                        }
+                    );
+        }
+
+        // should revert if vault is underwater
+        {
+            let vault: Vault = wasm
+                .query(&perp_address, &QueryMsg::GetVault { vault_id })
+                .unwrap();
+
+            let funds = vec![coin(
+                vault.short_amount.u128() / 2,
+                env.denoms["power"].clone(),
+            )];
+
+            let err = wasm
+                .execute(
+                    &perp_address,
+                    &ExecuteMsg::BurnPowerPerp {
+                        amount_to_withdraw: Some(Uint128::from(vault.collateral.u128())),
+                        vault_id,
+                    },
+                    &funds,
+                    &env.signer,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Vault is not safe, cannot perform operation: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // TODO: should revert if vault after burning is dust
+        {}
+
+        // should revert if trying to withdraw would make vault underwater
+        {
+            let vault: Vault = wasm
+                .query(&perp_address, &QueryMsg::GetVault { vault_id })
+                .unwrap();
+
+            let err = wasm
+                .execute(
+                    &perp_address,
+                    &ExecuteMsg::Withdraw {
+                        amount: vault.collateral,
+                        vault_id,
+                    },
+                    &[],
+                    &env.signer,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Vault is not safe, cannot perform operation: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // should revert if different account tries to burn power token, with balance
+        {
+            let funds = vec![coin(1000u128, env.denoms["power"].clone())];
+
+            let err = wasm
+                .execute(
+                    &perp_address,
+                    &ExecuteMsg::BurnPowerPerp {
+                        amount_to_withdraw: Some(Uint128::from(1u128)),
+                        vault_id,
+                    },
+                    &funds,
+                    &env.owner,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Generic error: operator does not match: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // should revert if different account tries to withdraw collateral
+        {
+            let funds = vec![coin(1000u128, env.denoms["power"].clone())];
+
+            let err = wasm
+                .execute(
+                    &perp_address,
+                    &ExecuteMsg::BurnPowerPerp {
+                        amount_to_withdraw: None,
+                        vault_id,
+                    },
+                    &funds,
+                    &env.owner,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Generic error: operator does not match: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // should be able to burn power token
+        {
+            let vault: Vault = wasm
+                .query(&perp_address, &QueryMsg::GetVault { vault_id })
+                .unwrap();
+            let power_balance_before = bank
+                .query_balance(&QueryBalanceRequest {
+                    address: env.signer.address(),
+                    denom: env.denoms["power"].clone(),
+                })
+                .unwrap()
+                .balance
+                .unwrap()
+                .amount;
+
+            let burn_amount = vault.short_amount.u128();
+            let withdraw_amount = 5u128;
+
+            let funds = vec![coin(burn_amount, env.denoms["power"].clone())];
+
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::BurnPowerPerp {
+                    amount_to_withdraw: Some(withdraw_amount.into()),
+                    vault_id,
+                },
+                &funds,
+                &env.signer,
+            )
+            .unwrap();
+
+            let power_balance_after = bank
+                .query_balance(&QueryBalanceRequest {
+                    address: env.signer.address(),
+                    denom: env.denoms["power"].clone(),
+                })
+                .unwrap()
+                .balance
+                .unwrap()
+                .amount;
+
+            assert_eq!(
+                u128::from_str(&power_balance_after).unwrap(),
+                u128::from_str(&power_balance_before).unwrap() - burn_amount
+            );
+        }
+    }
+
+    // withdraw: remove collateral
+    {
+        // should revert if removing from vault 0
+        {
+            let err = wasm
+                .execute(
+                    &perp_address,
+                    &ExecuteMsg::Withdraw {
+                        amount: Uint128::from(100u128),
+                        vault_id: 0u64,
+                    },
+                    &[],
+                    &env.signer,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Vault does not exist, cannot perform operation: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // should revert if caller is not the operator
+        {
+            let err = wasm
+                .execute(
+                    &perp_address,
+                    &ExecuteMsg::Withdraw {
+                        amount: Uint128::from(100u128),
+                        vault_id,
+                    },
+                    &[],
+                    &env.owner,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Generic error: operator does not match: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // should revert if withdrawing more collateral than deposited
+        {
+            let vault: Vault = wasm
+                .query(&perp_address, &QueryMsg::GetVault { vault_id })
+                .unwrap();
+
+            let err = wasm
+                .execute(
+                    &perp_address,
+                    &ExecuteMsg::Withdraw {
+                        amount: vault.collateral + Uint128::from(1u128),
+                        vault_id,
+                    },
+                    &[],
+                    &env.signer,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Generic error: Cannot subtract more collateral than deposited: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // TODO: should revert if withdrawing would leave dust
+        {}
+
+        // should be able to remove collateral
+        {
+            let vault: Vault = wasm
+                .query(&perp_address, &QueryMsg::GetVault { vault_id })
+                .unwrap();
+            let balance_before = bank
+                .query_balance(&QueryBalanceRequest {
+                    address: perp_address.clone(),
+                    denom: env.denoms["base"].clone(),
+                })
+                .unwrap()
+                .balance
+                .unwrap()
+                .amount;
+
+            let withdraw_amount = vault.collateral.checked_div(2u128.into()).unwrap();
+
+            wasm.execute(
+                &perp_address,
+                &ExecuteMsg::Withdraw {
+                    amount: withdraw_amount,
+                    vault_id,
+                },
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+            let balance_after = bank
+                .query_balance(&QueryBalanceRequest {
+                    address: perp_address,
+                    denom: env.denoms["base"].clone(),
+                })
+                .unwrap()
+                .balance
+                .unwrap()
+                .amount;
+
+            assert_eq!(
+                u128::from_str(&balance_after).unwrap() + withdraw_amount.u128(),
+                u128::from_str(&balance_before).unwrap()
+            );
+        }
+
+        // TODO: close when empty, need to think really how to do this or why
+    }
+}
diff --git a/contracts/margined-power/src/testing/unit_tests/liquidation_test.rs b/contracts/margined-power/src/testing/unit_tests/liquidation_test.rs
new file mode 100644
index 0000000..89c843e
--- /dev/null
+++ b/contracts/margined-power/src/testing/unit_tests/liquidation_test.rs
@@ -0,0 +1,653 @@
+use crate::{
+    contract::CONTRACT_NAME,
+    state::{Config, State},
+    vault::Vault,
+};
+
+use cosmwasm_std::{coin, Decimal, Uint128};
+use margined_protocol::power::{ExecuteMsg, QueryMsg};
+use margined_testing::{
+    helpers::parse_event_attribute,
+    power_env::{PowerEnv, BASE_PRICE, ONE, SCALE_FACTOR},
+};
+use mock_query::contract::ExecuteMsg as MockQueryExecuteMsg;
+use osmosis_test_tube::{
+    osmosis_std::types::cosmos::bank::v1beta1::QueryBalanceRequest, Account, Bank, Module,
+    RunnerError, Wasm,
+};
+use std::str::FromStr;
+
+#[test]
+fn test_liquidation_profitable() {
+    pub const SCALED_POWER_PRICE: u128 = 303_000 * ONE / SCALE_FACTOR;
+
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let bank = Bank::new(&env.app);
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), true);
+
+    let config: Config = wasm.query(&perp_address, &QueryMsg::Config {}).unwrap();
+    let state: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+    assert_eq!(Decimal::one(), state.normalisation_factor);
+
+    wasm.execute(
+        config.query_contract.as_ref(),
+        &MockQueryExecuteMsg::AppendPrice {
+            pool_id: env.base_pool_id,
+            price: Decimal::from_atomics(BASE_PRICE, 6u32).unwrap(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    wasm.execute(
+        config.query_contract.as_ref(),
+        &MockQueryExecuteMsg::AppendPrice {
+            pool_id: env.power_pool_id,
+            price: Decimal::from_atomics(SCALED_POWER_PRICE, 6u32).unwrap(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    let vault_id_1: u64;
+    let vault_id_2: u64;
+
+    // open vault id 1
+    {
+        let state: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+        assert_eq!(Decimal::one(), state.normalisation_factor);
+        let mint_amount = 100_000_000u128;
+        let deposit_amount = 45_000_049u128;
+        let power_balance_before = bank
+            .query_balance(&QueryBalanceRequest {
+                address: env.traders[0].address(),
+                denom: env.denoms["power"].clone(),
+            })
+            .unwrap()
+            .balance
+            .unwrap()
+            .amount;
+
+        let mint_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(mint_amount),
+                    vault_id: None,
+                    rebase: true,
+                },
+                &[coin(deposit_amount, env.denoms["base"].clone())],
+                &env.traders[0],
+            )
+            .unwrap();
+
+        vault_id_1 = u64::from_str(&parse_event_attribute(
+            mint_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+
+        let power_balance_after = bank
+            .query_balance(&QueryBalanceRequest {
+                address: env.traders[0].address(),
+                denom: env.denoms["power"].clone(),
+            })
+            .unwrap()
+            .balance
+            .unwrap()
+            .amount;
+
+        let vault_after: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_1,
+                },
+            )
+            .unwrap();
+
+        assert_eq!(
+            100_000_600u128 + u128::from_str(&power_balance_before).unwrap(),
+            u128::from_str(&power_balance_after).unwrap()
+        );
+        assert_eq!(Uint128::from(100_000_600u128), vault_after.short_amount);
+    }
+
+    // open vault id 2
+    {
+        env.app.increase_time(1u64);
+        let mint_amount = 2_000_000u128;
+        let deposit_amount = 900_000u128;
+
+        let mint_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(mint_amount),
+                    vault_id: None,
+                    rebase: true,
+                },
+                &[coin(deposit_amount, env.denoms["base"].clone())],
+                &env.traders[1],
+            )
+            .unwrap();
+
+        vault_id_2 = u64::from_str(&parse_event_attribute(
+            mint_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+
+        let power_balance_after = bank
+            .query_balance(&QueryBalanceRequest {
+                address: env.traders[1].address(),
+                denom: env.denoms["power"].clone(),
+            })
+            .unwrap()
+            .balance
+            .unwrap()
+            .amount;
+
+        let vault_after: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_2,
+                },
+            )
+            .unwrap();
+
+        assert_eq!(2_000_014u128, u128::from_str(&power_balance_after).unwrap());
+        assert_eq!(Uint128::from(2_000_014u128), vault_after.short_amount);
+    }
+
+    // should revert liquidating vault id 0
+    {
+        let liquidate_response = wasm.execute(
+            &perp_address,
+            &ExecuteMsg::Liquidate {
+                vault_id: 0,
+                max_debt_amount: Uint128::from(1_000_000u128),
+            },
+            &[],
+            &env.signer,
+        );
+
+        assert!(liquidate_response.is_err());
+        assert_eq!(
+            liquidate_response.unwrap_err(),
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Vault does not exist, cannot perform operation: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    // should revert liquidate vault id greater than max vaults
+    {
+        let liquidate_response = wasm.execute(
+            &perp_address,
+            &ExecuteMsg::Liquidate {
+                vault_id: 10,
+                max_debt_amount: Uint128::from(1_000_000u128),
+            },
+            &[],
+            &env.signer,
+        );
+
+        assert!(liquidate_response.is_err());
+        assert_eq!(
+            liquidate_response.unwrap_err(),
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Vault does not exist, cannot perform operation: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    // should revert liquidating a safu vault
+    {
+        let vault_before: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_1,
+                },
+            )
+            .unwrap();
+
+        let liquidate_response = wasm.execute(
+            &perp_address,
+            &ExecuteMsg::Liquidate {
+                vault_id: vault_id_1,
+                max_debt_amount: vault_before.short_amount,
+            },
+            &[],
+            &env.signer,
+        );
+
+        assert!(liquidate_response.is_err());
+        assert_eq!(
+            liquidate_response.unwrap_err(),
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Vault is safe, cannot be liquidated: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    // set base price to make the vault underwater
+    {
+        pub const SCALED_POWER_PRICE: u128 = 4_040 * ONE / SCALE_FACTOR;
+        pub const BASE_PRICE: u128 = 4_000_000_000;
+        wasm.execute(
+            config.query_contract.as_ref(),
+            &MockQueryExecuteMsg::AppendPrice {
+                pool_id: env.base_pool_id,
+                price: Decimal::from_atomics(BASE_PRICE, 6u32).unwrap(),
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+
+        wasm.execute(
+            config.query_contract.as_ref(),
+            &MockQueryExecuteMsg::AppendPrice {
+                pool_id: env.power_pool_id,
+                price: Decimal::from_atomics(SCALED_POWER_PRICE, 6u32).unwrap(),
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // should revert if the vault becomes dust after liqudiation
+    {
+        // TODO: we don't have the concept of dust, (yet)
+    }
+
+    // should allow liquidation a whole vault if only liquidating half will make it a dust vault
+    {
+        let vault_before: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_2,
+                },
+            )
+            .unwrap();
+        let max_debt_amount = vault_before.short_amount;
+
+        let liquidate_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::Liquidate {
+                    vault_id: vault_id_2,
+                    max_debt_amount,
+                },
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+        let collateral_to_pay = Uint128::from_str(&parse_event_attribute(
+            liquidate_response.events.clone(),
+            "wasm-liquidation",
+            "collateral_to_pay",
+        ))
+        .unwrap();
+        assert_eq!(Uint128::from(888_806u128), collateral_to_pay);
+
+        let liquidation_amount = Uint128::from_str(&parse_event_attribute(
+            liquidate_response.events,
+            "wasm-liquidation",
+            "liquidation_amount",
+        ))
+        .unwrap();
+        assert_eq!(Uint128::from(2_000_014u128), liquidation_amount);
+
+        let vault_after: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_2,
+                },
+            )
+            .unwrap();
+
+        assert_eq!(Uint128::zero(), vault_after.short_amount);
+        assert_eq!(Uint128::from(11_194u128), vault_after.collateral);
+    }
+
+    // liquidate unsafe vault (vault id 1)
+    {
+        env.app.increase_time(1u64);
+        let liquidator_power_before = Uint128::from_str(
+            &bank
+                .query_balance(&QueryBalanceRequest {
+                    address: env.signer.address(),
+                    denom: env.denoms["power"].clone(),
+                })
+                .unwrap()
+                .balance
+                .unwrap()
+                .amount,
+        )
+        .unwrap();
+
+        let vault_before: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_1,
+                },
+            )
+            .unwrap();
+        let max_debt_amount = vault_before.short_amount.checked_div(2u128.into()).unwrap();
+
+        let liquidate_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::Liquidate {
+                    vault_id: vault_id_1,
+                    max_debt_amount: max_debt_amount + Uint128::from(10u128),
+                },
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+        let collateral_to_pay = Uint128::from_str(&parse_event_attribute(
+            liquidate_response.events.clone(),
+            "wasm-liquidation",
+            "collateral_to_pay",
+        ))
+        .unwrap();
+        assert_eq!(Uint128::from(22_220_133u128), collateral_to_pay);
+
+        let liquidation_amount = Uint128::from_str(&parse_event_attribute(
+            liquidate_response.events,
+            "wasm-liquidation",
+            "liquidation_amount",
+        ))
+        .unwrap();
+        assert_eq!(Uint128::from(50_000_300u128), liquidation_amount);
+
+        let liquidator_power_after = Uint128::from_str(
+            &bank
+                .query_balance(&QueryBalanceRequest {
+                    address: env.signer.address(),
+                    denom: env.denoms["power"].clone(),
+                })
+                .unwrap()
+                .balance
+                .unwrap()
+                .amount,
+        )
+        .unwrap();
+
+        let vault_after: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_1,
+                },
+            )
+            .unwrap();
+
+        assert_eq!(Uint128::from(50_000_300u128), vault_after.short_amount);
+        assert_eq!(Uint128::from(22_779_916u128), vault_after.collateral);
+        // assert_eq!(
+        //     liquidator_base_before + collateral_to_pay,
+        //     liquidator_base_after
+        // );
+        assert_eq!(
+            liquidator_power_after + max_debt_amount,
+            liquidator_power_before
+        );
+    }
+}
+
+#[test]
+fn test_liquidation_unprofitable() {
+    pub const SCALED_POWER_PRICE: u128 = 303_000 * ONE / SCALE_FACTOR;
+
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let bank = Bank::new(&env.app);
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), true);
+
+    let config: Config = wasm.query(&perp_address, &QueryMsg::Config {}).unwrap();
+    let state: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+    assert_eq!(Decimal::one(), state.normalisation_factor);
+
+    wasm.execute(
+        config.query_contract.as_ref(),
+        &MockQueryExecuteMsg::AppendPrice {
+            pool_id: env.base_pool_id,
+            price: Decimal::from_atomics(BASE_PRICE, 6u32).unwrap(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    wasm.execute(
+        config.query_contract.as_ref(),
+        &MockQueryExecuteMsg::AppendPrice {
+            pool_id: env.power_pool_id,
+            price: Decimal::from_atomics(SCALED_POWER_PRICE, 6u32).unwrap(),
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    let vault_id_1: u64;
+    // open vault id 1
+    {
+        let state: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+
+        assert_eq!(Decimal::one(), state.normalisation_factor);
+        let mint_amount = 100_000_000u128;
+        let deposit_amount = 45_000_049u128;
+
+        let mint_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: Uint128::from(mint_amount),
+                    vault_id: None,
+                    rebase: true,
+                },
+                &[coin(deposit_amount, env.denoms["base"].clone())],
+                &env.traders[0],
+            )
+            .unwrap();
+
+        vault_id_1 = u64::from_str(&parse_event_attribute(
+            mint_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+    }
+
+    // set price to be unprofitable
+    {
+        pub const SCALED_POWER_PRICE: u128 = 909_000 * ONE / SCALE_FACTOR;
+        pub const BASE_PRICE: u128 = 9_000_000_000_000;
+
+        wasm.execute(
+            config.query_contract.as_ref(),
+            &MockQueryExecuteMsg::AppendPrice {
+                pool_id: env.base_pool_id,
+                price: Decimal::from_atomics(BASE_PRICE, 6u32).unwrap(),
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+
+        wasm.execute(
+            config.query_contract.as_ref(),
+            &MockQueryExecuteMsg::AppendPrice {
+                pool_id: env.power_pool_id,
+                price: Decimal::from_atomics(SCALED_POWER_PRICE, 6u32).unwrap(),
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    // should revert if vault is paying out all collateral, but there is debt remaining
+    {
+        env.app.increase_time(1u64);
+        let vault: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_1,
+                },
+            )
+            .unwrap();
+        let max_debt_amount = vault.short_amount.checked_sub(11u128.into()).unwrap();
+
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::Liquidate {
+                vault_id: vault_id_1,
+                max_debt_amount: max_debt_amount + Uint128::from(10u128),
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap_err();
+    }
+
+    // can fully liquidate an underwater vault even if it is not profitable
+    {
+        env.app.increase_time(1u64);
+        let vault: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_1,
+                },
+            )
+            .unwrap();
+        let max_debt_amount = vault.short_amount;
+
+        let liquidator_base_before = Uint128::from_str(
+            &bank
+                .query_balance(&QueryBalanceRequest {
+                    address: env.signer.address(),
+                    denom: env.denoms["base"].clone(),
+                })
+                .unwrap()
+                .balance
+                .unwrap()
+                .amount,
+        )
+        .unwrap();
+
+        let liquidator_power_before = Uint128::from_str(
+            &bank
+                .query_balance(&QueryBalanceRequest {
+                    address: env.signer.address(),
+                    denom: env.denoms["power"].clone(),
+                })
+                .unwrap()
+                .balance
+                .unwrap()
+                .amount,
+        )
+        .unwrap();
+
+        let liquidate_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::Liquidate {
+                    vault_id: vault_id_1,
+                    max_debt_amount,
+                },
+                &[],
+                &env.signer,
+            )
+            .unwrap();
+
+        let collateral_to_pay = Uint128::from_str(&parse_event_attribute(
+            liquidate_response.events.clone(),
+            "wasm-liquidation",
+            "collateral_to_pay",
+        ))
+        .unwrap();
+        assert_eq!(Uint128::from(45_000_049u128), collateral_to_pay);
+
+        let liquidation_amount = Uint128::from_str(&parse_event_attribute(
+            liquidate_response.events,
+            "wasm-liquidation",
+            "liquidation_amount",
+        ))
+        .unwrap();
+        assert_eq!(Uint128::from(100_000_600u128), liquidation_amount);
+
+        let liquidator_base_after = Uint128::from_str(
+            &bank
+                .query_balance(&QueryBalanceRequest {
+                    address: env.signer.address(),
+                    denom: env.denoms["base"].clone(),
+                })
+                .unwrap()
+                .balance
+                .unwrap()
+                .amount,
+        )
+        .unwrap();
+        let liquidator_power_after = Uint128::from_str(
+            &bank
+                .query_balance(&QueryBalanceRequest {
+                    address: env.signer.address(),
+                    denom: env.denoms["power"].clone(),
+                })
+                .unwrap()
+                .balance
+                .unwrap()
+                .amount,
+        )
+        .unwrap();
+
+        let vault_after: Vault = wasm
+            .query(
+                &perp_address,
+                &QueryMsg::GetVault {
+                    vault_id: vault_id_1,
+                },
+            )
+            .unwrap();
+        assert_eq!(Uint128::zero(), vault_after.short_amount);
+        assert_eq!(Uint128::zero(), vault_after.collateral);
+        assert_eq!(
+            liquidator_power_before
+                .checked_sub(liquidator_power_after)
+                .unwrap(),
+            max_debt_amount
+        );
+        assert_eq!(
+            liquidator_base_after
+                .checked_sub(liquidator_base_before)
+                .unwrap(),
+            collateral_to_pay
+        );
+    }
+}
diff --git a/contracts/margined-power/src/testing/unit_tests/mod.rs b/contracts/margined-power/src/testing/unit_tests/mod.rs
new file mode 100644
index 0000000..38115ea
--- /dev/null
+++ b/contracts/margined-power/src/testing/unit_tests/mod.rs
@@ -0,0 +1,7 @@
+mod combined_test;
+mod config_test;
+mod funding_test;
+mod general_test;
+mod liquidation_test;
+mod permissions_test;
+mod vault_test;
diff --git a/contracts/margined-power/src/testing/unit_tests/permissions_test.rs b/contracts/margined-power/src/testing/unit_tests/permissions_test.rs
new file mode 100644
index 0000000..07419d9
--- /dev/null
+++ b/contracts/margined-power/src/testing/unit_tests/permissions_test.rs
@@ -0,0 +1,594 @@
+use crate::{contract::CONTRACT_NAME, state::State, testing::test_utils::MOCK_FEE_POOL_ADDR};
+
+use cosmwasm_std::{coin, Decimal, Uint128};
+use margined_protocol::power::{ExecuteMsg, InstantiateMsg, QueryMsg};
+use margined_testing::{helpers::store_code, power_env::PowerEnv};
+use osmosis_test_tube::{
+    osmosis_std::types::osmosis::tokenfactory::v1beta1::MsgChangeAdmin, Account, Module,
+    RunnerError, TokenFactory, Wasm,
+};
+
+#[test]
+fn test_permissions() {
+    let env = PowerEnv::new();
+
+    let token = TokenFactory::new(&env.app);
+    let wasm = Wasm::new(&env.app);
+
+    let query_address = env.deploy_query_contracts(&wasm, false);
+
+    let code_id = store_code(&wasm, &env.signer, CONTRACT_NAME.to_string());
+    let address = wasm
+        .instantiate(
+            code_id,
+            &InstantiateMsg {
+                fee_pool: MOCK_FEE_POOL_ADDR.to_string(),
+                fee_rate: "0.1".to_string(),
+                query_contract: query_address,
+                power_denom: env.denoms["power"].clone(),
+                base_denom: env.denoms["base"].clone(),
+                base_pool_id: env.base_pool_id,
+                base_pool_quote: env.denoms["quote"].clone(),
+                power_pool_id: env.power_pool_id,
+                base_decimals: 6u32,
+                power_decimals: 6u32,
+            },
+            None,
+            Some("margined-power-contract"),
+            &[coin(10_000_000, "uosmo")],
+            &env.signer,
+        )
+        .unwrap()
+        .data
+        .address;
+
+    let timestamp = env.app.get_block_timestamp();
+
+    let state: State = wasm.query(&address, &QueryMsg::State {}).unwrap();
+    assert_eq!(
+        state,
+        State {
+            is_open: false,
+            is_paused: true,
+            normalisation_factor: Decimal::one(),
+            last_funding_update: timestamp,
+            last_pause: timestamp,
+        }
+    );
+
+    // check permissions when contract is not open and is paused
+    {
+        // pause should fail, contract not set open
+        {
+            let err = wasm
+                .execute(&address, &ExecuteMsg::Pause {}, &[], &env.signer)
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Generic error: Cannot perform action as contract is not open: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // unpause should fail, contract not set open
+        {
+            let err = wasm
+                .execute(&address, &ExecuteMsg::UnPause {}, &[], &env.signer)
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Cannot perform action as contract is not open: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // mint should fail, contract not set open
+        {
+            let err = wasm
+                .execute(
+                    &address,
+                    &ExecuteMsg::MintPowerPerp {
+                        amount: Uint128::from(1_000_000u128),
+                        vault_id: None,
+                        rebase: false,
+                    },
+                    &[],
+                    &env.signer,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Generic error: Cannot perform action as contract is not open: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // burn should fail, contract not set open
+        {
+            let err = wasm
+                .execute(
+                    &address,
+                    &ExecuteMsg::BurnPowerPerp {
+                        amount_to_withdraw: None,
+                        vault_id: 1u64,
+                    },
+                    &[],
+                    &env.signer,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Generic error: Cannot perform action as contract is not open: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // deposit should fail, contract not set open
+        {
+            let err = wasm
+                .execute(
+                    &address,
+                    &ExecuteMsg::Deposit { vault_id: 1u64 },
+                    &[],
+                    &env.signer,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Generic error: Cannot perform action as contract is not open: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // withdraw should fail, contract not set open
+        {
+            let err = wasm
+                .execute(
+                    &address,
+                    &ExecuteMsg::Withdraw {
+                        amount: Uint128::from(1_000_000u64),
+                        vault_id: 1u64,
+                    },
+                    &[],
+                    &env.signer,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Generic error: Cannot perform action as contract is not open: execute wasm contract failed".to_string()
+                }
+            );
+        }
+        // liquidation should fail, contract not set open
+        {
+            let err = wasm
+                .execute(
+                    &address,
+                    &ExecuteMsg::Liquidate {
+                        max_debt_amount: Uint128::from(1_000_000u64),
+                        vault_id: 1u64,
+                    },
+                    &[],
+                    &env.signer,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Generic error: Cannot perform action as contract is not open: execute wasm contract failed".to_string()
+                }
+            );
+        }
+    }
+
+    // set contract open, should fail as not admin
+    {
+        let err = wasm
+            .execute(&address, &ExecuteMsg::SetOpen {}, &[], &env.signer)
+            .unwrap_err();
+        assert_eq!(
+            err,
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Contract is not admin of the power token: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    // set contract open
+    {
+        token
+            .change_admin(
+                MsgChangeAdmin {
+                    sender: env.signer.address(),
+                    new_admin: address.clone(),
+                    denom: env.denoms["power"].clone(),
+                },
+                &env.signer,
+            )
+            .unwrap();
+
+        wasm.execute(&address, &ExecuteMsg::SetOpen {}, &[], &env.signer)
+            .unwrap();
+
+        let state: State = wasm.query(&address, &QueryMsg::State {}).unwrap();
+        assert_eq!(
+            state,
+            State {
+                is_open: true,
+                is_paused: false,
+                normalisation_factor: Decimal::one(),
+                last_funding_update: timestamp,
+                last_pause: timestamp,
+            }
+        );
+    }
+
+    // set contract open, should fail as already open
+    {
+        let err = wasm
+            .execute(&address, &ExecuteMsg::SetOpen {}, &[], &env.signer)
+            .unwrap_err();
+        assert_eq!(
+            err,
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Contract is already open: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    // check permissions when contract is open and is paused
+    {
+        // pause contract
+        {
+            wasm.execute(&address, &ExecuteMsg::Pause {}, &[], &env.signer)
+                .unwrap();
+
+            let latest_timestamp = env.app.get_block_timestamp();
+
+            let state: State = wasm.query(&address, &QueryMsg::State {}).unwrap();
+            assert_eq!(
+                state,
+                State {
+                    is_open: true,
+                    is_paused: true,
+                    normalisation_factor: Decimal::one(),
+                    last_funding_update: timestamp,
+                    last_pause: latest_timestamp,
+                }
+            );
+        }
+
+        // pause should fail, contract not set open
+        {
+            let err = wasm
+                .execute(&address, &ExecuteMsg::Pause {}, &[], &env.signer)
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Generic error: Cannot perform action as contract is paused: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // mint should fail, contract not set open
+        {
+            let err = wasm
+                .execute(
+                    &address,
+                    &ExecuteMsg::MintPowerPerp {
+                        amount: Uint128::from(1_000_000u128),
+                        vault_id: None,
+                        rebase: false,
+                    },
+                    &[],
+                    &env.signer,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Generic error: Cannot perform action as contract is paused: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // burn should fail, contract not set open
+        {
+            let err = wasm
+                .execute(
+                    &address,
+                    &ExecuteMsg::BurnPowerPerp {
+                        amount_to_withdraw: None,
+                        vault_id: 1u64,
+                    },
+                    &[],
+                    &env.signer,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Generic error: Cannot perform action as contract is paused: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // deposit should fail, contract not set open
+        {
+            let err = wasm
+                .execute(
+                    &address,
+                    &ExecuteMsg::Deposit { vault_id: 1u64 },
+                    &[],
+                    &env.signer,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Generic error: Cannot perform action as contract is paused: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // withdraw should fail, contract not set open
+        {
+            let err = wasm
+                .execute(
+                    &address,
+                    &ExecuteMsg::Withdraw {
+                        amount: Uint128::from(1_000_000u64),
+                        vault_id: 1u64,
+                    },
+                    &[],
+                    &env.signer,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Generic error: Cannot perform action as contract is paused: execute wasm contract failed".to_string()
+                }
+            );
+        }
+        // liquidation should fail, contract not set open
+        {
+            let err = wasm
+                .execute(
+                    &address,
+                    &ExecuteMsg::Liquidate {
+                        max_debt_amount: Uint128::from(1_000_000u64),
+                        vault_id: 1u64,
+                    },
+                    &[],
+                    &env.signer,
+                )
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Generic error: Cannot perform action as contract is paused: execute wasm contract failed".to_string()
+                }
+            );
+        }
+    }
+}
+
+#[test]
+fn test_pause_unpause() {
+    let env = PowerEnv::new();
+
+    let token = TokenFactory::new(&env.app);
+    let wasm = Wasm::new(&env.app);
+
+    let query_address = env.deploy_query_contracts(&wasm, false);
+
+    let code_id = store_code(&wasm, &env.signer, CONTRACT_NAME.to_string());
+    let address = wasm
+        .instantiate(
+            code_id,
+            &InstantiateMsg {
+                fee_pool: MOCK_FEE_POOL_ADDR.to_string(),
+                fee_rate: "0.1".to_string(),
+                query_contract: query_address,
+                power_denom: env.denoms["power"].clone(),
+                base_denom: env.denoms["base"].clone(),
+                base_pool_id: env.base_pool_id,
+                base_pool_quote: env.denoms["quote"].clone(),
+                power_pool_id: env.power_pool_id,
+                base_decimals: 6u32,
+                power_decimals: 6u32,
+            },
+            None,
+            Some("margined-power-contract"),
+            &[coin(10_000_000, "uosmo")],
+            &env.signer,
+        )
+        .unwrap()
+        .data
+        .address;
+
+    let timestamp = env.app.get_block_timestamp();
+
+    let state: State = wasm.query(&address, &QueryMsg::State {}).unwrap();
+    assert_eq!(
+        state,
+        State {
+            is_open: false,
+            is_paused: true,
+            normalisation_factor: Decimal::one(),
+            last_funding_update: timestamp,
+            last_pause: timestamp,
+        }
+    );
+
+    // check permissions when contract is not open and is paused
+    {
+        // pause should fail, contract not set open
+        {
+            let err = wasm
+                .execute(&address, &ExecuteMsg::Pause {}, &[], &env.signer)
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Generic error: Cannot perform action as contract is not open: execute wasm contract failed".to_string()
+                }
+            );
+        }
+
+        // unpause should fail, contract not set open
+        {
+            let err = wasm
+                .execute(&address, &ExecuteMsg::UnPause {}, &[], &env.signer)
+                .unwrap_err();
+            assert_eq!(
+                err,
+                RunnerError::ExecuteError {
+                    msg: "failed to execute message; message index: 0: Cannot perform action as contract is not open: execute wasm contract failed".to_string()
+                }
+            );
+        }
+    }
+
+    // set contract open
+    {
+        token
+            .change_admin(
+                MsgChangeAdmin {
+                    sender: env.signer.address(),
+                    new_admin: address.clone(),
+                    denom: env.denoms["power"].clone(),
+                },
+                &env.signer,
+            )
+            .unwrap();
+
+        wasm.execute(&address, &ExecuteMsg::SetOpen {}, &[], &env.signer)
+            .unwrap();
+
+        let state: State = wasm.query(&address, &QueryMsg::State {}).unwrap();
+        assert_eq!(
+            state,
+            State {
+                is_open: true,
+                is_paused: false,
+                normalisation_factor: Decimal::one(),
+                last_funding_update: timestamp,
+                last_pause: timestamp,
+            }
+        );
+    }
+
+    // check permissions when contract is open and is paused
+    let latest_timestamp = env.app.get_block_timestamp();
+
+    // pause contract
+    {
+        wasm.execute(&address, &ExecuteMsg::Pause {}, &[], &env.signer)
+            .unwrap();
+
+        let state: State = wasm.query(&address, &QueryMsg::State {}).unwrap();
+        assert_eq!(
+            state,
+            State {
+                is_open: true,
+                is_paused: true,
+                normalisation_factor: Decimal::one(),
+                last_funding_update: timestamp,
+                last_pause: latest_timestamp.plus_seconds(5u64),
+            }
+        );
+    }
+
+    // pause should fail, contract already paused
+    {
+        let err = wasm
+            .execute(&address, &ExecuteMsg::Pause {}, &[], &env.signer)
+            .unwrap_err();
+        assert_eq!(
+            err,
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Generic error: Cannot perform action as contract is paused: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    // unpause should fail, timer has not expired
+    {
+        let err = wasm
+            .execute(&address, &ExecuteMsg::UnPause {}, &[], &env.traders[0])
+            .unwrap_err();
+        assert_eq!(
+            err,
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Unpause delay not expired: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    env.app.increase_time(7 * 24 * 60 * 60);
+
+    // unpause should pass
+    {
+        wasm.execute(&address, &ExecuteMsg::UnPause {}, &[], &env.traders[0])
+            .unwrap();
+
+        let state: State = wasm.query(&address, &QueryMsg::State {}).unwrap();
+        assert_eq!(
+            state,
+            State {
+                is_open: true,
+                is_paused: false,
+                normalisation_factor: Decimal::one(),
+                last_funding_update: timestamp,
+                last_pause: latest_timestamp.plus_seconds(5u64),
+            }
+        );
+    }
+
+    // check permissions when contract is open and is paused using the admin
+    let latest_timestamp = env.app.get_block_timestamp();
+
+    // pause contract
+    {
+        wasm.execute(&address, &ExecuteMsg::Pause {}, &[], &env.signer)
+            .unwrap();
+
+        let state: State = wasm.query(&address, &QueryMsg::State {}).unwrap();
+        assert_eq!(
+            state,
+            State {
+                is_open: true,
+                is_paused: true,
+                normalisation_factor: Decimal::one(),
+                last_funding_update: timestamp,
+                last_pause: latest_timestamp.plus_seconds(5u64),
+            }
+        );
+    }
+    // unpause should pass
+    {
+        wasm.execute(&address, &ExecuteMsg::UnPause {}, &[], &env.signer)
+            .unwrap();
+
+        let state: State = wasm.query(&address, &QueryMsg::State {}).unwrap();
+        assert_eq!(
+            state,
+            State {
+                is_open: true,
+                is_paused: false,
+                normalisation_factor: Decimal::one(),
+                last_funding_update: timestamp,
+                last_pause: latest_timestamp.plus_seconds(5u64),
+            }
+        );
+    }
+}
diff --git a/contracts/margined-power/src/testing/unit_tests/vault_test.rs b/contracts/margined-power/src/testing/unit_tests/vault_test.rs
new file mode 100644
index 0000000..10de035
--- /dev/null
+++ b/contracts/margined-power/src/testing/unit_tests/vault_test.rs
@@ -0,0 +1,159 @@
+use crate::{
+    contract::CONTRACT_NAME,
+    state::{Config, State},
+};
+
+use cosmwasm_std::{coin, Decimal, Uint128};
+use margined_protocol::power::{ExecuteMsg, QueryMsg};
+use margined_testing::{helpers::parse_event_attribute, power_env::PowerEnv};
+use osmosis_test_tube::{Module, Wasm};
+use std::str::FromStr;
+
+#[test]
+fn test_check_vault_is_safe() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let (perp_address, _) = env.deploy_power(&wasm, CONTRACT_NAME.to_string(), true);
+
+    let config: Config = wasm.query(&perp_address, &QueryMsg::Config {}).unwrap();
+    let state_initial: State = wasm.query(&perp_address, &QueryMsg::State {}).unwrap();
+    let mut vault_id = 0u64;
+
+    assert_eq!(Decimal::one(), state_initial.normalisation_factor);
+
+    env.set_oracle_price(
+        &wasm,
+        config.query_contract.to_string(),
+        env.base_pool_id,
+        Decimal::from_str("3000.0").unwrap(),
+    );
+    env.set_oracle_price(
+        &wasm,
+        config.query_contract.to_string(),
+        env.power_pool_id,
+        Decimal::from_str("3030.0").unwrap(),
+    );
+
+    // should return true if vault does not exist
+    {
+        let is_safe: bool = wasm
+            .query(&perp_address, &QueryMsg::CheckVault { vault_id })
+            .unwrap();
+        assert!(is_safe);
+    }
+
+    // should return true if vault has no short
+    {
+        let mint_amount = Uint128::from(45_000_000u128);
+        let collateral_amount = Uint128::from(45_000_000u128);
+
+        let mint_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: mint_amount,
+
+                    vault_id: None,
+                    rebase: false,
+                },
+                &[coin(
+                    collateral_amount.into(),
+                    env.denoms["base"].to_string(),
+                )],
+                &env.signer,
+            )
+            .unwrap();
+
+        vault_id = u64::from_str(&parse_event_attribute(
+            mint_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+
+        env.app.increase_time(1u64);
+
+        wasm.execute(
+            &perp_address,
+            &ExecuteMsg::BurnPowerPerp {
+                amount_to_withdraw: None,
+                vault_id,
+            },
+            &[coin(mint_amount.into(), env.denoms["power"].to_string())],
+            &env.signer,
+        )
+        .unwrap();
+
+        let res: bool = wasm
+            .query(&perp_address, &QueryMsg::CheckVault { vault_id })
+            .unwrap();
+        assert!(res);
+    }
+
+    // should mint perfect amount
+    {
+        env.app.increase_time(1u64);
+        let mint_amount = Uint128::from(100_000_000u128);
+        let collateral_amount = Uint128::from(45_000_000u128);
+        let mint_response = wasm
+            .execute(
+                &perp_address,
+                &ExecuteMsg::MintPowerPerp {
+                    amount: mint_amount,
+                    vault_id: None,
+                    rebase: false,
+                },
+                &[coin(
+                    collateral_amount.into(),
+                    env.denoms["base"].to_string(),
+                )],
+                &env.signer,
+            )
+            .unwrap();
+
+        vault_id = u64::from_str(&parse_event_attribute(
+            mint_response.events,
+            "wasm-mint",
+            "vault_id",
+        ))
+        .unwrap();
+
+        let res: bool = wasm
+            .query(&perp_address, &QueryMsg::CheckVault { vault_id })
+            .unwrap();
+        assert!(res);
+    }
+
+    // increase the price and make vault insolvent
+    {
+        env.set_oracle_price(
+            &wasm,
+            config.query_contract.to_string(),
+            env.base_pool_id,
+            Decimal::from_str("3010.0").unwrap(),
+        );
+
+        let res: bool = wasm
+            .query(&perp_address, &QueryMsg::CheckVault { vault_id })
+            .unwrap();
+        assert!(!res);
+    }
+
+    // Funding rate should make the vault solvent as time passes
+    {
+        env.set_oracle_price(
+            &wasm,
+            config.query_contract.to_string(),
+            env.base_pool_id,
+            Decimal::from_str("3030.0").unwrap(),
+        );
+
+        env.app.increase_time(89856); // 1.04 * 86400 (1.04 days in seconds)
+
+        let res: bool = wasm
+            .query(&perp_address, &QueryMsg::CheckVault { vault_id })
+            .unwrap();
+        assert!(res);
+    }
+}
diff --git a/contracts/margined-power/src/vault.rs b/contracts/margined-power/src/vault.rs
new file mode 100644
index 0000000..eb9c6db
--- /dev/null
+++ b/contracts/margined-power/src/vault.rs
@@ -0,0 +1,542 @@
+use crate::{
+    helpers::decimal_to_fixed,
+    queries::get_scaled_pool_twap,
+    state::{Config, CONFIG, TWAP_PERIOD},
+};
+
+use cosmwasm_std::{
+    ensure_eq, Addr, Decimal, Deps, StdError, StdResult, Storage, Timestamp, Uint128,
+};
+use cw_storage_plus::{Index, IndexList, IndexedMap, Item, MultiIndex};
+use schemars::JsonSchema;
+use serde::{Deserialize, Serialize};
+
+pub const COLLATERAL_RATIO_NUMERATOR: Decimal = Decimal::raw(3_000_000_000_000_000_000u128); // 3
+pub const COLLATERAL_RATIO_DENOMINATOR: Decimal = Decimal::raw(2_000_000_000_000_000_000u128); // 2
+pub const MIN_COLLATERAL: Decimal = Decimal::raw(500_000_000_000_000_000u128); // 0.5
+
+pub const VAULTS: IndexedMap<&u64, Vault, VaultIndexes> = IndexedMap::new("vaults", INDEXES);
+pub const VAULTS_COUNTER: Item<u64> = Item::new("vaults_counter");
+
+pub const INDEXES: VaultIndexes<'_> = VaultIndexes {
+    owner: MultiIndex::new(vault_operator_idx, "vaults", "vault__owner"),
+};
+
+#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, Eq, JsonSchema)]
+pub struct Vault {
+    pub operator: Addr,
+    pub collateral: Uint128,
+    pub short_amount: Uint128,
+}
+
+pub struct VaultIndexes<'a> {
+    pub owner: MultiIndex<'a, Addr, Vault, u64>,
+}
+
+impl<'a> IndexList<Vault> for VaultIndexes<'a> {
+    fn get_indexes(&'_ self) -> Box<dyn Iterator<Item = &'_ dyn Index<Vault>> + '_> {
+        let v: Vec<&dyn Index<Vault>> = vec![&self.owner];
+        Box::new(v.into_iter())
+    }
+}
+
+pub fn vault_operator_idx(_pk: &[u8], d: &Vault) -> Addr {
+    d.operator.clone()
+}
+
+impl Vault {
+    pub fn new(operator: Addr) -> Self {
+        Vault {
+            operator,
+            collateral: Uint128::zero(),
+            short_amount: Uint128::zero(),
+        }
+    }
+
+    pub fn is_empty(&self) -> bool {
+        self.collateral.is_zero() && self.short_amount.is_zero()
+    }
+}
+
+pub fn check_vault(
+    deps: Deps,
+    config: Config,
+    vault_id: u64,
+    normalisation_factor: Decimal,
+    block_time: Timestamp,
+) -> StdResult<(bool, bool)> {
+    get_vault_status(deps, config, vault_id, normalisation_factor, block_time)
+}
+
+pub fn is_vault_safe(
+    deps: Deps,
+    config: Config,
+    vault_id: u64,
+    normalisation_factor: Decimal,
+    block_time: Timestamp,
+) -> StdResult<bool> {
+    let (is_safe, _) = get_vault_status(deps, config, vault_id, normalisation_factor, block_time)?;
+
+    Ok(is_safe)
+}
+
+pub fn get_vault_status(
+    deps: Deps,
+    config: Config,
+    vault_id: u64,
+    normalisation_factor: Decimal,
+    block_time: Timestamp,
+) -> StdResult<(bool, bool)> {
+    let start_time = block_time.minus_seconds(TWAP_PERIOD);
+
+    let quote_price = get_scaled_pool_twap(
+        &deps,
+        config.base_pool.id,
+        config.base_denom.clone(),
+        config.base_pool.quote_denom,
+        start_time,
+    )
+    .unwrap();
+
+    get_status(&deps, vault_id, normalisation_factor, quote_price)
+}
+
+pub fn create_vault(storage: &mut dyn Storage, operator: Addr) -> StdResult<u64> {
+    let current_vault_count = VAULTS_COUNTER.load(storage).unwrap_or(0);
+    let nonce = current_vault_count + 1;
+
+    let vault = Vault::new(operator);
+
+    VAULTS.save(storage, &nonce, &vault)?;
+    VAULTS_COUNTER.save(storage, &nonce)?;
+
+    Ok(nonce)
+}
+
+pub fn update_vault(
+    storage: &mut dyn Storage,
+    vault_id: u64,
+    operator: Addr,
+    collateral: Uint128,
+    short_amount: Uint128,
+) -> StdResult<()> {
+    let current_vault = VAULTS.load(storage, &vault_id).unwrap();
+
+    ensure_eq!(
+        operator,
+        current_vault.operator,
+        StdError::generic_err("operator does not match")
+    );
+
+    let vault = Vault {
+        operator,
+        collateral: current_vault.collateral + collateral,
+        short_amount: current_vault.short_amount + short_amount,
+    };
+
+    VAULTS.save(storage, &vault_id, &vault)?;
+
+    Ok(())
+}
+
+pub fn check_can_burn(
+    storage: &dyn Storage,
+    vault_id: u64,
+    operator: Addr,
+    amount_to_burn: Uint128,
+    collateral_to_withdraw: Uint128,
+) -> StdResult<()> {
+    let current_vault = VAULTS.load(storage, &vault_id).unwrap();
+
+    ensure_eq!(
+        operator,
+        current_vault.operator,
+        StdError::generic_err("operator does not match")
+    );
+
+    if collateral_to_withdraw > current_vault.collateral
+        || amount_to_burn > current_vault.short_amount
+    {
+        return Err(StdError::generic_err(
+            "Cannot burn more funds or collateral than in vault",
+        ));
+    }
+
+    Ok(())
+}
+
+pub fn burn_vault(
+    storage: &mut dyn Storage,
+    vault_id: u64,
+    operator: Addr,
+    collateral: Uint128,
+    short_amount: Uint128,
+) -> StdResult<()> {
+    let current_vault = VAULTS.load(storage, &vault_id).unwrap();
+
+    ensure_eq!(
+        operator,
+        current_vault.operator,
+        StdError::generic_err("operator does not match")
+    );
+
+    if collateral > current_vault.collateral || short_amount > current_vault.short_amount {
+        return Err(StdError::generic_err(
+            "Cannot burn more funds or collateral than in vault",
+        ));
+    }
+
+    let vault = Vault {
+        operator,
+        collateral: current_vault.collateral - collateral,
+        short_amount: current_vault.short_amount - short_amount,
+    };
+
+    VAULTS.save(storage, &vault_id, &vault)?;
+
+    Ok(())
+}
+
+pub fn add_collateral(
+    storage: &mut dyn Storage,
+    vault_id: u64,
+    operator: Addr,
+    collateral: Uint128,
+) -> StdResult<()> {
+    let current_vault = VAULTS.load(storage, &vault_id).unwrap();
+
+    ensure_eq!(
+        operator,
+        current_vault.operator,
+        StdError::generic_err("operator does not match")
+    );
+
+    let vault = Vault {
+        operator,
+        collateral: current_vault.collateral + collateral,
+        short_amount: current_vault.short_amount,
+    };
+
+    VAULTS.save(storage, &vault_id, &vault)?;
+
+    Ok(())
+}
+
+pub fn subtract_collateral(
+    storage: &mut dyn Storage,
+    vault_id: u64,
+    operator: Addr,
+    collateral: Uint128,
+) -> StdResult<()> {
+    let current_vault = VAULTS.load(storage, &vault_id).unwrap();
+
+    ensure_eq!(
+        operator,
+        current_vault.operator,
+        StdError::generic_err("operator does not match")
+    );
+
+    if collateral > current_vault.collateral {
+        return Err(StdError::generic_err(
+            "Cannot subtract more collateral than deposited",
+        ));
+    }
+
+    let vault = Vault {
+        operator,
+        collateral: current_vault.collateral - collateral,
+        short_amount: current_vault.short_amount,
+    };
+
+    VAULTS.save(storage, &vault_id, &vault)?;
+
+    Ok(())
+}
+
+pub fn get_status(
+    deps: &Deps,
+    vault_id: u64,
+    normalisation_factor: Decimal,
+    quote_price: Decimal,
+) -> StdResult<(bool, bool)> {
+    let config = CONFIG.load(deps.storage)?;
+
+    let vault = VAULTS.may_load(deps.storage, &vault_id)?;
+    if vault.is_none() {
+        return Ok((true, false));
+    }
+
+    let vault = vault.unwrap();
+
+    Ok(calculate_status(
+        config.base_decimals,
+        config.power_decimals,
+        vault,
+        normalisation_factor,
+        quote_price,
+    ))
+}
+
+fn calculate_status(
+    base_decimals: u32,
+    power_decimals: u32,
+    vault: Vault,
+    normalisation_factor: Decimal,
+    quote_price: Decimal,
+) -> (bool, bool) {
+    let decimal_short_amount = Decimal::from_ratio(
+        vault.short_amount,
+        Uint128::from(10u128.pow(power_decimals)),
+    );
+
+    let debt_value = decimal_short_amount
+        .checked_mul(normalisation_factor)
+        .unwrap()
+        .checked_mul(quote_price)
+        .unwrap();
+
+    let decimal_collateral =
+        Decimal::from_ratio(vault.collateral, Uint128::from(10u128.pow(base_decimals)));
+
+    let adjusted_collateral = decimal_collateral
+        .checked_mul(COLLATERAL_RATIO_DENOMINATOR)
+        .unwrap();
+    let adjusted_debt = debt_value.checked_mul(COLLATERAL_RATIO_NUMERATOR).unwrap();
+
+    // Return to fixed point to remove rounding errors
+    let adjusted_collateral = decimal_to_fixed(adjusted_collateral, base_decimals);
+    let adjusted_debt = decimal_to_fixed(adjusted_debt, base_decimals);
+
+    let min_collateral = decimal_to_fixed(MIN_COLLATERAL, base_decimals);
+
+    let above_min_collateral = min_collateral <= vault.collateral;
+    let is_solvent = adjusted_collateral >= adjusted_debt;
+
+    (is_solvent, above_min_collateral)
+}
+
+#[cfg(test)]
+mod tests {
+    use crate::vault::{calculate_status, Vault};
+
+    use cosmwasm_std::{Addr, Decimal};
+
+    const INDEX_SCALE_FACTOR: Decimal = Decimal::raw(10_000_000_000_000_000_000_000u128); // 10,000.0
+
+    #[test]
+    fn test_calculate_status() {
+        let base_decimals = 6u32;
+        let power_decimals = 6u32;
+
+        let vault = Vault {
+            operator: Addr::unchecked(""),
+            collateral: 45_000_000u128.into(),    // 45.0
+            short_amount: 100_000_000u128.into(), // 100.0
+        };
+
+        let normalization_factor = Decimal::from_atomics(1u128, 0u32).unwrap();
+
+        // price is 3000.0
+        let scaled_quote_price = Decimal::from_atomics(3_000_000_000u128, base_decimals)
+            .unwrap()
+            .checked_div(INDEX_SCALE_FACTOR)
+            .unwrap();
+
+        let (solvent, above_min_collateral) = calculate_status(
+            base_decimals,
+            power_decimals,
+            vault,
+            normalization_factor,
+            scaled_quote_price,
+        );
+
+        assert!(solvent);
+        assert!(above_min_collateral);
+    }
+
+    #[test]
+    fn test_calculate_status_price_doubles() {
+        let base_decimals = 6u32;
+        let power_decimals = 6u32;
+
+        let vault = Vault {
+            operator: Addr::unchecked(""),
+            collateral: 45_000_000u128.into(),    // 45.0
+            short_amount: 100_000_000u128.into(), // 100.0
+        };
+
+        let normalization_factor = Decimal::from_atomics(1u128, 0u32).unwrap();
+
+        // price is 6000.0
+        let scaled_quote_price = Decimal::from_atomics(6_000_000_000u128, base_decimals)
+            .unwrap()
+            .checked_div(INDEX_SCALE_FACTOR)
+            .unwrap();
+
+        let (solvent, above_min_collateral) = calculate_status(
+            base_decimals,
+            power_decimals,
+            vault,
+            normalization_factor,
+            scaled_quote_price,
+        );
+
+        assert!(!solvent);
+        assert!(above_min_collateral);
+    }
+
+    #[test]
+    fn test_calculate_status_price_halves() {
+        let base_decimals = 6u32;
+        let power_decimals = 6u32;
+
+        let vault = Vault {
+            operator: Addr::unchecked(""),
+            collateral: 45_000_000u128.into(),    // 45.0
+            short_amount: 100_000_000u128.into(), // 100.0
+        };
+
+        let normalization_factor = Decimal::from_atomics(1u128, 0u32).unwrap();
+
+        // price is 1500.0
+        let scaled_quote_price = Decimal::from_atomics(1_500_000_000u128, base_decimals)
+            .unwrap()
+            .checked_div(INDEX_SCALE_FACTOR)
+            .unwrap();
+
+        let (solvent, above_min_collateral) = calculate_status(
+            base_decimals,
+            power_decimals,
+            vault,
+            normalization_factor,
+            scaled_quote_price,
+        );
+
+        assert!(solvent);
+        assert!(above_min_collateral);
+    }
+
+    #[test]
+    fn test_calculate_status_normalization_factor_makes_vault_solvent() {
+        let base_decimals = 6u32;
+        let power_decimals = 6u32;
+
+        let vault = Vault {
+            operator: Addr::unchecked(""),
+            collateral: 45_000_000u128.into(),    // 45.0
+            short_amount: 100_000_000u128.into(), // 100.0
+        };
+
+        let normalization_factor = Decimal::from_atomics(750_000u128, 6u32).unwrap();
+
+        // price is 4000.0
+        let scaled_quote_price = Decimal::from_atomics(4_000_000_000u128, base_decimals)
+            .unwrap()
+            .checked_div(INDEX_SCALE_FACTOR)
+            .unwrap();
+
+        let (solvent, above_min_collateral) = calculate_status(
+            base_decimals,
+            power_decimals,
+            vault,
+            normalization_factor,
+            scaled_quote_price,
+        );
+
+        assert!(solvent);
+        assert!(above_min_collateral);
+    }
+
+    #[test]
+    fn test_calculate_status_vault_below_min_collateral() {
+        let base_decimals = 6u32;
+        let power_decimals = 6u32;
+
+        let vault = Vault {
+            operator: Addr::unchecked(""),
+            collateral: 450_000u128.into(),     // 0.45
+            short_amount: 1_000_000u128.into(), // 1.0
+        };
+
+        let normalization_factor = Decimal::from_atomics(750_000u128, 6u32).unwrap();
+
+        // price is 4000.0
+        let scaled_quote_price = Decimal::from_atomics(4_000_000_000u128, base_decimals)
+            .unwrap()
+            .checked_div(INDEX_SCALE_FACTOR)
+            .unwrap();
+
+        let (solvent, above_min_collateral) = calculate_status(
+            base_decimals,
+            power_decimals,
+            vault,
+            normalization_factor,
+            scaled_quote_price,
+        );
+
+        assert!(solvent);
+        assert!(!above_min_collateral);
+    }
+
+    #[test]
+    fn test_calculate_status_vault_below_min_collateral_and_insolvent() {
+        let base_decimals = 6u32;
+        let power_decimals = 6u32;
+
+        let vault = Vault {
+            operator: Addr::unchecked(""),
+            collateral: 450_000u128.into(),     // 0.45
+            short_amount: 1_000_000u128.into(), // 1.0
+        };
+
+        let normalization_factor = Decimal::from_atomics(750_000u128, 6u32).unwrap();
+
+        // price is 6000.0
+        let scaled_quote_price = Decimal::from_atomics(6_000_000_000u128, base_decimals)
+            .unwrap()
+            .checked_div(INDEX_SCALE_FACTOR)
+            .unwrap();
+
+        let (solvent, above_min_collateral) = calculate_status(
+            base_decimals,
+            power_decimals,
+            vault,
+            normalization_factor,
+            scaled_quote_price,
+        );
+
+        assert!(!solvent);
+        assert!(!above_min_collateral);
+    }
+
+    #[test]
+    fn test_calculate_status_worked_example() {
+        let base_decimals = 6u32;
+        let power_decimals = 6u32;
+
+        let vault = Vault {
+            operator: Addr::unchecked(""),
+            collateral: 20_000_000u128.into(),    // 20.0
+            short_amount: 102_561_000u128.into(), // 10.0
+        };
+
+        let normalization_factor = Decimal::from_atomics(1u128, 0u32).unwrap();
+
+        // price is 975.0
+        let scaled_quote_price = Decimal::from_atomics(975_000_000u128, base_decimals)
+            .unwrap()
+            .checked_div(INDEX_SCALE_FACTOR)
+            .unwrap();
+
+        let (solvent, above_min_collateral) = calculate_status(
+            base_decimals,
+            power_decimals,
+            vault,
+            normalization_factor,
+            scaled_quote_price,
+        );
+
+        assert!(solvent);
+        assert!(above_min_collateral);
+    }
+}
diff --git a/contracts/margined-query/Cargo.toml b/contracts/margined-query/Cargo.toml
new file mode 100644
index 0000000..4364a80
--- /dev/null
+++ b/contracts/margined-query/Cargo.toml
@@ -0,0 +1,37 @@
+[package]
+name = "margined-query"
+version = "0.1.0"
+authors = ["Friedrich Grabner <max.grabner@margined.io>"]
+edition = "2021"
+
+exclude = [
+  # Those files are rust-optimizer artifacts. You might want to commit them for convenience but they should not be part of the source code publication.
+  "contract.wasm",
+  "hash.txt",
+]
+
+# See more keys and their definitions at https://doc.rust-lang.org/cargo/reference/manifest.html
+
+[lib]
+crate-type = ["cdylib", "rlib"]
+
+[features]
+# for more explicit tests, cargo test --features=backtraces
+backtraces = ["cosmwasm-std/backtraces"]
+# use library feature to disable all instantiate/execute/query exports
+library = []
+
+[dependencies]
+cosmwasm-schema   = { workspace = true }
+cosmwasm-std = { workspace = true }
+cw-storage-plus = { workspace = true }
+cw2 = { workspace = true }
+margined-protocol = { workspace = true }
+osmosis-std = { workspace = true }
+schemars = { workspace = true }
+serde = { workspace = true }
+thiserror = { workspace = true }
+
+[dev-dependencies]
+osmosis-test-tube = { workspace = true }
+margined-testing = { workspace = true }
diff --git a/contracts/margined-query/README.md b/contracts/margined-query/README.md
new file mode 100644
index 0000000..1cc0f37
--- /dev/null
+++ b/contracts/margined-query/README.md
@@ -0,0 +1,3 @@
+# Margined Protocol Query
+
+This basically wraps some interaction with the native modules of the chain so that they can be more easily mocked, in comparison with having them as a library within the main codebase.
diff --git a/contracts/margined-query/src/bin/query_schema.rs b/contracts/margined-query/src/bin/query_schema.rs
new file mode 100644
index 0000000..b0982ea
--- /dev/null
+++ b/contracts/margined-query/src/bin/query_schema.rs
@@ -0,0 +1,10 @@
+use cosmwasm_schema::write_api;
+use margined_protocol::query::{ExecuteMsg, InstantiateMsg, QueryMsg};
+
+fn main() {
+    write_api! {
+        instantiate: InstantiateMsg,
+        query: QueryMsg,
+        execute: ExecuteMsg,
+    }
+}
diff --git a/contracts/margined-query/src/contract.rs b/contracts/margined-query/src/contract.rs
new file mode 100644
index 0000000..b73711f
--- /dev/null
+++ b/contracts/margined-query/src/contract.rs
@@ -0,0 +1,56 @@
+use crate::query::{get_arithmetic_twap_now, get_denom_authority};
+
+use cosmwasm_std::{
+    entry_point, to_binary, Binary, Deps, DepsMut, Env, MessageInfo, Response, StdResult,
+};
+use cw2::set_contract_version;
+use margined_protocol::query::{ExecuteMsg, InstantiateMsg, QueryMsg};
+
+// version info for migration info
+pub const CONTRACT_NAME: &str = env!("CARGO_PKG_NAME");
+const CONTRACT_VERSION: &str = env!("CARGO_PKG_VERSION");
+
+#[cfg_attr(not(feature = "library"), entry_point)]
+pub fn instantiate(
+    deps: DepsMut,
+    _env: Env,
+    _info: MessageInfo,
+    _msg: InstantiateMsg,
+) -> StdResult<Response> {
+    set_contract_version(
+        deps.storage,
+        format!("crates.io:{CONTRACT_NAME}"),
+        CONTRACT_VERSION,
+    )?;
+
+    Ok(Response::default())
+}
+
+#[cfg_attr(not(feature = "library"), entry_point)]
+pub fn execute(
+    _deps: DepsMut,
+    _env: Env,
+    _info: MessageInfo,
+    _msg: ExecuteMsg,
+) -> StdResult<Response> {
+    unimplemented!()
+}
+
+#[cfg_attr(not(feature = "library"), entry_point)]
+pub fn query(deps: Deps, _env: Env, msg: QueryMsg) -> StdResult<Binary> {
+    match msg {
+        QueryMsg::GetArithmeticTwapToNow {
+            pool_id,
+            base_asset,
+            quote_asset,
+            start_time,
+        } => to_binary(&get_arithmetic_twap_now(
+            deps,
+            pool_id,
+            base_asset,
+            quote_asset,
+            start_time,
+        )?),
+        QueryMsg::GetDenomAuthority { denom } => to_binary(&get_denom_authority(deps, denom)?),
+    }
+}
diff --git a/contracts/margined-query/src/lib.rs b/contracts/margined-query/src/lib.rs
new file mode 100644
index 0000000..e09757b
--- /dev/null
+++ b/contracts/margined-query/src/lib.rs
@@ -0,0 +1,5 @@
+pub mod contract;
+mod query;
+
+#[cfg(test)]
+mod testing;
diff --git a/contracts/margined-query/src/query.rs b/contracts/margined-query/src/query.rs
new file mode 100644
index 0000000..e654f26
--- /dev/null
+++ b/contracts/margined-query/src/query.rs
@@ -0,0 +1,42 @@
+use cosmwasm_std::{Decimal, Deps, StdResult, Timestamp};
+use osmosis_std::{
+    shim::Timestamp as OsmosisTimestamp,
+    types::osmosis::tokenfactory::v1beta1::{DenomAuthorityMetadata, TokenfactoryQuerier},
+    types::osmosis::twap::v1beta1::TwapQuerier,
+};
+use std::str::FromStr;
+
+pub fn get_arithmetic_twap_now(
+    deps: Deps,
+    pool_id: u64,
+    base_asset: String,
+    quote_asset: String,
+    start_time: Timestamp,
+) -> StdResult<Decimal> {
+    let querier = TwapQuerier::new(&deps.querier);
+
+    let start_time = OsmosisTimestamp {
+        seconds: start_time.seconds() as i64,
+        nanos: start_time.subsec_nanos() as i32,
+    };
+
+    let res = querier.arithmetic_twap_to_now(pool_id, base_asset, quote_asset, Some(start_time))?;
+
+    let price = Decimal::from_str(&res.arithmetic_twap).unwrap();
+
+    Ok(price)
+}
+
+pub fn get_denom_authority(deps: Deps, denom: String) -> StdResult<Option<String>> {
+    let querier = TokenfactoryQuerier::new(&deps.querier);
+
+    let result = querier
+        .denom_authority_metadata(denom)
+        .unwrap()
+        .authority_metadata;
+
+    match result {
+        Some(DenomAuthorityMetadata { admin }) => Ok(Some(admin)),
+        None => Ok(None),
+    }
+}
diff --git a/contracts/margined-query/src/testing/mod.rs b/contracts/margined-query/src/testing/mod.rs
new file mode 100644
index 0000000..14f0038
--- /dev/null
+++ b/contracts/margined-query/src/testing/mod.rs
@@ -0,0 +1 @@
+mod tests;
diff --git a/contracts/margined-query/src/testing/tests.rs b/contracts/margined-query/src/testing/tests.rs
new file mode 100644
index 0000000..0f40bc9
--- /dev/null
+++ b/contracts/margined-query/src/testing/tests.rs
@@ -0,0 +1,29 @@
+use cosmwasm_std::Decimal;
+use margined_protocol::query::QueryMsg;
+use margined_testing::power_env::PowerEnv;
+use osmosis_test_tube::{Module, Wasm};
+use std::str::FromStr;
+
+#[test]
+fn test_instantiation_and_queries() {
+    let env = PowerEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let contract_address = env.deploy_query_contracts(&wasm, false);
+
+    let cw_now = cosmwasm_std::Timestamp::from_nanos((env.app.get_block_time_nanos()) as u64);
+
+    let index: Decimal = wasm
+        .query(
+            &contract_address,
+            &QueryMsg::GetArithmeticTwapToNow {
+                pool_id: 1,
+                base_asset: env.denoms["base"].clone(),
+                quote_asset: env.denoms["quote"].clone(),
+                start_time: cw_now,
+            },
+        )
+        .unwrap();
+    assert_eq!(index, Decimal::from_str("3000.0").unwrap());
+}
diff --git a/contracts/margined-staking/Cargo.toml b/contracts/margined-staking/Cargo.toml
new file mode 100644
index 0000000..bc255f5
--- /dev/null
+++ b/contracts/margined-staking/Cargo.toml
@@ -0,0 +1,42 @@
+[package]
+authors = [ "Friedrich Grabner <max.grabner@margined.io>" ]
+edition = "2021"
+name    = "margined-staking"
+version = "0.1.0"
+
+exclude = [
+ # Those files are rust-optimizer artifacts. You might want to commit them for convenience but they should not be part of the source code publication.
+ "contract.wasm",
+ "hash.txt",
+]
+
+# See more keys and their definitions at https://doc.rust-lang.org/cargo/reference/manifest.html
+
+[lib]
+crate-type = [ "cdylib", "rlib" ]
+
+[features]
+# for more explicit tests, cargo test --features=backtraces
+backtraces = [ "cosmwasm-std/backtraces" ]
+# use library feature to disable all instantiate/execute/query exports
+library = [  ]
+
+[dependencies]
+cosmwasm-schema   = { workspace = true }
+cosmwasm-std      = { workspace = true }
+cw-controllers    = { workspace = true }
+cw-storage-plus   = { workspace = true }
+cw-utils          = { workspace = true }
+cw2               = { workspace = true }
+margined-common   = { workspace = true }
+margined-protocol = { workspace = true }
+osmosis-std       = { workspace = true }
+schemars          = { workspace = true }
+serde             = { workspace = true }
+thiserror         = { workspace = true }
+
+[dev-dependencies]
+cosmrs            = { workspace = true }
+margined-testing  = { workspace = true }
+mock-query        = { workspace = true }
+osmosis-test-tube = { workspace = true }
diff --git a/contracts/margined-staking/README.md b/contracts/margined-staking/README.md
new file mode 100644
index 0000000..81944e3
--- /dev/null
+++ b/contracts/margined-staking/README.md
@@ -0,0 +1,3 @@
+# Margined Staking Contract
+
+The Margined Staking contract allows `$MRG` token holders to stake their token and earn a portion of the rewards generated through revenue of fees by protocol users.
\ No newline at end of file
diff --git a/contracts/margined-staking/src/bin/staking_schema.rs b/contracts/margined-staking/src/bin/staking_schema.rs
new file mode 100644
index 0000000..ed23a84
--- /dev/null
+++ b/contracts/margined-staking/src/bin/staking_schema.rs
@@ -0,0 +1,10 @@
+use cosmwasm_schema::write_api;
+use margined_protocol::staking::{ExecuteMsg, InstantiateMsg, QueryMsg};
+
+fn main() {
+    write_api! {
+        instantiate: InstantiateMsg,
+        query: QueryMsg,
+        execute: ExecuteMsg,
+    }
+}
diff --git a/contracts/margined-staking/src/contract.rs b/contracts/margined-staking/src/contract.rs
new file mode 100644
index 0000000..16fb921
--- /dev/null
+++ b/contracts/margined-staking/src/contract.rs
@@ -0,0 +1,133 @@
+use crate::{
+    handle::{
+        handle_claim, handle_pause, handle_stake, handle_unpause, handle_unstake,
+        handle_update_config, handle_update_rewards,
+    },
+    query::{
+        query_claimable, query_config, query_owner, query_state, query_total_staked_amount,
+        query_user_staked_amount,
+    },
+    state::{
+        Config, State, CONFIG, OWNER, OWNERSHIP_PROPOSAL, REWARDS_PER_TOKEN, STATE, TOTAL_STAKED,
+    },
+};
+
+use cosmwasm_std::{
+    entry_point, to_binary, Binary, Deps, DepsMut, Env, MessageInfo, Response, StdError, StdResult,
+    Uint128,
+};
+use cw2::set_contract_version;
+use margined_common::{
+    common::check_denom_metadata,
+    errors::ContractError,
+    ownership::{
+        get_ownership_proposal, handle_claim_ownership, handle_ownership_proposal,
+        handle_ownership_proposal_rejection,
+    },
+};
+use margined_protocol::staking::{ExecuteMsg, InstantiateMsg, QueryMsg};
+
+pub const INSTANTIATE_REPLY_ID: u64 = 1u64;
+
+// version info for migration info
+pub const CONTRACT_NAME: &str = env!("CARGO_PKG_NAME");
+const CONTRACT_VERSION: &str = env!("CARGO_PKG_VERSION");
+
+#[cfg_attr(not(feature = "library"), entry_point)]
+pub fn instantiate(
+    deps: DepsMut,
+    env: Env,
+    info: MessageInfo,
+    msg: InstantiateMsg,
+) -> Result<Response, ContractError> {
+    set_contract_version(
+        deps.storage,
+        format!("crates.io:{CONTRACT_NAME}"),
+        CONTRACT_VERSION,
+    )?;
+
+    CONFIG.save(
+        deps.storage,
+        &Config {
+            fee_collector: deps.api.addr_validate(&msg.fee_collector)?,
+            deposit_denom: msg.deposit_denom.clone(),
+            reward_denom: msg.reward_denom.clone(),
+            deposit_decimals: msg.deposit_decimals,
+            reward_decimals: msg.reward_decimals,
+            tokens_per_interval: msg.tokens_per_interval,
+        },
+    )?;
+
+    check_denom_metadata(deps.as_ref(), &msg.deposit_denom)?;
+    check_denom_metadata(deps.as_ref(), &msg.reward_denom)?;
+
+    STATE.save(
+        deps.storage,
+        &State {
+            is_open: false,
+            last_distribution: env.block.time,
+        },
+    )?;
+
+    TOTAL_STAKED.save(deps.storage, &Uint128::zero())?;
+    REWARDS_PER_TOKEN.save(deps.storage, &Uint128::zero())?;
+
+    OWNER.set(deps, Some(info.sender))?;
+
+    Ok(Response::new().add_attribute("action", "instantiate"))
+}
+
+#[cfg_attr(not(feature = "library"), entry_point)]
+pub fn execute(
+    deps: DepsMut,
+    env: Env,
+    info: MessageInfo,
+    msg: ExecuteMsg,
+) -> Result<Response, ContractError> {
+    match msg {
+        ExecuteMsg::UpdateConfig {
+            tokens_per_interval,
+        } => handle_update_config(deps, info, tokens_per_interval),
+        ExecuteMsg::UpdateRewards {} => handle_update_rewards(deps, env),
+        ExecuteMsg::Stake {} => handle_stake(deps, env, info),
+        ExecuteMsg::Unstake { amount } => handle_unstake(deps, env, info, amount),
+        ExecuteMsg::Claim { recipient } => handle_claim(deps, env, info, recipient),
+        ExecuteMsg::Pause {} => handle_pause(deps, info),
+        ExecuteMsg::Unpause {} => handle_unpause(deps, info),
+        ExecuteMsg::ProposeNewOwner {
+            new_owner,
+            duration,
+        } => handle_ownership_proposal(
+            deps,
+            info,
+            env,
+            new_owner,
+            duration,
+            OWNER,
+            OWNERSHIP_PROPOSAL,
+        ),
+        ExecuteMsg::RejectOwner {} => {
+            handle_ownership_proposal_rejection(deps, info, OWNER, OWNERSHIP_PROPOSAL)
+        }
+        ExecuteMsg::ClaimOwnership {} => {
+            handle_claim_ownership(deps, info, env, OWNER, OWNERSHIP_PROPOSAL)
+        }
+    }
+}
+
+#[cfg_attr(not(feature = "library"), entry_point)]
+pub fn query(deps: Deps, env: Env, msg: QueryMsg) -> StdResult<Binary> {
+    match msg {
+        QueryMsg::Config {} => to_binary(&query_config(deps)?),
+        QueryMsg::State {} => to_binary(&query_state(deps)?),
+        QueryMsg::Owner {} => {
+            to_binary(&query_owner(deps).map_err(|err| StdError::generic_err(err.to_string()))?)
+        }
+        QueryMsg::GetClaimable { user } => to_binary(&query_claimable(deps, env, user)?),
+        QueryMsg::GetUserStakedAmount { user } => to_binary(&query_user_staked_amount(deps, user)?),
+        QueryMsg::GetTotalStakedAmount {} => to_binary(&query_total_staked_amount(deps)?),
+        QueryMsg::GetOwnershipProposal {} => {
+            to_binary(&get_ownership_proposal(deps, OWNERSHIP_PROPOSAL)?)
+        }
+    }
+}
diff --git a/contracts/margined-staking/src/distributor.rs b/contracts/margined-staking/src/distributor.rs
new file mode 100644
index 0000000..a2731c0
--- /dev/null
+++ b/contracts/margined-staking/src/distributor.rs
@@ -0,0 +1,91 @@
+use crate::{
+    helper::get_bank_balance,
+    query::query_pending_rewards,
+    state::{CONFIG, REWARDS_PER_TOKEN, STATE, TOTAL_STAKED, USER_STAKE},
+};
+
+use cosmwasm_std::{Addr, Deps, DepsMut, Env, StdResult, Storage, Uint128};
+
+pub fn calculate_rewards(deps: Deps, env: Env) -> Uint128 {
+    let config = CONFIG.load(deps.storage).unwrap();
+
+    let block_rewards = query_pending_rewards(deps, env).unwrap();
+
+    let balance = get_bank_balance(deps, config.fee_collector.to_string(), config.reward_denom);
+
+    block_rewards.min(balance)
+}
+
+pub fn update_distribution_time(storage: &mut dyn Storage, env: Env) -> StdResult<()> {
+    STATE
+        .update(storage, |mut s| -> StdResult<_> {
+            s.last_distribution = env.block.time;
+            Ok(s)
+        })
+        .unwrap();
+
+    Ok(())
+}
+
+pub fn update_rewards(deps: DepsMut, env: Env, account: Addr) -> StdResult<(DepsMut, Uint128)> {
+    let config = CONFIG.load(deps.storage).unwrap();
+    let decimal_places = 10u128.pow(config.reward_decimals);
+
+    let block_rewards = calculate_rewards(deps.as_ref(), env.clone());
+    update_distribution_time(deps.storage, env.clone()).unwrap();
+
+    if block_rewards.is_zero() {
+        return Ok((deps, block_rewards));
+    }
+
+    let supply = TOTAL_STAKED.load(deps.storage)?;
+
+    let mut cumulative_rewards = REWARDS_PER_TOKEN.load(deps.storage).unwrap();
+    if !supply.is_zero() && !block_rewards.is_zero() {
+        cumulative_rewards = cumulative_rewards
+            .checked_add(
+                block_rewards
+                    .checked_mul(decimal_places.into())
+                    .unwrap()
+                    .checked_div(supply)
+                    .unwrap(),
+            )
+            .unwrap();
+        REWARDS_PER_TOKEN.save(deps.storage, &cumulative_rewards)?;
+    }
+
+    if account == env.contract.address {
+        return Ok((deps, block_rewards));
+    }
+
+    let mut user = USER_STAKE
+        .load(deps.storage, account.clone())
+        .unwrap_or_default();
+
+    let delta_rewards = cumulative_rewards
+        .checked_sub(user.previous_cumulative_rewards_per_token)
+        .unwrap();
+
+    let account_reward = user
+        .staked_amounts
+        .checked_mul(delta_rewards)
+        .unwrap()
+        .checked_div(decimal_places.into())
+        .unwrap();
+
+    user.claimable_rewards = user.claimable_rewards.checked_add(account_reward).unwrap();
+    user.previous_cumulative_rewards_per_token = cumulative_rewards;
+
+    if !user.claimable_rewards.is_zero() && !user.staked_amounts.is_zero() {
+        let next_cumulative_reward = user
+            .cumulative_rewards
+            .checked_add(user.claimable_rewards)
+            .unwrap();
+
+        user.cumulative_rewards = next_cumulative_reward;
+    }
+
+    USER_STAKE.save(deps.storage, account, &user)?;
+
+    Ok((deps, block_rewards))
+}
diff --git a/contracts/margined-staking/src/handle.rs b/contracts/margined-staking/src/handle.rs
new file mode 100644
index 0000000..2552e65
--- /dev/null
+++ b/contracts/margined-staking/src/handle.rs
@@ -0,0 +1,261 @@
+use crate::{
+    distributor::update_rewards,
+    helper::create_distribute_message_and_update_response,
+    state::{UserStake, CONFIG, OWNER, STATE, TOTAL_STAKED, USER_STAKE},
+};
+
+use cosmwasm_std::{ensure, DepsMut, Env, Event, MessageInfo, Response, StdResult, Uint128};
+use cw_utils::{must_pay, nonpayable};
+use margined_common::errors::ContractError;
+use osmosis_std::types::{cosmos::bank::v1beta1::MsgSend, cosmos::base::v1beta1::Coin};
+
+pub fn handle_update_config(
+    deps: DepsMut,
+    info: MessageInfo,
+    tokens_per_interval: Option<Uint128>,
+) -> Result<Response, ContractError> {
+    let mut config = CONFIG.load(deps.storage)?;
+
+    ensure!(
+        OWNER.is_admin(deps.as_ref(), &info.sender)?,
+        ContractError::Unauthorized {}
+    );
+
+    let event = Event::new("update_config");
+
+    if let Some(tokens_per_interval) = tokens_per_interval {
+        config.tokens_per_interval = tokens_per_interval;
+
+        event
+            .clone()
+            .add_attribute("Tokens per interval", tokens_per_interval);
+    }
+
+    CONFIG.save(deps.storage, &config)?;
+
+    Ok(Response::default().add_event(event))
+}
+
+pub fn handle_update_rewards(deps: DepsMut, env: Env) -> Result<Response, ContractError> {
+    let config = CONFIG.load(deps.storage)?;
+
+    let (_, rewards) = update_rewards(deps, env.clone(), env.contract.address.clone())?;
+
+    let response = create_distribute_message_and_update_response(
+        Response::new(),
+        config.fee_collector.to_string(),
+        config.reward_denom,
+        rewards,
+        env.contract.address.to_string(),
+    )
+    .unwrap();
+
+    Ok(response.add_event(Event::new("update_rewards")))
+}
+
+pub fn handle_pause(deps: DepsMut, info: MessageInfo) -> Result<Response, ContractError> {
+    let mut state = STATE.load(deps.storage)?;
+
+    ensure!(
+        OWNER.is_admin(deps.as_ref(), &info.sender)?,
+        ContractError::Unauthorized {}
+    );
+
+    if !state.is_open {
+        return Err(ContractError::Paused {});
+    }
+    state.is_open = false;
+
+    STATE.save(deps.storage, &state)?;
+
+    Ok(Response::default().add_event(Event::new("paused")))
+}
+
+pub fn handle_unpause(deps: DepsMut, info: MessageInfo) -> Result<Response, ContractError> {
+    let mut state = STATE.load(deps.storage)?;
+
+    ensure!(
+        OWNER.is_admin(deps.as_ref(), &info.sender)?,
+        ContractError::Unauthorized {}
+    );
+
+    if state.is_open {
+        return Err(ContractError::NotPaused {});
+    }
+
+    state.is_open = true;
+
+    STATE.save(deps.storage, &state)?;
+
+    Ok(Response::default().add_event(Event::new("unpaused")))
+}
+
+pub fn handle_claim(
+    deps: DepsMut,
+    env: Env,
+    info: MessageInfo,
+    recipient: Option<String>,
+) -> Result<Response, ContractError> {
+    let config = CONFIG.load(deps.storage)?;
+    let state = STATE.load(deps.storage)?;
+
+    let sender = info.sender.clone();
+
+    nonpayable(&info).map_err(|_| ContractError::InvalidFunds {})?;
+
+    ensure!(state.is_open, ContractError::Paused {});
+
+    let recipient = match recipient {
+        Some(recipient) => {
+            deps.api.addr_validate(recipient.as_str())?;
+            recipient
+        }
+        None => sender.to_string(),
+    };
+
+    let (deps, rewards) = update_rewards(deps, env.clone(), sender.clone())?;
+
+    let mut claimable_amount = Uint128::zero();
+    USER_STAKE.update(deps.storage, sender.clone(), |res| -> StdResult<_> {
+        let mut stake = match res {
+            Some(stake) => stake,
+            None => UserStake::default(),
+        };
+
+        claimable_amount = stake.claimable_rewards;
+        stake.claimable_rewards = Uint128::zero();
+
+        Ok(stake)
+    })?;
+
+    let mut response = create_distribute_message_and_update_response(
+        Response::new(),
+        config.fee_collector.to_string(),
+        config.reward_denom.clone(),
+        rewards,
+        env.contract.address.to_string(),
+    )
+    .unwrap();
+
+    if !claimable_amount.is_zero() {
+        let msg_claim = MsgSend {
+            from_address: env.contract.address.to_string(),
+            to_address: recipient,
+            amount: vec![Coin {
+                denom: config.reward_denom,
+                amount: claimable_amount.into(),
+            }],
+        };
+        response = response.add_message(msg_claim);
+    }
+
+    Ok(response.add_event(Event::new("claim").add_attributes([
+        ("amount", &claimable_amount.to_string()),
+        ("user", &sender.to_string()),
+    ])))
+}
+
+pub fn handle_stake(deps: DepsMut, env: Env, info: MessageInfo) -> Result<Response, ContractError> {
+    let config = CONFIG.load(deps.storage)?;
+    let state = STATE.load(deps.storage)?;
+
+    ensure!(state.is_open, ContractError::Paused {});
+
+    let sent_funds: Uint128 =
+        must_pay(&info, &config.deposit_denom).map_err(|_| ContractError::InvalidFunds {})?;
+
+    let sender = info.sender;
+
+    let (deps, rewards) = update_rewards(deps, env.clone(), sender.clone())?;
+
+    USER_STAKE.update(deps.storage, sender.clone(), |res| -> StdResult<_> {
+        let mut stake = match res {
+            Some(stake) => stake,
+            None => UserStake::default(),
+        };
+
+        stake.staked_amounts = stake.staked_amounts.checked_add(sent_funds).unwrap();
+
+        Ok(stake)
+    })?;
+
+    TOTAL_STAKED
+        .update(deps.storage, |balance| -> StdResult<Uint128> {
+            Ok(balance.checked_add(sent_funds).unwrap())
+        })
+        .unwrap();
+
+    let response = create_distribute_message_and_update_response(
+        Response::new(),
+        config.fee_collector.to_string(),
+        config.reward_denom,
+        rewards,
+        env.contract.address.to_string(),
+    )
+    .unwrap();
+
+    Ok(response.add_event(Event::new("stake").add_attributes([
+        ("amount", &sent_funds.to_string()),
+        ("user", &sender.to_string()),
+    ])))
+}
+
+pub fn handle_unstake(
+    deps: DepsMut,
+    env: Env,
+    info: MessageInfo,
+    amount: Uint128,
+) -> Result<Response, ContractError> {
+    let config = CONFIG.load(deps.storage)?;
+    let state = STATE.load(deps.storage)?;
+
+    ensure!(state.is_open, ContractError::Paused {});
+
+    let sender = info.sender.clone();
+
+    nonpayable(&info).map_err(|_| ContractError::InvalidFunds {})?;
+
+    let (deps, rewards) = update_rewards(deps, env.clone(), sender.clone())?;
+
+    USER_STAKE.update(deps.storage, sender.clone(), |res| -> StdResult<_> {
+        let mut stake = match res {
+            Some(stake) => stake,
+            None => UserStake::default(),
+        };
+
+        stake.staked_amounts = stake.staked_amounts.checked_sub(amount).unwrap();
+
+        Ok(stake)
+    })?;
+
+    TOTAL_STAKED
+        .update(deps.storage, |balance| -> StdResult<Uint128> {
+            Ok(balance.checked_sub(amount).unwrap())
+        })
+        .unwrap();
+
+    let response = create_distribute_message_and_update_response(
+        Response::new(),
+        config.fee_collector.to_string(),
+        config.reward_denom,
+        rewards,
+        env.contract.address.to_string(),
+    )
+    .unwrap();
+
+    let msg_unstake = MsgSend {
+        from_address: env.contract.address.to_string(),
+        to_address: sender.to_string(),
+        amount: vec![Coin {
+            denom: config.deposit_denom,
+            amount: amount.into(),
+        }],
+    };
+
+    Ok(response
+        .add_message(msg_unstake)
+        .add_event(Event::new("unstake").add_attributes([
+            ("amount", &amount.to_string()),
+            ("user", &sender.to_string()),
+        ])))
+}
diff --git a/contracts/margined-staking/src/helper.rs b/contracts/margined-staking/src/helper.rs
new file mode 100644
index 0000000..a40e6ec
--- /dev/null
+++ b/contracts/margined-staking/src/helper.rs
@@ -0,0 +1,38 @@
+use cosmwasm_std::{to_binary, CosmosMsg, Deps, Response, StdResult, Uint128, WasmMsg};
+use margined_protocol::collector::ExecuteMsg as FeeExecuteMsg;
+use osmosis_std::types::cosmos::bank::v1beta1::BankQuerier;
+use std::str::FromStr;
+
+pub fn get_bank_balance(deps: Deps, address: String, denom: String) -> Uint128 {
+    let bank = BankQuerier::new(&deps.querier);
+
+    match bank.balance(address, denom).unwrap().balance {
+        Some(balance) => Uint128::from_str(balance.amount.as_str()).unwrap(),
+        None => Uint128::zero(),
+    }
+}
+
+pub fn create_distribute_message_and_update_response(
+    mut response: Response,
+    fee_collector: String,
+    token: String,
+    amount: Uint128,
+    recipient: String,
+) -> StdResult<Response> {
+    if !amount.is_zero() {
+        let distribute_msg = CosmosMsg::Wasm(WasmMsg::Execute {
+            contract_addr: fee_collector,
+            msg: to_binary(&FeeExecuteMsg::SendToken {
+                token,
+                amount,
+                recipient,
+            })
+            .unwrap(),
+            funds: vec![],
+        });
+
+        response = response.add_message(distribute_msg);
+    };
+
+    Ok(response)
+}
diff --git a/contracts/margined-staking/src/lib.rs b/contracts/margined-staking/src/lib.rs
new file mode 100644
index 0000000..bbc84d3
--- /dev/null
+++ b/contracts/margined-staking/src/lib.rs
@@ -0,0 +1,9 @@
+pub mod contract;
+pub mod distributor;
+pub mod handle;
+pub mod helper;
+pub mod query;
+pub mod state;
+
+#[cfg(test)]
+mod testing;
diff --git a/contracts/margined-staking/src/query.rs b/contracts/margined-staking/src/query.rs
new file mode 100644
index 0000000..5219a25
--- /dev/null
+++ b/contracts/margined-staking/src/query.rs
@@ -0,0 +1,117 @@
+use crate::state::{CONFIG, OWNER, REWARDS_PER_TOKEN, STATE, TOTAL_STAKED, USER_STAKE};
+
+use cosmwasm_std::{Addr, Deps, Env, StdResult, Uint128};
+use margined_common::errors::ContractError;
+use margined_protocol::staking::{
+    ConfigResponse, StateResponse, TotalStakedResponse, UserStakedResponse,
+};
+
+pub fn query_owner(deps: Deps) -> Result<Addr, ContractError> {
+    if let Some(owner) = OWNER.get(deps)? {
+        Ok(owner)
+    } else {
+        Err(ContractError::NoOwner {})
+    }
+}
+
+pub fn query_config(deps: Deps) -> StdResult<ConfigResponse> {
+    let config = CONFIG.load(deps.storage).unwrap();
+
+    Ok(ConfigResponse {
+        fee_collector: config.fee_collector,
+        deposit_denom: config.deposit_denom,
+        deposit_decimals: config.deposit_decimals,
+        reward_denom: config.reward_denom,
+        reward_decimals: config.reward_decimals,
+        tokens_per_interval: config.tokens_per_interval,
+    })
+}
+
+pub fn query_state(deps: Deps) -> StdResult<StateResponse> {
+    let state = STATE.load(deps.storage).unwrap();
+
+    Ok(StateResponse {
+        is_open: state.is_open,
+        last_distribution: state.last_distribution,
+    })
+}
+
+pub fn query_total_staked_amount(deps: Deps) -> StdResult<TotalStakedResponse> {
+    let total_staked = TOTAL_STAKED.load(deps.storage)?;
+
+    Ok(TotalStakedResponse {
+        amount: total_staked,
+    })
+}
+
+pub fn query_user_staked_amount(deps: Deps, address: String) -> StdResult<UserStakedResponse> {
+    let user = deps.api.addr_validate(&address)?;
+    let user_stake = USER_STAKE.may_load(deps.storage, user)?;
+
+    match user_stake {
+        Some(stake) => Ok(UserStakedResponse {
+            staked_amounts: stake.staked_amounts,
+            claimable_rewards: stake.claimable_rewards,
+            previous_cumulative_rewards_per_token: stake.previous_cumulative_rewards_per_token,
+            cumulative_rewards: stake.cumulative_rewards,
+        }),
+        None => Ok(UserStakedResponse {
+            staked_amounts: Uint128::zero(),
+            claimable_rewards: Uint128::zero(),
+            previous_cumulative_rewards_per_token: Uint128::zero(),
+            cumulative_rewards: Uint128::zero(),
+        }),
+    }
+}
+
+pub fn query_pending_rewards(deps: Deps, env: Env) -> StdResult<Uint128> {
+    let state = STATE.load(deps.storage).unwrap();
+    let config = CONFIG.load(deps.storage).unwrap();
+
+    if state.last_distribution == env.block.time {
+        return Ok(Uint128::zero());
+    };
+
+    let delta =
+        Uint128::from((env.block.time.seconds() - state.last_distribution.seconds()) as u128);
+
+    let pending_rewards = delta.checked_mul(config.tokens_per_interval).unwrap();
+
+    Ok(pending_rewards)
+}
+
+pub fn query_claimable(deps: Deps, env: Env, address: String) -> StdResult<Uint128> {
+    let config = CONFIG.load(deps.storage).unwrap();
+    let decimal_places = 10u128.pow(config.reward_decimals);
+
+    let user = deps.api.addr_validate(&address)?;
+
+    let stake = USER_STAKE.load(deps.storage, user).unwrap_or_default();
+    if stake.staked_amounts.is_zero() {
+        return Ok(Uint128::zero());
+    };
+
+    let pending_rewards = query_pending_rewards(deps, env)?
+        .checked_mul(decimal_places.into())
+        .unwrap();
+
+    let total_staked = TOTAL_STAKED.load(deps.storage)?;
+    let rewards_per_token = REWARDS_PER_TOKEN.load(deps.storage)?;
+
+    let next_reward_per_token = rewards_per_token
+        .checked_add(pending_rewards.checked_div(total_staked).unwrap())
+        .unwrap();
+
+    let latest_rewards = stake
+        .staked_amounts
+        .checked_mul(
+            next_reward_per_token
+                .checked_sub(stake.previous_cumulative_rewards_per_token)
+                .unwrap(),
+        )
+        .unwrap()
+        .checked_div(decimal_places.into())
+        .unwrap();
+
+    Ok(stake.claimable_rewards.checked_add(latest_rewards).unwrap())
+}
diff --git a/contracts/margined-staking/src/state.rs b/contracts/margined-staking/src/state.rs
new file mode 100644
index 0000000..c59f075
--- /dev/null
+++ b/contracts/margined-staking/src/state.rs
@@ -0,0 +1,56 @@
+use cosmwasm_schema::cw_serde;
+use cosmwasm_std::{Addr, Timestamp, Uint128};
+use cw_controllers::Admin;
+use cw_storage_plus::{Item, Map};
+use margined_common::ownership::OwnerProposal;
+
+pub const OWNER: Admin = Admin::new("owner");
+pub const OWNERSHIP_PROPOSAL: Item<OwnerProposal> = Item::new("ownership_proposals");
+
+pub const CONFIG: Item<Config> = Item::new("config");
+pub const STATE: Item<State> = Item::new("state");
+
+pub const TOTAL_STAKED: Item<Uint128> = Item::new("total_staked");
+pub const REWARDS_PER_TOKEN: Item<Uint128> = Item::new("rewards_per_token");
+pub const USER_STAKE: Map<Addr, UserStake> = Map::new("staked_amounts");
+
+#[cw_serde]
+pub struct Config {
+    pub fee_collector: Addr,
+    pub deposit_denom: String,
+    pub deposit_decimals: u32,
+    pub reward_denom: String,
+    pub reward_decimals: u32,
+    pub tokens_per_interval: Uint128,
+}
+
+#[cw_serde]
+pub struct State {
+    pub is_open: bool,
+    pub last_distribution: Timestamp,
+}
+
+#[cw_serde]
+pub struct UserStake {
+    pub staked_amounts: Uint128,
+    pub claimable_rewards: Uint128,
+    pub previous_cumulative_rewards_per_token: Uint128,
+    pub cumulative_rewards: Uint128,
+}
+
+impl Default for UserStake {
+    fn default() -> Self {
+        Self {
+            staked_amounts: Uint128::zero(),
+            claimable_rewards: Uint128::zero(),
+            previous_cumulative_rewards_per_token: Uint128::zero(),
+            cumulative_rewards: Uint128::zero(),
+        }
+    }
+}
+
+#[cw_serde]
+pub struct Pool {
+    pub id: u64,
+    pub quote_denom: String,
+}
diff --git a/contracts/margined-staking/src/testing/execution_test.rs b/contracts/margined-staking/src/testing/execution_test.rs
new file mode 100644
index 0000000..3c6e87d
--- /dev/null
+++ b/contracts/margined-staking/src/testing/execution_test.rs
@@ -0,0 +1,548 @@
+use crate::state::{Config, State, UserStake};
+
+use cosmwasm_std::{coin, Uint128};
+use margined_protocol::staking::{ExecuteMsg, QueryMsg, UserStakedResponse};
+use margined_testing::staking_env::StakingEnv;
+use osmosis_test_tube::{
+    osmosis_std::types::cosmos::{bank::v1beta1::MsgSend, base::v1beta1::Coin},
+    Account, Bank, Module, Wasm,
+};
+
+const DEPOSIT_DENOM: &str = "umrg";
+
+#[test]
+fn test_unpause() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let staking_address =
+        env.deploy_staking_contract(&wasm, "margined-staking".to_string(), env.signer.address());
+
+    let state: State = wasm.query(&staking_address, &QueryMsg::State {}).unwrap();
+    assert!(!state.is_open);
+
+    // cannot pause already paused
+    {
+        let err = wasm
+            .execute(&staking_address, &ExecuteMsg::Pause {}, &[], &env.signer)
+            .unwrap_err();
+        assert_eq!(err.to_string(), "execute error: failed to execute message; message index: 0: Cannot perform action as contract is paused: execute wasm contract failed");
+    }
+
+    // cannot unpause if not owner
+    {
+        let err = wasm
+            .execute(
+                &staking_address,
+                &ExecuteMsg::Unpause {},
+                &[],
+                &env.traders[0],
+            )
+            .unwrap_err();
+        assert_eq!(err.to_string(), "execute error: failed to execute message; message index: 0: Unauthorized: execute wasm contract failed");
+    }
+
+    // cannot stake if paused
+    {
+        let err = wasm
+            .execute(
+                &staking_address,
+                &ExecuteMsg::Stake {},
+                &[coin(1_000u128, env.denoms["deposit"].to_string())],
+                &env.traders[0],
+            )
+            .unwrap_err();
+        assert_eq!(err.to_string(), "execute error: failed to execute message; message index: 0: Cannot perform action as contract is paused: execute wasm contract failed");
+    }
+
+    // cannot unstake if paused
+    {
+        let err = wasm
+            .execute(
+                &staking_address,
+                &ExecuteMsg::Unstake {
+                    amount: Uint128::zero(),
+                },
+                &[],
+                &env.traders[0],
+            )
+            .unwrap_err();
+        assert_eq!(err.to_string(), "execute error: failed to execute message; message index: 0: Cannot perform action as contract is paused: execute wasm contract failed");
+    }
+
+    // cannot claim if paused
+    {
+        let err = wasm
+            .execute(
+                &staking_address,
+                &ExecuteMsg::Claim { recipient: None },
+                &[],
+                &env.traders[0],
+            )
+            .unwrap_err();
+        assert_eq!(err.to_string(), "execute error: failed to execute message; message index: 0: Cannot perform action as contract is paused: execute wasm contract failed");
+    }
+
+    // should be able to unpause if owner
+    {
+        wasm.execute(&staking_address, &ExecuteMsg::Unpause {}, &[], &env.signer)
+            .unwrap();
+    }
+
+    let state: State = wasm.query(&staking_address, &QueryMsg::State {}).unwrap();
+    assert!(state.is_open);
+}
+
+#[test]
+fn test_pause() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let staking_address =
+        env.deploy_staking_contract(&wasm, "margined-staking".to_string(), env.signer.address());
+
+    // should be able to unpause if owner
+    {
+        wasm.execute(&staking_address, &ExecuteMsg::Unpause {}, &[], &env.signer)
+            .unwrap();
+    }
+
+    let state: State = wasm.query(&staking_address, &QueryMsg::State {}).unwrap();
+    assert!(state.is_open);
+
+    // cannot pause if not owner
+    {
+        let err = wasm
+            .execute(
+                &staking_address,
+                &ExecuteMsg::Pause {},
+                &[],
+                &env.traders[0],
+            )
+            .unwrap_err();
+        assert_eq!(err.to_string(), "execute error: failed to execute message; message index: 0: Unauthorized: execute wasm contract failed");
+    }
+
+    // should be able to pause if owner
+    {
+        wasm.execute(&staking_address, &ExecuteMsg::Pause {}, &[], &env.signer)
+            .unwrap();
+    }
+
+    let state: State = wasm.query(&staking_address, &QueryMsg::State {}).unwrap();
+    assert!(!state.is_open);
+}
+
+#[test]
+fn test_update_config() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let staking_address =
+        env.deploy_staking_contract(&wasm, "margined-staking".to_string(), env.signer.address());
+    let config_before: Config = wasm.query(&staking_address, &QueryMsg::Config {}).unwrap();
+
+    // should update config if owner
+    {
+        wasm.execute(
+            &staking_address,
+            &ExecuteMsg::UpdateConfig {
+                tokens_per_interval: Some(128u128.into()),
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+
+        let config_after: Config = wasm.query(&staking_address, &QueryMsg::Config {}).unwrap();
+        assert_eq!(Uint128::from(128u128), config_after.tokens_per_interval);
+        assert_ne!(
+            config_before.tokens_per_interval,
+            config_after.tokens_per_interval,
+        );
+    }
+
+    // returns error if not owner
+    {
+        wasm.execute(
+            &staking_address,
+            &ExecuteMsg::UpdateConfig {
+                tokens_per_interval: Some(128u128.into()),
+            },
+            &[],
+            &env.traders[0],
+        )
+        .unwrap_err();
+    }
+}
+
+#[test]
+fn test_staking() {
+    let env = StakingEnv::new();
+
+    let bank = Bank::new(&env.app);
+    let wasm = Wasm::new(&env.app);
+
+    let (staking_address, collector_address) = env.deploy_staking_contracts(&wasm);
+
+    bank.send(
+        MsgSend {
+            from_address: env.signer.address(),
+            to_address: collector_address,
+            amount: [Coin {
+                amount: 1_000_000_000u128.to_string(),
+                denom: env.denoms["reward"].to_string(),
+            }]
+            .to_vec(),
+        },
+        &env.signer,
+    )
+    .unwrap();
+
+    wasm.execute(&staking_address, &ExecuteMsg::Unpause {}, &[], &env.signer)
+        .unwrap();
+
+    // returns error with wrong asset
+    {
+        let amount_to_stake = 1_000_000u128;
+        let err = wasm
+            .execute(
+                &staking_address,
+                &ExecuteMsg::Stake {},
+                &[coin(amount_to_stake, env.denoms["reward"].to_string())],
+                &env.traders[0],
+            )
+            .unwrap_err();
+        assert_eq!(err.to_string(), "execute error: failed to execute message; message index: 0: Invalid funds: execute wasm contract failed");
+    }
+
+    // returns error with insufficient funds
+    {
+        let amount_to_stake = 1_000_000_000_000u128;
+        let err = wasm
+            .execute(
+                &staking_address,
+                &ExecuteMsg::Stake {},
+                &[coin(amount_to_stake, env.denoms["deposit"].to_string())],
+                &env.traders[0],
+            )
+            .unwrap_err();
+        assert_eq!(err.to_string(), "execute error: failed to execute message; message index: 0: 1000000000umrg is smaller than 1000000000000umrg: insufficient funds");
+    }
+
+    // should be able to stake
+    {
+        let balance_before =
+            env.get_balance(env.traders[0].address(), env.denoms["deposit"].to_string());
+
+        let amount_to_stake = 1_000_000u128;
+        wasm.execute(
+            &staking_address,
+            &ExecuteMsg::Stake {},
+            &[coin(amount_to_stake, DEPOSIT_DENOM)],
+            &env.traders[0],
+        )
+        .unwrap();
+
+        let stake: UserStake = wasm
+            .query(
+                &staking_address,
+                &QueryMsg::GetUserStakedAmount {
+                    user: env.traders[0].address(),
+                },
+            )
+            .unwrap();
+        assert_eq!(
+            stake,
+            UserStake {
+                staked_amounts: amount_to_stake.into(),
+                previous_cumulative_rewards_per_token: Uint128::zero(),
+                claimable_rewards: Uint128::zero(),
+                cumulative_rewards: Uint128::zero(),
+            }
+        );
+
+        let balance_after =
+            env.get_balance(env.traders[0].address(), env.denoms["deposit"].to_string());
+        let staked_balance: UserStakedResponse = wasm
+            .query(
+                &staking_address,
+                &QueryMsg::GetUserStakedAmount {
+                    user: env.traders[0].address(),
+                },
+            )
+            .unwrap();
+
+        assert_eq!(
+            balance_before - Uint128::from(amount_to_stake),
+            balance_after
+        );
+        assert_eq!(
+            staked_balance.staked_amounts,
+            Uint128::from(amount_to_stake)
+        );
+    }
+
+    // account should be default before staking
+    {
+        let stake: UserStake = wasm
+            .query(
+                &staking_address,
+                &QueryMsg::GetUserStakedAmount {
+                    user: env.traders[1].address(),
+                },
+            )
+            .unwrap();
+        assert_eq!(stake, UserStake::default());
+    }
+}
+
+#[test]
+fn test_unstaking() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let (staking_address, _) = env.deploy_staking_contracts(&wasm);
+
+    wasm.execute(&staking_address, &ExecuteMsg::Unpause {}, &[], &env.signer)
+        .unwrap();
+
+    let amount_to_stake = 1_000_000u128;
+    wasm.execute(
+        &staking_address,
+        &ExecuteMsg::Stake {},
+        &[coin(amount_to_stake, DEPOSIT_DENOM)],
+        &env.traders[0],
+    )
+    .unwrap();
+
+    // returns error if tokens are sent
+    {
+        let amount_to_stake = 1_000u128;
+        let err = wasm
+            .execute(
+                &staking_address,
+                &ExecuteMsg::Unstake {
+                    amount: amount_to_stake.into(),
+                },
+                &[coin(amount_to_stake, DEPOSIT_DENOM)],
+                &env.traders[0],
+            )
+            .unwrap_err();
+        assert_eq!(err.to_string(), "execute error: failed to execute message; message index: 0: Invalid funds: execute wasm contract failed");
+    }
+
+    // should unstake half
+    {
+        let balance_before =
+            env.get_balance(env.traders[0].address(), env.denoms["deposit"].to_string());
+        let balance_before_staked: UserStakedResponse = wasm
+            .query(
+                &staking_address,
+                &QueryMsg::GetUserStakedAmount {
+                    user: env.traders[0].address(),
+                },
+            )
+            .unwrap();
+
+        let amount_to_unstake = 500_000u128;
+        wasm.execute(
+            &staking_address,
+            &ExecuteMsg::Unstake {
+                amount: amount_to_unstake.into(),
+            },
+            &[],
+            &env.traders[0],
+        )
+        .unwrap();
+
+        let balance_after =
+            env.get_balance(env.traders[0].address(), env.denoms["deposit"].to_string());
+        let balance_after_staked: UserStakedResponse = wasm
+            .query(
+                &staking_address,
+                &QueryMsg::GetUserStakedAmount {
+                    user: env.traders[0].address(),
+                },
+            )
+            .unwrap();
+
+        assert_eq!(
+            balance_before + Uint128::from(amount_to_unstake),
+            balance_after
+        );
+        assert_eq!(
+            balance_before_staked.staked_amounts - Uint128::from(amount_to_unstake),
+            balance_after_staked.staked_amounts
+        );
+    }
+}
+
+#[test]
+fn test_claim() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+    let bank = Bank::new(&env.app);
+
+    let (staking_address, collector_address) = env.deploy_staking_contracts(&wasm);
+
+    bank.send(
+        MsgSend {
+            from_address: env.signer.address(),
+            to_address: collector_address,
+            amount: [Coin {
+                amount: 1_000_000_000u128.to_string(),
+                denom: env.denoms["reward"].to_string(),
+            }]
+            .to_vec(),
+        },
+        &env.signer,
+    )
+    .unwrap();
+
+    wasm.execute(&staking_address, &ExecuteMsg::Unpause {}, &[], &env.signer)
+        .unwrap();
+
+    let amount_to_stake = 1_000_000u128;
+    wasm.execute(
+        &staking_address,
+        &ExecuteMsg::Stake {},
+        &[coin(amount_to_stake, DEPOSIT_DENOM)],
+        &env.traders[0],
+    )
+    .unwrap();
+
+    // should all be zero staking
+    {
+        let stake: UserStake = wasm
+            .query(
+                &staking_address,
+                &QueryMsg::GetUserStakedAmount {
+                    user: env.traders[0].address(),
+                },
+            )
+            .unwrap();
+        assert_eq!(
+            stake,
+            UserStake {
+                staked_amounts: amount_to_stake.into(),
+                previous_cumulative_rewards_per_token: Uint128::zero(),
+                claimable_rewards: Uint128::zero(),
+                cumulative_rewards: Uint128::zero(),
+            }
+        );
+    }
+
+    // returns error if tokens are sent
+    {
+        let amount = 1_000u128;
+        let err = wasm
+            .execute(
+                &staking_address,
+                &ExecuteMsg::Claim { recipient: None },
+                &[coin(amount, DEPOSIT_DENOM)],
+                &env.traders[0],
+            )
+            .unwrap_err();
+        assert_eq!(err.to_string(), "execute error: failed to execute message; message index: 0: Invalid funds: execute wasm contract failed");
+    }
+
+    env.app.increase_time(90u64);
+
+    // should update distribution time
+    {
+        let state: State = wasm.query(&staking_address, &QueryMsg::State {}).unwrap();
+        let previous_distribution_time = state.last_distribution;
+
+        wasm.execute(
+            &staking_address,
+            &ExecuteMsg::UpdateRewards {},
+            &[],
+            &env.traders[1],
+        )
+        .unwrap();
+
+        let state: State = wasm.query(&staking_address, &QueryMsg::State {}).unwrap();
+        let distribution_time = state.last_distribution;
+
+        assert_eq!(
+            distribution_time.seconds() - previous_distribution_time.seconds(),
+            100u64
+        );
+
+        // 100 seconds passed, 1 reward per second, 1_000_000 staked
+        // 100 * 1_000_000 *
+        let expected_claimable = Uint128::from(100_000_000u128);
+        let claimable_amount: Uint128 = wasm
+            .query(
+                &staking_address,
+                &QueryMsg::GetClaimable {
+                    user: env.traders[0].address(),
+                },
+            )
+            .unwrap();
+        assert_eq!(claimable_amount, expected_claimable);
+
+        let stake: UserStake = wasm
+            .query(
+                &staking_address,
+                &QueryMsg::GetUserStakedAmount {
+                    user: env.traders[0].address(),
+                },
+            )
+            .unwrap();
+        assert_eq!(
+            stake,
+            UserStake {
+                staked_amounts: amount_to_stake.into(),
+                previous_cumulative_rewards_per_token: Uint128::zero(),
+                claimable_rewards: Uint128::zero(),
+                cumulative_rewards: Uint128::zero(),
+            }
+        );
+    }
+
+    // does nothing except consume gas if user has nothing to claim
+    {
+        env.app.increase_time(1u64);
+        let balance_before =
+            env.get_balance(env.traders[1].address(), env.denoms["reward"].to_string());
+        wasm.execute(
+            &staking_address,
+            &ExecuteMsg::Claim { recipient: None },
+            &[],
+            &env.traders[1],
+        )
+        .unwrap();
+
+        let balance_after =
+            env.get_balance(env.traders[1].address(), env.denoms["reward"].to_string());
+        assert_eq!(balance_before, balance_after);
+    }
+
+    // should claim all rewards
+    {
+        env.app.increase_time(1u64);
+        let balance_before =
+            env.get_balance(env.traders[0].address(), env.denoms["reward"].to_string());
+        let expected_claimable = Uint128::from(112_000_000u128);
+
+        wasm.execute(
+            &staking_address,
+            &ExecuteMsg::Claim { recipient: None },
+            &[],
+            &env.traders[0],
+        )
+        .unwrap();
+
+        let balance_after =
+            env.get_balance(env.traders[0].address(), env.denoms["reward"].to_string());
+
+        assert_eq!(balance_before + expected_claimable, balance_after);
+    }
+}
diff --git a/contracts/margined-staking/src/testing/instantiation_test.rs b/contracts/margined-staking/src/testing/instantiation_test.rs
new file mode 100644
index 0000000..f2cc257
--- /dev/null
+++ b/contracts/margined-staking/src/testing/instantiation_test.rs
@@ -0,0 +1,44 @@
+use crate::state::{Config, State};
+
+use cosmwasm_std::{Addr, Timestamp};
+use margined_protocol::staking::QueryMsg;
+use margined_testing::staking_env::StakingEnv;
+use osmosis_test_tube::{Account, Module, Wasm};
+
+const DEPOSIT_DENOM: &str = "umrg";
+const REWARD_DENOM: &str = "uusdc";
+
+#[test]
+fn test_instantiation() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let staking_address =
+        env.deploy_staking_contract(&wasm, "margined-staking".to_string(), env.signer.address());
+
+    let config: Config = wasm.query(&staking_address, &QueryMsg::Config {}).unwrap();
+    assert_eq!(
+        config,
+        Config {
+            fee_collector: Addr::unchecked(env.signer.address()),
+            deposit_denom: DEPOSIT_DENOM.to_string(),
+            deposit_decimals: 6u32,
+            reward_denom: REWARD_DENOM.to_string(),
+            reward_decimals: 6u32,
+            tokens_per_interval: 1_000_000u128.into(),
+        }
+    );
+
+    let state: State = wasm.query(&staking_address, &QueryMsg::State {}).unwrap();
+    assert_eq!(
+        state,
+        State {
+            is_open: false,
+            last_distribution: Timestamp::from_nanos(env.app.get_block_time_nanos() as u64),
+        }
+    );
+
+    let owner: Addr = wasm.query(&staking_address, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, Addr::unchecked(env.signer.address()));
+}
diff --git a/contracts/margined-staking/src/testing/integration_test.rs b/contracts/margined-staking/src/testing/integration_test.rs
new file mode 100644
index 0000000..6bfff55
--- /dev/null
+++ b/contracts/margined-staking/src/testing/integration_test.rs
@@ -0,0 +1,300 @@
+use crate::state::{Config, UserStake};
+
+use cosmwasm_std::{coin, Uint128};
+use margined_protocol::staking::{ExecuteMsg, QueryMsg, UserStakedResponse};
+use margined_testing::staking_env::StakingEnv;
+use osmosis_test_tube::{
+    osmosis_std::types::cosmos::{bank::v1beta1::MsgSend, base::v1beta1::Coin},
+    Account, Bank, Module, Wasm,
+};
+
+#[test]
+fn test_stake_unstake_claim() {
+    let env = StakingEnv::new();
+
+    let bank = Bank::new(&env.app);
+    let wasm = Wasm::new(&env.app);
+
+    let (staking_address, collector_address) = env.deploy_staking_contracts(&wasm);
+
+    // fund the fee collector
+    {
+        bank.send(
+            MsgSend {
+                from_address: env.signer.address(),
+                to_address: collector_address,
+                amount: [Coin {
+                    amount: 1_000_000_000_000u128.to_string(),
+                    denom: env.denoms["reward"].to_string(),
+                }]
+                .to_vec(),
+            },
+            &env.signer,
+        )
+        .unwrap();
+    }
+
+    wasm.execute(&staking_address, &ExecuteMsg::Unpause {}, &[], &env.signer)
+        .unwrap();
+
+    // update tokens per interval
+    {
+        let new_tokens_per_interval = 20_668u128; // 0.020668@6dp esTOKEN per second
+        wasm.execute(
+            &staking_address,
+            &ExecuteMsg::UpdateConfig {
+                tokens_per_interval: Some(new_tokens_per_interval.into()),
+            },
+            &[],
+            &env.signer,
+        )
+        .unwrap();
+
+        let config: Config = wasm.query(&staking_address, &QueryMsg::Config {}).unwrap();
+        assert_eq!(
+            config.tokens_per_interval,
+            Uint128::from(new_tokens_per_interval)
+        );
+    }
+
+    // stake then increase time by one day
+    {
+        let amount_to_stake = 1_000_000_000u128; // 1,000@6dp esTOKEN
+        wasm.execute(
+            &staking_address,
+            &ExecuteMsg::Stake {},
+            &[coin(amount_to_stake, env.denoms["deposit"].to_string())],
+            &env.traders[0],
+        )
+        .unwrap();
+
+        let stake: UserStake = wasm
+            .query(
+                &staking_address,
+                &QueryMsg::GetUserStakedAmount {
+                    user: env.traders[0].address(),
+                },
+            )
+            .unwrap();
+        assert_eq!(
+            stake,
+            UserStake {
+                staked_amounts: amount_to_stake.into(),
+                previous_cumulative_rewards_per_token: Uint128::zero(),
+                claimable_rewards: Uint128::zero(),
+                cumulative_rewards: Uint128::zero(),
+            }
+        );
+
+        env.app.increase_time(24 * 60 * 60);
+
+        let claimable: Uint128 = wasm
+            .query(
+                &staking_address,
+                &QueryMsg::GetClaimable {
+                    user: env.traders[0].address(),
+                },
+            )
+            .unwrap();
+        assert_eq!(claimable, Uint128::from(1_785_715_000u128));
+    }
+
+    // stake then increase time by one day
+    {
+        let amount_to_stake = 500_000_000u128; // 500@6dp esTOKEN
+        wasm.execute(
+            &staking_address,
+            &ExecuteMsg::Stake {},
+            &[coin(amount_to_stake, env.denoms["deposit"].to_string())],
+            &env.traders[1],
+        )
+        .unwrap();
+
+        // check trader 0
+        let stake: UserStake = wasm
+            .query(
+                &staking_address,
+                &QueryMsg::GetUserStakedAmount {
+                    user: env.traders[0].address(),
+                },
+            )
+            .unwrap();
+        assert_eq!(stake.staked_amounts, Uint128::from(1_000_000_000u128),);
+
+        // check trader 1
+        let stake: UserStake = wasm
+            .query(
+                &staking_address,
+                &QueryMsg::GetUserStakedAmount {
+                    user: env.traders[1].address(),
+                },
+            )
+            .unwrap();
+        assert_eq!(stake.staked_amounts, Uint128::from(500_000_000u128),);
+
+        env.app.increase_time(24 * 60 * 60);
+
+        // check claimable
+        {
+            let claimable: Uint128 = wasm
+                .query(
+                    &staking_address,
+                    &QueryMsg::GetClaimable {
+                        user: env.traders[0].address(),
+                    },
+                )
+                .unwrap();
+            assert_eq!(
+                claimable,
+                Uint128::from(1_785_715_000u128 + 1_190_579_000u128)
+            );
+
+            let claimable: Uint128 = wasm
+                .query(
+                    &staking_address,
+                    &QueryMsg::GetClaimable {
+                        user: env.traders[1].address(),
+                    },
+                )
+                .unwrap();
+            assert_eq!(claimable, Uint128::from(595_238_000u128));
+        }
+
+        // unstake reverts
+        {
+            let amount_to_unstake = 1_000_000_001u128; // 1000.000001@6dp stakedTOKEN
+            let res = wasm.execute(
+                &staking_address,
+                &ExecuteMsg::Unstake {
+                    amount: amount_to_unstake.into(),
+                },
+                &[],
+                &env.traders[0],
+            );
+            assert!(res.is_err());
+
+            let amount_to_unstake = 500_000_001u128; // 500.000001@6dp stakedTOKEN
+            let res = wasm.execute(
+                &staking_address,
+                &ExecuteMsg::Unstake {
+                    amount: amount_to_unstake.into(),
+                },
+                &[],
+                &env.traders[1],
+            );
+            assert!(res.is_err());
+        }
+
+        // unstake successfully and check user stake
+        {
+            assert_eq!(
+                env.get_balance(env.traders[0].address(), env.denoms["deposit"].to_string()),
+                Uint128::zero()
+            );
+
+            let amount_to_unstake = 1_000_000_000u128;
+            wasm.execute(
+                &staking_address,
+                &ExecuteMsg::Unstake {
+                    amount: amount_to_unstake.into(),
+                },
+                &[],
+                &env.traders[0],
+            )
+            .unwrap();
+
+            assert_eq!(
+                env.get_balance(env.traders[0].address(), env.denoms["deposit"].to_string()),
+                Uint128::from(amount_to_unstake)
+            );
+
+            let stake: UserStake = wasm
+                .query(
+                    &staking_address,
+                    &QueryMsg::GetUserStakedAmount {
+                        user: env.traders[0].address(),
+                    },
+                )
+                .unwrap();
+            assert_eq!(
+                stake,
+                UserStake {
+                    staked_amounts: Uint128::zero(),
+                    previous_cumulative_rewards_per_token: Uint128::from(2_976_501u128),
+                    claimable_rewards: Uint128::from(2_976_501_000u128),
+                    cumulative_rewards: Uint128::from(2_976_501_000u128),
+                }
+            );
+        }
+
+        // unstake reverts
+        {
+            let amount_to_unstake = 1u128;
+            let res = wasm.execute(
+                &staking_address,
+                &ExecuteMsg::Unstake {
+                    amount: amount_to_unstake.into(),
+                },
+                &[],
+                &env.traders[0],
+            );
+            assert!(res.is_err());
+        }
+
+        // claim and check user balance
+        {
+            let user_balance: UserStakedResponse = wasm
+                .query(
+                    &staking_address,
+                    &QueryMsg::GetUserStakedAmount {
+                        user: env.traders[0].address(),
+                    },
+                )
+                .unwrap();
+            assert_eq!(user_balance.staked_amounts, Uint128::zero());
+
+            wasm.execute(
+                &staking_address,
+                &ExecuteMsg::Claim {
+                    recipient: Some(env.empty.address()),
+                },
+                &[],
+                &env.traders[0],
+            )
+            .unwrap();
+
+            assert_eq!(
+                env.get_balance(env.empty.address(), env.denoms["reward"].to_string()),
+                Uint128::from(2_976_501_000u128)
+            );
+        }
+
+        env.app.increase_time(24 * 60 * 60);
+
+        // check claimable
+        {
+            let claimable: Uint128 = wasm
+                .query(
+                    &staking_address,
+                    &QueryMsg::GetClaimable {
+                        user: env.traders[0].address(),
+                    },
+                )
+                .unwrap();
+            assert_eq!(claimable, Uint128::zero());
+
+            let claimable: Uint128 = wasm
+                .query(
+                    &staking_address,
+                    &QueryMsg::GetClaimable {
+                        user: env.traders[1].address(),
+                    },
+                )
+                .unwrap();
+            assert_eq!(
+                claimable,
+                Uint128::from(595_238_000u128 + 1_786_025_000u128)
+            );
+        }
+    }
+}
diff --git a/contracts/margined-staking/src/testing/mod.rs b/contracts/margined-staking/src/testing/mod.rs
new file mode 100644
index 0000000..ea5d39f
--- /dev/null
+++ b/contracts/margined-staking/src/testing/mod.rs
@@ -0,0 +1,6 @@
+#[cfg(test)]
+mod execution_test;
+mod instantiation_test;
+mod integration_test;
+mod ownership_test;
+mod query_test;
diff --git a/contracts/margined-staking/src/testing/ownership_test.rs b/contracts/margined-staking/src/testing/ownership_test.rs
new file mode 100644
index 0000000..94c3e33
--- /dev/null
+++ b/contracts/margined-staking/src/testing/ownership_test.rs
@@ -0,0 +1,156 @@
+use cosmwasm_std::Addr;
+use margined_protocol::staking::{ExecuteMsg, OwnerProposalResponse, QueryMsg};
+use margined_testing::staking_env::StakingEnv;
+use osmosis_test_tube::{Account, Module, RunnerError, Wasm};
+
+const PROPOSAL_DURATION: u64 = 1000;
+
+#[test]
+fn test_update_owner_staking() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let fee_collector = env.deploy_fee_collector_contract(&wasm, "margined-collector".to_string());
+    let staking = env.deploy_staking_contract(&wasm, "margined-staking".to_string(), fee_collector);
+
+    // claim before a proposal is made
+    {
+        let err = wasm
+            .execute(&staking, &ExecuteMsg::ClaimOwnership {}, &[], &env.signer)
+            .unwrap_err();
+        assert_eq!(
+            err,
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Proposal not found: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    // propose new owner
+    wasm.execute(
+        &staking,
+        &ExecuteMsg::ProposeNewOwner {
+            new_owner: env.traders[0].address(),
+            duration: PROPOSAL_DURATION,
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    let owner: Addr = wasm.query(&staking, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, env.signer.address());
+
+    // reject claim by incorrect new owner
+    {
+        let err = wasm
+            .execute(&staking, &ExecuteMsg::ClaimOwnership {}, &[], &env.signer)
+            .unwrap_err();
+        assert_eq!(
+            err,
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Unauthorized: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    // let proposal expire
+    env.app.increase_time(PROPOSAL_DURATION + 1);
+
+    // proposal fails due to expiry
+    {
+        let err = wasm
+            .execute(
+                &staking,
+                &ExecuteMsg::ClaimOwnership {},
+                &[],
+                &env.traders[0],
+            )
+            .unwrap_err();
+        assert_eq!(
+            err,
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Expired: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    let owner: Addr = wasm.query(&staking, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, env.signer.address());
+
+    // propose new owner
+    wasm.execute(
+        &staking,
+        &ExecuteMsg::ProposeNewOwner {
+            new_owner: env.traders[0].address(),
+            duration: PROPOSAL_DURATION,
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    let owner: Addr = wasm.query(&staking, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, env.signer.address());
+
+    // proposal fails due to expiry
+    {
+        let err = wasm
+            .execute(&staking, &ExecuteMsg::RejectOwner {}, &[], &env.traders[0])
+            .unwrap_err();
+        assert_eq!(
+            err,
+            RunnerError::ExecuteError {
+                msg: "failed to execute message; message index: 0: Unauthorized: execute wasm contract failed".to_string()
+            }
+        );
+    }
+
+    // proposal fails due to expiry
+    {
+        wasm.execute(&staking, &ExecuteMsg::RejectOwner {}, &[], &env.signer)
+            .unwrap();
+    }
+
+    // propose new owner
+    wasm.execute(
+        &staking,
+        &ExecuteMsg::ProposeNewOwner {
+            new_owner: env.traders[0].address(),
+            duration: PROPOSAL_DURATION,
+        },
+        &[],
+        &env.signer,
+    )
+    .unwrap();
+
+    let block_time = env.app.get_block_time_seconds();
+
+    let owner: Addr = wasm.query(&staking, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, env.signer.address());
+
+    // query ownership proposal
+    {
+        let proposal: OwnerProposalResponse = wasm
+            .query(&staking, &QueryMsg::GetOwnershipProposal {})
+            .unwrap();
+
+        assert_eq!(proposal.owner, env.traders[0].address());
+        assert_eq!(proposal.expiry, block_time as u64 + PROPOSAL_DURATION);
+    }
+
+    // claim ownership
+    {
+        wasm.execute(
+            &staking,
+            &ExecuteMsg::ClaimOwnership {},
+            &[],
+            &env.traders[0],
+        )
+        .unwrap();
+    }
+
+    let owner: Addr = wasm.query(&staking, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, env.traders[0].address());
+}
diff --git a/contracts/margined-staking/src/testing/query_test.rs b/contracts/margined-staking/src/testing/query_test.rs
new file mode 100644
index 0000000..0dde9fe
--- /dev/null
+++ b/contracts/margined-staking/src/testing/query_test.rs
@@ -0,0 +1,281 @@
+use crate::state::{Config, State, UserStake};
+
+use cosmwasm_std::{coin, Addr, Timestamp, Uint128};
+use margined_protocol::staking::{ExecuteMsg, QueryMsg, TotalStakedResponse};
+use margined_testing::staking_env::StakingEnv;
+use osmosis_test_tube::{
+    osmosis_std::types::cosmos::{bank::v1beta1::MsgSend, base::v1beta1::Coin},
+    Account, Bank, Module, Wasm,
+};
+
+#[test]
+fn test_query_config() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let staking_address =
+        env.deploy_staking_contract(&wasm, "margined-staking".to_string(), env.signer.address());
+
+    let config: Config = wasm.query(&staking_address, &QueryMsg::Config {}).unwrap();
+    assert_eq!(
+        config,
+        Config {
+            fee_collector: Addr::unchecked(env.signer.address()),
+            deposit_denom: env.denoms["deposit"].to_string(),
+            deposit_decimals: 6u32,
+            reward_denom: env.denoms["reward"].to_string(),
+            reward_decimals: 6u32,
+            tokens_per_interval: 1_000_000u128.into(),
+        }
+    );
+}
+
+#[test]
+fn test_query_state() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let staking_address =
+        env.deploy_staking_contract(&wasm, "margined-staking".to_string(), env.signer.address());
+
+    let state: State = wasm.query(&staking_address, &QueryMsg::State {}).unwrap();
+    assert_eq!(
+        state,
+        State {
+            is_open: false,
+            last_distribution: Timestamp::from_nanos(env.app.get_block_time_nanos() as u64),
+        }
+    );
+}
+
+#[test]
+fn test_query_owner() {
+    let env = StakingEnv::new();
+
+    let wasm = Wasm::new(&env.app);
+
+    let staking_address =
+        env.deploy_staking_contract(&wasm, "margined-staking".to_string(), env.signer.address());
+
+    let owner: Addr = wasm.query(&staking_address, &QueryMsg::Owner {}).unwrap();
+    assert_eq!(owner, Addr::unchecked(env.signer.address()));
+}
+
+#[test]
+fn test_query_get_claimable() {
+    let env = StakingEnv::new();
+
+    let bank = Bank::new(&env.app);
+    let wasm = Wasm::new(&env.app);
+
+    let (staking_address, _) = env.deploy_staking_contracts(&wasm);
+
+    bank.send(
+        MsgSend {
+            from_address: env.signer.address(),
+            to_address: staking_address.clone(),
+            amount: [Coin {
+                amount: 10u128.to_string(),
+                denom: env.denoms["reward"].to_string(),
+            }]
+            .to_vec(),
+        },
+        &env.signer,
+    )
+    .unwrap();
+
+    let amount: Uint128 = wasm
+        .query(
+            &staking_address,
+            &QueryMsg::GetClaimable {
+                user: env.traders[0].address(),
+            },
+        )
+        .unwrap();
+    assert_eq!(amount, Uint128::zero());
+
+    wasm.execute(&staking_address, &ExecuteMsg::Unpause {}, &[], &env.signer)
+        .unwrap();
+
+    let amount_to_stake = 1_000_000u128;
+    wasm.execute(
+        &staking_address,
+        &ExecuteMsg::Stake {},
+        &[coin(amount_to_stake, env.denoms["deposit"].to_string())],
+        &env.traders[0],
+    )
+    .unwrap();
+
+    env.app.increase_time(5u64);
+
+    let amount: Uint128 = wasm
+        .query(
+            &staking_address,
+            &QueryMsg::GetClaimable {
+                user: env.traders[0].address(),
+            },
+        )
+        .unwrap();
+    assert_eq!(amount, Uint128::from(5_000_000u128));
+}
+
+#[test]
+fn test_query_get_user_staked_amount() {
+    let env = StakingEnv::new();
+
+    let bank = Bank::new(&env.app);
+    let wasm = Wasm::new(&env.app);
+
+    let (staking_address, collector_address) = env.deploy_staking_contracts(&wasm);
+
+    bank.send(
+        MsgSend {
+            from_address: env.signer.address(),
+            to_address: collector_address,
+            amount: [Coin {
+                amount: 1_000_000_000u128.to_string(),
+                denom: env.denoms["reward"].to_string(),
+            }]
+            .to_vec(),
+        },
+        &env.signer,
+    )
+    .unwrap();
+
+    let amount: UserStake = wasm
+        .query(
+            &staking_address,
+            &QueryMsg::GetUserStakedAmount {
+                user: env.traders[0].address(),
+            },
+        )
+        .unwrap();
+    assert_eq!(amount, UserStake::default());
+
+    wasm.execute(&staking_address, &ExecuteMsg::Unpause {}, &[], &env.signer)
+        .unwrap();
+
+    let amount_to_stake = 1_000_000u128;
+    wasm.execute(
+        &staking_address,
+        &ExecuteMsg::Stake {},
+        &[coin(amount_to_stake, env.denoms["deposit"].to_string())],
+        &env.traders[0],
+    )
+    .unwrap();
+
+    env.app.increase_time(5u64);
+
+    let amount: UserStake = wasm
+        .query(
+            &staking_address,
+            &QueryMsg::GetUserStakedAmount {
+                user: env.traders[0].address(),
+            },
+        )
+        .unwrap();
+    assert_eq!(
+        amount,
+        UserStake {
+            staked_amounts: amount_to_stake.into(),
+            previous_cumulative_rewards_per_token: Uint128::zero(),
+            claimable_rewards: Uint128::zero(),
+            cumulative_rewards: Uint128::zero(),
+        }
+    );
+
+    wasm.execute(
+        &staking_address,
+        &ExecuteMsg::Claim { recipient: None },
+        &[],
+        &env.traders[0],
+    )
+    .unwrap();
+
+    let amount: UserStake = wasm
+        .query(
+            &staking_address,
+            &QueryMsg::GetUserStakedAmount {
+                user: env.traders[0].address(),
+            },
+        )
+        .unwrap();
+    assert_eq!(
+        amount,
+        UserStake {
+            staked_amounts: amount_to_stake.into(),
+            previous_cumulative_rewards_per_token: Uint128::from(10_000_000u128),
+            claimable_rewards: Uint128::zero(),
+            cumulative_rewards: Uint128::from(10_000_000u128),
+        }
+    );
+}
+
+#[test]
+fn test_query_get_total_staked_amount() {
+    let env = StakingEnv::new();
+
+    let bank = Bank::new(&env.app);
+    let wasm = Wasm::new(&env.app);
+
+    let (staking_address, collector_address) = env.deploy_staking_contracts(&wasm);
+
+    bank.send(
+        MsgSend {
+            from_address: env.signer.address(),
+            to_address: collector_address,
+            amount: [Coin {
+                amount: 1_000_000_000u128.to_string(),
+                denom: env.denoms["reward"].to_string(),
+            }]
+            .to_vec(),
+        },
+        &env.signer,
+    )
+    .unwrap();
+
+    let res: TotalStakedResponse = wasm
+        .query(&staking_address, &QueryMsg::GetTotalStakedAmount {})
+        .unwrap();
+    assert_eq!(res.amount, Uint128::zero());
+
+    wasm.execute(&staking_address, &ExecuteMsg::Unpause {}, &[], &env.signer)
+        .unwrap();
+
+    let amount_to_stake = 1_000_000u128;
+    wasm.execute(
+        &staking_address,
+        &ExecuteMsg::Stake {},
+        &[coin(amount_to_stake, env.denoms["deposit"].to_string())],
+        &env.traders[0],
+    )
+    .unwrap();
+
+    env.app.increase_time(5u64);
+
+    let res: TotalStakedResponse = wasm
+        .query(&staking_address, &QueryMsg::GetTotalStakedAmount {})
+        .unwrap();
+    assert_eq!(res.amount, Uint128::from(amount_to_stake));
+
+    let amount_to_unstake = 500_000u128;
+    wasm.execute(
+        &staking_address,
+        &ExecuteMsg::Unstake {
+            amount: amount_to_unstake.into(),
+        },
+        &[],
+        &env.traders[0],
+    )
+    .unwrap();
+
+    let res: TotalStakedResponse = wasm
+        .query(&staking_address, &QueryMsg::GetTotalStakedAmount {})
+        .unwrap();
+    assert_eq!(
+        res.amount,
+        Uint128::from(amount_to_stake - amount_to_unstake)
+    );
+}
diff --git a/contracts/mocks/mock-query/Cargo.toml b/contracts/mocks/mock-query/Cargo.toml
new file mode 100644
index 0000000..664b144
--- /dev/null
+++ b/contracts/mocks/mock-query/Cargo.toml
@@ -0,0 +1,30 @@
+[package]
+authors = [ "Margined Protocol" ]
+edition = "2021"
+name    = "mock-query"
+version = "0.1.0"
+
+exclude = [
+ # Those files are rust-optimizer artifacts. You might want to commit them for convenience but they should not be part of the source code publication.
+ "contract.wasm",
+ "hash.txt",
+]
+
+# See more keys and their definitions at https://doc.rust-lang.org/cargo/reference/manifest.html
+
+[lib]
+crate-type = [ "cdylib", "rlib" ]
+
+[features]
+# for more explicit tests, cargo test --features=backtraces
+backtraces = [ "cosmwasm-std/backtraces" ]
+# use library feature to disable all instantiate/execute/query exports
+library = [  ]
+
+[dependencies]
+cosmwasm-std      = { workspace = true }
+cw-storage-plus   = { workspace = true }
+margined-protocol = { workspace = true }
+osmosis-std       = { workspace = true }
+schemars          = { workspace = true }
+serde             = { workspace = true }
diff --git a/contracts/mocks/mock-query/README.md b/contracts/mocks/mock-query/README.md
new file mode 100644
index 0000000..ecf7fd6
--- /dev/null
+++ b/contracts/mocks/mock-query/README.md
@@ -0,0 +1,3 @@
+# Mock Price Feed
+
+This contract is simply a dummy or mock price feed with no TWAP logic used for testing.
diff --git a/contracts/mocks/mock-query/src/contract.rs b/contracts/mocks/mock-query/src/contract.rs
new file mode 100644
index 0000000..1bbdac5
--- /dev/null
+++ b/contracts/mocks/mock-query/src/contract.rs
@@ -0,0 +1,99 @@
+#[cfg(not(feature = "library"))]
+use cosmwasm_std::{
+    entry_point, to_binary, Addr, Binary, Decimal, Deps, DepsMut, Env, MessageInfo, Response,
+    StdResult,
+};
+use cw_storage_plus::Map;
+use margined_protocol::query::QueryMsg;
+use osmosis_std::types::osmosis::tokenfactory::v1beta1::{
+    DenomAuthorityMetadata, TokenfactoryQuerier,
+};
+use schemars::JsonSchema;
+use serde::{Deserialize, Serialize};
+
+pub const KEY_PRICES: Map<u64, Decimal> = Map::new("prices");
+
+#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, Eq, JsonSchema)]
+pub struct InstantiateMsg {}
+
+#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, Eq, JsonSchema)]
+#[serde(rename_all = "snake_case")]
+pub enum ExecuteMsg {
+    AppendPrice { pool_id: u64, price: Decimal },
+}
+
+#[derive(Serialize, Deserialize, Clone, Debug, PartialEq, Eq, JsonSchema)]
+pub struct ConfigResponse {
+    pub owner: Addr,
+}
+
+#[cfg(not(tarpaulin_include))]
+#[cfg_attr(not(feature = "library"), entry_point)]
+pub fn instantiate(
+    _deps: DepsMut,
+    _env: Env,
+    _info: MessageInfo,
+    _msg: InstantiateMsg,
+) -> StdResult<Response> {
+    Ok(Response::default())
+}
+
+#[cfg(not(tarpaulin_include))]
+#[cfg_attr(not(feature = "library"), entry_point)]
+pub fn execute(
+    deps: DepsMut,
+    _env: Env,
+    info: MessageInfo,
+    msg: ExecuteMsg,
+) -> StdResult<Response> {
+    match msg {
+        ExecuteMsg::AppendPrice { pool_id, price } => append_price(deps, info, pool_id, price),
+    }
+}
+
+/// this is a mock function that enables storage of data
+/// by the contract owner will be replaced by integration
+/// with on-chain price oracles in the future.
+#[cfg(not(tarpaulin_include))]
+pub fn append_price(
+    deps: DepsMut,
+    _info: MessageInfo,
+    pool_id: u64,
+    price: Decimal,
+) -> StdResult<Response> {
+    KEY_PRICES.save(deps.storage, pool_id, &price)?;
+
+    Ok(Response::default())
+}
+
+#[cfg(not(tarpaulin_include))]
+#[cfg_attr(not(feature = "library"), entry_point)]
+pub fn query(deps: Deps, _env: Env, msg: QueryMsg) -> StdResult<Binary> {
+    match msg {
+        QueryMsg::GetArithmeticTwapToNow { pool_id, .. } => {
+            to_binary(&get_arithmetic_twap_now(deps, pool_id)?)
+        }
+        QueryMsg::GetDenomAuthority { denom } => to_binary(&get_denom_authority(deps, denom)?),
+    }
+}
+
+/// Queries latest price for pair stored with key
+#[cfg(not(tarpaulin_include))]
+pub fn get_arithmetic_twap_now(deps: Deps, pool_id: u64) -> StdResult<Decimal> {
+    KEY_PRICES.load(deps.storage, pool_id)
+}
+
+#[cfg(not(tarpaulin_include))]
+pub fn get_denom_authority(deps: Deps, denom: String) -> StdResult<Option<String>> {
+    let querier = TokenfactoryQuerier::new(&deps.querier);
+
+    let result = querier
+        .denom_authority_metadata(denom)
+        .unwrap()
+        .authority_metadata;
+
+    match result {
+        Some(DenomAuthorityMetadata { admin }) => Ok(Some(admin)),
+        None => Ok(None),
+    }
+}
diff --git a/contracts/mocks/mock-query/src/lib.rs b/contracts/mocks/mock-query/src/lib.rs
new file mode 100644
index 0000000..cb312db
--- /dev/null
+++ b/contracts/mocks/mock-query/src/lib.rs
@@ -0,0 +1,4 @@
+pub mod contract;
+
+#[cfg(test)]
+mod testing;
diff --git a/contracts/mocks/mock-query/src/testing/mod.rs b/contracts/mocks/mock-query/src/testing/mod.rs
new file mode 100644
index 0000000..1c71331
--- /dev/null
+++ b/contracts/mocks/mock-query/src/testing/mod.rs
@@ -0,0 +1 @@
+// mod tests;
diff --git a/contracts/mocks/mock-query/src/testing/tests.rs b/contracts/mocks/mock-query/src/testing/tests.rs
new file mode 100644
index 0000000..2423d0c
--- /dev/null
+++ b/contracts/mocks/mock-query/src/testing/tests.rs
@@ -0,0 +1,73 @@
+use crate::contract::{ExecuteMsg, InstantiateMsg, QueryMsg};
+
+use cosmwasm_std::{coin, Decimal};
+use margined_testing::setup::Setup;
+use osmosis_test_tube::{Module, OsmosisTestApp, SigningAccount, Wasm};
+use std::str::FromStr;
+
+#[test]
+fn test_instantiation_and_query() {
+    let Setup {
+        app,
+        signer,
+        base_pool_id,
+        .. // other fields
+    } = Setup::new();
+
+    let wasm = Wasm::new(&app);
+
+    // let timestamp_now = app.get_block_time_seconds();
+    // let start_time = timestamp_now - 1i64;
+
+    let code_id = store_code(&wasm, &signer, "mock_query".to_string());
+    let address = wasm
+        .instantiate(
+            code_id,
+            &InstantiateMsg {},
+            None,
+            Some("mock-query-contract"),
+            &[coin(10_000_000, "uosmo")],
+            &signer,
+        )
+        .unwrap()
+        .data
+        .address;
+
+    let pool_id = 1u64;
+    let price = Decimal::from_str("1.5").unwrap();
+    wasm.execute(
+        &address,
+        &ExecuteMsg::AppendPrice { pool_id, price },
+        &[],
+        &signer,
+    )
+    .unwrap();
+
+    let price: Decimal = wasm
+        .query(
+            &address,
+            &QueryMsg::GetArithmeticTwapToNow {
+                pool_id: base_pool_id,
+                base_asset: "uosmo".to_string(),
+                quote_asset: "usdc".to_string(),
+                start_time: start_time,
+            },
+        )
+        .unwrap();
+    assert_eq!(price, Decimal::from_str("1.5").unwrap());
+}
+
+fn wasm_file(contract_name: String) -> String {
+    let artifacts_dir =
+        std::env::var("ARTIFACTS_DIR_PATH").unwrap_or_else(|_| "artifacts".to_string());
+    let snaked_name = contract_name.replace('-', "_");
+    format!("../../../{artifacts_dir}/{snaked_name}-aarch64.wasm")
+}
+
+fn store_code(wasm: &Wasm<OsmosisTestApp>, owner: &SigningAccount, contract_name: String) -> u64 {
+    let wasm_byte_code = std::fs::read(wasm_file(contract_name)).unwrap();
+    wasm.store_code(&wasm_byte_code, None, owner)
+        .unwrap()
+        .data
+        .code_id
+}
diff --git a/packages/margined_common/Cargo.toml b/packages/margined_common/Cargo.toml
new file mode 100644
index 0000000..fd5a986
--- /dev/null
+++ b/packages/margined_common/Cargo.toml
@@ -0,0 +1,24 @@
+[package]
+authors     = [ "Margined Protocol" ]
+description = "Common package used by all margined contracts"
+edition     = "2021"
+name        = "margined-common"
+version     = "0.1.0"
+
+# See more keys and their definitions at https://doc.rust-lang.org/cargo/reference/manifest.html
+
+[features]
+# for quicker tests, cargo test --lib
+# for more explicit tests, cargo test --features=backtraces
+backtraces = [ "cosmwasm-std/backtraces" ]
+
+[dependencies]
+cosmwasm-schema = { workspace = true }
+cosmwasm-std    = { workspace = true }
+cw-controllers  = { workspace = true }
+cw-storage-plus = { workspace = true }
+osmosis-std     = { workspace = true }
+schemars        = { workspace = true }
+serde           = { workspace = true }
+serde_json      = { workspace = true }
+thiserror       = { workspace = true }
diff --git a/packages/margined_common/src/common.rs b/packages/margined_common/src/common.rs
new file mode 100644
index 0000000..8597ec8
--- /dev/null
+++ b/packages/margined_common/src/common.rs
@@ -0,0 +1,117 @@
+use crate::errors::ContractError;
+use cosmwasm_std::{
+    Binary, Coin, Decimal, Deps, Event, MessageInfo, StdError, StdResult, SubMsgResponse,
+    SubMsgResult, Uint128,
+};
+use osmosis_std::types::{
+    cosmos::bank::v1beta1::BankQuerier, osmosis::poolmanager::v1beta1::PoolmanagerQuerier,
+};
+
+pub fn parse_funds(funds: Vec<Coin>, expected_denom: String) -> StdResult<Uint128> {
+    if funds.is_empty() {
+        return Ok(Uint128::zero());
+    };
+
+    if funds.len() != 1 || funds[0].denom != expected_denom {
+        return Err(StdError::generic_err("Invalid Funds"));
+    }
+
+    Ok(funds[0].amount)
+}
+
+pub fn check_denom_metadata(deps: Deps, denom: &str) -> StdResult<()> {
+    let querier = BankQuerier::new(&deps.querier);
+
+    querier.denom_metadata(denom.to_string())?;
+
+    Ok(())
+}
+
+pub fn check_denom_exists_in_pool(deps: Deps, pool_id: u64, denom: &str) -> StdResult<()> {
+    let querier = PoolmanagerQuerier::new(&deps.querier);
+
+    let res = querier.total_pool_liquidity(pool_id)?;
+
+    if res.liquidity.is_empty() {
+        return Err(StdError::generic_err(format!(
+            "No liquidity in pool id: {}",
+            pool_id
+        )));
+    }
+
+    res.liquidity
+        .iter()
+        .find(|x| x.denom == denom)
+        .ok_or_else(|| {
+            StdError::generic_err(format!("Denom \"{}\" in pool id: {}", denom, pool_id))
+        })?;
+
+    Ok(())
+}
+
+pub fn decimal_to_fixed(value: Decimal, decimal_places: u32) -> Uint128 {
+    value
+        .atomics()
+        .checked_div(Uint128::new(
+            10u128.pow(Decimal::DECIMAL_PLACES - decimal_places),
+        ))
+        .unwrap()
+}
+
+pub fn parse_event_attribute(events: Vec<Event>, event: &str, key: &str) -> String {
+    events
+        .iter()
+        .find(|e| e.ty == event)
+        .unwrap()
+        .attributes
+        .iter()
+        .find(|e| e.key == key)
+        .unwrap()
+        .value
+        .clone()
+}
+
+pub fn parse_response_result_data(result: SubMsgResult) -> Result<Binary, ContractError> {
+    match result {
+        SubMsgResult::Ok(SubMsgResponse { data: Some(b), .. }) => Ok(b),
+        SubMsgResult::Ok(SubMsgResponse { data: None, .. }) => {
+            Err(ContractError::SubMsgError("No data in reply".to_string()))
+        }
+        SubMsgResult::Err(err) => Err(ContractError::SubMsgError(err)),
+    }
+}
+
+pub fn must_pay_two_denoms(
+    info: &MessageInfo,
+    first_denom: &str,
+    second_denom: &str,
+) -> Result<(Uint128, Uint128), String> {
+    if info.funds.is_empty() {
+        Err("No funds sent".to_string())
+    } else if info.funds.len() == 1 && info.funds[0].denom == first_denom {
+        Err(format!("Missing denom: {}", second_denom))
+    } else if info.funds.len() == 1 && info.funds[0].denom == second_denom {
+        Err(format!("Missing denom: {}", first_denom))
+    } else if info.funds.len() == 2 {
+        let base = match info.funds.iter().find(|c| c.denom == first_denom) {
+            Some(c) => c,
+            None => return Err(format!("Missing denom: {}", first_denom)),
+        };
+
+        let quote = match info.funds.iter().find(|c| c.denom == second_denom) {
+            Some(c) => c,
+            None => return Err(format!("Missing denom: {}", second_denom)),
+        };
+
+        Ok((base.amount, quote.amount))
+    } else {
+        // find first mis-match
+        let wrong = info
+            .funds
+            .iter()
+            .find(|c| c.denom != first_denom && c.denom != second_denom)
+            .unwrap();
+
+        Err(format!("Extra incorrect denom: {}", wrong.denom))
+    }
+}
diff --git a/packages/margined_common/src/errors.rs b/packages/margined_common/src/errors.rs
new file mode 100644
index 0000000..6ea145c
--- /dev/null
+++ b/packages/margined_common/src/errors.rs
@@ -0,0 +1,119 @@
+use cosmwasm_std::{StdError, Uint128};
+use cw_controllers::AdminError;
+use thiserror::Error;
+
+#[derive(Error, Debug, PartialEq)]
+pub enum ContractError {
+    #[error("{0}")]
+    Std(#[from] StdError),
+
+    #[error("{0}")]
+    Admin(#[from] AdminError),
+
+    #[error("Vault is below minimum collateral amount (0.5 base denom)")]
+    BelowMinCollateralAmount {},
+
+    #[error("Strategy denom not initialised")]
+    DenomNotInitialized {},
+
+    #[error("Zero Division Error")]
+    DivideByZero {},
+
+    #[error("Expired")]
+    Expired {},
+
+    #[error("Event '{0}' not found")]
+    EventNotFound(String),
+
+    #[error("Invalid funds")]
+    InvalidFunds {},
+
+    #[error("Invalid liquidation")]
+    InvalidLiquidation {},
+
+    #[error("Invalid denom {0} not found")]
+    InvalidDenom(String),
+
+    #[error("Contract is already open")]
+    IsOpen {},
+
+    #[error("Invalid duration cannot be greater than {0}")]
+    InvalidDuration(u64),
+
+    #[error("Invalid ownership, new owner cannot be the same as existing")]
+    InvalidOwnership {},
+
+    #[error("Invalid reply id")]
+    InvalidReplyId,
+
+    #[error("Insufficient balance")]
+    InsufficientBalance {},
+
+    #[error("Insufficient denom {0}. {1} required")]
+    InsufficientPower(String, Uint128),
+
+    #[error("Non-payable entry point")]
+    NonPayable {},
+
+    #[error("Unpause delay not expired")]
+    NotExpired {},
+
+    #[error("Cannot perform action as contract is not open")]
+    NotOpen {},
+
+    #[error("Invalid denom {0} not found in pool {1}")]
+    NotFoundInPool(String, String),
+
+    #[error("Owner not set")]
+    NoOwner {},
+
+    #[error("Contract is not paused")]
+    NotPaused {},
+
+    #[error("Contract is not admin of the power token")]
+    NotTokenAdmin {},
+
+    #[error("Proposal not found")]
+    ProposalNotFound {},
+
+    #[error("Cannot perform action as contract is paused")]
+    Paused {},
+
+    #[error("Vault is safe, cannot be liquidated")]
+    SafeVault {},
+
+    #[error("Error in submessage: '{0}'")]
+    SubMsgError(String),
+
+    #[error("Strategy Cap Exceeded")]
+    StrategyCapExceeded {},
+
+    #[error("Token denom '{0}' is not supported")]
+    TokenUnsupported(String),
+
+    #[error("Unauthorized")]
+    Unauthorized {},
+
+    #[error("Unknown reply-id: '{0}'")]
+    UnknownReplyId(u64),
+
+    #[error("Vault is not safe, cannot perform operation")]
+    UnsafeVault {},
+
+    #[error("Vault does not exist, cannot perform operation")]
+    VaultDoesNotExist {},
+
+    #[error("Zero mint not supported")]
+    ZeroMint {},
+
+    #[error("Zero transfer not supported")]
+    ZeroTransfer {},
+    // Add any other custom errors you like here.
+    // Look at https://docs.rs/thiserror/1.0.21/thiserror/ for details.
+}
+
+impl ContractError {
+    pub fn generic_err(msg: impl Into<String>) -> ContractError {
+        ContractError::Std(StdError::generic_err(msg))
+    }
+}
diff --git a/packages/margined_common/src/lib.rs b/packages/margined_common/src/lib.rs
new file mode 100644
index 0000000..c30bb29
--- /dev/null
+++ b/packages/margined_common/src/lib.rs
@@ -0,0 +1,4 @@
+pub mod common;
+pub mod errors;
+pub mod messages;
+pub mod ownership;
diff --git a/packages/margined_common/src/messages.rs b/packages/margined_common/src/messages.rs
new file mode 100644
index 0000000..f33208f
--- /dev/null
+++ b/packages/margined_common/src/messages.rs
@@ -0,0 +1,70 @@
+use osmosis_std::types::{
+    cosmos::base::v1beta1::Coin,
+    osmosis::poolmanager::v1beta1::{
+        MsgSwapExactAmountIn, MsgSwapExactAmountOut, SwapAmountInRoute, SwapAmountOutRoute,
+    },
+};
+
+pub fn create_swap_message(
+    sender: String,
+    pool_id: u64,
+    token_in_denom: String,
+    token_out_denom: String,
+    amount: String,
+) -> MsgSwapExactAmountIn {
+    MsgSwapExactAmountIn {
+        sender,
+        routes: vec![SwapAmountInRoute {
+            pool_id,
+            token_out_denom,
+        }],
+        token_in: Some(Coin {
+            denom: token_in_denom,
+            amount,
+        }),
+        token_out_min_amount: "1".to_string(),
+    }
+}
+
+pub fn create_swap_exact_amount_in_message(
+    sender: String,
+    pool_id: u64,
+    token_in_denom: String,
+    token_out_denom: String,
+    amount: String,
+) -> MsgSwapExactAmountIn {
+    MsgSwapExactAmountIn {
+        sender,
+        routes: vec![SwapAmountInRoute {
+            pool_id,
+            token_out_denom,
+        }],
+        token_in: Some(Coin {
+            denom: token_in_denom,
+            amount,
+        }),
+        token_out_min_amount: "1".to_string(),
+    }
+}
+
+pub fn create_swap_exact_amount_out_message(
+    sender: String,
+    pool_id: u64,
+    token_in_denom: String,
+    token_out_denom: String,
+    amount_out: String,
+    token_in_max_amount: String,
+) -> MsgSwapExactAmountOut {
+    MsgSwapExactAmountOut {
+        sender,
+        routes: vec![SwapAmountOutRoute {
+            pool_id,
+            token_in_denom,
+        }],
+        token_out: Some(Coin {
+            denom: token_out_denom,
+            amount: amount_out,
+        }),
+        token_in_max_amount,
+    }
+}
diff --git a/packages/margined_common/src/ownership.rs b/packages/margined_common/src/ownership.rs
new file mode 100644
index 0000000..0574c8e
--- /dev/null
+++ b/packages/margined_common/src/ownership.rs
@@ -0,0 +1,115 @@
+use crate::errors::ContractError;
+
+use cosmwasm_schema::cw_serde;
+use cosmwasm_std::{
+    attr, ensure, ensure_eq, Addr, Deps, DepsMut, Env, Event, MessageInfo, Response, StdResult,
+};
+use cw_controllers::Admin;
+use cw_storage_plus::Item;
+
+pub const MAX_DURATION: u64 = 604800u64;
+
+#[cw_serde]
+pub struct OwnerProposal {
+    pub owner: Addr,
+    pub expiry: u64,
+}
+
+pub fn handle_ownership_proposal(
+    deps: DepsMut,
+    info: MessageInfo,
+    env: Env,
+    proposed_owner: String,
+    duration: u64,
+    owner: Admin,
+    proposal: Item<OwnerProposal>,
+) -> Result<Response, ContractError> {
+    ensure!(
+        owner.is_admin(deps.as_ref(), &info.sender)?,
+        ContractError::Unauthorized {}
+    );
+
+    let proposed_owner = deps.api.addr_validate(proposed_owner.as_str())?;
+
+    ensure!(
+        !owner.is_admin(deps.as_ref(), &proposed_owner)?,
+        ContractError::InvalidOwnership {}
+    );
+
+    if MAX_DURATION < duration {
+        return Err(ContractError::InvalidDuration(MAX_DURATION));
+    }
+
+    let expiry = env.block.time.seconds() + duration;
+
+    proposal.save(
+        deps.storage,
+        &OwnerProposal {
+            owner: proposed_owner.clone(),
+            expiry,
+        },
+    )?;
+
+    let proposal_event = Event::new("propose_proposed_owner").add_attributes(vec![
+        attr("proposed_owner", proposed_owner),
+        attr("expiry", expiry.to_string()),
+    ]);
+
+    Ok(Response::new().add_event(proposal_event))
+}
+
+pub fn handle_ownership_proposal_rejection(
+    deps: DepsMut,
+    info: MessageInfo,
+    owner: Admin,
+    proposal: Item<OwnerProposal>,
+) -> Result<Response, ContractError> {
+    ensure!(
+        owner.is_admin(deps.as_ref(), &info.sender)?,
+        ContractError::Unauthorized {}
+    );
+
+    proposal.remove(deps.storage);
+
+    let reject_proposal_event = Event::new("reject_ownership");
+
+    Ok(Response::new().add_event(reject_proposal_event))
+}
+
+pub fn handle_claim_ownership(
+    deps: DepsMut,
+    info: MessageInfo,
+    env: Env,
+    owner: Admin,
+    proposal: Item<OwnerProposal>,
+) -> Result<Response, ContractError> {
+    let p = proposal
+        .load(deps.storage)
+        .map_err(|_| ContractError::ProposalNotFound {})?;
+
+    ensure_eq!(p.owner, &info.sender, ContractError::Unauthorized {});
+
+    if env.block.time.seconds() > p.expiry {
+        return Err(ContractError::Expired {});
+    }
+
+    let new_owner = p.owner;
+
+    proposal.remove(deps.storage);
+
+    owner.set(deps, Some(new_owner.clone()))?;
+
+    let reject_proposal_event =
+        Event::new("update_owner").add_attribute("new_owner", new_owner.to_string());
+
+    Ok(Response::new().add_event(reject_proposal_event))
+}
+
+pub fn get_ownership_proposal(
+    deps: Deps,
+    proposal: Item<OwnerProposal>,
+) -> StdResult<OwnerProposal> {
+    let res = proposal.load(deps.storage)?;
+
+    Ok(res)
+}
diff --git a/packages/margined_protocol/Cargo.toml b/packages/margined_protocol/Cargo.toml
new file mode 100644
index 0000000..90bd694
--- /dev/null
+++ b/packages/margined_protocol/Cargo.toml
@@ -0,0 +1,14 @@
+[package]
+authors = [ "Friedrich Grabner <max.grabner@margined.io>" ]
+edition = "2021"
+name    = "margined-protocol"
+version = "0.1.0"
+
+[features]
+# for more explicit tests, cargo test --features=backtraces
+backtraces = [ "cosmwasm-std/backtraces" ]
+
+[dependencies]
+cosmwasm-schema = { workspace = true }
+cosmwasm-std    = { workspace = true }
+thiserror       = { workspace = true }
diff --git a/packages/margined_protocol/src/collector.rs b/packages/margined_protocol/src/collector.rs
new file mode 100644
index 0000000..34db66a
--- /dev/null
+++ b/packages/margined_protocol/src/collector.rs
@@ -0,0 +1,72 @@
+use cosmwasm_schema::{cw_serde, QueryResponses};
+use cosmwasm_std::{Addr, Uint128};
+
+#[cw_serde]
+pub struct InstantiateMsg {}
+
+#[cw_serde]
+pub enum ExecuteMsg {
+    AddToken {
+        token: String,
+    },
+    RemoveToken {
+        token: String,
+    },
+    UpdateWhitelist {
+        address: String,
+    },
+    SendToken {
+        token: String,
+        amount: Uint128,
+        recipient: String,
+    },
+    ProposeNewOwner {
+        new_owner: String,
+        duration: u64,
+    },
+    RejectOwner {},
+    ClaimOwnership {},
+}
+
+#[cw_serde]
+#[derive(QueryResponses)]
+pub enum QueryMsg {
+    #[returns(Addr)]
+    Owner {},
+    #[returns(WhitelistResponse)]
+    GetWhitelist {},
+    #[returns(TokenResponse)]
+    IsToken { token: String },
+    #[returns(TokenLengthResponse)]
+    GetTokenLength {},
+    #[returns(AllTokenResponse)]
+    GetTokenList { limit: Option<u32> },
+    #[returns(OwnerProposalResponse)]
+    GetOwnershipProposal {},
+}
+
+#[cw_serde]
+pub struct WhitelistResponse {
+    pub address: Option<Addr>,
+}
+
+#[cw_serde]
+pub struct TokenResponse {
+    pub is_token: bool,
+}
+
+#[cw_serde]
+pub struct AllTokenResponse {
+    pub token_list: Vec<String>,
+}
+
+#[cw_serde]
+pub struct TokenLengthResponse {
+    pub length: usize,
+}
+
+#[cw_serde]
+pub struct OwnerProposalResponse {
+    pub owner: Addr,
+    pub expiry: u64,
+}
diff --git a/packages/margined_protocol/src/crab.rs b/packages/margined_protocol/src/crab.rs
new file mode 100644
index 0000000..59f06e2
--- /dev/null
+++ b/packages/margined_protocol/src/crab.rs
@@ -0,0 +1,135 @@
+use crate::power::Pool;
+use cosmwasm_schema::{cw_serde, QueryResponses};
+use cosmwasm_std::{Addr, Decimal, Timestamp, Uint128};
+
+#[cw_serde]
+pub struct InstantiateMsg {
+    pub power_contract: String,
+    pub query_contract: String,
+    pub fee_pool_contract: String,
+    pub fee_rate: String,
+    pub power_denom: String,
+    pub base_denom: String,
+    pub base_pool_id: u64,
+    pub base_pool_quote: String,
+    pub power_pool_id: u64,
+    pub power_pool_quote: String,
+    pub base_decimals: u32,
+    pub power_decimals: u32,
+}
+
+#[cw_serde]
+#[allow(clippy::large_enum_variant)]
+pub enum ExecuteMsg {
+    ClaimOwnership {},
+    Deposit {},
+    FlashDeposit {},
+    FlashWithdraw {},
+    HedgeOTC {},
+    Pause {},
+    ProposeNewOwner { new_owner: String, duration: u64 },
+    RedeemShortShutdown {},
+    RejectOwner {},
+    SetOpen {},
+    TransferVault {},
+    Withdraw {},
+    WithdrawShutdown {},
+    UpdateConfig { new_config: UpdateConfig },
+    UnPause {},
+}
+
+#[cw_serde]
+#[derive(QueryResponses)]
+pub enum QueryMsg {
+    #[returns(ConfigResponse)]
+    Config {},
+    #[returns(StateResponse)]
+    State {},
+    #[returns(StubResponse)]
+    CheckPriceHedge {},
+    #[returns(StubResponse)]
+    CheckTimeHedge {},
+    #[returns(StubResponse)]
+    DomainSeparator {},
+    #[returns(OwnerProposalResponse)]
+    GetVaultDetails {},
+    #[returns(StubResponse)]
+    GetOwnershipProposal {},
+    #[returns(StubResponse)]
+    GetWsqueethFromCrabAmount {},
+    #[returns(StubResponse)]
+    Nonce {},
+    #[returns(Addr)]
+    Owner {},
+}
+
+#[cw_serde]
+pub struct MigrateMsg {}
+
+#[cw_serde]
+pub struct ConfigResponse {
+    pub power_contract: Addr,
+    pub query_contract: Addr,
+    pub fee_pool_contract: Addr,
+    pub power_denom: String,
+    pub base_denom: String,
+    pub base_pool: Pool,
+    pub power_pool: Pool,
+    pub base_decimals: u32,
+    pub power_decimals: u32,
+    pub fee_rate: Decimal,
+    pub hedge_price_threshold: Uint128,
+    pub hedge_time_threshold: u64,
+    pub hedging_twap_period: u64,
+    pub strategy_cap: Uint128,
+    pub strategy_denom: String,
+}
+
+#[derive(Default)]
+#[cw_serde]
+pub struct UpdateConfig {
+    pub power_contract: Option<Addr>,
+    pub query_contract: Option<Addr>,
+    pub fee_pool_contract: Option<Addr>,
+    pub power_denom: Option<String>,
+    pub base_denom: Option<String>,
+    pub base_pool: Option<Pool>,
+    pub power_pool: Option<Pool>,
+    pub base_decimals: Option<u32>,
+    pub power_decimals: Option<u32>,
+    pub fee_rate: Option<Decimal>,
+    pub hedge_price_threshold: Option<Uint128>,
+    pub hedge_time_threshold: Option<u64>,
+    pub hedging_twap_period: Option<u64>,
+    pub strategy_cap: Option<Uint128>,
+}
+
+#[cw_serde]
+pub struct StateResponse {
+    pub is_open: bool,
+    pub is_paused: bool,
+    pub last_pause: Timestamp,
+    pub time_at_last_hedge: Timestamp,
+    pub price_at_last_hedge: Decimal,
+    pub strategy_vault_id: u64,
+}
+
+#[derive(Default)]
+#[cw_serde]
+pub struct UpdateStateResponse {
+    pub is_open: Option<bool>,
+    pub is_paused: Option<bool>,
+    pub last_pause: Option<Timestamp>,
+    pub time_at_last_hedge: Option<Decimal>,
+    pub price_at_last_hedge: Option<u64>,
+    pub strategy_vault_id: Option<u64>,
+}
+
+#[cw_serde]
+pub struct OwnerProposalResponse {
+    pub owner: Addr,
+    pub expiry: u64,
+}
+
+#[cw_serde]
+pub struct StubResponse {}
diff --git a/packages/margined_protocol/src/lib.rs b/packages/margined_protocol/src/lib.rs
new file mode 100644
index 0000000..fe0728e
--- /dev/null
+++ b/packages/margined_protocol/src/lib.rs
@@ -0,0 +1,5 @@
+pub mod collector;
+pub mod crab;
+pub mod power;
+pub mod query;
+pub mod staking;
diff --git a/packages/margined_protocol/src/power.rs b/packages/margined_protocol/src/power.rs
new file mode 100644
index 0000000..441b766
--- /dev/null
+++ b/packages/margined_protocol/src/power.rs
@@ -0,0 +1,150 @@
+use cosmwasm_schema::{cw_serde, QueryResponses};
+use cosmwasm_std::{Addr, Decimal, Timestamp, Uint128};
+
+pub const FUNDING_PERIOD: u64 = 420 * 60 * 60; // 420 hours
+
+#[cw_serde]
+pub struct InstantiateMsg {
+    pub fee_rate: String,        // rate of fees charge, must be less than 1
+    pub fee_pool: String,        // address of fee pool contract
+    pub query_contract: String,  // query contract that wraps native querier
+    pub base_denom: String,      // denom of the underlying token, e.g. atom
+    pub power_denom: String,     // denom of the power token, e.g. atom^2
+    pub base_pool_id: u64,       // id of the pool of the underlying to quote, e.g. atom:usdc
+    pub base_pool_quote: String, // denom of the base pool quote asset, e.g. usdc
+    pub power_pool_id: u64,      // id of the pool of the underlying to power, e.g. atom:atom^2
+    pub base_decimals: u32,      // decimals of the underlying token
+    pub power_decimals: u32,     // decimals of the power perp token
+}
+
+#[cw_serde]
+pub enum ExecuteMsg {
+    SetOpen {},
+    MintPowerPerp {
+        amount: Uint128,
+        vault_id: Option<u64>,
+        rebase: bool,
+    },
+    BurnPowerPerp {
+        amount_to_withdraw: Option<Uint128>,
+        vault_id: u64,
+    },
+    OpenShort {
+        amount: Uint128,
+        vault_id: Option<u64>,
+    },
+    CloseShort {
+        amount_to_burn: Uint128,
+        amount_to_withdraw: Option<Uint128>,
+        vault_id: u64,
+    },
+    Deposit {
+        vault_id: u64,
+    },
+    Withdraw {
+        amount: Uint128,
+        vault_id: u64,
+    },
+    Liquidate {
+        max_debt_amount: Uint128,
+        vault_id: u64,
+    },
+    ApplyFunding {},
+    UpdateConfig {
+        fee_rate: Option<String>,
+        fee_pool: Option<String>,
+    },
+    Pause {},
+    UnPause {},
+    ProposeNewOwner {
+        new_owner: String,
+        duration: u64,
+    },
+    RejectOwner {},
+    ClaimOwnership {},
+}
+
+#[cw_serde]
+#[derive(QueryResponses)]
+pub enum QueryMsg {
+    #[returns(ConfigResponse)]
+    Config {},
+    #[returns(StateResponse)]
+    State {},
+    #[returns(Addr)]
+    Owner {},
+    #[returns(Decimal)]
+    GetNormalisationFactor {},
+    #[returns(Decimal)]
+    GetIndex { period: u64 },
+    #[returns(Decimal)]
+    GetUnscaledIndex { period: u64 },
+    #[returns(Decimal)]
+    GetDenormalisedMark { period: u64 },
+    #[returns(Decimal)]
+    GetDenormalisedMarkFunding { period: u64 },
+    #[returns(VaultResponse)]
+    GetVault { vault_id: u64 },
+    #[returns(UserVaultsResponse)]
+    GetUserVaults {
+        user: String,
+        start_after: Option<u64>,
+        limit: Option<u32>,
+    },
+    #[returns(u64)]
+    GetNextVaultId {},
+    #[returns(OwnerProposalResponse)]
+    GetOwnershipProposal {},
+    #[returns(bool)]
+    CheckVault { vault_id: u64 },
+}
+
+#[cw_serde]
+pub struct MigrateMsg {}
+
+#[cw_serde]
+pub struct VaultResponse {
+    pub operator: Addr,
+    pub collateral: Uint128,
+    pub short_amount: Uint128,
+}
+
+#[cw_serde]
+pub struct UserVaultsResponse {
+    pub vaults: Vec<u64>,
+}
+
+#[cw_serde]
+pub struct ConfigResponse {
+    pub query_contract: Addr,
+    pub fee_pool_contract: Addr,
+    pub fee_rate: Decimal,
+    pub power_denom: String,
+    pub base_denom: String,
+    pub base_pool: Pool,
+    pub power_pool: Pool,
+    pub funding_period: u64,
+    pub base_decimals: u32,
+    pub power_decimals: u32,
+}
+
+#[cw_serde]
+pub struct StateResponse {
+    pub is_open: bool,
+    pub is_paused: bool,
+    pub last_pause: Timestamp,
+    pub normalisation_factor: Decimal,
+    pub last_funding_update: Timestamp,
+}
+
+#[cw_serde]
+pub struct OwnerProposalResponse {
+    pub owner: Addr,
+    pub expiry: u64,
+}
+
+#[cw_serde]
+pub struct Pool {
+    pub id: u64,
+    pub quote_denom: String,
+}
diff --git a/packages/margined_protocol/src/query.rs b/packages/margined_protocol/src/query.rs
new file mode 100644
index 0000000..5008abf
--- /dev/null
+++ b/packages/margined_protocol/src/query.rs
@@ -0,0 +1,22 @@
+use cosmwasm_schema::{cw_serde, QueryResponses};
+use cosmwasm_std::{Decimal, Timestamp};
+
+#[cw_serde]
+pub struct InstantiateMsg {}
+
+#[cw_serde]
+pub struct ExecuteMsg {}
+
+#[cw_serde]
+#[derive(QueryResponses)]
+pub enum QueryMsg {
+    #[returns(Decimal)]
+    GetArithmeticTwapToNow {
+        pool_id: u64,
+        base_asset: String,
+        quote_asset: String,
+        start_time: Timestamp,
+    },
+    #[returns(Option<String>)]
+    GetDenomAuthority { denom: String },
+}
diff --git a/packages/margined_protocol/src/staking.rs b/packages/margined_protocol/src/staking.rs
new file mode 100644
index 0000000..cb712ee
--- /dev/null
+++ b/packages/margined_protocol/src/staking.rs
@@ -0,0 +1,89 @@
+use cosmwasm_schema::{cw_serde, QueryResponses};
+use cosmwasm_std::{Addr, Timestamp, Uint128};
+
+#[cw_serde]
+pub struct InstantiateMsg {
+    pub fee_collector: String,
+    pub deposit_denom: String,
+    pub reward_denom: String,
+    pub deposit_decimals: u32,
+    pub reward_decimals: u32,
+    pub tokens_per_interval: Uint128,
+}
+
+#[cw_serde]
+pub enum ExecuteMsg {
+    UpdateConfig {
+        tokens_per_interval: Option<Uint128>,
+    },
+    UpdateRewards {},
+    Stake {},
+    Unstake {
+        amount: Uint128,
+    },
+    Claim {
+        recipient: Option<String>,
+    },
+    Pause {},
+    Unpause {},
+    ProposeNewOwner {
+        new_owner: String,
+        duration: u64,
+    },
+    RejectOwner {},
+    ClaimOwnership {},
+}
+
+#[cw_serde]
+#[derive(QueryResponses)]
+pub enum QueryMsg {
+    #[returns(ConfigResponse)]
+    Config {},
+    #[returns(StateResponse)]
+    State {},
+    #[returns(Addr)]
+    Owner {},
+    #[returns(Uint128)]
+    GetClaimable { user: String },
+    #[returns(UserStakedResponse)]
+    GetUserStakedAmount { user: String },
+    #[returns(TotalStakedResponse)]
+    GetTotalStakedAmount {},
+    #[returns(OwnerProposalResponse)]
+    GetOwnershipProposal {},
+}
+
+#[cw_serde]
+pub struct TotalStakedResponse {
+    pub amount: Uint128,
+}
+
+#[cw_serde]
+pub struct UserStakedResponse {
+    pub staked_amounts: Uint128,
+    pub claimable_rewards: Uint128,
+    pub previous_cumulative_rewards_per_token: Uint128,
+    pub cumulative_rewards: Uint128,
+}
+
+#[cw_serde]
+pub struct ConfigResponse {
+    pub fee_collector: Addr,
+    pub deposit_denom: String,
+    pub deposit_decimals: u32,
+    pub reward_denom: String,
+    pub reward_decimals: u32,
+    pub tokens_per_interval: Uint128,
+}
+
+#[cw_serde]
+pub struct StateResponse {
+    pub is_open: bool,
+    pub last_distribution: Timestamp,
+}
+
+#[cw_serde]
+pub struct OwnerProposalResponse {
+    pub owner: Addr,
+    pub expiry: u64,
+}
diff --git a/packages/margined_testing/Cargo.toml b/packages/margined_testing/Cargo.toml
new file mode 100644
index 0000000..cfbfe65
--- /dev/null
+++ b/packages/margined_testing/Cargo.toml
@@ -0,0 +1,23 @@
+[package]
+authors = [ "Margined Protocol" ]
+edition = "2021"
+name    = "margined-testing"
+version = "0.1.0"
+
+# See more keys and their definitions at https://doc.rust-lang.org/cargo/reference/manifest.html
+
+[features]
+# for quicker tests, cargo test --lib
+# for more explicit tests, cargo test --features=backtraces
+backtraces = [ "cosmwasm-std/backtraces" ]
+
+[dependencies]
+cosmrs            = { workspace = true }
+cosmwasm-std      = { workspace = true }
+margined-protocol = { workspace = true }
+mock-query        = { workspace = true }
+osmosis-std       = { workspace = true }
+osmosis-test-tube = { workspace = true }
+schemars          = { workspace = true }
+serde             = { workspace = true }
+serde_json        = { workspace = true }
diff --git a/packages/margined_testing/src/crab_env.rs b/packages/margined_testing/src/crab_env.rs
new file mode 100644
index 0000000..ba96c09
--- /dev/null
+++ b/packages/margined_testing/src/crab_env.rs
@@ -0,0 +1,92 @@
+use crate::helpers::store_code;
+
+use cosmwasm_std::{coin, Addr, Decimal, Uint128};
+use margined_protocol::crab::InstantiateMsg;
+use osmosis_test_tube::{OsmosisTestApp, SigningAccount, Wasm};
+pub const MOCK_POWER_ADDR: &str = "osmo1cnj84q49sp4sd3tsacdw9p4zvyd8y46f2248ndq2edve3fqa8krs9jds9g";
+pub const MOCK_QUERY_ADDR: &str = "osmo1cnj84q49sp4sd3tsacdw9p4zvyd8y46f2248ndq2edve3fqa8krs9jds9g";
+pub const MOCK_FEE_POOL_CONTRACT: &str = "osmo1tj5a2z96vfy8av78926pgs3x774dvhzgxayue0";
+pub const MOCK_POWER_DENOM: &str = "factory/osmo1qc5pen6am58wxuj58vw97m72vv5tp74remsul7/uosmoexp";
+pub const MOCK_BASE_POOL_ID: u64 = 5u64;
+pub const MOCK_POWER_POOL_ID: u64 = 75u64;
+pub const MOCK_BASE_DECIMALS: u32 = 6u32;
+pub const MOCK_POWER_DECIMALS: u32 = 6u32;
+pub const MOCK_BASE_POOL_QUOTE_DENOM: &str =
+    "ibc/6F34E1BD664C36CE49ACC28E60D62559A5F96C4F9A6CCE4FC5A67B2852E24CFE";
+pub const MOCK_FEE_RATE: Decimal = Decimal::zero();
+pub const MOCK_BASE_DENOM: &str = "uosmo";
+pub const MOCK_HEDGING_TWAP_PERIOD: u64 = 420u64;
+pub const MOCK_HEDGE_PRICE_THRESHOLD: Uint128 = Uint128::new(200_000_000_000_000_000u128);
+pub const MOCK_HEDGE_TIME_THRESHOLD: u64 = 1800u64;
+pub const MOCK_STRATEGY_CAP: Uint128 = Uint128::new(10000000000000000000000u128);
+
+pub struct ContractInfo {
+    pub addr: Addr,
+    pub id: u64,
+}
+
+pub struct CrabEnv {
+    pub app: OsmosisTestApp,
+    pub signer: SigningAccount,
+    pub traders: Vec<SigningAccount>,
+}
+
+impl CrabEnv {
+    pub fn new() -> Self {
+        let app = OsmosisTestApp::new();
+
+        let signer = app
+            .init_account(&[coin(1_000_000_000_000_000_000, "uosmo")])
+            .unwrap();
+
+        let mut traders: Vec<SigningAccount> = Vec::new();
+        for _ in 0..10 {
+            traders.push(
+                app.init_account(&[coin(1_000_000_000_000_000_000, "uosmo")])
+                    .unwrap(),
+            );
+        }
+
+        Self {
+            app,
+            signer,
+            traders,
+        }
+    }
+
+    pub fn deploy_crab_contract(&self, wasm: &Wasm<OsmosisTestApp>) -> String {
+        let code_id = store_code(wasm, &self.signer, "margined_crab".to_string());
+        let msg = InstantiateMsg {
+            power_contract: MOCK_POWER_ADDR.to_string(),
+            query_contract: MOCK_QUERY_ADDR.to_string(),
+            fee_pool_contract: MOCK_QUERY_ADDR.to_string(),
+            fee_rate: MOCK_FEE_RATE.to_string(),
+            power_denom: MOCK_POWER_DENOM.to_string(),
+            base_denom: MOCK_BASE_DENOM.to_string(),
+            base_pool_id: MOCK_BASE_POOL_ID,
+            base_pool_quote: MOCK_BASE_POOL_QUOTE_DENOM.to_string(),
+            power_pool_id: MOCK_POWER_POOL_ID,
+            power_pool_quote: MOCK_POWER_DENOM.to_string(),
+            base_decimals: MOCK_BASE_DECIMALS,
+            power_decimals: MOCK_POWER_DECIMALS,
+        };
+
+        wasm.instantiate(
+            code_id,
+            &msg,
+            None,
+            Some("margined-crab-contract"),
+            &[],
+            &self.signer,
+        )
+        .unwrap()
+        .data
+        .address
+    }
+}
+
+impl Default for CrabEnv {
+    fn default() -> Self {
+        Self::new()
+    }
+}
diff --git a/packages/margined_testing/src/helpers.rs b/packages/margined_testing/src/helpers.rs
new file mode 100644
index 0000000..fde929a
--- /dev/null
+++ b/packages/margined_testing/src/helpers.rs
@@ -0,0 +1,50 @@
+use cosmwasm_std::{Event, Uint128};
+use osmosis_test_tube::{OsmosisTestApp, SigningAccount, Wasm};
+
+pub fn wasm_file(contract_name: String) -> String {
+    let snaked_name = contract_name.replace('-', "_");
+
+    let target = format!("../../target/wasm32-unknown-unknown/release/{snaked_name}.wasm");
+    if std::path::Path::new(&target).exists() {
+        target
+    } else {
+        let arch = std::env::consts::ARCH;
+
+        let artifacts_dir =
+            std::env::var("ARTIFACTS_DIR_PATH").unwrap_or_else(|_| "artifacts".to_string());
+        format!("../../{artifacts_dir}/{snaked_name}-{arch}.wasm")
+    }
+}
+
+pub fn store_code(
+    wasm: &Wasm<OsmosisTestApp>,
+    owner: &SigningAccount,
+    contract_name: String,
+) -> u64 {
+    let wasm_byte_code = std::fs::read(wasm_file(contract_name)).unwrap();
+    wasm.store_code(&wasm_byte_code, None, owner)
+        .unwrap()
+        .data
+        .code_id
+}
+
+pub fn is_similar(a: Uint128, b: Uint128, epsilon: Uint128) -> bool {
+    if a < b {
+        (b - a) < epsilon
+    } else {
+        (a - b) < epsilon
+    }
+}
+
+pub fn parse_event_attribute(events: Vec<Event>, event: &str, key: &str) -> String {
+    events
+        .iter()
+        .find(|e| e.ty == event)
+        .unwrap()
+        .attributes
+        .iter()
+        .find(|e| e.key == key)
+        .unwrap()
+        .value
+        .clone()
+}
diff --git a/packages/margined_testing/src/lib.rs b/packages/margined_testing/src/lib.rs
new file mode 100644
index 0000000..b877ef4
--- /dev/null
+++ b/packages/margined_testing/src/lib.rs
@@ -0,0 +1,4 @@
+pub mod crab_env;
+pub mod helpers;
+pub mod power_env;
+pub mod staking_env;
diff --git a/packages/margined_testing/src/power_env.rs b/packages/margined_testing/src/power_env.rs
new file mode 100644
index 0000000..e720b84
--- /dev/null
+++ b/packages/margined_testing/src/power_env.rs
@@ -0,0 +1,628 @@
+use crate::helpers::store_code;
+
+use cosmrs::proto::{
+    cosmos::params::v1beta1::{ParamChange, ParameterChangeProposal},
+    traits::Message,
+};
+use cosmwasm_std::{coin, Addr, Decimal, Uint128};
+use margined_protocol::{
+    crab::InstantiateMsg as CrabInstantiateMsg,
+    power::{ExecuteMsg, InstantiateMsg},
+    query::{InstantiateMsg as QueryInstantiateMsg, QueryMsg as QueryQueryMsg},
+};
+use mock_query::contract::ExecuteMsg as MockQueryExecuteMsg;
+use osmosis_test_tube::{
+    osmosis_std::types::{
+        cosmos::{
+            bank::v1beta1::{MsgSend, QueryBalanceRequest, QueryTotalSupplyRequest},
+            base::v1beta1::Coin,
+        },
+        osmosis::{
+            concentratedliquidity::v1beta1::{
+                CreateConcentratedLiquidityPoolsProposal, MsgCreatePosition, Pool, PoolRecord,
+                PoolsRequest,
+            },
+            poolmanager::v1beta1::SpotPriceRequest,
+            tokenfactory::v1beta1::{MsgChangeAdmin, MsgCreateDenom},
+        },
+    },
+    Account, Bank, ConcentratedLiquidity, Gamm, GovWithAppAccess, Module, OsmosisTestApp,
+    PoolManager, SigningAccount, TokenFactory, Wasm,
+};
+use std::{collections::HashMap, str::FromStr};
+
+pub const ONE: u128 = 1_000_000; // 1.0@6dp
+pub const SCALE_FACTOR: u128 = 10_000;
+pub const BASE_PRICE: u128 = 3_000_000_000; // 3000.0@6dp
+pub const POWER_PRICE: u128 = 3_010_000_000; // 3010.0@6dp
+pub const SCALED_POWER_PRICE: u128 = 30_100_000; // 0.3010@6dp
+pub const MAX_TWAP_PERIOD: u64 = 48 * 60 * 60;
+pub struct ContractInfo {
+    pub addr: Addr,
+    pub id: u64,
+}
+
+pub struct PowerEnv {
+    pub app: OsmosisTestApp,
+    pub signer: SigningAccount,
+    pub owner: SigningAccount, // owns the pools
+    pub fee_pool: SigningAccount,
+    pub traders: Vec<SigningAccount>,
+    pub liquidator: SigningAccount,
+    pub base_pool_id: u64,
+    pub power_pool_id: u64,
+    pub denoms: HashMap<String, String>,
+}
+
+impl PowerEnv {
+    pub fn new() -> Self {
+        let app = OsmosisTestApp::new();
+
+        let bank = Bank::new(&app);
+        let concentrated_liquidity = ConcentratedLiquidity::new(&app);
+        let gamm = Gamm::new(&app);
+        let gov = GovWithAppAccess::new(&app);
+        let token = TokenFactory::new(&app);
+
+        let mut denoms = HashMap::new();
+        denoms.insert("quote".to_string(), "usdc".to_string());
+        denoms.insert("base".to_string(), "ubase".to_string());
+        denoms.insert("gas".to_string(), "uosmo".to_string());
+
+        let signer = app
+            .init_account(&[
+                coin(1_000_000_000_000_000_000, "uosmo"),
+                coin(1_000_000_000_000_000, "usdc"),
+                coin(1_000_000_000_000_000_000_000_000, "ubase"),
+            ])
+            .unwrap();
+
+        let fee_pool = app.init_account(&[]).unwrap();
+
+        let mut traders: Vec<SigningAccount> = Vec::new();
+        for _ in 0..10 {
+            traders.push(
+                app.init_account(&[
+                    coin(1_000_000_000_000_000_000, "uosmo"),
+                    coin(1_000_000_000_000, "usdc"),
+                    coin(1_000_000_000_000_000, "ubase"),
+                ])
+                .unwrap(),
+            );
+        }
+
+        let liquidator = app
+            .init_account(&[
+                coin(1_000_000_000_000_000_000, "uosmo"),
+                coin(1_000_000_000_000, "usdc"),
+                coin(1_000_000_000_000_000, "ubase"),
+            ])
+            .unwrap();
+
+        let power_denom = token
+            .create_denom(
+                MsgCreateDenom {
+                    sender: signer.address(),
+                    subdenom: "squosmo".to_string(),
+                },
+                &signer,
+            )
+            .unwrap()
+            .data
+            .new_token_denom;
+        denoms.insert("power".to_string(), power_denom);
+
+        let owner = app
+            .init_account(&[
+                coin(1_000_000_000_000_000_000, denoms["gas"].clone()),
+                coin(1_000_000_000_000, denoms["base"].clone()),
+                coin(3_000_000_000_000, denoms["quote"].clone()),
+                coin(3_000_000_000_000, denoms["power"].clone()),
+            ])
+            .unwrap();
+
+        bank.send(
+            MsgSend {
+                to_address: signer.address(),
+                from_address: owner.address(),
+                amount: vec![Coin {
+                    amount: "1000000000000".to_string(),
+                    denom: denoms["power"].clone(),
+                }],
+            },
+            &owner,
+        )
+        .unwrap();
+
+        let base_pool_id = gamm
+            .create_basic_pool(
+                &[
+                    coin(1_000_000_000, denoms["base"].clone()),
+                    coin(3_000_000_000_000, denoms["quote"].clone()),
+                ],
+                &owner,
+            )
+            .unwrap()
+            .data
+            .pool_id;
+
+        // update the parameters so we can have no gas paying token as base
+        gov.propose_and_execute(
+            "/cosmos.params.v1beta1.ParameterChangeProposal".to_string(),
+            ParameterChangeProposal {
+                title: "Update authorized quote denoms".to_string(),
+                description: "Add ubase as an authorized quote denom".to_string(),
+                changes: vec![ParamChange {
+                    subspace: "concentratedliquidity".to_string(),
+                    key: "AuthorizedQuoteDenoms".to_string(),
+                    value: "[\"usdc\", \"ubase\"]".to_string(),
+                }],
+            },
+            owner.address(),
+            false,
+            &owner,
+        )
+        .unwrap();
+
+        gov.propose_and_execute(
+            CreateConcentratedLiquidityPoolsProposal::TYPE_URL.to_string(),
+            CreateConcentratedLiquidityPoolsProposal {
+                title: "Create concentrated uosmo:expuosmo pool".to_string(),
+                description: "Create concentrated uosmo:expuosmo pool, so that we can trade it"
+                    .to_string(),
+                pool_records: vec![PoolRecord {
+                    denom0: denoms["power"].clone(), // base
+                    denom1: denoms["base"].clone(),  // quote
+                    tick_spacing: 100,
+                    spread_factor: "0".to_string(),
+                }],
+            },
+            owner.address(),
+            false,
+            &owner,
+        )
+        .unwrap();
+
+        let pools = concentrated_liquidity
+            .query_pools(&PoolsRequest { pagination: None })
+            .unwrap();
+
+        let pool = Pool::decode(pools.pools[0].value.as_slice()).unwrap();
+        let power_pool_id = pool.id;
+
+        // LP from 0.2 to 0.65
+        // 1 - (0.000001 * 800000) = 0.2 @-800000
+        // 1 - (0.000001 * 350000) = 0.6 @-350000
+        concentrated_liquidity
+            .create_position(
+                MsgCreatePosition {
+                    pool_id: power_pool_id,
+                    sender: owner.address(),
+                    lower_tick: -7500000i64,
+                    upper_tick: 750000i64,
+                    tokens_provided: vec![
+                        Coin {
+                            denom: denoms["power"].clone(),
+                            amount: "1_000_000".to_string(),
+                        },
+                        Coin {
+                            denom: denoms["base"].clone(),
+                            amount: "300_000".to_string(),
+                        },
+                    ],
+                    token_min_amount0: "0".to_string(),
+                    token_min_amount1: "0".to_string(),
+                },
+                &owner,
+            )
+            .unwrap();
+
+        Self {
+            app,
+            signer,
+            fee_pool,
+            owner,
+            traders,
+            liquidator,
+            base_pool_id,
+            power_pool_id,
+            denoms,
+        }
+    }
+
+    // TODO: this is potentially not the best way to do this, it could
+    // be better to have a base and implementations like apollo zappers
+    // but it's fine for now.
+    pub fn deploy_query_contracts(&self, wasm: &Wasm<OsmosisTestApp>, is_mock: bool) -> String {
+        let code_id = if is_mock {
+            store_code(wasm, &self.signer, "mock_query".to_string())
+        } else {
+            store_code(wasm, &self.signer, "margined_query".to_string())
+        };
+
+        wasm.instantiate(
+            code_id,
+            &QueryInstantiateMsg {},
+            None,
+            Some("margined-query-contract"),
+            &[coin(10_000_000, "uosmo")],
+            &self.signer,
+        )
+        .unwrap()
+        .data
+        .address
+    }
+
+    pub fn get_power_price(&self, wasm: &Wasm<OsmosisTestApp>, query_address: String) -> Decimal {
+        wasm.query(
+            &query_address,
+            &QueryQueryMsg::GetArithmeticTwapToNow {
+                pool_id: self.base_pool_id,
+                base_asset: self.denoms["base"].to_string(),
+                quote_asset: self.denoms["quote"].to_string(),
+                start_time: self.app.get_block_timestamp(),
+            },
+        )
+        .unwrap()
+    }
+
+    pub fn deploy_crab(
+        &self,
+        wasm: &Wasm<OsmosisTestApp>,
+        power_address: String,
+        query_address: String,
+    ) -> String {
+        let code_id = store_code(wasm, &self.signer, "margined_crab".to_string());
+        wasm.instantiate(
+            code_id,
+            &CrabInstantiateMsg {
+                power_contract: power_address,
+                query_contract: query_address,
+                fee_pool_contract: self.fee_pool.address(),
+                fee_rate: "0.0".to_string(), // 0%
+                power_denom: self.denoms["power"].clone(),
+                base_denom: self.denoms["base"].clone(),
+                base_pool_id: self.base_pool_id,
+                base_pool_quote: self.denoms["quote"].clone(),
+                power_pool_id: self.power_pool_id,
+                power_pool_quote: "usdc".to_string(),
+                base_decimals: 6u32,
+                power_decimals: 6u32,
+            },
+            None,
+            Some("margined-crab-contract"),
+            &[coin(300_000_000u128, "ubase")], // 300.00
+            //&[],
+            &self.signer,
+        )
+        .unwrap()
+        .data
+        .address
+    }
+
+    // - Deploy power
+    // - Deploy crab
+    // - Set fee_rate on power to 0.0
+    // - Apply funding
+    // - Set crab to open
+    pub fn setup_crab(
+        &self,
+        wasm: &Wasm<OsmosisTestApp>,
+        is_mock: bool,
+        power_fee: String,
+    ) -> (String, String, String) {
+        let concentrated_liquidity = ConcentratedLiquidity::new(&self.app);
+
+        // Add more liquidity for testing
+        // LP from 0.2 to 0.65
+        // 1 - (0.000001 * 800000) = 0.2 @-800000
+        // 1 - (0.000001 * 350000) = 0.6 @-350000
+        concentrated_liquidity
+            .create_position(
+                MsgCreatePosition {
+                    pool_id: self.power_pool_id,
+                    sender: self.owner.address(),
+                    lower_tick: -7500000i64,
+                    upper_tick: 750000i64,
+                    tokens_provided: vec![
+                        Coin {
+                            denom: self.denoms["power"].clone(),
+                            amount: "1_000_000_000_000".to_string(),
+                        },
+                        Coin {
+                            denom: self.denoms["base"].clone(),
+                            amount: "300_000_000_000".to_string(),
+                        },
+                    ],
+                    token_min_amount0: "0".to_string(),
+                    token_min_amount1: "0".to_string(),
+                },
+                &self.owner,
+            )
+            .unwrap();
+        let (power_address, query_address) =
+            self.deploy_power(wasm, "margined-power".to_string(), is_mock);
+
+        if is_mock {
+            // Set the oracle price to 300_000 (0.3)
+            wasm.execute(
+                &query_address,
+                &MockQueryExecuteMsg::AppendPrice {
+                    pool_id: self.base_pool_id,
+                    price: Decimal::from_atomics(300_000u128, 6u32).unwrap(),
+                },
+                &[],
+                &self.signer,
+            )
+            .unwrap();
+            wasm.execute(
+                &query_address,
+                &MockQueryExecuteMsg::AppendPrice {
+                    pool_id: self.power_pool_id,
+                    price: Decimal::from_atomics(300_000u128, 6u32).unwrap(),
+                },
+                &[],
+                &self.signer,
+            )
+            .unwrap();
+        }
+        self.app.increase_time(MAX_TWAP_PERIOD + 1);
+
+        wasm.execute(
+            &power_address,
+            &ExecuteMsg::UpdateConfig {
+                fee_rate: Some(power_fee),
+                fee_pool: None,
+            },
+            &[],
+            &self.signer,
+        )
+        .unwrap();
+
+        wasm.execute(
+            &power_address,
+            &ExecuteMsg::ApplyFunding {},
+            &[],
+            &self.signer,
+        )
+        .unwrap();
+
+        let crab_address = self.deploy_crab(wasm, power_address.clone(), query_address.clone());
+
+        wasm.execute(&crab_address, &ExecuteMsg::SetOpen {}, &[], &self.signer)
+            .unwrap();
+
+        (power_address, query_address, crab_address)
+    }
+
+    pub fn create_new_pool(&self, denom0: String, denom1: String, owner: &SigningAccount) -> u64 {
+        let gov = GovWithAppAccess::new(&self.app);
+        let concentrated_liquidity = ConcentratedLiquidity::new(&self.app);
+
+        gov.propose_and_execute(
+            CreateConcentratedLiquidityPoolsProposal::TYPE_URL.to_string(),
+            CreateConcentratedLiquidityPoolsProposal {
+                title: "Create concentrated uosmo:expuosmo pool".to_string(),
+                description: "Create concentrated uosmo:expuosmo pool, so that we can trade it"
+                    .to_string(),
+                pool_records: vec![PoolRecord {
+                    denom0, // base
+                    denom1, // quote
+                    tick_spacing: 100,
+                    spread_factor: "0".to_string(),
+                }],
+            },
+            owner.address(),
+            false,
+            owner,
+        )
+        .unwrap();
+
+        let pools = concentrated_liquidity
+            .query_pools(&PoolsRequest { pagination: None })
+            .unwrap();
+
+        let pool = Pool::decode(pools.pools.last().unwrap().value.as_slice()).unwrap();
+
+        pool.id
+    }
+
+    pub fn create_position(
+        &self,
+        lower_tick: String,
+        upper_tick: String,
+        base_amount: String,
+        power_amount: String,
+    ) {
+        let concentrated_liquidity = ConcentratedLiquidity::new(&self.app);
+
+        concentrated_liquidity
+            .create_position(
+                MsgCreatePosition {
+                    pool_id: self.power_pool_id,
+                    sender: self.owner.address(),
+                    lower_tick: i64::from_str(&lower_tick).unwrap(),
+                    upper_tick: i64::from_str(&upper_tick).unwrap(),
+                    tokens_provided: vec![
+                        Coin {
+                            denom: self.denoms["power"].clone(),
+                            amount: power_amount,
+                        },
+                        Coin {
+                            denom: self.denoms["base"].clone(),
+                            amount: base_amount,
+                        },
+                    ],
+                    token_min_amount0: "0".to_string(),
+                    token_min_amount1: "0".to_string(),
+                },
+                &self.owner,
+            )
+            .unwrap();
+    }
+
+    pub fn deploy_power(
+        &self,
+        wasm: &Wasm<OsmosisTestApp>,
+        contract_name: String,
+        is_mock: bool,
+    ) -> (String, String) {
+        let token = TokenFactory::new(&self.app);
+
+        let query_address = self.deploy_query_contracts(wasm, is_mock);
+
+        let code_id = store_code(wasm, &self.signer, contract_name);
+        let perp_address = wasm
+            .instantiate(
+                code_id,
+                &InstantiateMsg {
+                    fee_pool: self.fee_pool.address(),
+                    fee_rate: "0.0".to_string(), // 0%
+                    query_contract: query_address.clone(),
+                    power_denom: self.denoms["power"].clone(),
+                    base_denom: self.denoms["base"].clone(),
+                    base_pool_id: self.base_pool_id,
+                    base_pool_quote: self.denoms["quote"].clone(),
+                    power_pool_id: self.power_pool_id,
+                    base_decimals: 6u32,
+                    power_decimals: 6u32,
+                },
+                None,
+                Some("margined-power-contract"),
+                &[],
+                &self.signer,
+            )
+            .unwrap()
+            .data
+            .address;
+
+        token
+            .change_admin(
+                MsgChangeAdmin {
+                    sender: self.signer.address(),
+                    new_admin: perp_address.clone(),
+                    denom: self.denoms["power"].clone(),
+                },
+                &self.signer,
+            )
+            .unwrap();
+
+        wasm.execute(&perp_address, &ExecuteMsg::SetOpen {}, &[], &self.signer)
+            .unwrap();
+
+        (perp_address, query_address)
+    }
+
+    pub fn set_oracle_price(
+        &self,
+        wasm: &Wasm<OsmosisTestApp>,
+        query_address: String,
+        pool_id: u64,
+        price: Decimal,
+    ) {
+        wasm.execute(
+            &query_address,
+            &MockQueryExecuteMsg::AppendPrice { pool_id, price },
+            &[],
+            &self.signer,
+        )
+        .unwrap();
+    }
+
+    pub fn get_balance(&self, address: String, denom: String) -> Uint128 {
+        let bank = Bank::new(&self.app);
+
+        let response = bank
+            .query_balance(&QueryBalanceRequest { address, denom })
+            .unwrap();
+
+        match response.balance {
+            Some(balance) => Uint128::from_str(&balance.amount).unwrap(),
+            None => Uint128::zero(),
+        }
+    }
+
+    pub fn get_total_supply(&self, denom: String) -> Uint128 {
+        let bank = Bank::new(&self.app);
+
+        let response = bank
+            .query_total_supply(&QueryTotalSupplyRequest { pagination: None })
+            .unwrap()
+            .supply
+            .into_iter()
+            .find(|coin| coin.denom == denom)
+            .unwrap();
+
+        Uint128::from_str(&response.amount).unwrap_or(Uint128::zero())
+    }
+
+    pub fn calculate_target_power_price(&self, normalisation_factor: Decimal) -> Decimal {
+        let pool_manager = PoolManager::new(&self.app);
+
+        let res = pool_manager
+            .query_spot_price(&SpotPriceRequest {
+                pool_id: self.base_pool_id,
+                base_asset_denom: self.denoms["base"].clone(),
+                quote_asset_denom: self.denoms["quote"].clone(),
+            })
+            .unwrap();
+        let index_price = Decimal::from_str(&res.spot_price).unwrap();
+
+        let mark_price = index_price * index_price;
+        let scale_factor = Decimal::from_atomics(SCALE_FACTOR, 0u32).unwrap();
+
+        (index_price / mark_price) * scale_factor / normalisation_factor
+    }
+
+    pub fn price_to_tick(&self, price: Decimal, tick_interval: Uint128) -> String {
+        let mut exponent = Decimal::from_str("0.000001").unwrap();
+        let mut tick = Decimal::zero();
+        let ticks_per_increment = Decimal::from_atomics(9_000_000u128, 0u32).unwrap();
+        let ten = Decimal::from_atomics(10u128, 0u32).unwrap();
+
+        // NOTE: this is unfinished and probably doesnt work for less than 1
+        let result = match price.cmp(&Decimal::one()) {
+            std::cmp::Ordering::Greater => {
+                let mut total_price = Decimal::one();
+
+                while total_price < price {
+                    total_price += ticks_per_increment * exponent;
+
+                    tick += ticks_per_increment;
+                    exponent *= ten;
+                }
+
+                let delta = price.abs_diff(total_price);
+
+                tick - (delta / (exponent / ten))
+            }
+            std::cmp::Ordering::Less => {
+                let mut total_price = Decimal::one();
+
+                while total_price < price {
+                    total_price += ticks_per_increment * exponent;
+                    tick += ticks_per_increment;
+                    exponent /= ten;
+                }
+
+                let delta = price.abs_diff(total_price);
+                tick + (delta / (exponent / ten))
+            }
+            std::cmp::Ordering::Equal => Decimal::zero(),
+        };
+
+        let value = (result.to_uint_floor() / tick_interval) * tick_interval;
+
+        if price < Decimal::one() {
+            format!("{}{}", "-", value)
+        } else {
+            value.to_string()
+        }
+    }
+}
+
+impl Default for PowerEnv {
+    fn default() -> Self {
+        Self::new()
+    }
+}
diff --git a/packages/margined_testing/src/staking_env.rs b/packages/margined_testing/src/staking_env.rs
new file mode 100644
index 0000000..bab2f55
--- /dev/null
+++ b/packages/margined_testing/src/staking_env.rs
@@ -0,0 +1,214 @@
+use crate::helpers::store_code;
+
+use cosmwasm_std::{coin, Addr, Uint128};
+use margined_protocol::{
+    collector::{
+        ExecuteMsg as FeeCollectorExecuteMsg, InstantiateMsg as FeeCollectorInstantiateMsg,
+    },
+    staking::InstantiateMsg,
+};
+use osmosis_test_tube::{
+    osmosis_std::types::cosmos::bank::v1beta1::QueryBalanceRequest, Bank, Module, OsmosisTestApp,
+    SigningAccount, Wasm,
+};
+use std::{collections::HashMap, str::FromStr};
+
+pub const ONE: u128 = 1_000_000; // 1.0@6dp
+pub const SCALE_FACTOR: u128 = 10_000;
+pub const BASE_PRICE: u128 = 3_000_000_000; // 3000.0@6dp
+pub const POWER_PRICE: u128 = 3_010_000_000; // 3010.0@6dp
+pub const SCALED_POWER_PRICE: u128 = 30_100_000; // 0.3010@6dp
+
+pub struct ContractInfo {
+    pub addr: Addr,
+    pub id: u64,
+}
+
+pub struct StakingEnv {
+    pub app: OsmosisTestApp,
+    pub signer: SigningAccount,
+    pub handler: SigningAccount,
+    pub empty: SigningAccount,
+    pub traders: Vec<SigningAccount>,
+    pub denoms: HashMap<String, String>,
+}
+
+impl StakingEnv {
+    pub fn new() -> Self {
+        let app = OsmosisTestApp::new();
+
+        let mut denoms = HashMap::new();
+        denoms.insert("base".to_string(), "uosmo".to_string());
+        denoms.insert("reward".to_string(), "uusdc".to_string());
+        denoms.insert("deposit".to_string(), "umrg".to_string());
+
+        let signer = app
+            .init_account(&[
+                coin(1_000_000_000_000_000_000, "uosmo"),
+                coin(1_000_000_000_000, "uusdc"),
+                coin(1_000_000_000_000, "token3"),
+                coin(1_000_000_000_000, "token4"),
+                coin(1_000_000_000_000, "token5"),
+            ])
+            .unwrap();
+
+        let handler = app.init_account(&[]).unwrap();
+
+        let trader1 = app
+            .init_account(&[
+                coin(1_000_000_000_000_000_000, "uosmo"),
+                coin(1_000_000_000_000, "uusdc"),
+                coin(1_000_000_000, "umrg"),
+            ])
+            .unwrap();
+
+        let trader2 = app
+            .init_account(&[
+                coin(1_000_000_000_000_000_000, "uosmo"),
+                coin(1_000_000_000_000, "uusdc"),
+                coin(1_000_000_000, "umrg"),
+            ])
+            .unwrap();
+
+        let empty = app.init_account(&[coin(1_000_000_000, "umrg")]).unwrap();
+
+        Self {
+            app,
+            signer,
+            handler,
+            empty,
+            traders: vec![trader1, trader2],
+            denoms,
+        }
+    }
+
+    pub fn deploy_staking_contracts(&self, wasm: &Wasm<OsmosisTestApp>) -> (String, String) {
+        let code_id = store_code(wasm, &self.signer, "margined_collector".to_string());
+        let fee_collector_address = wasm
+            .instantiate(
+                code_id,
+                &FeeCollectorInstantiateMsg {},
+                None,
+                Some("margined-fee-collector"),
+                &[coin(1_000_000_000_000, self.denoms["base"].clone())],
+                &self.signer,
+            )
+            .unwrap()
+            .data
+            .address;
+
+        let code_id = store_code(wasm, &self.signer, "margined_staking".to_string());
+        let staking_address = wasm
+            .instantiate(
+                code_id,
+                &InstantiateMsg {
+                    fee_collector: fee_collector_address.clone(),
+                    deposit_denom: self.denoms["deposit"].clone(),
+                    reward_denom: self.denoms["reward"].clone(),
+                    deposit_decimals: 6u32,
+                    reward_decimals: 6u32,
+                    tokens_per_interval: 1_000_000u128.into(),
+                },
+                None,
+                Some("margined-staking-contract"),
+                &[coin(1_000_000_000_000, self.denoms["base"].clone())],
+                &self.signer,
+            )
+            .unwrap()
+            .data
+            .address;
+
+        // add the reward token as a token
+        {
+            wasm.execute(
+                fee_collector_address.as_str(),
+                &FeeCollectorExecuteMsg::AddToken {
+                    token: self.denoms["reward"].clone(),
+                },
+                &[],
+                &self.signer,
+            )
+            .unwrap();
+        }
+
+        // update the collector to have the staking contract as an auth
+        {
+            wasm.execute(
+                fee_collector_address.as_str(),
+                &FeeCollectorExecuteMsg::UpdateWhitelist {
+                    address: staking_address.clone(),
+                },
+                &[],
+                &self.signer,
+            )
+            .unwrap();
+        }
+
+        (staking_address, fee_collector_address)
+    }
+
+    pub fn deploy_staking_contract(
+        &self,
+        wasm: &Wasm<OsmosisTestApp>,
+        contract_name: String,
+        fee_collector: String,
+    ) -> String {
+        let code_id = store_code(wasm, &self.signer, contract_name);
+        wasm.instantiate(
+            code_id,
+            &InstantiateMsg {
+                fee_collector,
+                deposit_denom: self.denoms["deposit"].clone(),
+                reward_denom: self.denoms["reward"].clone(),
+                deposit_decimals: 6u32,
+                reward_decimals: 6u32,
+                tokens_per_interval: 1_000_000u128.into(),
+            },
+            None,
+            Some("margined-staking-contract"),
+            &[coin(1_000_000_000_000, self.denoms["base"].clone())],
+            &self.signer,
+        )
+        .unwrap()
+        .data
+        .address
+    }
+
+    pub fn deploy_fee_collector_contract(
+        &self,
+        wasm: &Wasm<OsmosisTestApp>,
+        contract_name: String,
+    ) -> String {
+        let code_id = store_code(wasm, &self.signer, contract_name);
+        wasm.instantiate(
+            code_id,
+            &FeeCollectorInstantiateMsg {},
+            None,
+            Some("margined-collector-contract"),
+            &[],
+            &self.signer,
+        )
+        .unwrap()
+        .data
+        .address
+    }
+
+    pub fn get_balance(&self, address: String, denom: String) -> Uint128 {
+        let bank = Bank::new(&self.app);
+
+        let response = bank
+            .query_balance(&QueryBalanceRequest { address, denom })
+            .unwrap();
+
+        match response.balance {
+            Some(balance) => Uint128::from_str(&balance.amount).unwrap(),
+            None => Uint128::zero(),
+        }
+    }
+}
+
+impl Default for StakingEnv {
+    fn default() -> Self {
+        Self::new()
+    }
+}
diff --git a/rust-toolchain.toml b/rust-toolchain.toml
new file mode 100644
index 0000000..946440a
--- /dev/null
+++ b/rust-toolchain.toml
@@ -0,0 +1,3 @@
+[toolchain]
+channel = "1.69.0"
+targets = [ "wasm32-unknown-unknown"]