Note: At the judges request here, this downgraded issue from the same warden has been included in this report for completeness.
Tokens with more than one leg without riskPartner cant be validated.
Token IDs are created using the TokenId.sol library. Each leg in a token ID includes the asset, option size, whether it is long or short, the token type, risk partner, strike and width.
These values are added to their corresponding bits of a 256-bit ID while creating the token ID and the token IDs are validated using the validate() function.
Lets check the developer notes related to risk partners.  
https://github.com/code-423n4/2023-11-panoptic/blob/f4b61b57bdd539f827f3ef7c335c5bde2d5c62a2/contracts/types/TokenId.sol#L130
As we can see above, the default value of the risk partner is 0. However, the risk partner being 0 does not always mean no risk partner. Sometimes it might mean risk partner leg index 0
The certain thing is that if a leg in token ID does not have a risk partner, it is set to 0.
Now lets check the validate() function:
https://github.com/code-423n4/2023-11-panoptic/blob/f4b61b57bdd539f827f3ef7c335c5bde2d5c62a2/contracts/types/TokenId.sol#L487C17-L500C64
This function checks the risk partner index of the leg and expects it to be equal to itself not zero. However, according to the explanation above no risk partner should be 0, not itself.
Lets think about this scenario:
There is a token with 3 legs. None of these legs have a risk partner and riskPartner values for these legs are 0 (no risk partner).
The validate() function iterates for every leg:
The validate function expects no risk partner to be the leg index. This situation contradicts how the token IDs are constructed and this inconsistency will cause some token validations to revert.
I want to point out that the protocols test files uses leg index as risk partner and these tests pass. However, the biggest problem here is that there is no explanation regarding how to use addRiskPartner() function in the TokenId.sol library. The NatSpec @param _riskPartner is missing in addRiskPartner() function.
https://github.com/code-423n4/2023-11-panoptic/blob/aa86461c9d6e60ef75ed5a1fe36a748b952c8666/contracts/types/TokenId.sol#L244C5-L248C29 
On top of that, the technical specification regarding the TokenId library in the protocols documentation is also not complete. The most comprehensive explanation about the risk partner is the developer comments I mentioned in the beginning of this submission, which clearly shows the default risk partner is 0.  
Users can not know they shouldve created the tokenIds with the leg index instead of the default value. They will construct tokenIds based on the developer comment above, and these multi-legged tokens will not be validated.
You can use protocols own test suite to test this issue.
The results after running the test:
I would recommend rebuilding the validate function based on the default risk partner value, or updating the documentation and developer comments since this is a library contract and inconsistent explanations will result in incorrect usage of the library.
Invalid Validation
dyedm1 (Panoptic) disputed and commented:
Picodes (judge) commented:
For this audit, 18 reports were submitted by wardens detailing gas optimizations. The report highlighted below by sivanesh_808 received the top score from the judge.
The following wardens also submitted reports: 0xAnah, JCK, Sathish9098, SY_S, 0xhex, alix40, 0xta, fnanni, unique, naman1778, SAQ, 0x886699, arjun16, K42, Eurovickk, 0x6980, and nisedo.
