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Vanna’s basis vaults hold an asset and an equal 1× short of the same asset on Phoenix. The two legs cancel each other’s price moves, so the vault is delta-neutral: what it earns is the funding that longs pay shorts on Phoenix.
BTC Basis vault page with Vault APY (7D), Funding Now, Open Interest and Total Value Locked, position details, and a Deposit panel

BTC Basis vault page: Vault APY (7D), Funding Now, Open Interest, TVL and the Deposit panel. Click the image to zoom.

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The vaults

Each vault has a capacity (the most it accepts in total) and a per-deposit maximum.

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Deposit

1

Open the vault

On Farm → Delta-Neutral, click a vault.
2

Enter USDC

Deposits are USDC from your margin account. Margin shows the balance.
3

Read the details

Network, deposit, Est. receipt received (vbSOL…), Share price, APY and projected monthly earnings.
4

Deposit

Click Deposit and approve once. The shares go to your margin account and count toward its health factor.
SOL Basis routes the USDC through your wallet: it leaves the margin account, is deposited into the vault and the vbSOL comes straight back to the margin account, all in one approval. The program checks the account’s health at the moment the USDC is out, so a very large SOL Basis deposit against a lot of debt can be refused. The panel warns you if so. Any vbSOL left in your wallet can be moved into the margin account with the recovery button.

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Withdraw

Switch to Withdraw and enter the shares to redeem. The vault unwinds your share of both legs and returns USDC to your margin account.

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The numbers

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What can go wrong

  • Negative funding. When more traders are short than long, funding turns negative and the short pays. If that lasts, the vault’s APY falls and can go below zero.
  • Costs. Entering and rebalancing pay Jupiter swap and Phoenix fees. On a small vault, one rebalance can move the share price more than days of funding.
  • Venue risk. The vault relies on Jupiter, Phoenix and its own program working as intended.
Compare vaults on the Delta-Neutral list: Funding Now and Vault APY tell you which market currently pays best.