> ## Documentation Index
> Fetch the complete documentation index at: https://docs.solana.vanna.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# Delta-Neutral Basis Vaults

> Earn Phoenix perp funding without price exposure: spot long plus an equal short.

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.

<Frame caption="BTC Basis vault page: Vault APY (7D), Funding Now, Open Interest, TVL and the Deposit panel. Click the image to zoom.">
  <img src="https://mintcdn.com/vanna-solana/2tda4OqplCqUmtin/images/farm-besis-vault.png?fit=max&auto=format&n=2tda4OqplCqUmtin&q=85&s=5a4bb205a44a5facc84fb4bd1a00d953" alt="BTC Basis vault page with Vault APY (7D), Funding Now, Open Interest and Total Value Locked, position details, and a Deposit panel" loading="lazy" decoding="async" width="1916" height="969" data-path="images/farm-besis-vault.png" />
</Frame>

## The vaults

| Vault | Share | Legs |
| - | - | - |
| **SOL Basis** | vbSOL | SOL held at Phoenix, with an equal SOL-PERP short |
| **ETH Basis** | vbETH | Spot ETH via Jupiter, with an equal ETH-PERP short on Phoenix |
| **BTC Basis** | vbBTC | Spot BTC via Jupiter, with an equal BTC-PERP short on Phoenix |
| **TSLA Basis** | vbTSLA | Spot TSLA exposure via Jupiter, with an equal TSLA-PERP short on Phoenix |
| **META Basis** | vbMETA | Spot META exposure via Jupiter, with an equal META-PERP short on Phoenix |

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

## Deposit

<Steps>
  <Step title="Open the vault">
    On **Farm → Delta-Neutral**, click a vault.
  </Step>

  <Step title="Enter USDC">
    Deposits are **USDC** from your margin account. **Margin** shows the balance.
  </Step>

  <Step title="Read the details">
    Network, deposit, **Est. receipt received** (vbSOL…), **Share price**, **APY** and projected monthly earnings.
  </Step>

  <Step title="Deposit">
    Click **Deposit** and approve once. The shares go to your margin account and count toward its health factor.
  </Step>
</Steps>

<Note>
  **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.
</Note>

## 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.

## The numbers

| Field | Meaning |
| - | - |
| **Vault APY (7D)** | The vault's realized share-price return over the last 7 days, annualized. Until a vault has 7 days of history, it shows an estimate from Phoenix's last 7 days of funding on the vault's short |
| **Funding Now** | Phoenix's current hourly funding on that market, annualized. Positive = shorts are paid |
| **Open Interest** | Total open positions on that Phoenix market (one side), in USD and in the asset |
| **Total Value Locked** | The vault's net asset value |
| **Capacity** | The vault's cap and how much of it is used |

## 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.


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