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Your Margin Account is a PDA owned by the Vanna program. It holds collateral vaults, debt positions, and Lite/Kamino receipts. One wallet gets exactly one margin account.
  1. Create the account (first transaction, once).
  2. Deposit stock or USDC as collateral.
  3. Borrow against it, or go straight to Perps / Farm — those flows deposit and borrow for you.
  4. Watch Health Factor. Stay above 1.1.
  5. Close or repay before withdrawing leftover collateral.
The account shares risk across every position. A profitable TSLAx long does not isolate you from a losing OPENAI Farm.
Leverage can liquidate your account. Health factor must stay strictly above 1.1. Prices, borrow interest, swap slippage, and Kamino exchange rates all move health. Only deposit what you can afford to lose.
See Perps, Farm, and Health Factor.