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Steps

  1. Deposit recognized collateral first (or use deposit-and-borrow).
  2. Choose the borrow asset and amount.
  3. Review health after borrow. The app refuses a preview that would land at or below 1.1.
  4. Confirm. user_open_debt_position runs once per (margin, reserve); later borrows reuse it.
Borrowed tokens land in the same margin vault. They can be swapped, supplied to Kamino, or held. They are not withdrawn to the wallet unless you transfer them out.

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What limits a borrow

  • Post-borrow health must stay > 1.1
  • Asset borrow_enabled and reserve status
  • Reserve cash and borrow cap
  • max_assets_per_margin (24)
  • Operating mode (borrow pause / halt)
See Health Factor.