> ## 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.

# Margin Account

> Cross-margin borrowing account: collateral vaults, debt shares, and one shared account-wide health factor.

Your Margin Account is a program-derived account. It holds token vaults, debt positions, and Lite/Kamino receipts. The wallet signs. The program moves funds.

One wallet → one margin PDA. There are no subaccounts.

## Read the metrics

| Metric             | Meaning                                                        |
| ------------------ | -------------------------------------------------------------- |
| Health Factor      | Collateral USD / debt USD. Must stay **> 1.1**                 |
| Borrowed value     | Outstanding debt, including accrued interest                   |
| Collateral         | Live SPL balances in margin vaults, plus recognized Lite value |
| Effective leverage | Position size / your equity on Perps and Farm                  |

<Warning>
  An account with debt is healthy only when `collateral USD / debt USD > 1.10`. Equality is unhealthy. A displayed Health Factor at or below 1.1 is a liquidation candidate.
</Warning>

Start with [Open Account](/guides/margin/open-account), [Deposit](/guides/margin/deposit-collateral), and [Borrow](/guides/margin/borrow). Most traders skip the manual path and open from [Perps](/guides/perps/overview) or [Farm](/guides/farm/one-click).