> ## 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.

# Perps Overview

> The missing long/short market for tokenized stocks. Cross-margin, up to 5×, one signature.

Solana had tokenized stocks. It did not have a perp venue for them. Vanna Perps is that venue — built from credit + Jupiter, not a synthetic order book.

You are not trading a virtual contract. You borrow **real** USDC or **real** stock, swap it, and hold the resulting tokens in the margin account. Funding rate is replaced by **borrow APR**.

<Frame caption="TSLAx / USDC long. Chart, leverage slider, health, and open positions. Click the image to zoom.">
  <img src="https://mintcdn.com/vanna-solana/wh284vjd5bR4K3BU/images/perps/long.png?fit=max&auto=format&n=wh284vjd5bR4K3BU&q=85&s=55240704619feb7f5f6f31307055c048" alt="Perps page showing a TSLAx/USDC long with chart, leverage, and positions table" loading="lazy" decoding="async" width="1432" height="969" data-path="images/perps/long.png" />
</Frame>

## Markets

| Pair             | Long collateral | Short collateral |
| ---------------- | --------------- | ---------------- |
| TSLAx / USDC     | USDC            | TSLAx            |
| GOOGLx / USDC    | USDC            | GOOGLx           |
| AAPLx / USDC     | USDC            | AAPLx            |
| ANTHROPIC / USDC | USDC            | ANTHROPIC        |
| OPENAI / USDC    | USDC            | OPENAI           |

Leverage is **1×–5×**. Health must stay above 1.1 after the open.

## How a position is stored

There is no separate perp contract. A long is "USDC debt + stock collateral." A short is "stock debt + USDC collateral." The UI reconstructs size, entry, liquidation price, and P\&L from vaults, debt shares, and history.

Open and close are **one Solana transaction** each. Simulation runs before broadcast. If the Jupiter route would fail, nothing lands.

| Side  | Open                                 | Close                                             |
| ----- | ------------------------------------ | ------------------------------------------------- |
| Long  | [Long a stock](/guides/perps/long)   | Swap stock → USDC, repay USDC, withdraw leftover  |
| Short | [Short a stock](/guides/perps/short) | Swap USDC → stock, repay stock, withdraw leftover |

<Warning>
  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.
</Warning>