Composable Leverage - Vanna

Leverage 1.0 on a perp venue is a virtual contract plus funding. Vanna leverage is borrowed tokens that the margin account can spend in approved venues.

What you can do with borrowed stock or USDC

Hold it (pointless — you pay borrow APR)
Swap it on Jupiter (spot or the Perps long/short recipe)
Supply it to Kamino (Lite / Farm)
Repay someone else’s debt (public_repay_from_wallet)

All of those positions share one health factor. A Farm receipt that is “in profit” does not fence off a perp that is not.

Atomic vs multi-step

Action	Atomic?
`user_deposit_and_borrow`	Yes
Perps open (deposit + borrow + swap)	Yes — one tx, simulated first
`lite_open`	Yes — program CPI
Cross-asset Farm if the app splits later legs	Only within each signature

“One-click” is a UX promise. On-chain atomicity is per transaction.