> ## 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.

# Composable Leverage

> Borrowed assets stay in the margin PDA and move into Jupiter and Kamino.

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.