Margin Accounts

MarginAccount is seeded ["margin", authority]. Status, collateral indexes, debt indexes, event sequence, and a compact Lite registry live on that account.

Collateral

There is no CollateralPosition ledger. The associated token account owned by the margin PDA is the credit. Health reads its live amount. That is safe because the vault is private to one (margin, mint). A donation cannot change anyone else’s exchange rate. Shared Reserve vaults are the opposite: they keep accounted_liquidity_assets and ignore surprise transfers. Every named or remaining-accounts vault is checked against get_associated_token_address(margin, mint).

Debt

DebtPosition stores shares, not a token amount. Interest grows Reserve.total_borrow_assets. One O(1) reserve update reprices every borrower.

user_debt_tokens = ceil(user_shares × total_borrow_assets / total_borrow_shares)

Lifecycle

create → deposit → borrow / swap / lite_open
                ↘ repay → withdraw → close (empty)
                ↘ liquidate (HF ≤ 1.1)

MAX_ASSETS = 24 bounds both collateral and debt slots so every health scan is a fixed cost.

Introduction

Core Mechanics

Risk & Economics

Integrations

Margin Accounts

Collateral

Debt

Lifecycle

​Collateral

​Debt

​Lifecycle

Collateral

Debt

Lifecycle