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Besides Kamino, a margin account can put USDC into two kinds of yield vaults. The vault’s share token stays in the margin account, counts toward the health factor, and can be borrowed against.

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Perena USD* and USD* Junior

Perena’s USD* vault takes USDC and issues USD* shares. The Junior tranche takes more risk for more yield. Vanna’s oracle reads Perena’s own share price for each.
  • A stale Perena NAV counts as zero for the owner’s actions, but at its last value for liquidation.
  • A Junior exit that would push the account below HF 1.10 is refused.
  • The senior tranche and queued withdrawals aren’t supported.

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Delta-neutral basis vaults

Vanna’s basis vaults take USDC, buy an asset through Jupiter, and hold it against a short of the same size on Phoenix. The vault’s dollar value stays roughly flat while it collects funding. The oracle computes each vault’s NAV itself, pricing both the spot asset and the short at the same Phoenix index. Because the two legs offset, a move in the asset’s price barely changes the share’s value, and the margin’s health factor stays where it was. A share is never valued above the vault’s own share price.
The basis-vault program is deployed on the hosted fork only. A margin account can’t deposit into the SOL vault directly (a Phoenix constraint), but it can hold, borrow against and redeem SOL-vault shares bought from a wallet.

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Liquidation

Vault shares are ordinary collateral tokens to a liquidator. A liquidator repays part of a debt, receives shares worth up to the repaid value plus the bonus, and redeems them from the vault. Exit costs beyond the fee to close (Phoenix spread, Jupiter price impact) are covered by the 1.10 threshold, not modelled separately.