The Kimia delta-vault holds USDC, opens a matching SOL-PERP short, and earns
the funding rate shorts receive when longs are paying. The UI wraps the full
flow in a single click.
If you prefer the code path, see deposit-vault.mdx in guides.
1. Open the Vaults page
In the top nav, click Vaults. You’ll see the delta-vault’s current stats:
| Metric | What it means |
|---|
| NAV | Net asset value, total USDC + hedged-perp equity |
| Share price | NAV / totalShares; monotonically increases when funding is positive |
| 7d APY | Realized funding yield over the last seven days |
| Insurance fund | Buffer absorbing negative funding before NAV takes a hit |
2. Pick a deposit amount
The vault quotes you:
- Shares out, how many vault shares you’ll receive
- Implied hedge size, the SOL short the vault will open on your behalf
- Oracle price, the price used for the spot-leg swap
The vault keeps a strict 50/50 split: half of your USDC stays as USDC, half is
swapped to wSOL; the wSOL is paired with the matching SOL-PERP short to net
zero delta.
3. Confirm the transaction
One transaction does three things via CPI:
- Transfers your USDC into the vault.
- Swaps half into wSOL on the spot pool.
- Deposits the other half as perp collateral and opens a market short.
You receive vault shares (an SPL token) to your wallet.
4. Watch NAV grow
Funding yield is not live, it accrues when someone calls claim_funding on
the vault. Anyone can do this (permissionless), and the app includes a one-click
“Crank funding” button. Your share balance stays the same, but the share price
goes up.
If you plan to hold vault shares for more than a few hours, you don’t need to
crank funding yourself. Keepers do it hourly in practice, and NAV updates
automatically.
5. Withdraw
Click Withdraw and pick either:
- USDC out, the vault proportionally closes wSOL, buys back the perp
short, and sends you USDC.
- Shares out, transfer vault shares directly to another wallet or use them
with the split engine.
What about the insurance fund?
Funding is positive most of the time, but it can flip negative (a prolonged
bear market where shorts must pay longs). The vault auto-skims 30% of every
positive funding payment into an insurance fund; when funding turns negative,
losses are absorbed by the insurance fund before they hit NAV.
If the insurance fund is depleted and funding has been negative for 24 hours
straight, the vault auto-pauses. Withdrawals remain possible after an admin
unwinds the hedge. 
