> ## Documentation Index
> Fetch the complete documentation index at: https://docs.kimia.live/llms.txt
> Use this file to discover all available pages before exploring further.

# Deposit into the Vault

> Earn funding-rate yield without price exposure, from the UI.

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](/guides/deposit-vault).

## 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:

1. Transfers your USDC into the vault.
2. Swaps half into wSOL on the spot pool.
3. 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.

<Tip>
  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.
</Tip>

## 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](/getting-started/split-yield).

## 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.