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What counts as collateral

USDC
V1: USDC only. A single 6-decimal SPL token.
Multi-collateral margining is on the V2 roadmap. The engine already supports per-market collateral mints, we just haven’t shipped non-USDC markets yet.

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Where your collateral lives

Deposited USDC goes to market.collateral_vault, a token account owned by the market PDA. It is never rehypothecated; the vault only transfers out on:
  • withdraw_collateral (authority only)
  • place_order matching (transfers fees to fee_vault)
  • liquidate (transfers fee split + bad-debt cover)
Your balance on the market is tracked in UserAccount.collateral. The on-chain token balance in the vault equals the sum of all user collateral plus any outstanding fees not yet swept.

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Deposits

Any signer listed on user_account.delegate can deposit, useful for keeper bots that top up accounts automatically.

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Withdrawals

Post-withdraw, the instruction re-runs the initial margin check, not maintenance. This is stricter than the liquidation threshold and prevents deposit → open max position → withdraw games.

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Reserved margin

Resting orders lock margin at placement, not fill. Your accessible collateral is:
Position health uses free_collateral + unrealized_pnl, not raw collateral. This is deliberate, without it, spamming a hundred limit orders could all simultaneously satisfy their individual margin checks but share the same USDC.

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Precision

All conversions are handled in perps-math::safe_math.

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Delegate trading

You can set a delegate via set_delegate(delegate: Pubkey):
  • Delegate can: deposit_collateral, place_order, cancel_order, cancel_all_orders.
  • Delegate cannot: withdraw_collateral, set_delegate, liquidate (except against others, liquidation doesn’t require delegation), delete the user account.
This is how the delta-vault manages its perp position: the vault PDA is the delegate for its own UserAccount inside kimia-perp.