delta-vault

delta-vault holds user deposits, maintains a delta-neutral hedge via kimia-perp, and distributes accrued funding to vault share holders.

Accounts

Vault

["vault", perps_market].

Field	Type	Notes
`authority`	`Pubkey`	Admin
`perps_market`	`Pubkey`	`kimia-perp::Market` this vault hedges on
`perps_market_index`	`u16`
`perps_user_account`	`Pubkey`	Vault’s user account inside `kimia-perp`
`share_mint`	`Pubkey`	SPL mint for vault shares
`usdc_vault`	`Pubkey`	USDC token account (vault PDA authority)
`wsol_vault`	`Pubkey`	wSOL token account (spot leg)
`spot_pool`	`Pubkey`	`kimia-perp::SpotPool` the vault swaps against
`nav`	`u64`	Net asset value, USDC 6-decimal
`total_shares`	`u64`
`insurance_fund`	`u64`
`insurance_skim_bps`	`u16`	configurable per vault (e.g. 3000 = 30%)
`rebalance_threshold_bps`	`u16`	triggers rebalance()
`state`	`VaultState`	`Active`, `Paused`, `Closed`
`last_realized_pnl_snapshot`	`i64`	used by `claim_funding`
`last_wsol_balance`	`u64`	for rebalance diffs

share_price() = nav × ONE / total_shares (9-decimal fixed point).

Instructions

Instruction	Who	Purpose
`initialize_vault`	admin	Create Vault PDA, share mint, USDC vault
`admin_seed_insurance`	admin	Bootstrap the insurance fund
`init_perps_user_account`	admin	One-time CPI to create vault’s perp user
`admin_setup_spot_leg`	admin	Configure wSOL vault + spot pool
`deposit`	user	Mint shares; optionally open hedge
`withdraw`	user	Burn shares; optionally close hedge
`rebalance`	anyone	Close delta gap if > `rebalance_threshold_bps`
`claim_funding`	anyone	CPI `settle_funding`, route yield to NAV + insurance
`admin_resync_nav`	admin	Emergency NAV reconciliation
`admin_unwind_vault`	admin	Force close all positions (requires `Paused`)
`admin_simulate_funding`	admin (demo)	Inject synthetic yield for testing
`admin_force_pause`	admin (demo)	Pause vault manually

Deposit flow

user USDC
    │
    ▼
vault.usdc_vault  ── mints shares = amount × total_shares / NAV ──► user
    │
    │ if open_perp=true and size_amount>0:
    │
    ├── spot_swap(half USDC → wSOL)                  [CPI → kimia-perp]
    ├── deposit_collateral(half USDC → perp)         [CPI → kimia-perp]
    └── place_order(direction=SHORT, size_amount,
                    is_market=true, max_slippage_bps) [CPI → kimia-perp]

Remaining accounts passed to deposit are orderbook counterparty accounts used by place_order.

claim_funding flow

pre_snapshot  = perps_user_account.realized_pnl
settle_funding(keeper=vault_pda)    [CPI → kimia-perp]
post_snapshot = perps_user_account.realized_pnl

delta = post_snapshot - pre_snapshot

if delta > 0:
    skim      = delta × insurance_skim_bps / 10_000
    to_nav    = delta - skim
    insurance_fund += skim
    nav       += to_nav
else:
    abs_delta = -delta
    drawn     = min(abs_delta, insurance_fund)
    insurance_fund -= drawn
    nav       -= abs_delta - drawn

    if insurance_fund == 0 and sustained 24h loss:
        state = Paused

Withdraw flow

shares = amount
if close_perp=true:
    place_order(direction=LONG buy-to-close, base_amount=share_ratio × position)
    spot_swap(wSOL → USDC proportionally)

burn shares → transfer USDC to user
nav -= amount_out

Errors

VaultNotActive, VaultNotPaused, MathOverflow, StaleOracle, PerpsUserAccountNotInit, NavCorrupted, InsufficientInsuranceFund, RebalanceGapTooSmall.

Delta-neutral concept

The math and motivation.

split-engine

Wrap vault shares into PT/YT.

Start

Concepts

Programs

Accounts

Vault

Instructions

Deposit flow

claim_funding flow

Withdraw flow

Errors

Read next

Delta-neutral concept

split-engine

​Accounts

​Vault

​Instructions

​Deposit flow

​claim_funding flow

​Withdraw flow

​Errors

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Delta-neutral concept

split-engine

Accounts

Vault

Instructions

Deposit flow

claim_funding flow

Withdraw flow

Errors

Read next