kimia-perp

kimia-perp is the core derivatives program. It owns the orderbook, tracks all positions and funding, validates Pyth Hermes oracle posts, and runs the spot pool that delta-vault hedges against.

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Accounts

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ExchangeConfig

Singleton. ["exchange_config"].

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Market

One per market. ["market", market_index_le].

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UserAccount

["user", authority].

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Orderbook

Zero-copy. ["orderbook", market_index_le].

• Max 32 bids (sorted descending) and 32 asks (sorted ascending).
• FIFO within price.
• Order { owner, order_id, price, base_remaining, reserved_margin, direction, is_active }.

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SpotPool

["spot_pool", base_mint, quote_mint]. Simple oracle-priced wSOL/USDC pool used by delta-vault. Swaps at oracle ± spread_bps; no curve.

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Instructions

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place_order

PlaceOrderParams { price, base_amount, direction, post_only, is_market, max_slippage_bps }.

1. Validate oracle and clamp mark price to oracle ± 10%.
2. Reserve notional × initial_margin_ratio out of free_collateral().
3. If is_market, walk the book up to 4 fills:
   • skip self-trades
   • apply taker fee (to fee_vault)
   • adjust both counterparties’ base_amount and quote_entry
   • emit OrderFilled
4. Any remainder becomes a resting order (if not post_only and not market).

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liquidate

1. Validate oracle.
2. health ≤ 0 check (NotLiquidatable otherwise).
3. Cancel all resting orders, their reserved margin goes to insurance_vault.
4. Close the full position at oracle price.
5. Charge 5% liquidation fee: 2.5% to liquidator, 2.5% to insurance.
6. If collateral insufficient, drain insurance fund. If still insufficient, emit BadDebtDetected and pause the market.

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Events

MarketInitialized, PositionOpened, PositionClosed, FundingRateUpdated, FundingSettled, CollateralDeposited, CollateralWithdrawn, Liquidated, OrderPlaced, OrderFilled, OrderCancelled, MarkPriceUpdated, SelfTradeSkipped, BadDebtDetected, SpotPoolInitialized, SpotSwapped.

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Error codes

See errors reference. The main buckets: 6000..6002 oracle, 6010..6012 market, 6020..6022 margin, 6030..6033 position, 6040..6041 funding, 6050..6051 liquidation, 6110..6117 orderbook.

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