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General

A Solana-native fixed-income protocol that combines an on-chain perpetuals exchange, a delta-neutral yield vault, and a yield-tokenization layer (PT/YT), with an intent router that guarantees the end-to-end APY. See introduction.
No. Every layer is a separate Anchor program. Your funds live in program-owned PDAs that only your wallet (or a delegate you explicitly set) can withdraw from.
Solana. V1 is deployed on devnet with mainnet launch to follow.
No. Kimia is permissionless. You connect a wallet and trade.

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Trading

V1: SOL-PERP with USDC collateral. V2 will add BTC, ETH, and on-chain majors. See markets.
10× (initial margin ratio 10%). Liquidation triggers at 5% maintenance margin. See margin framework.
Yes. Market, limit, and post-only are all supported. See order types.
Your entire position is closed at oracle price (no slippage). A 5% liquidation fee is charged, half to the liquidator, half to the insurance fund. Any remaining collateral stays in your account. If the position’s loss exceeds your collateral, the insurance fund covers the bad debt. See liquidation.
Anyone. Liquidation on Kimia is permissionless, there is no whitelist. See run a keeper.

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Yield Vault

It’s delta-neutral: it holds USDC + wSOL on the spot leg and runs a matching SOL-PERP short, so net price exposure is zero. Yield is the funding rate shorts receive when longs are paying. See delta-neutral vault concept.
Yes, in two scenarios:
  1. Sustained negative funding beyond what the insurance fund covers. If funding has been negative for 24 hours and the insurance fund is depleted, the vault auto-pauses and NAV will have absorbed losses.
  2. Protocol bugs. Smart contracts are audited but not risk-free. See risks.
NAV / total_shares in 9-decimal fixed point. It only updates when someone calls claim_funding on the vault. Between cranks, share price is constant.
Call withdraw with close_perp=true. The vault proportionally closes the spot and perp legs and sends you USDC.

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PT / YT

  • PT = Principal Token. Redeems 1:1 for vault shares at maturity.
  • YT = Yield Token. Captures all yield accrued between mint and maturity. See PT/YT concept.
To lock in a fixed rate. If PT trades at 0.98 underlying with 30 days left, holding to maturity gives you ≈28% annualized.
Leveraged exposure to funding. Small principal → full yield stream until maturity. Good for funding-rate bulls.
Yes, burn matched PT + YT pairs via early_exit for vault shares, minus a 0.3% fee.

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Fixed-rate intents

Your PT, YT, and USDC stay in your wallet untouched. You can retry with a lower target rate, or unwind manually via early-exit.
Solana transaction size + compute limits make it impossible to bundle the whole flow atomically. The intent-router session enforces the invariant across txs.
Yes. delta-vault, split-engine, and yield-amm are all independently callable. The router is just a trust-less attestation layer.

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Development

Codama-generated TypeScript clients, one per program. See SDK.
Not currently. All state is on-chain and readable via RPC.
Yes, CPI into any Kimia program. The delta-vault CPIs into kimia-perp as a reference implementation.