> ## 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.

# FAQs

> Common questions about Kimia, grouped by topic.

## General

<AccordionGroup>
  <Accordion title="What is Kimia?">
    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](/introduction).
  </Accordion>

  <Accordion title="Is Kimia custodial?">
    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.
  </Accordion>

  <Accordion title="What chain does Kimia run on?">
    Solana. V1 is deployed on devnet with mainnet launch to follow.
  </Accordion>

  <Accordion title="Do I need to KYC?">
    No. Kimia is permissionless. You connect a wallet and trade.
  </Accordion>
</AccordionGroup>

## Trading

<AccordionGroup>
  <Accordion title="What markets can I trade?">
    V1: SOL-PERP with USDC collateral. V2 will add BTC, ETH, and on-chain
    majors. See [markets](/perpetuals/markets).
  </Accordion>

  <Accordion title="What's the max leverage?">
    10× (initial margin ratio 10%). Liquidation triggers at 5% maintenance
    margin. See [margin framework](/perpetuals/margin).
  </Accordion>

  <Accordion title="Can I place limit orders?">
    Yes. Market, limit, and post-only are all supported. See
    [order types](/perpetuals/order-types).
  </Accordion>

  <Accordion title="What happens if I get liquidated?">
    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](/perpetuals/liquidation).
  </Accordion>

  <Accordion title="Who runs liquidations?">
    Anyone. Liquidation on Kimia is permissionless, there is no whitelist.
    See [run a keeper](/guides/run-a-keeper).
  </Accordion>
</AccordionGroup>

## Yield Vault

<AccordionGroup>
  <Accordion title="How does the vault earn yield?">
    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](/concepts/delta-neutral-vault).
  </Accordion>

  <Accordion title="Can I lose money in the vault?">
    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](/resources/risks).
  </Accordion>

  <Accordion title="What's the vault share price?">
    `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.
  </Accordion>

  <Accordion title="How do I exit?">
    Call `withdraw` with `close_perp=true`. The vault proportionally closes
    the spot and perp legs and sends you USDC.
  </Accordion>
</AccordionGroup>

## PT / YT

<AccordionGroup>
  <Accordion title="What's the difference between PT and 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](/concepts/pt-yt-tokenization).
  </Accordion>

  <Accordion title="Why would I buy PT?">
    To lock in a fixed rate. If PT trades at 0.98 underlying with 30 days left,
    holding to maturity gives you ≈28% annualized.
  </Accordion>

  <Accordion title="Why would I buy YT?">
    Leveraged exposure to funding. Small principal → full yield stream until
    maturity. Good for funding-rate bulls.
  </Accordion>

  <Accordion title="Can I exit before maturity?">
    Yes, burn matched PT + YT pairs via `early_exit` for vault shares, minus
    a 0.3% fee.
  </Accordion>
</AccordionGroup>

## Fixed-rate intents

<AccordionGroup>
  <Accordion title="What if the intent fails at step 3?">
    Your PT, YT, and USDC stay in your wallet untouched. You can retry with a
    lower target rate, or unwind manually via early-exit.
  </Accordion>

  <Accordion title="Why does it take three transactions?">
    Solana transaction size + compute limits make it impossible to bundle the
    whole flow atomically. The intent-router session enforces the invariant
    across txs.
  </Accordion>

  <Accordion title="Can I use my own integration instead of the router?">
    Yes. delta-vault, split-engine, and yield-amm are all independently
    callable. The router is just a trust-less attestation layer.
  </Accordion>
</AccordionGroup>

## Development

<AccordionGroup>
  <Accordion title="Is there an SDK?">
    Codama-generated TypeScript clients, one per program. See [SDK](/build/sdk).
  </Accordion>

  <Accordion title="Is there an REST API?">
    Not currently. All state is on-chain and readable via RPC.
  </Accordion>

  <Accordion title="Where are the program IDs?">
    See [program IDs](/resources/program-ids).
  </Accordion>

  <Accordion title="Can I integrate Kimia in my own program?">
    Yes, CPI into any Kimia program. The delta-vault CPIs into kimia-perp as
    a reference implementation.
  </Accordion>
</AccordionGroup>