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A smart-contract market where prices are determined by a math curve over reserves, not by matched orders. Kimia’s yield-AMM uses x⋅yt=kx \cdot y^t = k.
In a market like SOL-PERP, base is the asset being traded (SOL) and quote is the pricing asset (USDC). base_amount is signed: positive long, negative short.
1 bps = 0.01%. Margin ratios and fees are stored in bps with a 10,000 denominator.
A Solana program calling another program. The delta-vault CPIs into kimia-perp for deposits, swaps, orders, and funding settlement.
A portfolio whose net exposure to an underlying asset is zero. Kimia’s vault holds +1 wSOL spot and -1 SOL perp short per unit, net delta is 0.
The periodic payment between long and short perp holders that keeps perp price anchored to spot. Positive → longs pay; negative → shorts pay.
free_collateral + unrealized_pnl - maintenance_margin_req. Liquidation triggers at health ≤ 0.
Minimum collateral required to open a position, as a fraction of notional. Kimia default: 10% (10× max leverage).
A user’s declaration of a desired outcome (e.g. “lock 25% APY for 30 days”) that the intent-router verifies is actually achieved across multiple transactions.
Minimum collateral required to keep a position open. Kimia default: 5%. When collateral falls below this, the position is liquidatable.
The price used for PnL and margin checks. Kimia: last trade price clamped to oracle ±10%.
A yield-accounting pattern where a global reward_per_share accumulator tracks lifetime yield, and each user’s reward_debt = balance × reward_per_share_at_join guarantees fair per-user claims.
An on-chain source of external data (e.g. asset prices). Kimia uses Pyth Hermes pull oracles.
A Solana address derived deterministically from seeds + a program ID. All Kimia state accounts are PDAs.
Futures contracts with no expiry, kept in line with spot via funding payments.
SPL token that redeems 1:1 for underlying (vault shares) at maturity.
An oracle design where price updates are posted to chain by consumers in the same transaction they use the price in. Eliminates staleness risk.
Collateral locked by a resting order. Not available for position margin until the order is cancelled or filled.
Applying the cumulative funding delta since a user’s last interaction to their collateral. Permissionless in Kimia.
Kimia’s oracle-priced wSOL/USDC pool used by the delta-vault to swap between legs. No AMM curve; prices at oracle ± spread.
An exponential moving average of price, smoothing out short spikes. Kimia uses 1-hour TWAPs of both mark and oracle for the funding formula.
An SPL token representing a proportional claim on the delta-vault’s NAV. Can be held, redeemed, or split into PT + YT.
SPL token representing a claim on all yield accrued by an underlying vault share between mint and maturity.
The AMM curve x⋅yt=kx \cdot y^t = k where tt is time-to-maturity. Prices converge to 1:1 as t→0t \to 0.