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Source: instructions/account_manager/liquidate.rs.

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public_liquidate(calls, repay, min_seized)

Anyone can call it on a margin with debt and HF ≤ 1.10. It does not need the owner.
  1. Run the venue calls (if any) through the validator in liquidation mode. For Phoenix, that means reduce-only closes inside a price band and a withdrawal of the trader’s collateral.
  2. Revalue every holding. Require HF ≤ 1.10.
  3. If repay > 0, settle one pair: repay part of one debt from the liquidator’s wallet, and take one allowed token from the margin.
Settling one pair. The repay is capped at 50% of that debt, or the full debt when HF ≤ 1 + the token’s bonus or the debt is worth $100 or less. The token taken is worth at most the repaid value × (1 + liquidation_bonus_bps, at most 5%). While the margin is solvent but below that line, the multiplier is the health factor instead, so a liquidation never takes more than the margin’s equity. When the margin holds less of the token, the repay shrinks to match. A token past its cap, or capped to zero, can still be seized. The debt and collateral prices used for settlement must be fresh and within confidence, but not within the TWAP band, so a crash never blocks liquidation.

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Accounts

remaining_accounts, in order:
  1. The venue calls’ accounts.
  2. The groups (allowed tokens, venues, debts). The repaid debt’s reserve and debt position, and the seized token’s vault, are writable.
  3. When repay > 0: [debt_mint, reserve_vault, source, debt_token_program, collateral_mint, destination, collateral_token_program].
  4. The agent segments.

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admin_write_off

Admin only, refused while Halted. Clears every debt of a margin whose collateral is $1 or less and below its debt, with no venue position open.
  • Collateral is every allowed token at its raw balance (frozen or past its cap included).
  • Every price must pass every check.
  • Each reserve’s accrued_protocol_fees absorb the written-off amount first, then lenders’ assets fall by the rest.
Write-off sees only allowed tokens. Don’t remove a token from the allowed list while a margin about to be written off still holds it.
See Math and Liquidation Bots.