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  • Collateral is everything in your margin account at its oracle price: tokens, borrowed tokens still in the account, Kamino receipts, vault shares and your Phoenix perps collateral (with open P&L).
  • Debt is every loan, with interest accrued to now.
  • Every asset counts at full value: there are no per-asset collateral weights.
With no debt the health factor is shown as No debt. Very large values show as >100.

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Zones

The app keeps a 1.15 safety floor: it won’t build a borrow, withdrawal or trade that would leave you below it. The program’s hard rule is 1.10: it rejects any action that would leave the account at or below that.

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Example

You deposit $10,000 of SOL and borrow $5,000 USDC, which stays in the account.
  • Collateral = $10,000 SOL + $5,000 USDC = $15,000; debt = $5,000 → HF 3.00
  • You swap the $5,000 USDC into SOL: collateral is still $15,000 (now all SOL) → HF 3.00
  • SOL falls 60%: collateral = $6,000 → HF 1.20, close to the line
  • SOL falls 64%: collateral ≈ $5,400 → HF 1.08, liquidatable
Moving value between assets inside the account (a swap, a Kamino supply, a vault deposit) barely changes the health factor, because what goes out comes back at about the same value. What moves it is prices and debt.

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Where you see it

Portfolio, Margin (stats, Account Info and the Liquidation bar), Spot, Perps and Farm all show your health factor, and every action shows it before → after before you sign.

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Raising it

  • Deposit more collateral
  • Repay some debt
  • Close or reduce risky positions

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Next steps

Liquidation

What happens at 1.10 and how to avoid it.

Health factor (concept)

The math in more depth.