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Your margin account is a program-owned account derived from your wallet address. You create it once; after that it’s always the same account for that wallet.
1

Connect

Connect your wallet and mint test funds from Deposit (Faucet).
2

Open Margin

Go to Margin (the page the app opens on). If you don’t have an account yet, the page offers to create one.
3

Create and sign

Click create and approve in your wallet. A small amount of SOL pays the account’s rent.
You can also skip this step: your first deposit (in Leverage your Assets or Transfer Collateral into the margin account) creates the account in the same transaction if it doesn’t exist yet.

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What the account holds

  • Collateral you deposit
  • Tokens you borrow (they stay in the account; they don’t go to your wallet)
  • Swap results, Kamino receipts (kSOL, kUSDC, kUSDT), vault shares (USD*, USD* Junior, vbSOL, vbBTC…) and your Phoenix perps collateral
All of it counts toward one health factor.

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Next steps

Deposit collateral

Add SOL, USDC, LSTs, JupUSD or xStocks.

Margin accounts (concept)

How the account works on-chain.