Composable Leverage - Vanna

Vanna leverage is borrowed tokens that the margin account can spend in approved protocols. Every such call goes through one instruction, margin_execute. The validator checks the call, Vanna signs as the margin account, and the whole account is health-checked afterwards.

What borrowed funds can do

Use	Protocol	What the margin holds afterwards
Swap	Jupiter or Titan (you pick the aggregator)	The output token
Lend	Kamino main market	Kamino cTokens
Trade perps	Phoenix (via Ember USDC ⇄ phUSD)	A Phoenix trader account with positions
Stable yield	Perena USD* or USD* Junior	Perena shares
Delta-neutral yield	Vanna basis vaults (SOL, ETH, BTC, TSLA, META)	Basis-vault shares

All of these count toward one health factor. A profitable farm and a losing perp offset each other.

Atomic vs multi-step

Action	Atomic?
One `margin_execute` call	Yes
Perps open (Ember deposit + Phoenix deposit + market order)	Yes — one transaction
Perps close (reduce-only order), then withdraw	Two transactions
Flash repay (close perps, redeem farms, swap, repay, withdraw)	No — a sequence of transactions; each step resumes cleanly

“One-click” is a UX promise. On-chain atomicity is per transaction.