> ## Documentation Index
> Fetch the complete documentation index at: https://docs.vanna.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# Composable Leverage

> Borrowed tokens stay in the margin account and move into whitelisted protocols through margin_execute.

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.


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