Skip to main content
A margin account can supply tokens, its own or borrowed, to a Kamino Lend reserve in Kamino’s main market. The call goes through margin_execute. The Kamino receipt (cToken) lands back in the margin account and counts toward the health factor.

​
What the validator allows

Only Kamino’s deposit_reserve_liquidity (supply) and redeem_reserve_collateral (redeem), in owner mode, with the margin as owner and the margin’s own vaults on both sides. The spend is capped at the call’s amount.

​
How cTokens are valued

Each cToken is registered as a collateral-only asset. Its price source names its Kamino reserve. The oracle reads the reserve’s exchange rate and multiplies by the underlying token’s own price. As Kamino interest accrues, the exchange rate rises, and so does the cToken’s value in the health factor.

​
The leveraged farm

  1. Deposit collateral into the margin account.
  2. Borrow USDC, USDT or SOL from Vanna.
  3. Supply the borrowed tokens to Kamino.
The account earns Kamino’s supply rate on the whole position and pays Vanna’s borrow rate on the borrowed part. The spread, times the leverage, is the carry. If Vanna’s borrow rate rises above Kamino’s supply rate, the carry turns negative.

​
Unwind

Redeem the cTokens through margin_execute, then repay from margin. A liquidator can seize cTokens directly and redeem them from Kamino.
Kamino Liquidity (multi-asset LP strategies) isn’t supported. That program rejects CPI, so a margin account can never hold its shares.