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MarginAccount is seeded ["margin", authority]. It records only its active debts and venues (for example Phoenix). It has no collateral ledger.

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Collateral

Each margin vault is the associated token account of the margin PDA for one mint. Its live balance is the collateral. Every token on the protocol’s allowed-token list counts, however it reached the vault: deposit, borrow, swap, a Kamino or vault receipt, or a plain transfer.
  • Tokens off the list count for nothing.
  • Each token can be capped per margin (max_collateral_per_margin). Anything above the cap doesn’t count.
  • A frozen vault counts for nothing.
  • A token with collateral_enabled off stops backing new debt, but liquidation still values and seizes it.
A donation into one margin’s vault can’t change anyone else’s position. Shared reserve vaults are the opposite: they keep accounted_liquidity_assets and ignore surprise transfers.

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Debt

DebtPosition stores shares, not a token amount. Interest grows Reserve.total_borrow_assets, so one reserve update reprices every borrower.

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Venues

A venue is a protocol where the margin holds positions that aren’t tokens. Phoenix is the venue today: the margin account is its own Phoenix trader, and the whole trader account counts as one collateral line, valued by the oracle. See Perps on Phoenix.

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Limits

Each margin holds at most a fixed number of debts and venues (3 and 2 on the hosted fork). The allowed-token list is bounded too, so every health scan has a fixed cost and a liquidation always fits in one transaction.

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Lifecycle