Liquidations on commas are permissionless. Anyone who holds enough synth to cover a position’s debt can liquidate it once it falls below maintenance collateral, and earn a bonus for doing so. Keepers also run the permissionless funding crank. This page covers both jobs.

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Watching positions

Every short is a ShortPosition account at a program-derived address (["short", market, owner]). Fetch all of them per market with getProgramAccounts filtered on the account discriminator and the market field, then compute each position’s health:
Both funding_index and index_twap live on the Market account, so one market fetch prices every position in it. Re-check after every oracle push (subscribe to the market account or the IndexPushed event) since index moves, not time, are what push positions underwater.

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Executing a liquidation

The liquidator repays the position’s full debt from their own wallet (the tokens return to the market’s treasury reserve), so you need synth inventory first. Buy it from the AMM in the same transaction or hold a standing balance.
What you receive, in lamports:
If the collateral more than covers the target, the remainder is refunded to the position owner. v1 liquidations are full: the entire debt is repaid in one call, there is no partial close.

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Economics

Your gross margin per liquidation is the bonus (liq_bonus_bps, for example 5% of debt value) minus:
  • AMM slippage and fee when acquiring the synth to repay with. For large positions this is the dominant cost; check pool depth against position size before committing.
  • Transaction fees (negligible on Solana).
  • Inventory risk if you pre-hold synth between opportunities.
Because the repay amount is the full debt, large positions in shallow pools can be unprofitable to liquidate even when technically eligible. The insurance fund covers collateral shortfalls, not your execution costs.

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Running the funding crank

accrueFunding() is permissionless and takes only the market account. It updates the mark EMA and applies the clamped funding rate to the global funding index. It rejects calls more frequent than min_crank_interval_secs with CrankTooSoon.
Crank every market on a timer slightly above the minimum interval. There is no direct payment for cranking in v1; keepers run it because stale funding delays the debt drift that creates liquidation opportunities, and because a live funding index keeps position math (and therefore your monitoring) accurate.
Liquidation and the crank both require the market to be Live and not frozen, and liquidation requires a nonzero index. During a circuit breaker freeze, positions cannot be liquidated; expect a queue of eligible positions when the market unfreezes, and price the reopening race accordingly.