Accounts

Constants

Defined in state.rs and used throughout the account math:

Constant	Value	Meaning
`TOKENS_PER_NFT`	`1_000_000`	Whole synth tokens per one unit of the underlying
`SYNTH_DECIMALS`	`6`	Synth mint decimals
`BASE_UNITS_PER_NFT`	`1_000_000_000_000` (1e12)	Token base units per underlying unit (1M tokens x 10^6)
`FUNDING_ONE`	`1_000_000_000_000` (1e12)	Fixed-point one for the cumulative funding index
`BPS`	`10_000`	Basis-point denominator

All prices per underlying unit (index, mark) are in lamports per whole NFT/card, so the target price per token base unit is index / 1e12.

Global

Singleton at ["global"]. Created once by init_global.

Field	Type	Description
`admin`	`Pubkey`	Can create markets, freeze/unfreeze, rotate the oracle key, withdraw fees
`oracle_authority`	`Pubkey`	The only signer accepted by `push_index` and `push_mark`
`default_params`	`MarketParams`	Applied to new markets when `create_market` passes `params = null`
`bump`	`u8`	PDA bump

MarketParams

Embedded in both Global (defaults) and each Market (active values). Updatable post-creation via update_market_params, except the curve virtual reserves. See Parameters for tuning guidance.

Field	Type	Description
`index_window_secs`	`u32`	EMA window for the oracle index TWAP
`min_push_interval_secs`	`u32`	Minimum seconds between oracle pushes
`breaker_bps`	`u16`	Push deviation from TWAP beyond this trips the circuit breaker
`max_index_age_secs`	`u32`	Staleness guard: index older than this blocks shorts, withdrawals against debt, funding, and liquidations; 0 disables
`mark_window_secs`	`u32`	EMA window for the AMM mark price
`funding_k_bps`	`u16`	Funding sensitivity: `rate_per_day = premium * funding_k_bps / 10000`
`max_funding_bps_per_day`	`u16`	Absolute clamp on the daily funding rate
`min_crank_interval_secs`	`u32`	Minimum seconds between `accrue_funding` cranks
`initial_cr_bps`	`u16`	Collateral ratio required to open a short or withdraw collateral (e.g. 15000 = 150%)
`maintenance_cr_bps`	`u16`	Below this ratio a position is liquidatable
`liq_bonus_bps`	`u16`	Liquidator bonus as bps of repaid debt value
`max_open_interest`	`u64`	Cap on total CDP debt, in token base units
`item_reserve`	`u64`	Preminted allocation backing item swaps, in token base units; 0 disables item swaps for the market
`units_per_item_micro`	`u64`	How many launch-scale units (1M tokens each) one physical item was worth at launch, in millionths; required nonzero when `item_reserve > 0`
`curve_fee_bps`	`u16`	Trade fee during the launch curve
`amm_fee_bps`	`u16`	Trade fee on the internal AMM
`graduation_target_sol`	`u64`	Real SOL raised (lamports) that permits graduation
`insurance_share_bps`	`u16`	Share of the raise seeding the insurance fund (zero under the launch convention)
`curve_virtual_sol`	`u64`	Initial virtual SOL reserve of the curve (lamports); immutable after creation
`curve_virtual_tokens`	`u64`	Initial virtual token reserve of the curve (base units); immutable after creation

Market

One per underlying at ["market", collection].

Identity and status

Field	Type	Description
`collection`	`Pubkey`	Opaque underlying identifier (seed of this PDA)
`synth_mint`	`Pubkey`	The market’s synth SPL mint (program PDA on the internal venue, the externally launched mint on the external venue). Mint authority is `None` in both cases: internal mints are revoked at `create_market` after the premint, so every synth is fixed-supply
`status`	`MarketStatus`	`Bootstrap` (curve phase) or `Live` (post-graduation; external markets start `Live`)
`venue`	`Venue`	`Internal` (program curve + AMM; fixed supply preminted at creation, mint revoked) or `External` (Meteora DBC/DAMM launch; mark via `push_mark`). CDP supply flows through the treasury reserve on both
`frozen`	`bool`	Circuit-breaker flag; independent of `status` so a freeze preserves the phase
`params`	`MarketParams`	Active parameters (copied or overridden at creation)

Oracle index

Field	Type	Description
`index_twap`	`u64`	Time-weighted EMA of accepted oracle observations, lamports per unit
`index_last_raw`	`u64`	Last pushed raw observation (recorded even when the breaker trips)
`index_last_ts`	`i64`	Unix time of the last push; drives the staleness guard and freshness display for clients

Curve state

Field	Type	Description
`curve_virtual_sol`	`u64`	Current virtual SOL reserve
`curve_virtual_tokens`	`u64`	Current virtual token reserve
`curve_sol_raised`	`u64`	Net real SOL held from curve buys (after fees, minus sell-backs)
`curve_tokens_sold`	`u64`	Net tokens minted to curve buyers

AMM state

Field	Type	Description
`amm_sol_reserve`	`u64`	Real SOL reserve (post-graduation)
`amm_token_reserve`	`u64`	Real token reserve, backed by the pool token account
`mark_ema`	`u64`	EMA of the mark price, lamports per unit; fed by AMM swaps on the internal venue and by `push_mark` on the external venue
`mark_last_ts`	`i64`	Last mark update time; on external markets it also drives the mark-freshness check in `accrue_funding`

Funding and CDP aggregates

Field	Type	Description
`funding_index`	`u128`	Cumulative funding index, `FUNDING_ONE` fixed point, starts at 1e12
`funding_last_ts`	`i64`	Last funding crank time
`total_debt_scaled`	`u128`	Sum of all positions’ scaled debt
`total_collateral`	`u64`	Sum of all positions’ collateral, lamports

Vault accounting and bumps

Field	Type	Description
`insurance_lamports`	`u64`	Insurance fund balance inside the SOL vault
`fee_lamports`	`u64`	Accrued protocol fees inside the SOL vault
`items_deposited`	`u32`	Copies of the underlying currently held across the market’s item escrows; incremented by `deposit_item`, decremented by `withdraw_item`
`bump` / `vault_bump` / `mint_bump` / `treasury_bump`	`u8`	Stored PDA bumps (`mint_bump` is meaningless on external markets)

Helper math (on-chain)

debt_from_scaled(scaled) = scaled * funding_index / FUNDING_ONE
scaled_from_debt(debt)   = ceil(debt * FUNDING_ONE / funding_index)
value_at_index(units)    = units * index_twap / BASE_UNITS_PER_NFT
amm_spot_per_nft()       = amm_sol_reserve * BASE_UNITS_PER_NFT / amm_token_reserve

ItemRegistration

One per (market, item mint) at ["item", market, item_mint]. Created by register_item; its existence is what makes a specific on-chain copy (a vaulted-card NFT, a collection NFT) depositable via item swaps.

Field	Type	Description
`market`	`Pubkey`	Market the item is registered for
`item_mint`	`Pubkey`	The copy’s SPL mint (0 decimals, supply 1)
`bump`	`u8`	PDA bump

ShortPosition

One per (market, owner) at ["short", market, owner]. Created lazily by open_short, closed by close_position.

Field	Type	Description
`owner`	`Pubkey`	Position owner
`market`	`Pubkey`	Parent market
`collateral`	`u64`	Posted SOL collateral, lamports
`debt_scaled`	`u128`	Funding-scaled debt (see below)
`bump`	`u8`	PDA bump

Funding-scaled debt

Debt is not stored as a token amount. It is stored divided by the market’s funding_index at the moment it was incurred, in FUNDING_ONE fixed point:

stored:  debt_scaled = ceil(minted * FUNDING_ONE / funding_index_at_open)
current: debt        = debt_scaled * funding_index_now / FUNDING_ONE

Because every position’s current debt is a multiplication by the same global funding_index, a single funding crank reprices every short in the market with one account write. When the mark trades above the index the funding index falls and every short’s debt shrinks; below the index it grows.

Core Concepts

Oracle & Relayer

Program Reference

Constants

Global

MarketParams

Market

Identity and status

Oracle index

Curve state

AMM state

Funding and CDP aggregates

Vault accounting and bumps

Helper math (on-chain)

ItemRegistration

ShortPosition

Funding-scaled debt

​Constants

​Global

​MarketParams

​Market

​Identity and status

​Oracle index

​Curve state

​AMM state

​Funding and CDP aggregates

​Vault accounting and bumps

​Helper math (on-chain)

​ItemRegistration

​ShortPosition

​Funding-scaled debt

Constants

Global

MarketParams

Market

Identity and status

Oracle index

Curve state

AMM state

Funding and CDP aggregates

Vault accounting and bumps

Helper math (on-chain)

ItemRegistration

ShortPosition

Funding-scaled debt