Errors

Custom errors start at Anchor’s standard offset (6000). Anchor constraint violations (has_one, seeds, ATA constraints) surface as Anchor’s built-in error codes and are not listed here, with one exception: the Unauthorized custom error is attached to the oracle-signer and liquidation-owner constraints.

Error	Message	Raised by	Why
`Unauthorized`	unauthorized	`push_index`, `push_mark`, `liquidate`	Signer is not `Global.oracle_authority`; or the `position_owner` account does not match `position.owner`
`NotBootstrap`	market is not in bootstrap phase	`curve_buy`, `curve_sell`, `graduate`	Curve operations after graduation
`NotLive`	market is not live	`amm_buy`, `amm_sell`, `open_short`, `accrue_funding`, `liquidate`	Live-phase operations before graduation
`Frozen`	market is frozen	`push_index`, `push_mark`, `curve_buy`, `curve_sell`, `graduate`, `amm_buy`, `amm_sell`, `open_short`, `withdraw_collateral`, `repay_burn`, `accrue_funding`, `liquidate`, `deposit_item`, `withdraw_item`	The circuit breaker is set. Only `add_collateral` and admin instructions still work; oracle pushes are refused so the TWAP cannot be walked during a freeze
`NotFrozen`	market is not frozen	(currently unused)	Reserved; `set_frozen` accepts either direction without checking prior state
`PushTooSoon`	oracle push too soon after previous push	`push_index`, `push_mark`	Less than `min_push_interval_secs` since the last push
`BadIndexValue`	index observation outside sane bounds	`push_index`, `push_mark`	Zero price
`Slippage`	slippage limit exceeded	`curve_buy`, `curve_sell`, `amm_buy`, `amm_sell`	Output below the caller’s minimum
`ZeroAmount`	amount must be greater than zero	`create_market`, `curve_buy`, `curve_sell`, `graduate`, `amm_buy`, `amm_sell`, `open_short`, `add_collateral`, `withdraw_collateral`, `repay_burn`, `withdraw_fees`, `release_escrow`	Zero input, zero computed output, zero curve params at market creation, or an empty identity escrow
`TargetNotReached`	graduation target not reached	`graduate`	`curve_sol_raised < graduation_target_sol`
`CurveSellTooLarge`	curve sell exceeds tokens sold	`curve_sell`	Selling more than the curve has net-sold
`InsufficientCollateral`	collateral ratio below requirement	`open_short`, `withdraw_collateral`, `close_position`	Post-action CR below `initial_cr_bps`; on `close_position`, collateral not yet withdrawn
`OpenInterestCapReached`	open interest cap reached	`open_short`	Market-wide debt would exceed `max_open_interest`, the hedge-reserve size
`NotLiquidatable`	position is not liquidatable	`liquidate`	Zero debt, or CR at or above `maintenance_cr_bps`
`RepayTooLarge`	repay exceeds outstanding debt	`repay_burn`	Amount above current debt
`CrankTooSoon`	funding crank too soon after previous crank	`accrue_funding`	Less than `min_crank_interval_secs` since the last crank
`NoIndex`	no index price available yet	`graduate`, `open_short`, `withdraw_collateral` (with debt), `accrue_funding`, `liquidate`, `deposit_item`, `withdraw_item`	The market has never received an oracle push
`IndexStale`	index price is stale	`open_short`, `withdraw_collateral` (with debt), `accrue_funding`, `liquidate`, `deposit_item`, `withdraw_item`	With `max_index_age_secs > 0`, the last accepted push is older than the configured age (on external markets `accrue_funding` also applies this to the pushed mark); see the staleness guard
`MathOverflow`	math overflow	`accrue_funding`, AMM/curve math helpers	Funding index would go non-positive, or constant-product math underflowed
`InsufficientVaultFunds`	insufficient vault funds for withdrawal	`curve_sell`, `amm_sell`, `withdraw_collateral`, `withdraw_fees`	Requested lamports exceed the tracked balance for that bucket
`DebtOutstanding`	position still has outstanding debt	`close_position`	`debt_scaled != 0`
`ImmutableParam`	parameter cannot be changed after market creation	`update_market_params`	Attempted to change `curve_virtual_sol` or `curve_virtual_tokens` on an existing market
`WrongVenue`	instruction not available for this market venue	`push_mark`, `amm_buy`, `amm_sell`	`push_mark` requires an external-venue market; internal-AMM trading requires an internal-venue market
`NoMark`	no mark price available yet	`accrue_funding`, `deposit_item`, `withdraw_item`	External-venue market has never received a `push_mark`; item swaps need a mark to price the swap
`TreasuryDepleted`	treasury reserve cannot cover this mint	`open_short`	Treasury balance below the requested draw (both venues); the preminted or listing-funded reserve is the market’s physical open-interest ceiling
`ItemReserveDepleted`	item reserve cannot cover this deposit	`deposit_item`	The preminted item reserve holds fewer tokens than one item is currently worth; withdrawals replenish it
`ItemNotRegistered`	item is not registered for this market	`deposit_item`, `withdraw_item`	Attached to the `ItemRegistration` constraint: the passed mint has no registration PDA for this market (an unregistered mint typically surfaces as an Anchor seeds violation)
`ItemNotInEscrow`	item escrow does not hold this item	`withdraw_item`	The market’s escrow for that mint is empty; someone already withdrew the copy

Client handling notes

Slippage: retry with a fresh quote; both curve and AMM state may have moved between simulation and execution.
Frozen: subscribe to BreakerTripped to distinguish a breaker halt from an admin freeze; positions can still add_collateral while frozen.
CrankTooSoon / PushTooSoon: benign races between competing keepers/relayer retries; back off to the configured interval.
NoIndex: a freshly created market needs at least one push_index before graduation and any CDP activity.
IndexStale: the relayer has not pushed within max_index_age_secs. Index-priced operations resume on the next accepted push; nothing needs to be reset.
ItemNotInEscrow: item withdrawals are first-come while escrow inventory lasts; re-quote against Market.items_deposited before retrying.

Core Concepts

Oracle & Relayer

Program Reference

Client handling notes

​Client handling notes

Client handling notes