Documentation

Decant · perpetual futures on Solana

Decant is an index-priced perpetual-futures protocol on Solana. Trade SOL-PERP long or short with leverage — USDC-margined and fully on-chain. This page explains how the protocol works and how to use the app at /trade.

Status: live on Solana devnet. Collateral is test USDC with no monetary value and the program is not audited. See the risk disclaimer.

1. Index pricing (no vAMM)

Decant does not run a virtual AMM or an order book. Your PnL is computed directly against an index price:

pnl = size × (exit − entry) / entry

The protocol is the counterparty — the house. Winning positions are paid from the market's insurance fund and collateral; the payout a market can cover is bounded by the capital it actually holds, which keeps the protocol solvent at all times.

2. Oracle

The index price comes from Pyth. A keeper reads the latest SOL/USD price from Pyth off-chain and pushes it on-chain so marks track the real market. All amounts are denominated in USDC (6-decimal fixed point).

3. Leverage & margin

Collateral is deposited per market and positions use isolated margin — risk in one market never touches another. Notional exposure is margin × leverage. The SOL-PERP market allows up to 20× leverage.

Opening a position charges a trading fee on the notional. The guarded launch also caps deposit per wallet and total open interest per market to bound risk while the program is unaudited.

4. Liquidation & insurance fund

Every position must keep its equity above the maintenance threshold. If it falls below, anyone (typically a keeper bot) can call liquidate to force-close it. Each market has its own isolated insurance fund that backs trader payouts and absorbs bad debt. Risk is isolated per market.

The protocol maintains a solvency invariant at all times: vault == free collateral + insurance + locked position margin.

5. Using the app

1. Open /trade and connect Phantom or Solflare on Solana devnet.
2. Deposit USDC as collateral into the SOL-PERP market.
3. Pick Long or Short, set your margin and leverage, and open the position.
4. Close the position any time, then Withdraw free collateral back to your wallet.

Need devnet SOL for gas? Use a faucet such as faucet.solana.com.

6. Program (Solana devnet)

All state is on-chain and verifiable on Solana Explorer:

7. FAQ

Is this real money?

No. Decant currently runs on Solana devnet. The test USDC and all positions have no monetary value.

How is the price kept honest?

The index price is sourced from Pyth and pushed on-chain by a keeper. PnL settles directly against that index — there is no vAMM mark to manipulate.

Who is my counterparty?

The protocol itself (the house). Winning trades are paid from the market's insurance fund and collateral, capped by the capital the market holds so the protocol always stays solvent.