Dynamic Vault Program Instructions

The vault program exposes user liquidity instructions, strategy rebalance instructions, and admin/operator instructions. Apps should normally use the TypeScript SDK for transaction construction. Programs using CPI should generate bindings from the IDL and cross-check account order against the current source.

Program 0.9.5 is live. @meteora-ag/vault-sdk@2.4.0 matches that program.

User Liquidity

Instruction	TypeScript SDK	Accounts	Args	Use
`deposit`	`vault.deposit(owner, amount)`	`vault`, `token_vault`, `lp_mint`, `user_token`, `user_lp`, `user`, `token_program`	`token_amount`, `minimum_lp_token_amount`	Transfer underlying tokens into the vault and mint LP tokens to the user.
`withdraw`	`vault.withdraw(owner, lpAmount)` when reserve liquidity is enough	Same as `deposit`	`unmint_amount`, `min_out_amount`	Burn vault LP tokens and withdraw underlying tokens from the vault reserve.
`withdraw_directly_from_strategy`	`vault.withdraw(owner, lpAmount)` when strategy liquidity is needed	`vault`, `strategy`, `reserve`, `strategy_program`, `collateral_vault`, `token_vault`, `lp_mint`, `fee_vault`, `user_token`, `user_lp`, `user`, `token_program`	`unmint_amount`, `min_out_amount`	Withdraw from a selected strategy first when vault reserves cannot satisfy the desired withdrawal.

deposit rejects zero amounts and rejects deposits when vault.enabled == 0. withdraw does not check enabled, so users can still exit a disabled vault.

Deposit Accounting

Step	Behavior
Check amount	`token_amount` must be greater than zero.
Check vault status	Deposits fail with `VaultIsDisabled` when `enabled == 0`.
Calculate LP	Uses unlocked vault amount and the same `lp_supply` as withdrawals. Empty vaults mint based on unlocked amount after adding the deposit.
Slippage check	Fails with `ExceededSlippage` if minted LP is below `minimum_lp_token_amount`.
Emit event	Emits `AddLiquidity`.
Token movement	Transfers underlying tokens from `user_token` to `token_vault`, then mints LP to `user_lp`.

Withdrawal Accounting

Step	Behavior
Calculate output	Uses `unmint_amount / lp_supply` over the current unlocked amount. `lp_supply` is `vault.total_lp_supply` when `version` is `1`, and `lp_mint.supply` when `version` is `0`.
Slippage check	Fails with `ExceededSlippage` if output is below `min_out_amount`.
Reserve withdrawal	Transfers underlying tokens from `token_vault` to `user_token`.
LP burn	Burns `unmint_amount` from `user_lp`. `user_lp.owner` must equal `user`, or the instruction returns `InvalidLpOwner` (`6022`).
Strategy withdrawal	`withdraw_directly_from_strategy` can pull from a strategy first, then refines the burned LP amount if available liquidity is lower than requested.

Vault Initialization

Instruction	Accounts	Args	Use
`initialize`	`vault`, `payer`, `token_vault`, `token_mint`, `lp_mint`, `rent`, `token_program`, `system_program`	none	Create a rebalance vault PDA for a token mint using `get_base_address()`.
`initialize_idle_vault`	Same as `initialize`	none	Create an idle vault PDA for a token mint using the default pubkey as base.
`migrate_vault`	`vault`, `lp_mint`	none	Permissionless. Moves a version `0` vault to version `1` and sets `total_lp_supply` to the current `lp_mint.supply`. Runs once.

initialize and initialize_idle_vault create version 1 vaults with total_lp_supply at 0. Deposit and withdraw on a version 1 vault add or subtract the LP they mint or burn. A version 0 vault keeps using lp_mint.supply until migrate_vault. Initialization sets admin and operator from the configured program admin, initializes the token vault and LP mint PDAs, clears all strategy slots, initializes locked profit, and enables the vault.

Strategy Management

Instruction	Accounts	Args	Authority	Use
`initialize_strategy`	`vault`, `strategy_program`, `strategy`, `reserve`, `collateral_vault`, `collateral_mint`, `admin`, `system_program`, `rent`, `token_program`	`bumps`, `strategy_type`	Admin	Initialize a strategy account, collateral vault, downstream strategy state, and add it to `vault.strategies`.
`add_strategy`	`vault`, `strategy`, `admin`	none	Admin	Re-add an initialized, non-disabled strategy to a vault slot.
`remove_strategy`	`vault`, `strategy`, `strategy_program`, `collateral_vault`, `reserve`, `token_vault`, `fee_vault`, `lp_mint`, `token_program`, `admin`	none	Admin	Withdraw all liquidity from a strategy and remove it from the vault strategy list.
`remove_strategy2`	Same as `remove_strategy` plus advance-payment token accounts	`max_admin_pay_amount`	Admin	Remove a strategy using vault/admin advance payment instead of a normal strategy withdrawal, then mark it disabled.

initialize_strategy requires vault.fee_vault to be set. The handler validates the strategy bump layout and fails with InvalidBump if other_bumps[0] or other_bumps[1] do not match the expected strategy index and PDA bump.

Rebalancing And Rewards

Instruction	Accounts	Args	Authority	Use
`deposit_strategy`	`vault`, `strategy`, `token_vault`, `fee_vault`, `lp_mint`, `strategy_program`, `collateral_vault`, `reserve`, `token_program`, `operator`	`amount`	Admin or operator	Move vault reserve liquidity into a strategy.
`withdraw_strategy`	Same as `deposit_strategy`	`amount`	Admin or operator	Move liquidity from a strategy back into the vault reserve.
`claim_rewards`	`vault`, `strategy`, `token_program`, `token_reward_acc`, `operator`	none	Admin or operator	Claim strategy rewards to a treasury-owned reward token account.

Strategy instructions pass protocol-specific remaining accounts to the active strategy handler. The current source-backed external handler is JupLend.

Rebalance Wrapper Behavior

deposit_strategy, withdraw_strategy, remove_strategy, remove_strategy2, and withdraw_directly_from_strategy run through shared rebalance accounting.

Step	Behavior
Validate strategy	Fails with `StrategyIsNotExisted` if the strategy is not registered in the vault.
Snapshot liquidity	Reads vault reserve amount and `strategy.current_liquidity` before the strategy call.
Execute handler	Calls the strategy-specific deposit, withdraw, reward, or compatibility path.
Reload accounts	Reloads token and collateral vaults after CPI.
Update total	Updates `vault.total_amount` from reserve and strategy liquidity changes.
Report loss	Emits `ReportLoss` when total amount decreases.
Lock profit	Updates `locked_profit_tracker` when total amount changes.
Mint fee	On profit, mints performance-fee LP tokens to `fee_vault` and emits `PerformanceFee`.

Admin And Operator Controls

Instruction	Accounts	Args	Authority	Use
`enable_vault`	`vault`, `admin`	`enabled`	Admin	Set `vault.enabled`.
`set_operator`	`vault`, `operator`, `admin`	none	Admin	Replace the vault operator.
`update_locked_profit_degradation`	`vault`, `admin`	`locked_profit_degradation`	Admin	Update locked-profit release rate after refreshing current locked profit.
`transfer_admin`	`vault`, `admin`, `new_admin`	none	Current admin and new admin signer	Transfer vault admin authority.
`transfer_fee_vault`	`vault`, `admin`, `new_fee_vault`	none	Admin	Set a treasury-owned LP token account as the fee vault.
`get_unlocked_amount`	`vault`	none	none	Simulate or invoke to emit `TotalAmount` with current unlocked amount.

All admin and operator controls except get_unlocked_amount require a rebalance vault.

TypeScript SDK Mapping

SDK method	Program behavior
`VaultImpl.createPermissionlessVaultInstruction(...)`	Builds `initialize`.
`VaultImpl.create(...)`	Derives the vault PDA from token mint and fetches vault, token mint, and LP mint state.
`vault.deposit(...)`	Builds `deposit`, or affiliate wrapper `deposit` when `affiliateId` is configured.
`vault.withdraw(...)`	Builds reserve `withdraw` or strategy-backed withdrawal depending on vault reserve liquidity.
`vault.getWithdrawableAmount()`	Computes the same locked-profit unlock formula client-side from vault state and on-chain time.
`vault.getStrategiesState()`	Fetches strategy accounts from non-default `vault.strategies` entries.

Low-Level Gotchas

Gotcha	Detail
LP amount names	`withdraw` takes LP tokens to burn as `unmint_amount`, not an underlying-token amount. The SDK parameter is named `baseTokenAmount`, but the source uses it as the LP amount to burn.
Strategy remaining accounts	Strategy handlers validate downstream accounts. Account metas vary by strategy type and must match the handler.
Fee vault setup	Rebalance and strategy flows with `has_one = fee_vault` require the vault’s fee vault to be configured.
Disabled strategies	`remove_strategy2` calls `strategy.disable()`. A disabled strategy cannot be re-added.
Precision loss	Direct strategy withdrawal fails with `InvalidPrecisionLoss` if the precision loss is greater than one underlying unit.
Older IDL entries	The public TS IDL includes older entries such as `collectDust` and `withdraw2`. They are not present in the current `mercurial-vault` program source handlers and are not documented as current handlers here.

Program

TypeScript SDK

Rust Integration

API Reference

User Liquidity

Deposit Accounting

Withdrawal Accounting

Vault Initialization

Strategy Management

Rebalancing And Rewards

Rebalance Wrapper Behavior

Admin And Operator Controls

TypeScript SDK Mapping

Low-Level Gotchas

​User Liquidity

​Deposit Accounting

​Withdrawal Accounting

​Vault Initialization

​Strategy Management

​Rebalancing And Rewards

​Rebalance Wrapper Behavior

​Admin And Operator Controls

​TypeScript SDK Mapping

​Low-Level Gotchas

User Liquidity

Deposit Accounting

Withdrawal Accounting

Vault Initialization

Strategy Management

Rebalancing And Rewards

Rebalance Wrapper Behavior

Admin And Operator Controls

TypeScript SDK Mapping

Low-Level Gotchas