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Solana Perpetuals

Introduction

Solana Perpetuals protocol is an open-source implementation of a non-custodial decentralized exchange that supports leveraged trading in a variety of assets.

Quick start

Setup Environment

  1. Clone the repository from https://github.com/solana-labs/perpetuals.git.
  2. Install the latest Solana tools from https://docs.solana.com/cli/install-solana-cli-tools. If you already have Solana tools, run solana-install update to get the latest compatible version.
  3. Install the latest Rust stable from https://rustup.rs/. If you already have Rust, run rustup update to get the latest version.
  4. Install the latest Anchor framework from https://www.anchor-lang.com/docs/installation. If you already have Anchor, run avm update to get the latest version.

Rustfmt is used to format the code. It requires nightly features to be activated:

  1. Install nightly rust toolchain. https://rust-lang.github.io/rustup/installation/index.html#installing-nightly
  2. Execute git config core.hooksPath .githooks to activate pre-commit hooks.

[Optional] Vscode setup

  1. Install rust-analyzer extension
  2. If formatting doesn't work, make sure that rust-analyzer.rustfmt.extraArgs is set to +nightly

Build

First, generate a new key for the program address with solana-keygen new -o <PROG_ID_JSON>. Then replace the existing program ID with the newly generated address in Anchor.toml and programs/perpetuals/src/lib.rs.

Also, ensure the path to your wallet in Anchor.toml is correct. Alternatively, when running Anchor deploy or test commands, you can specify your wallet with --provider.wallet argument. The wallet's pubkey will be set as an upgrade authority upon initial deployment of the program. It is strongly recommended to make upgrade authority a multisig when deploying to the mainnet.

To build the program run anchor build command from the perpetuals directory:

cd perpetuals
anchor build

Test

Unit tests are executed with the cargo test command:

cargo test -- --nocapture

Integration tests (Rust) can be started as follows:

cargo test-bpf -- --nocapture

Integration tests (Typescript) can be started as follows:

npm install
anchor test -- --features test

By default, integration tests are executed on a local validator, so it won't cost you any SOL.

Deploy

To deploy the program to the devnet and upload the IDL use the following commands:

anchor deploy --provider.cluster devnet --program-keypair <PROG_ID_JSON>
anchor idl init --provider.cluster devnet --filepath ./target/idl/perpetuals.json <PROGRAM ID>

Initialize

A small CLI Typescript client is included to help you initialize and manage the program. By default script uses devnet cluster. Add -u https://api.mainnet-beta.solana.com to all of the commands if you plan to execute them on mainnet.

To initialize deployed program, run the following commands:

cd app
npm install
npm install -g npx
npx ts-node src/cli.ts -k <ADMIN_WALLET> init --min-signatures <int> <ADMIN_PUBKEY1> <ADMIN_PUBKEY2> ...

Where <ADMIN_WALLET> is the file path to the wallet that was set as the upgrade authority of the program upon deployment. <ADMIN_PUBKEY1>, <ADMIN_PUBKEY2> etc., will be set as protocol admins, and min-signatures will be required to execute privileged instructions. To provide multiple signatures, just execute exactly the same command multiple times specifying different <ADMIN_WALLET> with -k option. The intermediate state is recorded on-chain so that commands can be executed on different computers.

To change program authority, run:

solana program set-upgrade-authority <PROGRAM_ADDRESS> --new-upgrade-authority <NEW_UPGRADE_AUTHORITY>

To change program authority back, run:

solana program set-upgrade-authority <PROGRAM_ADDRESS> --new-upgrade-authority <NEW_UPGRADE_AUTHORITY> -k <CURRENT_AUTHORITY_KEYPAIR>

To change protocol admins or minimum required signatures, run:

npx ts-node src/cli.ts -k <ADMIN_WALLET> set-authority --min-signatures <int> <ADMIN_PUBKEY1> <ADMIN_PUBKEY2> ...

To validate initialized program:

npx ts-node src/cli.ts -k <ADMIN_WALLET> get-multisig
npx ts-node src/cli.ts -k <ADMIN_WALLET> get-perpetuals

Before the program can accept any liquidity or open a trade, you need to create a token pool and add one or more token custodies to it:

npx ts-node src/cli.ts -k <ADMIN_WALLET> add-pool <POOL_NAME>
npx ts-node src/cli.ts -k <ADMIN_WALLET> add-custody [-s] [-v] [-t] <POOL_NAME> <TOKEN_MINT> <TOKEN_ORACLE>

Where <POOL_NAME> is a random name you want to assign to the pool, <TOKEN_MINT> is the mint address of the token, and <TOKEN_ORACLE> is the corresponding Pyth price account that can be found on this page. -s flag specifies whether the custody is for a stablecoin. -v flag is used to create a virtual/synthetic custody. More information on the latter can be found here. -t flag specifies the type of the oracle to be used for the custody: custom, pyth or none.

For example:

npx ts-node src/cli.ts -k <ADMIN_WALLET> add-pool TestPool1
npx ts-node src/cli.ts -k <ADMIN_WALLET> add-custody TestPool1 So11111111111111111111111111111111111111112 J83w4HKfqxwcq3BEMMkPFSppX3gqekLyLJBexebFVkix

To validate added pools and custodies, run:

npx ts-node src/cli.ts -k <ADMIN_WALLET> get-pool <POOL_NAME>
npx ts-node src/cli.ts -k <ADMIN_WALLET> get-custody <POOL_NAME> <TOKEN_MINT>

or

npx ts-node src/cli.ts -k <ADMIN_WALLET> get-pools
npx ts-node src/cli.ts -k <ADMIN_WALLET> get-custodies <POOL_NAME>

To add liquidity, run:

npx ts-node src/cli.ts -k <WALLET> add-liquidity <POOL_NAME> <TOKEN_MINT> --amount-in <AMOUNT_IN> --min-amount-out <MIN_AMOUNT_OUT>

For it to work, make sure the wallet's LM token ATA is initialized and the wallet hold enough tokens to provide as liquidity.

To initialize wallet's token ATA, run:

npx ts-node src/cli.ts -k <ADMIN_WALLET> get-lp-token-mint <POOL_NAME>

spl-token create-account <LM_TOKEN_MINT> --owner <WALLET> --fee-payer <PAYER_WALLET>

CLI offers other useful commands. You can get the list of all of them by running the following:

npx ts-node src/cli.ts --help

UI (Deprecated)

UI doesn't support the latest version of the on-chain program. The code is still available but for the reference only. Latest supported commit is 34f9bbb.

We have implemented a coressponding UI for the smartcontract, written in Typescript/Tailwind/Next. To quickly spin up a UI linked to the contract, first follow the previous directions to build the contract, and to init the exchange.

In the main directory, run ./migrations/migrate-target.sh to copy over the target build directory to the ui.

Now, you can use the following CLI commands to quickly spin-up a TestPool1 consisting of the three following tokens.

Sol Token: J83w4HKfqxwcq3BEMMkPFSppX3gqekLyLJBexebFVkix

Test Token oracle: BLArYBCUYhdWiY8PCUTpvFE21iaJq85dvxLk9bYMobcU

USDC oracle: 5SSkXsEKQepHHAewytPVwdej4epN1nxgLVM84L4KXgy7

cd app

npx ts-node src/cli.ts -k <ADMIN_WALLET> add-pool TestPool1

npx ts-node src/cli.ts -k <ADMIN_WALLET> add-custody TestPool1 So11111111111111111111111111111111111111112 J83w4HKfqxwcq3BEMMkPFSppX3gqekLyLJBexebFVkix

npx ts-node src/cli.ts -k <ADMIN_WALLET> add-custody TestPool1 6QGdQbaZEgpXqqbGwXJZXwbZ9xJnthfyYNZ92ARzTdAX BLArYBCUYhdWiY8PCUTpvFE21iaJq85dvxLk9bYMobcU

npx ts-node src/cli.ts -k <ADMIN_WALLET> add-custody TestPool1 Gh9ZwEmdLJ8DscKNTkTqPbNwLNNBjuSzaG9Vp2KGtKJr 5SSkXsEKQepHHAewytPVwdej4epN1nxgLVM84L4KXgy7 true

Now, use the following commands to build and run the UI, (navigate to localhost:3000 to use the UI):

cd ../ui
yarn install
yarn dev

Support

If you are experiencing technical difficulties while working with the Perpetuals codebase, open an issue on Github. For more general questions about programming on Solana blockchain use StackExchange.

If you find a bug in the code, you can raise an issue on Github. But if this is a security issue, please don't disclose it on Github or in public channels. Send information to [email protected] instead.

Contributing

Contributions are very welcome. Please refer to the Contributing guidelines for more information.

License

Solana Perpetuals codebase is released under Apache License 2.0.

Disclaimer

By accessing or using Solana Perpetuals or any of its components, you accept and agree with the Disclaimer.