Manager Operations

The Quickstart covers creating a vault and changing its parameters. This page covers the rest of the manager surface on VaultClient from @velocity-exchange/vaults-sdk: profit share, rebases, the queued fee update, manager borrow and repay, and the vault’s own insurance-fund stake.

Every method listed here has a matching get...Ix (or create...Ix) variant that returns instructions instead of sending a transaction, so you can batch operations or route them through a multisig. See Multisig manager.

Profit share and rebase

Apply profit share

applyProfitShare crystallizes one depositor’s profit share at the policy currently in force for that depositor, then advances the depositor onto the vault’s current profit share and hurdle rate.

await vaultClient.applyProfitShare(vault, vaultDepositor);

This matters when you have queued a fee change. Each depositor keeps the profit share and hurdle rate that were in force when its high-water mark was last set, so a raised profit share does not price gain earned before the raise. The depositor moves onto the new policy only after that gain is realized. Applying profit share is what realizes it. See Grandfathering.

The CLI equivalents are manager-apply-profit-share for one depositor and apply-profit-share-all for every depositor of a vault.

Apply rebase

When a vault’s equity falls far enough relative to its share count, the program divides every share balance by a rebase divisor and increments the vault’s shares_base. Depositor accounts are resynced lazily, on their next deposit, withdraw, or share movement.

applyRebase resyncs one depositor account without waiting for that:

await vaultClient.applyRebase(vault, vaultDepositor);

For a tokenized depositor, use applyRebaseTokenizedDepositor instead. Once a vault has rebased past a tokenized depositor’s recorded base, new shares can no longer be tokenized into that mint (InvalidVaultRebase); only redemption stays open. See Tokenized shares.

The queued fee update

Raising a fee, or lowering the hurdle rate, is a two-call flow behind a timelock. The rules the program enforces are described in Changing vault fees. The SDK surface is:

import { getFeeUpdateAddressSync } from '@velocity-exchange/vaults-sdk';
import { BN } from '@velocity-exchange/sdk';
 
// Queue a profit-share raise to 25%. Percentage precision: 1e6 = 100%.
await vaultClient.managerUpdateFees(vault, {
  timelockDuration: new BN(14 * 24 * 60 * 60),
  newManagementFee: null,
  newProfitShare: 250_000,
  newHurdleRate: null,
});
 
// Later: read the queue, and install it once matured.
const feeUpdateAddress = getFeeUpdateAddressSync(vaultClient.program.programId, vault);
const feeUpdate = await vaultClient.getFeeUpdate(feeUpdateAddress);
if (feeUpdate.incomingUpdateTs.toNumber() <= Date.now() / 1000) {
  await vaultClient.managerUpdateFees(vault, {
    timelockDuration: new BN(0),
    newManagementFee: null,
    newProfitShare: null,
    newHurdleRate: null,
  });
}

Manager borrow and repay

These three instructions are Trusted-class only. Calling them on a Normal vault fails with InvalidVaultClass. An admin promotes a vault with adminUpdateVaultClass. See Trusted vaults for the CLI flow and the trust assumptions.

// Move USDT out of the vault. Amount must be > 0 (InvalidBorrowAmount).
await vaultClient.managerBorrow(vault, 0, new BN(10_000_000));
 
// Send tokens back. repayValue is the value to deduct from manager_borrowed_value,
// in the vault's deposit asset; pass null to let the program price it.
await vaultClient.managerRepay(vault, 0, new BN(10_000_000), null);
 
// Mark the outstanding borrow to its current value without moving tokens.
await vaultClient.managerUpdateBorrow(vault, new BN(9_500_000));

The borrowed amount stays in vault equity as manager_borrowed_value, so depositor share price reflects the full claim on the vault. managerRepay requires a repay amount greater than 0 (InvalidRepayAmount); use managerUpdateBorrow when you want to change the tracked value without a transfer. managerRepay returns several instructions from getManagerRepayIxs, including token-wrapping instructions when the repay asset is SOL.

Vault-level insurance-fund staking

A vault can stake its own capital into a spot market’s Insurance Fund and earn the staker share of revenue settlements. Only the vault manager may call these; the SDK throws locally if the connected wallet is not the manager.

await vaultClient.initializeInsuranceFundStake(vault, 0);
await vaultClient.addToInsuranceFundStake(vault, 0, new BN(1_000_000));
await vaultClient.requestRemoveInsuranceFundStake(vault, 0, new BN(500_000));
await vaultClient.cancelRequestRemoveInsuranceFundStake(vault, 0);
await vaultClient.removeInsuranceFundStake(vault, 0);

The lifecycle rules are the protocol’s, not the vault program’s: staking prices shares off the fund’s balance, requesting an unstake freezes an exit value and starts a 13-day escrow, and cancelling forfeits any appreciation earned during escrow. Read Insurance Fund Staking before staking vault capital, and note that staked capital is at risk of absorbing protocol deficits.

Other manager and admin operations

Reading vault state

const vault = await vaultClient.getVault(vaultAddress);
const equity = await vaultClient.calculateVaultEquityInDepositAsset({ vault });
const sharePrice = await vaultClient.calcVaultSharePrice({ vault });
const depositors = await vaultClient.getAllVaultDepositors(vaultAddress);

getAllVaultDepositorsWithNoWithdrawRequest filters to depositors with no pending request, which is the set you can safely apply profit share to without touching a frozen withdrawal value.

Related resources

• Vault Managers, roles, parameters, and the fee rules
• Quickstart, creating and configuring a vault
• Vault Depositors, the depositor side of the same vault