Program Reference

Overview

The Omnipair program is a Solana smart contract built with Anchor that implements an oracle-less AMM with integrated lending markets.

Program ID: omnixgS8fnqHfCcTGKWj6JtKjzpJZ1Y5y9pyFkQDkYESource Code: github.com/omnipair/omnipair-rs

Instructions

Liquidity Management

initialize

Creates a new trading pair with initial liquidity.

pub fn initialize(ctx: Context<InitializeAndBootstrap>, args: InitializeAndBootstrapArgs) -> Result<()>

Arguments:

Field	Type	Description
`token0`	`Pubkey`	First token mint (lexicographically smaller)
`token1`	`Pubkey`	Second token mint
`amount0`	`u64`	Initial token0 amount
`amount1`	`u64`	Initial token1 amount
`swap_fee_bps`	`u16`	Swap fee in basis points
`half_life`	`u64`	EMA half-life in milliseconds
`fixed_cf_bps`	`Option<u16>`	Fixed collateral factor (or None for dynamic)

Accounts:

pair - The new pair account (PDA)
token0_mint - Token0 mint account
token1_mint - Token1 mint account
lp_mint - LP token mint (created)
rate_model - Interest rate model account
futarchy_authority - Protocol authority

add_liquidity

Adds liquidity to an existing pair.

pub fn add_liquidity(ctx: Context<AdjustLiquidity>, args: AddLiquidityArgs) -> Result<()>

Arguments:

Field	Type	Description
`amount0_desired`	`u64`	Desired token0 amount
`amount1_desired`	`u64`	Desired token1 amount
`amount0_min`	`u64`	Minimum token0 (slippage)
`amount1_min`	`u64`	Minimum token1 (slippage)

Returns: LP tokens minted proportional to liquidity provided.

remove_liquidity

Removes liquidity and burns LP tokens.

pub fn remove_liquidity(ctx: Context<AdjustLiquidity>, args: RemoveLiquidityArgs) -> Result<()>

Arguments:

Field	Type	Description
`liquidity`	`u64`	LP tokens to burn
`amount0_min`	`u64`	Minimum token0 out
`amount1_min`	`u64`	Minimum token1 out

A 1% withdrawal fee is charged and distributed to remaining LPs.

Spot Trading

swap

Executes a token swap using the constant product formula.

pub fn swap(ctx: Context<Swap>, args: SwapArgs) -> Result<()>

Arguments:

Field	Type	Description
`amount_in`	`u64`	Input token amount
`min_amount_out`	`u64`	Minimum output (slippage protection)
`is_token0_in`	`bool`	True if swapping token0 for token1

Formula:

amount_out = (amount_in_after_fee × reserve_out) / (reserve_in + amount_in_after_fee)

Fee Distribution:

LP share → Added to reserves
Protocol share → Accumulated as surplus for Futarchy

Lending Operations

add_collateral

Deposits collateral to enable borrowing.

pub fn add_collateral(ctx: Context<AddCollateral>, args: AdjustCollateralArgs) -> Result<()>

Arguments:

Field	Type	Description
`amount`	`u64`	Collateral amount to deposit
`token`	`Pubkey`	Token mint of collateral

remove_collateral

Withdraws collateral (subject to health check).

pub fn remove_collateral(ctx: Context<CommonAdjustCollateral>, args: AdjustCollateralArgs) -> Result<()>

Requirements:

Position must remain healthy after withdrawal
Blocked in reduce-only mode if debt exists

borrow

Borrows tokens against deposited collateral.

pub fn borrow(ctx: Context<CommonAdjustDebt>, args: AdjustDebtArgs) -> Result<()>

Arguments:

Field	Type	Description
`amount`	`u64`	Amount to borrow
`token`	`Pubkey`	Token mint to borrow

Constraints:

Borrow limit = Collateral Value × Collateral Factor × 0.95
Uses impact-aware valuation at pessimistic EMA price

repay

Repays borrowed tokens.

pub fn repay(ctx: Context<CommonAdjustDebt>, args: AdjustDebtArgs) -> Result<()>

Arguments:

Field	Type	Description
`amount`	`u64`	Amount to repay
`token`	`Pubkey`	Token mint being repaid

liquidate

Liquidates an undercollateralized position.

pub fn liquidate(ctx: Context<Liquidate>) -> Result<()>

Liquidation Flow:

Verify position health: debt ≥ borrow_limit
Calculate collateral to seize with price impact
Apply 3% penalty (0.5% to liquidator, 2.5% to LPs)
Write off debt shares proportionally

Close Factor: 50% for partial liquidations

flashloan

Executes an uncollateralized flash loan.

pub fn flashloan(ctx: Context<Flashloan>, args: FlashloanArgs) -> Result<()>

Arguments:

Field	Type	Description
`amount0`	`u64`	Token0 to borrow
`amount1`	`u64`	Token1 to borrow

Fee: 0.05% (5 bps)

Must repay borrowed amount + fee within the same transaction.

Governance (Futarchy)

claim_protocol_fees

Claims accumulated protocol fees (permissionless).

pub fn claim_protocol_fees(ctx: Context<ClaimProtocolFees>) -> Result<()>

Distribution: Fees are split according to RevenueDistribution:

Futarchy Treasury
Buybacks Vault
Team Treasury

Anyone can call this instruction to trigger fee distribution.

set_global_reduce_only

Enables/disables global reduce-only mode (authority only).

pub fn set_global_reduce_only(ctx: Context<SetGlobalReduceOnly>, args: SetGlobalReduceOnlyArgs) -> Result<()>

When enabled, blocks new borrows and liquidity additions across all pairs.

Accounts

Pair

The core account storing pool state.

pub struct Pair {
    // Token addresses
    pub token0: Pubkey,
    pub token1: Pubkey,
    pub lp_mint: Pubkey,

    // Parameters
    pub rate_model: Pubkey,
    pub swap_fee_bps: u16,
    pub half_life: u64,
    pub fixed_cf_bps: Option<u16>,

    // Virtual Reserves (r_virtual = r_cash + r_debt)
    pub reserve0: u64,
    pub reserve1: u64,

    // Cash Reserves
    pub cash_reserve0: u64,
    pub cash_reserve1: u64,

    // Price EMAs
    pub last_price0_ema: LastPriceEMA,
    pub last_price1_ema: LastPriceEMA,

    // Debt tracking
    pub total_debt0: u64,
    pub total_debt1: u64,
    pub total_debt0_shares: u128,
    pub total_debt1_shares: u128,

    // Collateral tracking
    pub total_collateral0: u64,
    pub total_collateral1: u64,

    // LP supply
    pub total_supply: u64,

    // Metadata
    pub token0_decimals: u8,
    pub token1_decimals: u8,
    pub reduce_only: bool,
}

PDA Seeds: ["gamm_pair", token0, token1, params_hash]

UserPosition

Tracks individual user’s collateral and debt.

pub struct UserPosition {
    pub owner: Pubkey,
    pub pair: Pubkey,

    // Collateral
    pub collateral0: u64,
    pub collateral1: u64,

    // Debt shares
    pub debt0_shares: u128,
    pub debt1_shares: u128,

    // Locked-in liquidation CFs
    pub collateral0_liquidation_cf_bps: u16,
    pub collateral1_liquidation_cf_bps: u16,
}

PDA Seeds: ["gamm_position", pair, owner]

RateModel

Configurable interest rate model parameters.

pub struct RateModel {
    pub target_util_start_bps: u64,  // Lower utilization target (default: 50%)
    pub target_util_end_bps: u64,    // Upper utilization target (default: 85%)
    pub rate_half_life_ms: u64,      // Rate adjustment speed
    pub min_rate_bps: u64,           // Rate floor
    pub max_rate_bps: u64,           // Rate ceiling (0 = uncapped)
    pub initial_rate_bps: u64,       // Starting rate
}

FutarchyAuthority

Protocol-level governance account.

pub struct FutarchyAuthority {
    pub authority: Pubkey,
    pub recipients: RevenueRecipients,
    pub revenue_share: RevenueShare,
    pub revenue_distribution: RevenueDistribution,
    pub global_reduce_only: bool,
}

Events

The program emits events for indexing and tracking:

Event	Description
`PairCreatedEvent`	New pair initialized
`SwapEvent`	Swap executed
`AdjustLiquidityEvent`	Liquidity added/removed
`AdjustCollateralEvent`	Collateral deposited/withdrawn
`AdjustDebtEvent`	Borrow/repay executed
`UserPositionLiquidatedEvent`	Position liquidated
`FlashloanEvent`	Flash loan executed
`ClaimProtocolFeesEvent`	Fees distributed
`UpdatePairEvent`	Pair state updated (interest accrual)

Error Codes

Common errors you may encounter:

Error	Description
`BorrowingPowerExceeded`	Borrow amount exceeds collateral limit
`Undercollateralized`	Position health below threshold
`NotUndercollateralized`	Cannot liquidate healthy position
`SlippageExceeded`	Output below minimum requested
`InsufficientLiquidity`	Not enough reserves for operation
`ReduceOnlyMode`	Operation blocked in reduce-only mode
`BorrowExceedsReserve`	Cannot borrow more than cash reserves

Verifiable Builds

All releases use Anchor’s verifiable build system:

# Verify on-chain program matches source
solana-verify verify-from-repo \
  --remote \
  --program-id omnixgS8fnqHfCcTGKWj6JtKjzpJZ1Y5y9pyFkQDkYE \
  https://github.com/omnipair/omnipair-rs \
  --library-name omnipair \
  --bpf-flag "features=production"

View on OtterSec Registry

Verified build status and audit submissions

Getting Started

Integration

Overview

Instructions

Liquidity Management

Spot Trading

Lending Operations

Governance (Futarchy)

Accounts

Pair

UserPosition

RateModel

FutarchyAuthority

Events

Error Codes

Verifiable Builds

View on OtterSec Registry

Getting Started

Integration

​Overview

​Instructions

​Liquidity Management

​Spot Trading

​Lending Operations

​Governance (Futarchy)

​Accounts

​Pair

​UserPosition

​RateModel

​FutarchyAuthority

​Events

​Error Codes

​Verifiable Builds

View on OtterSec Registry

Overview

Instructions

Liquidity Management

Spot Trading

Lending Operations

Governance (Futarchy)

Accounts

Pair

UserPosition

RateModel

FutarchyAuthority

Events

Error Codes

Verifiable Builds