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Comet
Comet is a margin suite on Solana: a lending market, concentrated-liquidity pools and perpetuals in one program, where every leveraged position is financed by the lending market.
One lending market under three venues
Comet has three venues. Lend holds one reserve per asset. Pools are concentrated-liquidity AMMs. Perps are leveraged longs and shorts with no expiry. They share one book of debt: whenever a position needs more than its own margin, the difference is borrowed from a Lend reserve and pays that reserve’s interest.
Margin account
Deposits as collateral, plain borrows
Pools
Leveraged ranges on SOL/USDC, JitoSOL/SOL
Perps
SOL-PERP, JITOSOL-SOL-PERP
Lend
One reserve per asset: USDC · SOL · JitoSOL. Suppliers earn what every borrower above pays.
Suppliers therefore earn from all of Comet’s leverage at once. Interest paid by a leveraged range on SOL/USDC and by a short on SOL-PERP lands in the same SOL reserve.
What you can do
| You want to | You do | Read |
|---|---|---|
| Earn interest on an asset | Supply it to its reserve | Reserves |
| Borrow against your deposits | Borrow from any reserve, up to your limit | Margin accounts |
| Earn swap fees | Provide liquidity in a price range | Concentrated liquidity |
| Earn swap fees on a larger position | Open a leveraged range | Leveraged ranges |
| Go long or short | Open a perp | Perpetuals |
| Earn liquidation fees | Liquidate accounts and positions | Liquidations |
| Build on Comet | Call the program | Program reference |
Markets
Comet lists 3 reserves: USDC, SOL, JitoSOL. Each pool trades two of them, and each pool is also a perp market.
| Pool | Swap fee | Leveraged ranges | Perp | Perp leverage |
|---|---|---|---|---|
| SOL/USDC | 0.05% | up to 5× | SOL-PERP | up to 10× |
| JitoSOL/SOL | 0.01% | up to 8× | JITOSOL-SOL-PERP | up to 20× |
Every limit, weight and rate is listed on Parameters.
How a leveraged position is financed
Opening a leveraged range or a perp is one transaction with four parts.
- 1
Margin moves in
Tokens leave your margin account’s deposits and become the position’s margin.
- 2
The reserve lends
The rest of the position’s size is borrowed from the Lend reserve of the token it needs.
- 3
The pool executes
A range mints liquidity with the tokens. A perp swaps the borrowed token for the one it holds.
- 4
The position is recorded
It keeps its own margin, its own debt and its own liquidation level.
While the position is open its debt grows at the reserve’s borrow rate. Closing it reverses the steps: the pool returns tokens, the reserve is repaid with interest, and what remains goes back to your account.