Instructions Reference

This page lists every on-chain instruction across all four Keystone programs. Use it as a quick lookup while building integrations or writing keeper scripts.

Anchor clients: Alpha, Neutral, and Defense instructions take the main on-chain state PDA under the IDL field fundState (Rust fund_state). See Account Structure for PDA seeds and how that relates to program.account.fundState / basisFundState / defenseFundState when reading state.

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Keystone Core

Keystone Core is the portfolio layer — it's what users interact with directly. Pick a risk profile, deposit, and Core handles routing your capital across the three underlying funds (Alpha, Neutral, Defense). Withdrawals and rebalancing flow through here too.

Public

Instruction	Parameters	Description
deposit	portfolio_id, usdc_amount, risk_profile	Deposit USDC. risk_profile (0/1/2) must match the portfolio's configured profile. ksCORE minted to caller.
deposit_jupsol	portfolio_id, jupsol_amount, min_usdc_out, risk_profile, swap_data	Deposit JupSOL. All JupSOL is swapped to USDC via Jupiter (PDA-signed, core_authority). USDC is then routed to all three funds per target allocations.
deposit_with_swap	portfolio_id, input_amount, min_usdc_out, risk_profile, swap_data	Deposit SOL, jitoSOL, hSOL, mSOL, bSOL, or any token. Jupiter swaps input → USDC (user signs), then routes to all three funds.
withdraw	portfolio_id, core_shares_in	Burn ksCORE, receive proportional USDC from all three funds.
withdraw_with_swap	portfolio_id, core_shares_in, min_token_out, swap_data	Burn ksCORE, redeem USDC from all three funds, then Jupiter-swap USDC → SOL, JupSOL, jitoSOL, hSOL, mSOL, or bSOL. core_authority PDA signs as userTransferAuthority.
rebalance	portfolio_id, alpha_share_price, neutral_share_price, defense_share_price	Permissionless rebalance toward target allocations

Admin

Instruction	Parameters	Description
initialize_portfolio	portfolio_id, risk_profile, alpha_fund_id, neutral_fund_id, defense_fund_id, deposit_cap, rebalance_interval, drift_threshold_bps	Initialize portfolio with a fixed risk profile. To change profile, users must fully withdraw and re-deposit.
register_fund_atas	portfolio_id	Create Core's ATAs for each fund's share token and USDC
update_params	portfolio_id, alpha_target_bps?, neutral_target_bps?, defense_target_bps?, deposit_cap?, rebalance_interval?, drift_threshold_bps?, min_rebalance_usdc?	Update targets and config (targets validated against profile bounds)
toggle_emergency	portfolio_id, activate	Activate emergency de-risk mode (overrides targets to 0%/max_neutral/max_defense). Deactivation restores saved targets.
pause_portfolio	portfolio_id, paused	Pause / unpause

Risk Profile Constants

PROFILE_CONSERVATIVE = 0   →  Alpha 10% [0–25%]  / Neutral 60% [20–70%] / Defense 30% [15–80%]
PROFILE_BALANCED     = 1   →  Alpha 20% [15–50%] / Neutral 55% [35–65%] / Defense 25% [5–30%]
PROFILE_GROWTH       = 2   →  Alpha 35% [30–80%] / Neutral 40% [15–45%] / Defense 25% [0–30%]

Portfolio IDs: Conservative=1, Balanced=2, Growth=3. The risk_profile field inside each portfolio (0/1/2) is set at initialize_portfolio and matches the profile above.

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Keystone Alpha Fund

Public

Instruction	Parameters	Description
deposit	fund_id, amount	Deposit USDC, receive shares
withdraw	fund_id, shares	Burn shares, receive USDC (auto-recalls from Marginfi if needed)
rebalance	fund_id, swap_data	Execute DCA rebalance — single atomic tx with Jupiter swap
execute_swap	fund_id, swap_data, min_amount_out	Permissionless Jupiter swap between USDC and jitoSOL
deploy_to_lending	fund_id, amount, reserve_bps	Deploy idle USDC to Marginfi. Permissionless when auto_lending_enabled; admin always
withdraw_from_lending	fund_id, amount	Recall USDC from Marginfi. Permissionless when auto_lending_enabled (non-zero amount only); admin can withdraw all
collect_fees	fund_id	Collect management + performance + rebalancing fees. Permissionless — fees always go to admin

Admin

Instruction	Parameters	Description
initialize_fund	fund_id, sol_feed_id, ath_price, low_pct_of_ath, high_pct_of_ath, sol_min_bps, sol_max_bps, max_step_bps, min_rebalance_interval, management_fee_bps, deposit_cap, max_slippage_bps, performance_fee_bps, rebalancing_fee_bps	Initialize fund
close_fund	fund_id	Close fund_state PDA and reclaim rent. Admin-only; uses raw byte validation to handle stale struct layouts.
update_fund_params	params (all optional)	Update config: ATH, thresholds, fees, vol/regime, circuit breaker, NAV guard, lending
enable_lending	fund_id, enabled	Toggle Marginfi lending
set_core_gate	fund_id, core_authority, enabled	Enable/disable CoreGate. When enabled, only the given core_authority PDA may deposit/withdraw. Pass findProgramAddress(["core_authority", portfolio_id], CORE_PROGRAM_ID).
pause_fund	fund_id, paused	Pause / unpause
transfer_authority	fund_id	Transfer admin to new address

update_fund_params — Full Parameter List

fund_id
ath_price                    # SOL all-time high (1e6 scaled)
low_pct_of_ath               # Low threshold % of ATH (bps)
high_pct_of_ath              # High threshold % of ATH (bps)
sol_min_bps                  # Min SOL allocation (bps)
sol_max_bps                  # Max SOL allocation (bps)
max_step_bps                 # Max rebalance step per interval (bps)
min_rebalance_interval       # Seconds between rebalances
management_fee_bps           # Annual management fee (bps)
deposit_cap                  # Max TVL (USDC)
performance_fee_bps          # Performance fee (bps)
rebalancing_fee_bps          # Fee per rebalance (bps)
# --- Volatility / Regime ---
vol_low_threshold_bps
vol_high_threshold_bps
drawdown_moderate_bps
drawdown_severe_bps
step_mult_normal_bps
step_mult_low_vol_high_bps
step_mult_high_vol_dd_bps
step_mult_bear_bps
compress_max_low_vol_bps
compress_max_bear_bps
compress_min_raise_bear_bps
# --- Circuit Breaker ---
cb_drawdown_trigger_bps
cb_vol_trigger_bps
cb_step_mult_bps
cb_skip_vol_bps
# --- Policy v2 ---
min_rebalance_drift_bps
regime_hysteresis_obs
nav_drawdown_guard_bps
nav_guard_min_sol_bps
emergency_rebalance_enabled
auto_lending_enabled
lending_reserve_bps

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Keystone Neutral Fund

Public

Instruction	Parameters	Description
deposit	fund_id, amount	Deposit USDC, receive shares
withdraw	fund_id, shares	Immediate if idle USDC sufficient, otherwise creates PendingWithdrawal PDA
deploy_capital	fund_id, swap_data, jupiter_account_count, collateral_bps, acceptable_price	Deploy into standard basis trade (split USDC: collateral → Jupiter Perps short; remainder → jitoSOL). If Marginfi has idle USDC from park_capital, withdraws it here before deploying (no separate unpark instruction). Requires total_pending_withdrawals == 0 — call claim_withdrawal for all pending users first.
deploy_reverse	fund_id, swap_data, jupiter_account_count, acceptable_price	Deploy reverse basis (Kamino jitoSOL borrow + SOL-PERP long on Jupiter Perps)
close_reverse	fund_id, swap_data, jupiter_account_count, acceptable_price	Close reverse basis position
unwind_position	fund_id, swap_data, jupiter_account_count, acceptable_price	Close standard basis short, swap jitoSOL → USDC; services withdrawal queue
claim_withdrawal	fund_id	Transfer queued USDC to user after unwind, close PendingWithdrawal PDA
park_capital	fund_id, swap_data, jupiter_account_count	After basis closed: optional jitoSOL→USDC swap, then deposit USDC into Marginfi (requires enable_basis_lending). Requires total_pending_withdrawals == 0.
park_in_jitosol	fund_id, swap_data, jupiter_account_count	Park idle USDC as jitoSOL for staking yield when swap_to_jitosol_when_parking is enabled (or admin)
settle_funding	fund_id	Read Jupiter Perps position account, compute carry delta, update share price
adjust_position	fund_id, new_size_usd, acceptable_price	Rebalance hedge ratio or deleverage
emergency_close_position	fund_id, acceptable_price	Close on N consecutive negative funding periods or NAV drawdown
collect_fees	fund_id	Collect management + performance fees

Admin

Instruction	Parameters	Description
initialize_fund	fund_id, sol_feed_id, management_fee_bps, deposit_cap, performance_fee_bps, min_settle_interval, min_health_factor_bps, target_health_factor_bps, max_position_bps, min_deploy_amount, max_swap_slippage_bps	Initialize fund
close_fund	fund_id	Close fund_state PDA and reclaim rent. Admin-only; uses raw byte validation to handle stale struct layouts.
open_position	fund_id, collateral_usdc, size_usd, acceptable_price	Manual: deposit USDC as collateral + open short on Jupiter Perps
close_position	fund_id, acceptable_price	Manual: close short on Jupiter Perps, recover USDC collateral
enable_basis_lending	fund_id	One-time Marginfi account setup for park_capital
enable_reverse_basis	fund_id, tag, id	One-time Kamino obligation setup for deploy_reverse / close_reverse
set_core_gate	fund_id, core_authority, enabled	Enable/disable CoreGate. When enabled, only the given core_authority PDA may deposit/withdraw.
update_fund_params	fund_id, many optional fields	Update health, fees, vol sizing, funding gates, jitoSOL parking flag, NAV drawdown guard, etc.
pause_fund	fund_id, paused	Pause / unpause
transfer_authority	fund_id	Transfer admin

Funding Regime Cycle

settle_funding()                → reads Jupiter Perps position account; computes carry delta; updates NAV
emergency_close_position()      → Jupiter Perps short closed; USDC collateral returned; jitoSOL → USDC
  [N consecutive negative periods above reverse threshold]
deploy_reverse()                → borrow jitoSOL from Kamino → sell for USDC collateral
                                → open SOL-PERP long on Jupiter Perps
  [funding recovers]
close_reverse()                 → close SOL-PERP long → repay Kamino jitoSOL borrow
  [N consecutive positive periods]
deploy_capital()                → split USDC: collateral → Jupiter Perps short; remainder → jitoSOL
  [if N negative periods → repeat from top]

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Keystone Defense Fund

Public

Instruction	Parameters	Description
deposit	fund_id, amount	Deposit USDC, receive shares
withdraw	fund_id, shares	Burn shares, receive USDC
deploy_to_lending	fund_id, amount	Deploy USDC to lending market
recall_from_lending	fund_id, amount	Recall USDC from lending
open_long_position	fund_id, usdc_collateral, size_usd, acceptable_price	Open SOL-PERP long on Jupiter Perps to capture negative funding
close_long_position	fund_id, acceptable_price	Close SOL-PERP long on Jupiter Perps
execute_liquidation	fund_id, ...	Participate in liquidation arb
buy_distressed_collateral	fund_id, ...	Purchase LSTs trading below fair value
settle	fund_id	Permissionless NAV crank — reads on-chain balances (JupSOL, USDC, Marginfi lending), recomputes share price, emits SettleEvent. Rate-limited by min_settle_interval; admin bypasses.
settle_funding	fund_id	Read Jupiter Perps position account, compute carry delta, update NAV
collect_fees	fund_id	Collect fees

Admin

Instruction	Parameters	Description
initialize_fund	fund_id, ...	Initialize Defense fund
close_fund	fund_id	Close fund_state PDA and reclaim rent. Admin-only; uses raw byte validation to handle stale struct layouts.
set_core_gate	fund_id, core_authority, enabled	Enable/disable CoreGate. When enabled, only the given core_authority PDA may deposit/withdraw.
update_fund_params	params	Update config
enable_lending	fund_id, enabled	Toggle lending
pause_fund	fund_id, paused	Pause / unpause
transfer_authority	fund_id	Transfer admin

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See Admin Operations for full code examples.